I`m very devastated

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calvinoh

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I have passed level 1 and 2 from first attempt and studied almost a thousand hours for level 3 to get surprised with a band 7 fail on Aug 11th!! I really didn’t feel like I bombed the AM that bad at all. I studied from the CFA books watched videos and solved 10 AMs and 4 PMs. In other words I was very confident and ready to take the exam. Here is my result matrix please tell me how is it possible that I screwed up the AM that bad!! my handwriting is fair by the way so I dont think it was the problem and my answers were mostly to the point and in bullets.
Essay
Q#
Topic
Max Pts
<=50%
51%-70%
>70%
1
Portfolio Management - Institutional
14
-
*
-
2
Portfolio Management - Institutional
17
*
-
-
3
Fixed Income Investments
19
*
-
-
4
Alternative Investments
20
*
-
-
5
Portfolio Management - Performance Eval.
15
-
*
-
6
Portfolio Management - Risk Management
14
-
*
-
7
Portfolio Management - Individual
18
*
-
-
8
Portfolio Management - Individual
16
*
-
-
9
Portfolio Management - Asset Allocation
15
*
-
-
10
Economics
14
*
-
-
11
Portfolio Management - Indiv/Behavioral
18
*
-
-
Item Set
Q#
Topic
Max Pts
<=50%
51%-70%
>70%
-
Economics
18
-
-
*
-
Equity Investments
18
-
-
*
-
Ethical & Professional Standards
36
*
-
-
-
Fixed Income Investments
18
-
-
*
-
Portfolio Management
18
*
-
-
-
Portfolio Management - Individual
18
-
-
*
-
Portfolio Management - Monitor&Rebalance
18
-
-
*
-
Portfolio Management - Risk Management
36
-
-
*
We have divided the group of candidates who did not pass into 10 approximately equal score bands. Your score band below shows how your overall score on the exam compares with the overall scores of candidates who did not pass this exam. For example, a score band of 1 indicates performance in the bottom 10%, a score band of 10 indicates performance in the top 10%.
Your score band: 7
 
i also got band 7 similar situation i studied alot but couldnt get it through
particularly i did well on question 7 and question 11… dont know what went wrong.. dont feel like wasting 100 bucks for retab… have to accept it but really havent got any clue where to improve
 
I felt the same last year as i performed poorly in the AM. This year i really focussed on understanding the content of the curriculum in depth so much so that i was ready to teach it to a layman should there be an opportunity. Surprisingly i didnt focus much on solving past AM papers. Instead i focussed on the core curriculum, came up with my own list of propable quesrions CFAI could ask for each LOS especially for Individual PM, Institutional PM, and BF. I mentally rehearsed the answers multiple times in my mind and made sure i was covering all the important points. I validated this by refering the curriculum again and again and refining my thought and logic.
Trust me i have been there where you are today, i too felt it was impossible to get such a low score in AM. But i regrouped and refocussed. I also referrd to Schweser videos for GIPS, secret sauce, and Notes of Fin Quiz. And boy it certainly helped me a lot..do evrything u can to beat this beast, give your 120% to this exam as the competition is hottest at this level. All the Best.
 
level 3 is really a different beast in its own. I’ve known people who easily past level 1 and level 2 and get trapped for years repeating level 3.
 
I just squeaked by thanks to very good scores on the PM. I know a person who passed with not being able to attempt 50% of the AM questions. What did for him was his near perfect score on the PM. With a score like yours in the AM, you just can’t be in the lowest band in the Ethics (36 points) item set and pass. You have time, prepare your essays as suggested by injapan33 but prepare yourself enough to nail the PM. With more than 70 in all the item set questions, i think one has a very high probability to pass.
 
