I failed the L1 back in Dec 2012. My score was bad (below band 5), and I know the problem = not prepared! This year I come in again and wishing to get it, however, due to life problems and other goals I wanted to achieve this year, I just can’t make it in to do my studies as planned. I was in the Final Review class (mind you I only signed up for the review) and I am lost. Should I withdraw or else? My question is, if I fail again (not to say even I pass and who knows about L2 and L3), what’s the impact on me as a candidate? Mind you my situation is different, I am not in the industry and I am just below 35 (Godamnit!) I want to do the CFA 1 to open up doors to get into the Finance industry
Negative Impact on Candidate after failing L1 TWICE
- Thread starter sokenyou
- Start date
There is no impact on you as a candidate…you can take it as many times as you want. Now it might impact your life, it’s a huge time commitment and if you’re not putting in the hours you will continue to waste months studying for the same exam. To be honest, CFA is not very helpful for breaking into finance, it is helpful if you are in the industry and want to move up…what is wrong with your current industry?
Greenman72
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- Jan 11, 2013
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I agree with Ramos. Withdrawing offers no advantage. You might as well just take L1 and see what happens. You might surprise yourself. Plus, you still have three weeks to go, so don’t give up just yet.
There are two bigger issues here though. Ramos touched on the first one–CFA is not helpful for breaking into the industry. It only differentiates those who already in the industry.
Second–if you’re having this much trouble passing Level 1, it’s highly unlikely that you’ll pass L2 or L3. They are at least 50% harder than L1. Maybe twice as hard. If you can’t dedicate 200-ish hours to passing L1, what makes you think you can dedicate 300-400 hours EACH for L2 and L3?
(I hate to be a Negative Nelly, and I know I’ll get criticized for it. But I really think you might be throwing away lots of precious time that can be used more productively–or at least less dreadful.)
There are two bigger issues here though. Ramos touched on the first one–CFA is not helpful for breaking into the industry. It only differentiates those who already in the industry.
Second–if you’re having this much trouble passing Level 1, it’s highly unlikely that you’ll pass L2 or L3. They are at least 50% harder than L1. Maybe twice as hard. If you can’t dedicate 200-ish hours to passing L1, what makes you think you can dedicate 300-400 hours EACH for L2 and L3?
(I hate to be a Negative Nelly, and I know I’ll get criticized for it. But I really think you might be throwing away lots of precious time that can be used more productively–or at least less dreadful.)
Perhaps I’m misreading your post, but it seems that you haven’t really done much preparation either time, so I wouldn’t read much into failing. You can fail a dozen times and the only ones who will know are you and CFAI, so there is no negative stigma or anything. If, however, you are studying hard and not passing L1, or at least getting band 10, your chances of completing the program are pretty slim. Even if you get luck and pass L1 with not much preparation, that’s not going to cut it at L2 & 3. So, unless you can honestly comit to putting in the hours for future levels, you might as well stop now.
S2000magician
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- Mar 17, 2013
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Heads, you win; tails, you tie. How can you ask for better odds than that?
Take the test.
Take the test.
The only advantage to withdrawing is the time you gain for yourself between now and the exam. Do you have a better use for the time than trying to get yourself up to snuff?
There’s no impact, particularly if you are not already in the industry. Ultimately, it’s like a drivers’ licence exam: people care whether you passed or not, not whether you aced it or barely squeaked by.
A possible exception is if you have a significant other who is upset that you are emotionally unavailble because you’re spending so much time studying and then did not pass (though that doesn’t sound like your situation, because you don’t sound like you are studying a ton).
Passing CFA 1 will be better than not passing CFA Level 1 in that it will tell people that you know at least a little bit about the terminology and calcuations needed in the industry. It will not substitute for real experience, which is much more useful for breaking in.
Frankly, though, the tone of your note is not promising. In this industry, you will be competing with tons of people for whom the amount of work and preparation this takes is no barrier to putting in the effort and the time.
You don’t have to be brilliant to pass CFA L1 (or even L2 and L3). You need some basic level of intelligence and you need some dedication/discipline to put the study time in. The more you have of one (intelligence or discipline), the less you’ll need of the other, but you’ll need at least some of both.
Greenman72
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- Jan 11, 2013
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Well said. But IMHO - the CFA exam is a test of endurance, rather than a test of your wits.
If you study well, learn the material, and will pass.
If preparation is inadequate, then not passing is the natural outcome.
Word of note though, passing L1 or L2 or even L3 alone will not suddenly open doors that allow you to land a good job in finance. seriously. And that holds even more truth at age 35.
If preparation is inadequate, then not passing is the natural outcome.
Word of note though, passing L1 or L2 or even L3 alone will not suddenly open doors that allow you to land a good job in finance. seriously. And that holds even more truth at age 35.
former trader
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- Nov 21, 2007
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Failing a second time will affect your confidence going forward. Show up if you are prepared.
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- #12
Thanks… I heard there are negative impacts. An example would be a question on the interview,”Did you pass all 3 levels in 3 years?” then they can filter out the ones they have failed. Anyway, I failed the 1st time so…. needless to say. I just don’t want to look stupid with 2 failures at L1.
