Should I resit the CFA Level 1 Examination?

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youngblackbird

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I sat the CFA Level 1 Examination in June of this year, and failed with a Band of 7.
My background is in economics; I want to get into the fields of asset management/equity research. I devoted considerable time to study; I studied almost 400 hours over 9 months and also did a preparation course. So, all in all I really put my best effort in.
Given the above information, I would appreciate candid and honest advice (preferably from charterholders or those who have been through the process) whether I should:
1. Sit the exam again;
2. If yes, whether I should do so this December or June.
 
I would sit for it again. It’s a tought test and although you put in quite a bit of time, there are probably some adjustments you can make to study more efficiently. Given your goals to move to Asst Mgmt, I suggest you try again.
I also suggest that you sit for it in Decemenr since everything should still be somewhat fresh.
 
One of the most successful people I know failed level 1 once and then got 3 passes in a row..
 
I would sit for December exam. It will not set you back any further than if you had passed the June exam, so no issue there.
You have already covered the material once, and band 7 is not too bad.
I think you just need to change the way you study maybe.
I type of all my notes and all formulas on the computer in a program called LyX. It is exteremy useful when going back to study and doing practice exams. It is basically my own schweser, but personalized.
Find the best way for you, and stick to it.
P.s. I put in over 500 hours easily for level 1 and level 2 each and probably passed with little margin for error.
 
youngblackbird wrote:
I sat the CFA Level 1 Examination in June of this year, and failed with a Band of 7.
My background is in economics; I want to get into the fields of asset management/equity research. I devoted considerable time to study; I studied almost 400 hours over 9 months and also did a preparation course. So, all in all I really put my best effort in.
Given the above information, I would appreciate candid and honest advice (preferably from charterholders or those who have been through the process) whether I should:
1. Sit the exam again;
2. If yes, whether I should do so this December or June.
Click to expand...
pm @greenman72 he is the expert on this
 
youngblackbird wrote:
I sat the CFA Level 1 Examination in June of this year, and failed with a Band of 7.
My background is in economics; I want to get into the fields of asset management/equity research. I devoted considerable time to study; I studied almost 400 hours over 9 months and also did a preparation course. So, all in all I really put my best effort in.
Given the above information, I would appreciate candid and honest advice (preferably from charterholders or those who have been through the process) whether I should:
1. Sit the exam again;
2. If yes, whether I should do so this December or June.
Click to expand...
With that kind of preparation and background, i’m surprised you failed.
 
Yes. I am an econ major and passed this year ..probably around the same level of studying. But I didn’t start 9 months out… I started about 3-4 months out. No prep courses..just Schweser + EOCs + CFAI cirriculum and Qbank + mocks. Definitely do-able for us social “scientists”.
 
I’d give it at least another shot, take it again sooner rather than later because the material will be more fresh in your mind.
 
1- focus on solving
2- solving is what you should focus on
3- Schweser Qbank, CFAI EOC + boxes = > Solving
4- Past and recent CFAI mocks
5- SIT for the beast AGAIN, don’t give up and slay it.
 
pecslikecannons wrote:
Yes. I am an econ major and passed this year ..probably around the same level of studying. But I didn’t start 9 months out… I started about 3-4 months out. No prep courses..just Schweser + EOCs + CFAI cirriculum and Qbank + mocks. Definitely do-able for us social “scientists”.
Click to expand...
There’s a big difference between 9 months and 3. What was it? And if it wasn’t 9, why did you mention that?
 
Because I was implying I put in the same amount of hrs closer to the exam, thus was able to retain more. 9 months out for l1 was too far back.
 
Yeah, give it one more shot. But if you’ve put >600 hours into L1 and can’t pass, its time for the hacksaw, sorry.
 
Why not? You have already invested 400 hours in it, another 150 hours will get you the desired result. Just follow the strategic advice given above by some experienced people.
 
You should mate.
400 hours over 9 months, may be (just may be) - your effort was a bit diluted. I mean required hours over a longer period? You have 3.5 months for December exam, more than enough. Go for it and kill it..
Good luck with the program and future endeavours.
 
Devils advocate here - if you cannot pass Lvl 1 then this is a quite good indicator that you are likely to fail other levels on your path to CFA glory.
Thererfore unless you are prepared to commit an average of lets say 4 more years then forget about it.
You are welcome.
 
I’d evaluate your longer term plans and see if the CFA level 1 makes sense… Are you doing it to meet regulatory requirements, job qualification etc. Guessing that the answer is “yes”, I suggest, like pretty much everyone else, resitting in December. Try taking mock exams a couple of months out and using these to fine tune your knowledge. You might want to try the Schwesser Q Bank.
 
Yeah you should do it if you are a new grad. December vs June - whichever you feel comfortable.
 
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