itera wrote:level 3 is really a different beast in its own. I’ve known people who easily past level 1 and level 2 and get trapped for years repeating level 3.
Click to expand...
+1
 
you shoul’d not be too upset about your performance, you did ok ! passing L1 and 2 from first attempt is not indicative of anything so you shouldn’t base your assumption that you are entitled to pass level 3 from first attempt as well simply because you put in the required effort. Like someone already said L3 is a different beast altogether and if you ask me i think it is the most challenging of all levels and anyone who says otherwise simply lucked out and passed L3 on first attempt not knowing how much of a nightmare it can be. This was my 2nd attempt at L3 this year and luckily i passed, however i still look at my results and see how i could have very easily failed because of my disasterous morning performance, which goes to show you that even for a repeater like myself who killed it studying this year (and i had also studied very well for my first attempt at L3 which was 4 years ago) nothing is really gauranteed and your performance may end up not being congruent with how well you really know your stuff, and that is in and of itself very scary. The key thing you should do to pass it next year is learn as much as possible about how to answer the morning essay type questions efficiently and in a way that scores you max points, it is very obvious that most people pass L3 because of a strong performance on the evening session so the area that does need much further effort in order to secure a passing performance is the morning portion of the test… i honestly dont know if it could have been hand writting issues or that i wrote more than i should or that maybe i got penalized for writing into the graders margin at times, which under the stress you sometimes cant help but find yourself doing. luckily i dont have to go into L3 again, but i hope you are not discouraged by your performance which i find to be pretty solid considering its your first time around. I also think that changing how you study is key to passing L3 , i see some people going into the exam for the fifth and sixth time simply because they think better studying means more of the exact same thing they did for the exam before, which i dont think is how L3 is to be tackled… there is a lot of reading between the lines in L3 so that throughout your studying you are always alert for what pieces of info can be used for trick questions and to seperate those who memorized from those who understand the logic, you have to try and understand the logic behind pretty much everything for L3 and not simply memorize stuff … and this is also another big difference between L3 and the levels before it
 
calvinoh wrote:
I have passed level 1 and 2 from first attempt and studied almost a thousand hours for level 3 to get surprised with a band 7 fail on Aug 11th!! I really didn’t feel like I bombed the AM that bad at all. I studied from the CFA books watched videos and solved 10 AMs and 4 PMs. In other words I was very confident and ready to take the exam. Here is my result matrix please tell me how is it possible that I screwed up the AM that bad!! my handwriting is fair by the way so I dont think it was the problem and my answers were mostly to the point and in bullets.
…….
Your score band: 7
Click to expand...
You could’ve surely passed if you had put a little more effort in mastering Ethics.
There is a guy here who passed this year by scoring less than 50% in every section of AM and more than 70% in every section of PM.
Anyways forgones are forgones, knocked down this time by a hard exam but get up better in 2016.
As an inspirational fact, there was a King by the name Sultan Mehmod Ghaznavi during late part of 11th century who attacked the Indian Subcontinent 17 times, yes 17 times, and finally conquered it, and I believe 2016 will be your 2nd attack so buckle up and enjoy the ride!
 
I think a band 7 to a pass should not really take a tremendous extra effort. Good luck with the next try at the beast. It does suck to fail, but Level 3 is a different beast.
PS - I myself flunked twice ( band 9 in 15, Band 2 in 2011) after passing 1 & 2 at first shot.
 
The fact that you put in lot of hours makes me feel that you didn’t get complacent after passing 1st and 2nd level in the first attempt. Little bit more scores in the PM could have seen you through.
AM is a black box approach with lots of subjectivity and even though I passed all three levels in the first attempt, I don’t think I am in good position to advice anyone on what works in the AM. You already addressed short sentences in bullet points. I was very stressed out for the AM session and was working very hard fot it. One advice I got from my colleague, who is a charter holder, in the last month before the exam was focus more on PM now. PM is objective and if you know the answer, then you will surely score more. Eventually, I ended up scoring >70 in all sections except Ethics (Between 50 and 70). PM saved me.
Good Luck for next year.
 
