Brainy wrote:
Hello all,
Glad I finally passed on my fourth attempt.
Those of us who have been on this Forum long enough would remember the thread which proposed that the Level 2 exams be held twice in a year. I initiated that thread after the June 2015 exams upon having the feeling that I wouldn’t pass the exam. That thread sparked a lot of debate to the extent that it had to be locked for further comment by the Forum administrator. True to my expectation, I failed with a Band 10, but the heartbreak was way more than I could bear; consequently, I decided to be a “reading member” on the Forum, making sure not to post or comment anymore. That I couldn’t even achieve, so I took a total break from the Forum.
Fast forward approximately one year after, here I am with all smiles on my face, and with so much gratitude to God for crowning my effort with success, eventhough I have had to wait for 4 years for this day to come. So what did I do differently and how did I cope with the disappointnents of failure? These questions I intend to address below, for the benefit of those who might be feeling low and having doubts in their abilities.
I passed level 1 on my first attempt in December of 2012, and I rushed into writing Level 2 in June 2013 but was smashed with a Band 4. I relied heavily on reading from the CFAI text, with no personal jottings or attempt on mocks. Next came June 2014 and I had a Band 8, still by reading from the CFAI text without a personal jotting, but this time, with an attempt on the CFAI mock.
My third attempt was in 2015, and that time I decided to change my entire strategy. I signed up for Elan Guide and combined that with reading from the CFAI text, while also taking out time to create a personal summary of each chapter just to be sure I understood all I read, and lastly I attempted more mocks than I had ever tried in my 3 years of writing the CFAI exams. In all honesty, I felt I had done more than enough to pass, but I was so heartbroken when the result was released and I ended up having a Band 10. The pain was so much for me to bear and I decided to take time off Analyst Forum, since being around would bring back the memory.
Going into the June 2016 exams, I still retained my personal jottings from the CFAI text, which were more than helpful since they were in my own words, but I discarded the Elan Guide since I didn’t find them too helpful in the June 2015 exams. I also didn’t solve any mock questions, and neither did I attempt the end of chapter of questions, BUT, I ensured I glanced through all the questions and answers of the CFAI mock exams. I observed that I had consistently performed poorly in FI and PM, so I focused so much on those, and I took a big gamble on Derivatives, by choosing not to study that at all. In doing all these, I relied entirely on the CFAI text, and today, I am so happy to share my success story. I passed with greater than 70 in (Econs, FRA, QM, FI, and Ethics) between 50 to 70 in (PM, AI, Corp Fin, and Equity), and less than 50 in Derivatives (obviously! Afterall, I didn’t study this area of the curriculum at all).
Learning Points:
1. To the world, I failed, but to myself, I knew I was failing forward. From Band 4 to Band 8 to Band 10, surely showed that I was making steady progress, so I was mild on my criticism of myself, and I knew my day would surely come.
2. Nothing works more than studying from the CFAI text, but in doing so, please create a personal note in your own words. The CFAI text is voluminous and harder to remember, but your own words will surely be easier to remember
3. Compare your failed results from year to year and take note of any negative trend that you should focus on. In my own case, it was FI and PM that I had issues wiith, but I didn’t realize on time.
4. Mocks are important, but they don’t replace a thorough understanding of the curriculum. You can pass the exams even with ONLY a thorough understanding of the curriculum without mocks, but you can’t do same by solely relying on mocks without a thorough understanding of the curriculum.
5. Lastly, stay positive and persevere, and always remember that one day will surely be your day if you don’t relent, and all you need is just that one day! For me, that day is today! **smiles**
As I sign out, I say congrats to myself once again and to everyone that made the cut, and to all those who didn’t make it, please hang in there! Apparently, I was once in your shoes……. Cheers!
