rants and questions from my 1st fail, band 10

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DDL24

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I just discovered this forum and wanted to share some of my experiences and ask quick questions.
I have taken CPA during my senior year in college and passed; passed Level I and II on first try. I have always started some time in mid to late Feb or early March and only used Schweser materials. those all happened back in early 2000s, while I was single. joined a HF and didn’t get to Level III till this year, 2010. But this time, I have a wife and 3yr old and mortgage and managing portfolio; applied the same receipe, started in late Feb and got progressively more intensive as June approached. Felt maybe a week or two too short but ready enough to go for it. I walked out from the AM session felt pretty good and finished PM session with 50 mins left (fairly typical like many people here for the PM session).
But failed as Band 10. painful, a hit to the ego…. donated $100 for the retab and of course still a Fail. I used Schweser essential package BTW. What’s everyone’s take on secrect sauce? what the heck is it? Can I buy some used here?
Even during my prep process, I realized that some of the area can be subjective that I have totally different point of view from CFAI, especially in trading and risk tolerance. I knew I have to brainwash myself and answer the way CFAI wanted to see. But I guess I didn’t change myself enough. Dang, just have to suck up and do it again. maybe starting earlier this time…..
 
Secret Sauce is the short short breakdown of all subjects. Schweser has condensed what they believe to be the most critical information into a small booklet. Lots of material missing, but great for an overall review. I used it on both L1 and L2. awesome job on passing 1 and 2 starting in Late Feb! sounds like you got the smarts and Band 10 means your in the range. seems to me like you just need another go at it. good luck! this is my first go at L3 and I am using CFAI on the heavy topics/ethics and schweser for everything else.
 
Sorry to hear about your misfortune. Given that you are a borderline case, I’m pretty sure that you’ll pass eventually if you keep taking the tests. The challenge will be to convince yourself (and possibly your family) that past attempts are sunken costs and that you should just look to the future.
As for more practical stuff… I’m pretty convinced that Schweser is the way to go, even for L3. Secret Sauce is a roughly 200-page summary of the material. Obviously you will still need to read the full notes, but Secret Sauce has useful summaries and helps organize your learning. I recommend it, given that it’s (fairly) cheap and quite helpful. Buying used is probably not a good idea. If $100 is too expensive for a finance person, you’re in the wrong field.
If you decide to give it another shot, good luck. But if you don’t finish the program, it’s probably not a big deal either.
 
Being in band 10 means you were among the closest to passing of those who failed, right? If so I’d think just preparing a second time the same way you did last year should give you a very good shot at passing, since you will have already been through the material once before. I doubt there’s any secret to it, though surely your preparation can always be improved upon. Starting now rather than in February would probably help, for one thing. I wouldn’t waste too much mental energy on the “I know better than the CFA folks but couldn’t brainwash myself enough” stuff; maybe you just had a bad day, it’s not an easy exam after all.
 
If I was to fail, I would have chose 2010. Because if you look at posts here comparing the LOS from 2010 to 2011, it is virtually the same and this gives you a HUGE advantage over the 40% of the L2 passers who will be writing L3 this year.
Look at your band areas and really focus on those topic areas. Practice your time management and read the ethics book about 3 or 4 times.
You will get it next year for sure. Start in January and kill it. You are so close !
I just received my Charter last week after going through the work experience approval process. It still is surreal since I started using this forum many years ago on the L1 forum and now I am posting here as an actual charterholder.
 
DDL24: my two cents worth–to have the CPA and to have passed L1 and L2 is awesome, and shows you’ve got the brains and test-taking ability. Now here is the harder part: Do Not Give UP on getting this done!! you are close and if you’re committed to pass and get the darn charter…Ha! you have to fully commit yourself to studying like you did last time. Buy the current Schweser Notes and Secret Sauce…put the 250 to 350 hours in and go for it! You can and will pass this! One more thing, don’t overthink the answers…answer the question using what you’ve studied. Get to the point, answer the question asked (each and every part), and put yourself in a position to pass Each Question. You’ve plowed this L3 field once, now finish strong!! :-)
 
I really appreciate everyone’s comments and encourgement.
Looking back, I have always prepared for those type of tests with the target of minimum effort to pass sort of way or it’s just how much pain I could take. 2hrs every weekday and 10 hrs total for the w/e, so 20hr/wk on 12-15weeks, 240-300, about 3-3.5 month. Had MPS been, say, 60, I probably got 65-70 on both L1 and L2. And it backfired this time….
Maybe I could have passed, had I not gone back and changed couple of answers in the AM seesion. Sometimes the first reaction maybe the most accurate one and shouldn’t overthink. don’t want to whine or anything. Just have to spend a little bit more time the next go around, for the extra margin of safety.
Everyone learns differently; I kow someone said they can just read the book once and learns everything. I am not that smart so my preparation trick have been really just doing practice, practcie and practice.
BTW, does anyone know when the 2010 L3 test will become availabe on CFAI’s website?
Many thanks.
 
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