I can very much relate to the sentiment in this thread. 10 days after reading the “We sincerely regret to inform you..” email, I’m still devastated. Maybe even more devastated than how I felt back when I first opened my results.
Here’s my dilemma:
-Passed L1 and L2 on the first try so I hadnt experienced failure in the CFA curriculum yet. As it turns out, expecting to pass if one applies the same (or more) efforst than the previous two levels is flawed logic.
-I studied Schweser thoroughly, practiced more practice tests than at any of the other previous levels and made it a point to carefully review every answer I got wrong. I glanced over the CFA curriculum but to be honest, I did not have enough time to deeply go through it. I figured that I had just enough knowledge to get me over the finish line.
-I signed up for and attended all 15 Live Schweser Classes (with an in person instructor). I kept up with the pace of the class and did most of the assignments the instructor suggested. I was always attentive in class and never had any major struggles with the material.
-I also signed up for and attended the 3 day Schweser seminar assuming that between my personal studies, the classes and the seminar, I would have covered all my bases. I figured that I wouldnt get 100% (since I didnt study the CFA materials) but that I knew enough to at least pass.
My result? Band 10. My 40/60/80 score is 59.8% so I assume that I was on the slight lower end of the band 10 spectrum. Band 10 is painfully close and leaves a particularly bitter taste in my mouth. Its hard to explain how devastating this feels when I think of how much time and money I spent trying to ensure I pass this level. Its also hard to explain to my loved ones why simply “just doing it again next year” isnt as simple as it sounds. To add to that, the one coworker I took the Schweser classes with comfortably passed. Two other coworkers who I took the 3 day seminar with also passed and all three are in the process of applying for their charters. Simply put, I’m somewhat ashamed that they all witnessed me double down on my efforts assuming I was a sure pass and it kills me to report to them that I didn’t make it. I’ve gone back and forth on retabulation but from what it seems, its not worth it. I have no intention of taking any of these classes or seminars again because I simply don’t believe they’ll add more value.
I know my situation is far from unique and many people have raised similar points. But while I wallow in my self pity, my question for AF is given that I invested soo much time and money for my first attempt, how do I go about preparations differently to ensure that I pass next year? I’ve already decided that I’m focusing exclusively on the CFA materials and past papers but I’m still afraid that won’t be enough. To add to that, I had signed up for a competitive part time masters program beginning this fall. I had assumed that I would pass L3 which would allow me to pursue the masters degree. Womp. However, I’m not even certain I will be able to fully dedicate myself to my CFA studies given my masters program. Any advice helps.
 