Nothing really wrong with my industry - pulp and paper. It’s maintenance & reliability itself, you will always be in a supporting role. Also, most manufacturing are now in countries where labour cost are low and it’s not as prosperous as it looks. Long story short, it’s all about what experiences one has in a particular field - that’s engineering for you. People, even my best friend thinks, Oh there are many postings in Engineering! Yes, that might be true but in order to get a job, it’s the experience you have with a particular industry, knowledge, skillsets and the worst thing is, there is no money in what I am doing….
To your point - CFA is not very helpful for breaking into finance, but what about jobs in Equity Research, PE or VC? Will that help? I know I won’t get the jobs that are meant for youngsters, that is why I kept searching for things I can do which is not so age senstive, but it’s like finding something in the ocean, and there is no answer to that!
That’s why I thought CFA might be a long shot, but I should give it a try but it’s hard to dedicate and devote to something that is so uncertain and almost no guarantees. Is there a solid way to get into ER, VC or PE?
Thanks,
Nothing really wrong with my industry - pulp and paper. It’s maintenance & reliability itself, you will always be in a supporting role. Also, most manufacturing are now in countries where labour cost are low and it’s not as prosperous as it looks. Long story short, it’s all about what experiences one has in a particular field - that’s engineering for you. People, even my best friend thinks, Oh there are many postings in Engineering! Yes, that might be true but in order to get a job, it’s the experience you have with a particular industry, knowledge, skillsets and the worst thing is, there is no money in what I am doing….
To your point - CFA is not very helpful for breaking into finance, but what about jobs in Equity Research, PE or VC? Will that help? I know I won’t get the jobs that are meant for youngsters, that is why I kept searching for things I can do which is not so age senstive, but it’s like finding something in the ocean, and there is no answer to that!
That’s why I thought CFA might be a long shot, but I should give it a try but it’s hard to dedicate and devote to something that is so uncertain and almost no guarantees. Is there a solid way to get into ER, VC or PE?
Thanks,
- Thread starter
- #13
Well, I am not a person who easily gives up but this time it’s a little different. I just don’t have the confidence to do way better than last year.
I also understand that it’s meant for those who are in the industry to move up, and L2 and L3 are times harder, but how else can I break into VC, PE or ER? Full time MBA? but again, there are no guarantees and it will take years, so I will be throwing away more precious time. I know nothing is easy but to me this is not as simple as just set a target and go. It’s more complex.
Thanks again for your detailed comment.
I also understand that it’s meant for those who are in the industry to move up, and L2 and L3 are times harder, but how else can I break into VC, PE or ER? Full time MBA? but again, there are no guarantees and it will take years, so I will be throwing away more precious time. I know nothing is easy but to me this is not as simple as just set a target and go. It’s more complex.
Thanks again for your detailed comment.
- Thread starter
- #15
Thanks for your comment. You made a very good point and I think you got me there. It destroys what’s left with time and money tagged along. The withdrawal is nothing but pushing off this failure to another time if I am just not prepared for it. Personally, for L1, I believe in myself that I can certainly pass BUT I just need to get myself to studying…. life/work balance at my current job is one thing….and will this thing work out with almost no gurantee is another thing.
I guess that’s why I am lost…. I have wasted so much precious time and money, but to make this career change or something on top of my current career path, what’s the best to do which will give a more solid return or higher in guranteeing that it will work? MBA? Any suggestions?
Thanks a lot for your comments.
I guess that’s why I am lost…. I have wasted so much precious time and money, but to make this career change or something on top of my current career path, what’s the best to do which will give a more solid return or higher in guranteeing that it will work? MBA? Any suggestions?
Thanks a lot for your comments.
Latheorie wrote:
But failing in june/december next year after skipping it this time will destroy what’s left of it and cost another $700
Consider it as a(expensive) practice exam with a possibility of passing.
If you want the Charter, then go get it. Stop making excuses. Honestly, if you really want it, you’ll find the time to get it done. But you’re right, it offers no guarntee… in fact it likely won’t help you transition at all (caveat: I don’t know what you do for work now, maybe you’re a PhD working in pharma or something useful).
If you want a more reliably way to transition, go get a top MBA from a big U.S. school. But considering you’re concerned about money, I doubt that this will be a more reasonable option for you.
Greenman72
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- Jan 11, 2013
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There are so many bad questions here, I don’t even know if we should respond. But since tax season’ over and I’m bored….
You heard wrong. Almost all Charterholders that I personally know failed at least once. Plus, as far as I know, CFAI never releases any data about you and whether you passed or failed. You could tell everyone that you passed on the first try with a perfect score and nobody would ever be able to prove otherwise.
What do you think ER, PE, and VC are? They’re finance jobs. (I think I’m starting to understand why you didn’t pass Level 1.)
Again, what do you think ER, PE, and VC are? They’re jobs for youngsters. Old people with no experience need not apply.
That is why you fail.
This should tell you something.
