The result has sunk in, what next?

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Arif Irfanullah

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A few days ago you either experienced the joy of passing or the disappointment of falling short. The result time is always awkward for me because I share the happiness of those who did well and at the same time I feel for those who did not make it. For those who did not pass, the typical advice is to keep trying; however, I suggest a more thoughtful approach. Put the result on the side for a moment and ask yourself whether you really enjoyed the subject matter? Also do a post-audit on why you did not make it. Was it because you did not have enough time to prepare for the exam? Or did you have a very hard time understanding the concepts. Is the CFA Program aligned with you career aspirations? Carefully thinking through these questions will help you decide whether or not to continue with the program.
Here are a few scenarios to illustrate what I’m talking about. Scenario 1: You are in an industry where the CFA Program is recognized and respected. You enjoyed studying the material but due to work or family commitments could not dedicate sufficient time… and ended up with a Band 9. If this describes your situation then it clearly makes sense to continue. Just try to plan you studies a little better for the next attempt. Scenario 2: You’ve taken a particular exam (say Level II) several times and keep failing! You need to ask yourself whether you are still enjoying the material. Also look at your results and evaluate whether you are getting closer. This might sound harsh but if despite a lot of effort you keep failing with a low band then you should ask yourself whether you have the aptitude to complete the program… and whether it is worth your time, effort and money??? Scenario 3: You entered the CFA Program because of external pressure and did not really enjoy the subject material. With this scenario it does not make sense to continue with the program. Clearly, every situation will be a little different. Ultimately you need to objectively evaluate your circumstances and make a decision that is right for you.
If you passed, chances are that you are on a high right now and want to continue. However, I’d encourage you to take a pulse of your interest level in the subject matter and your aspirations. If you enjoyed the material and the CFA Program is aligned with you career track then you should certainly continue.
Best of luck with whatever you decide to do.
Regards,
Arif Irfanullah
 
I almost failed level 1 and 2 because of your material, I passed cause I stopped looking at your stuff.
 
The majority of people don’t get into finance because it is “enjoyed”. It’s all about the money.
 
pierrewoodman_fan wrote:I almost failed level 1 and 2 because of your material, I passed cause I stopped looking at your stuff.
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LOL!
 
Seems like you’re trying to discourage people from continuing the program so it becomes more exclusive…….carry on, I’m not listening anyway but if someone does listen it only helps us who are almost there or already there.
 
Arif’s comments are entirely reasonable and it’s the kind of thing anyone would tell a friend. Noone would push a friend to go ahead with studying and toiling over a certification they are not genuinly interested in, only because this certification carries weight amongst some (other) group of people.
Anyone who did do that would only reveal themeselves as being so enthralled by the rat race they find themselves in that they cant tell a friend what is right for Them.
 
I can see it now.
someone spending hundreds of hours/sacrifice/work to pass L1 and L2, and fail L3 once, and then read Arif’s post and say “hmm he’s right, i should just give it all up, and trash all that prior effort”
 
This is the problem with CFA. A lot of people who are NOT candidates think that it has “magic” results! getting a very good job in finance, with very high salary …etc immediately after getting the charter, thinking that CFA alone can do all that.
If a candidate says something like: think if you really need it, it needs so much time and effort; they will think that the candidate doesn’t want anyone else to get the charter and “share!!” the benefits.
 
pierrewoodman_fan wrote:I almost failed level 1 and 2 because of your material, I passed cause I stopped looking at your stuff.
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Priceless.
I actually agree with OP. Sometimes your career goals change. Sometimes your career changes. If that happens, it might not make sense to continue, especially if you haven’t yet attempted Level 2.
If I could go back in time, I think I would NOT take the CFA exam. Rather, I would take the ASA Business Valuation course and (if I ever get a green light from my CPA firm) take the CFP exam. Together, these would provide all the same benefit as the CFA exam with a lot less effort.
(Please note–this is something that is idiosyncratic to my particular circumstances. Probably wouldn’t be true for most people on AF.)
 