Walkingonwater wrote:
I can very much relate to the sentiment in this thread. 10 days after reading the “We sincerely regret to inform you..” email, I’m still devastated. Maybe even more devastated than how I felt back when I first opened my results.
Here’s my dilemma:
-Passed L1 and L2 on the first try so I hadnt experienced failure in the CFA curriculum yet. As it turns out, expecting to pass if one applies the same (or more) efforst than the previous two levels is flawed logic.
-I studied Schweser thoroughly, practiced more practice tests than at any of the other previous levels and made it a point to carefully review every answer I got wrong. I glanced over the CFA curriculum but to be honest, I did not have enough time to deeply go through it. I figured that I had just enough knowledge to get me over the finish line.
-I signed up for and attended all 15 Live Schweser Classes (with an in person instructor). I kept up with the pace of the class and did most of the assignments the instructor suggested. I was always attentive in class and never had any major struggles with the material.
-I also signed up for and attended the 3 day Schweser seminar assuming that between my personal studies, the classes and the seminar, I would have covered all my bases. I figured that I wouldnt get 100% (since I didnt study the CFA materials) but that I knew enough to at least pass.
My result? Band 10. My 40/60/80 score is 59.8% so I assume that I was on the slight lower end of the band 10 spectrum. Band 10 is painfully close and leaves a particularly bitter taste in my mouth. Its hard to explain how devastating this feels when I think of how much time and money I spent trying to ensure I pass this level. Its also hard to explain to my loved ones why simply “just doing it again next year” isnt as simple as it sounds. To add to that, the one coworker I took the Schweser classes with comfortably passed. Two other coworkers who I took the 3 day seminar with also passed and all three are in the process of applying for their charters. Simply put, I’m somewhat ashamed that they all witnessed me double down on my efforts assuming I was a sure pass and it kills me to report to them that I didn’t make it. I’ve gone back and forth on retabulation but from what it seems, its not worth it. I have no intention of taking any of these classes or seminars again because I simply don’t believe they’ll add more value.
I know my situation is far from unique and many people have raised similar points. But while I wallow in my self pity, my question for AF is given that I invested soo much time and money for my first attempt, how do I go about preparations differently to ensure that I pass next year? I’ve already decided that I’m focusing exclusively on the CFA materials and past papers but I’m still afraid that won’t be enough. To add to that, I had signed up for a competitive part time masters program beginning this fall. I had assumed that I would pass L3 which would allow me to pursue the masters degree. Womp. However, I’m not even certain I will be able to fully dedicate myself to my CFA studies given my masters program. Any advice helps.
Click to expand...
I know the feeling.. I also got a Band 10 with 6 AM sections <=50. My PM was everything over 70 except Ethics which was below 50. I didn’t know how to react to the results; I deleted the email 10 seconds after seeing it.
Question: what do you mean by ‘back and forth’ on retabulation???
Unlike you, I never invest lot of time in CFA. I normally start studying in March and I never use third party materials; nor have I ever done study groups or seen videos. I purely study using the CFA books and mock questions. Perhaps this is the reason I moved on quickly knowing that I can give the CFAI a big middle finger in August 2016. I am working towards that and next year no stupid grader will stop me.
 
Chizi wrote:
I normally start studying in March and I never use third party materials; nor have I ever done study groups or seen videos. I purely study using the CFA books and mock questions.
Click to expand...
Using the lengthiest study materials (CFAI) yet with only a short amount of time doesn’t sound like a recipe for succes to me.
 
I passed levels 2 and 3 while working full time and doing a part-time MBA/MSF. My suggestion is to take the semester that the exam falls in (for me that was the first summer term) and make up that class(es) in the other semesters. Trust me you don’t want to be studying for classes during the month of May.
 
all i can say is BEST OF LUCK next year!
Dont let one exam ruin your confidence! it’s just an exam, put it behind you and keep going.
We have all failed at something in our lives, learning how to cope with disappointments is a bigger lesson.
^_^
NANA
 
