I`m very devastated

I don’t think you scrwed up morning. you could have done better though. YOu screwed up ethics.

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.
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
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painful .. i know - i failed it on 1st try in 2013 - band 7, tried to retake it in 2014 but could not due to work - had to withdraw, and finally finished it in 2015. Loooots of hours spent - but i think you need to look at some silver lining:
- Much easier to remember materials in L3 vs any other levels. So taking it 2nd time - does give you and advantage over many others.
- It is tough especially since there is no feed back, as to what you did wrong. I felt same way when i failed - no way did should i get < 50% in so many subject. What you can do though now, CFA will release the Essay (AM) portion shortly with guidle line answer. At least you can review that, and try to determine what you answered incorrectly.
- In the end, i found that even though i thought i was somewhat prepared on 1st try, i really was not. Just too many details/small stuff i possibly overlooked.
- One thing i hope you guys are doing - write down your practice/mock AM answers and do those in a timed situation - i.e. make sure you time it, and actually write the answer down on paper (vs. thinking about the answer in memory & figuring out you got the answer). Then critically grade your answer vs. CFA guidleline.
- Finally - you really need to make an effort to score >50% in every single area in PM. That’s the key to passing - hit a home run in PM. This is easier to do, just practice lot of Qbank, mock exams etc. This will act as cusion/buffer against AM - which is rather tought to maser.
- Another aspect in AM, you need focus in the questions you know well, and spend enough time there - and make sure the ones you do know you manage to score over 70%. I had 4 less than 50%, but managed around 5 over 70% in AM. I did not waste time in areas that i did not know - thought some things for 30 secs if it didn’t come, i left it blank (hence 4 items <50%). But the ones i did know - i made sure i spend enough time, and wrote down in nice logical order.
 
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.
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Feel your pain .. Band 10 fail is the worst thing that can happen. I failed L3 once with Band 7 - at least i know i was somewhat close, but not where you’re thinking whehter 1 or 2 multiple choice could’ve made you pass or not.
Based on what i read, difference between bands could be like 1% or so. So pretty much perhaps 1 or 2 multiple choice or even part of an AM questions will push you through.
On bright side - L3 materails are lot easier to remember, so doing it in 2nd try is much easier and gives you an advantage (can’t replace real expeirence in taking the exam).
Dont give you. I would say focus on PM - make sure you do very well in PM - that’s the easit path to success. And for AM - you just need to try your best. I strategy was to focus & make sure the ones that are easy you spend enough time on those, and score max points. And the ones you had no idea - leave them blank if needed, but don’t waste any more time than is allocated.
 
Iris, he failed ~8 questions in the morning, and you are suggesting if he simply passed ethics he would have been fine?
He has a few more things to work on here.
 
NANA Hachiko wrote:
We have all failed at something in our lives, learning how to cope with disappointments is a bigger lesson.
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+1
 
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