FOR THOSE WHO FAILED...

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PhillyKid126

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So I recently passed Level III, my experience has already been approved, and now I can finally live a stress free life away from studying and actually get to focus on the things that matter in life, like family. Getting here was tough but determination and the ability to “get selfish” when it matters was key. I failed Level I in 2012 and I’ll never forget some arrogant post from one person on Analyst Forum who was a Level II candidate. He said “if you can’t pass Level I then you’re going to get screwed at Level II so you might as well give up”. That really annoyed me as there was no reason to be discouraging. After my Level I failure I learned from my mistakes and passed the next three exams in a row. The point of this post is that if you failed Level I then don’t dwell on it too long. Learn from your mistakes and know that it’s still possible to crush the next three if you’re willing to work hard and be disciplined, and not let some douche try to discourage you because it makes him feel good to do so. Do I hate the CFA Institute for what they put me through? Yes. But I also made the decision to go at it on my own, no one put a gun to my head. And I’m not going to lie, the feeling of getting that passing email yesterday was worth it, if only for a split second. Good luck in the future to those who did not pass. I hope you keep it at it. But question what it means to you before spending the next 3 years on it.
 
Thanks for the encouragement, PhillyKid126!
I failed my first attempt at Level I (Band 8) … Since I was close and absolutely loved the material and learning everything that I did… Second attempt at Level 1 happening in Dec 2015…
Can’t wait to knock ‘em dead and get through the rest of the CFA tests.
 
Good to hear. I failed in Band 8 as well when I didn’t pass. Just keep at it!
 
Hi PhillyKid126,
I also could not clear my Level1 june 2015, i am reappearing can u pls share your thoughts as to how to preapare well. I flunked in Quants and FRA. Shall i prepare these subjects from Curriculum or schweser. I am very demotivated after my failure. Please help.
Regards,
NK
 
Absolutely agree with PhillyKid, I can’t understand people who find their joy in discouraging other fellow candidates. I mean, AF and stuff like this are for supportive reasons, I guess. I also had some troubles with Level I and then I changed the approach and passed Level I and Level II. I am currently Level III candidate.
The main issue with my study process was time management. I simply couldn’t organize all the work and study at the same time due to long working hours and unforesable business schedule. I bought TimePrep app and used it for setting study plan and also, more important, for rescheduling the study routine. I was always sure I will complete the study process due its excelent time management software.
 
Neha,
I realized that in my first attempt I tried too hard to know everything, which is just wrong. You’re never going to know EVERYTHING so focus on the most important and likely sections/questions. I also did less review and more practice. I did about 1,200 or so qbank questions and started earlier (late April) on the practice tests. I realized you need mental endurance to pass these exams and in ordre to manage your time accordingly so practice is key. I did about 8-10 exams, and just kept reviewing and taking the next one, reviewing and taking the next one. Level 1 was all Schweser, while Level II and III was all Schweser, in conjunction with doing the end of chapter questions and blue box questions in the CFA material twice. In the words of the great Allen Iverson, “we talkin’ bout practice!”. I practice heavy on the qbank questions for FRA in Level 1 and FRA and Equity Val for Level II, becuase if you don’t crush those sections you’re going to have a very hard time passing. I didn’t get bogged down in smaller sections like Alts, though I still spent time on them.
Lastly, not sure if you heard of John Harris in the states but he has a course that focuses on the FRA sections for level 1 and 2. He’s fantastic. Amazing and simplified notes and he makes the class very interesting and enjoyable. He wa sa huge help for levels 1 and 2.
Hope this helps!
Amer
 
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