Walkingonwater wrote:
I can very much relate to the sentiment in this thread. 10 days after reading the “We sincerely regret to inform you..” email, I’m still devastated. Maybe even more devastated than how I felt back when I first opened my results.
Here’s my dilemma:
-Passed L1 and L2 on the first try so I hadnt experienced failure in the CFA curriculum yet. As it turns out, expecting to pass if one applies the same (or more) efforst than the previous two levels is flawed logic.
-I studied Schweser thoroughly, practiced more practice tests than at any of the other previous levels and made it a point to carefully review every answer I got wrong. I glanced over the CFA curriculum but to be honest, I did not have enough time to deeply go through it. I figured that I had just enough knowledge to get me over the finish line.
-I signed up for and attended all 15 Live Schweser Classes (with an in person instructor). I kept up with the pace of the class and did most of the assignments the instructor suggested. I was always attentive in class and never had any major struggles with the material.
-I also signed up for and attended the 3 day Schweser seminar assuming that between my personal studies, the classes and the seminar, I would have covered all my bases. I figured that I wouldnt get 100% (since I didnt study the CFA materials) but that I knew enough to at least pass.
My result? Band 10. My 40/60/80 score is 59.8% so I assume that I was on the slight lower end of the band 10 spectrum. Band 10 is painfully close and leaves a particularly bitter taste in my mouth. Its hard to explain how devastating this feels when I think of how much time and money I spent trying to ensure I pass this level. Its also hard to explain to my loved ones why simply “just doing it again next year” isnt as simple as it sounds. To add to that, the one coworker I took the Schweser classes with comfortably passed. Two other coworkers who I took the 3 day seminar with also passed and all three are in the process of applying for their charters. Simply put, I’m somewhat ashamed that they all witnessed me double down on my efforts assuming I was a sure pass and it kills me to report to them that I didn’t make it. I’ve gone back and forth on retabulation but from what it seems, its not worth it. I have no intention of taking any of these classes or seminars again because I simply don’t believe they’ll add more value.
I know my situation is far from unique and many people have raised similar points. But while I wallow in my self pity, my question for AF is given that I invested soo much time and money for my first attempt, how do I go about preparations differently to ensure that I pass next year? I’ve already decided that I’m focusing exclusively on the CFA materials and past papers but I’m still afraid that won’t be enough. To add to that, I had signed up for a competitive part time masters program beginning this fall. I had assumed that I would pass L3 which would allow me to pursue the masters degree. Womp. However, I’m not even certain I will be able to fully dedicate myself to my CFA studies given my masters program. Any advice helps.
Click to expand...
I am in a similar situation, though i failed Band 8.
Mainly because of poor Ethics (which looked so simple, means i took it lightly and got trapped)
Portfolio Mgmt. (Individual and Inst.) <50 means i dont know how to answer the Qs
I got mostly either 50-70% and/or >70% everywhere else
This year’s plan is
1) Study from CFAI Curriculum, simultanously watch Arif’s videos and take down notes (Do CFA EOC Qs & online Sectional Tests after each SS and also do Convexity Sectional tests) - Complete Curriculum 1st read like this by mid January or so.
2) To Solve AM/PM Mocks (CFAI Mocks 2008 onwards)try to look at CFA guideline answers for reference, though the answers should be one liners or Bullet points, CFAI gives it in a lengthy way (will need to adjust here somehow)
3) Need to solve IPS (Indiv. as well as Inst.) in the way CFAI wants it
4) will have to solve past year Ethics Qs and understand how not to get trapped :-), will have to go slow in the exam next year (i think i rushed it this year and got trapped)
5) Will try to finish 2008-2012 Exams (Both CFAI / Schweser) before March
6) 1st Review in April, and solve 2012-15 Exams Schweser/CFA simultanously(try to finetune and improve)
7) Solve Schweser/Convexity 2016 Mocks as well as CFAI Mock for 2016 in May alongwith Review and Finetune my notes/improve on PM (much more focus on PM session in last few days before exam)
I know this is easy to write now, but tough to follow. But I intend to do it like this, (Pl. guide me if i need to change somewhere), I really regret not solving Mocks last year under exam like conditions and also not solving enough AM Qs. I got trapped in Ethics and must score better here.
I think that should do it, if it does not then this level is beyond my capabilities.
 
Usually students focus more on the AM paper, and do not spend due time in preparing for Item set. It is usually hard to have a perfect score in the morning paper, but it can be achievable in the after noon paper.
Even having a low score in the morning paper but having a near perfect score can help you sail through the exam.
 
Usually students focus more on the AM paper, and do not spend due time in preparing for Item set. It is usually hard to have a perfect score in the morning paper, but it can be achievable in the after noon paper.
Even having a low score in the morning paper but having a near perfect score can help you sail through the exam.
 
rafay701 wrote:
Usually students focus more on the AM paper, and do not spend due time in preparing for Item set. It is usually hard to have a perfect score in the morning paper, but it can be achievable in the after noon paper.
Even having a low score in the morning paper but having a near perfect score can help you sail through the exam.
Click to expand...
so true, I got less than 50 in Individual and Inst. Portfolio in AM and all else was Avg.
PM killed me though, i had to score 85% or more her to clear, which i didn’t
So guys concentrate on PM as well, don’t assume that you will score well on L3 PM easily(on the basis of L2 perf.)
 
This is weird. Are we talking about the same exam? Most people who took exam in the US claim that PM was easy.
 
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