Nothing. You probably can’t. There are lots of Ivy-League MBA’s that can’t get into these fields.
CFA is not all that valued in VC and PE. It is more useful for traditional equity research, fixed income research, and traditional portfolio management jobs. There are some things that are useful to know about for VC and PE jobs that come up in the CFA exams, but most VC and PE shops simply look for former investment bankers who gained that knowledge through experience in IB rather than from passing CFA exams. VC and PE are highly transaction oriented, and stuff about how deals are structured tend to be more critical (and these topics don’t come up on the CFA exams, which is why experience counts for so much more in VC and PE).
- Thread starter
- #19
Very good points there Bchad, I truly appreciate your advice/comments.
1. I don’t have plans for better use of the time, maybe just spending more time with her and catch up on sleep which I should’ve done for my health.
2. I agree to the point that it’s probably more like a Driver’s License but I have also heard that Employers, espeically for career changers, they will ask the applicants: How long did it take you to pass all 3 levels? Did you get them at one passes? Things still do not look good on my side by withdrawing BUT I know how I would feel if I fail for the 2nd time.
3. I agree the the CFA L1 is not just about one person’s intelligence, it’s mostly about endurance, committment, preparedness, agressiveness and seriousness about this - again, it’s devotion afterall. I agree I haven’t studied like a ton, so that’s why I am diffident. The thing is, will passing all 3 levels of CFA guarantee that I will have an interview for a job at a VC, PE or ER firm? What are the chances there? Like 5%? or 1 out of a million? That’s why it’s hard to commit even though I kept telling myself: If you do it, there is a one in a million chance….it’s just hard.
If I don’t go for the CFA and still want to make the career change bearing with my current age, education background and situation, what should I do? A full time MBA at a prestige school???
Thanks!!!
A possible exception is if you have a significant other who is upset that you are emotionally unavailble because you’re spending so much time studying and then did not pass (though that doesn’t sound like your situation, because you don’t sound like you are studying a ton).
Frankly, though, the tone of your note is not promising. In this industry, you will be competing with tons of people for whom the amount of work and preparation this takes is no barrier to putting in the effort and the time.
You don’t have to be brilliant to pass CFA L1 (or even L2 and L3). You need some basic level of intelligence and you need some dedication/discipline to put the study time in. The more you have of one (intelligence or discipline), the less you’ll need of the other, but you’ll need at least some of both.
[/quote]
1. I don’t have plans for better use of the time, maybe just spending more time with her and catch up on sleep which I should’ve done for my health.
2. I agree to the point that it’s probably more like a Driver’s License but I have also heard that Employers, espeically for career changers, they will ask the applicants: How long did it take you to pass all 3 levels? Did you get them at one passes? Things still do not look good on my side by withdrawing BUT I know how I would feel if I fail for the 2nd time.
3. I agree the the CFA L1 is not just about one person’s intelligence, it’s mostly about endurance, committment, preparedness, agressiveness and seriousness about this - again, it’s devotion afterall. I agree I haven’t studied like a ton, so that’s why I am diffident. The thing is, will passing all 3 levels of CFA guarantee that I will have an interview for a job at a VC, PE or ER firm? What are the chances there? Like 5%? or 1 out of a million? That’s why it’s hard to commit even though I kept telling myself: If you do it, there is a one in a million chance….it’s just hard.
If I don’t go for the CFA and still want to make the career change bearing with my current age, education background and situation, what should I do? A full time MBA at a prestige school???
Thanks!!!
The only advantage to withdrawing is the time you gain for yourself between now and the exam. Do you have a better use for the time than trying to get yourself up to snuff?
There’s no impact, particularly if you are not already in the industry. Ultimately, it’s like a drivers’ licence exam: people care whether you passed or not, not whether you aced it or barely squeaked by.
A possible exception is if you have a significant other who is upset that you are emotionally unavailble because you’re spending so much time studying and then did not pass (though that doesn’t sound like your situation, because you don’t sound like you are studying a ton).
Passing CFA 1 will be better than not passing CFA Level 1 in that it will tell people that you know at least a little bit about the terminology and calcuations needed in the industry. It will not substitute for real experience, which is much more useful for breaking in.
Frankly, though, the tone of your note is not promising. In this industry, you will be competing with tons of people for whom the amount of work and preparation this takes is no barrier to putting in the effort and the time.
You don’t have to be brilliant to pass CFA L1 (or even L2 and L3). You need some basic level of intelligence and you need some dedication/discipline to put the study time in. The more you have of one (intelligence or discipline), the less you’ll need of the other, but you’ll need at least some of both.
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- Thread starter
- #20
Ok thanks for the comments. I do agree agree at some point. I was told otherwise about VC, PE though - not just from bchad. I read this book: Best jobs on Wall St. or Bay st. VC, PE, M&A jobs are more for MBA graduates with experience in the field. Equity Research, Portfolio Management and Institutional Sales are more for CFAs. Of course, age is a huge factor, so here is my final question, if I still want to change careers or do something to improve from where I am, will an MBA sound more promising and more on the right track?
Thanks!!!
Thanks!!!