fight4life wrote:
This is the problem with CFA. A lot of people who are NOT candidates think that it has “magic” results! getting a very good job in finance, with very high salary …etc immediately after getting the charter, thinking that CFA alone can do all that.
If a candidate says something like: think if you really need it, it needs so much time and effort; they will think that the candidate doesn’t want anyone else to get the charter and “share!!” the benefits.
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I was called a bitch for saying exactly the same thing! ^_^
While i agree with the OP for the most part, i don’t know how to start a post-audit if i fail, because usually i walk into the exam thinking i have tried my hardest and studied sufficiently to pass the exam. So if i do fail certain topics, i would be 1) shocked, and 2) confused as to what i did wrong, or 3) defeated because i don’t think i can put in any more effort…
 
Arif Sir…..
I passed CFA level 1 because of ur videos in youtube….
Thank u so much
 
NANA Hachiko wrote:
I was called a bitch for saying exactly the same thing! ^_^
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Haters gonna hate, Nana. Nobody like those of us (like me or Itera or TRH) who tell them that they might be spinning their wheels. If you try to help, you’re gonna get hated on. Get used to it.
NANA Hachiko wrote:
While i agree with the OP for the most part, i don’t know how to start a post-audit if i fail, because usually i walk into the exam thinking i have tried my hardest and studied sufficiently to pass the exam. So if i do fail certain topics, i would be 1) shocked, and 2) confused as to what i did wrong, or 3) defeated because i don’t think i can put in any more effort…
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This is precisely why I’m not taking Level 3 again. I studied over 600 hours. (I mean quality study–I went to the library and put in my earplugs and did not talk to anybody. I’m not talking about reading the books while on the subway. That’s not “quality” study, IMHO.) I answered every single practice question in the Schweser material, including the notes, Q-Bank, and 6 mocks. I also answered every single question in the CFAI material, and did two mock exams. Then I got three of last year’s mock exams from Schweser and did them. I also did the 2009-2012 AM exams that were on CFAI’s website.
If I can’t pass after doing all of that, then there’s no reason to believe I will ever pass, especially since I have a new job that is highly seasonal, and I’m expecting my second baby in a month.
I started preparing for CFA about six years ago, when I was 27 and thought I’d be the next Peter Lynch. My career has changed, my outlook has changed, my priorities have changed, and it only makes sense that my outlook on the CFA exam would change, too.
 
Greenman72 wrote:
This is precisely why I’m not taking Level 3 again. I studied over 600 hours. (I mean quality study–I went to the library and put in my earplugs and did not talk to anybody. I’m not talking about reading the books while on the subway. That’s not “quality” study, IMHO.) I answered every single practice question in the Schweser material, including the notes, Q-Bank, and 6 mocks. I also answered every single question in the CFAI material, and did two mock exams. Then I got three of last year’s mock exams from Schweser and did them. I also did the 2009-2012 AM exams that were on CFAI’s website.
If I can’t pass after doing all of that, then there’s no reason to believe I will ever pass, especially since I have a new job that is highly seasonal, and I’m expecting my second baby in a month.
I started preparing for CFA about six years ago, when I was 27 and thought I’d be the next Peter Lynch. My career has changed, my outlook has changed, my priorities have changed, and it only makes sense that my outlook on the CFA exam would change, too.
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Which is why i am glad i started early and i’m still young… i can’t imagine trying this out in my mid-30s in hope of breaking into the industry, if i fail then it will crush me.
I think you are right, people need to understand life is not about getting exactly what they want is about trying your hardest and let things happen.
You can’t force to get into an industry, things happen for a reason, try to enjoy the ride and keep your options open, chance is, you will get more when you are not looking.
 
Greenman72 wrote:when I was 27 and thought I’d be the next Peter Lynch. My career has changed, my outlook has changed, my priorities have changed, and it only makes sense that my outlook on the CFA exam would change, too.
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Life changes. Priorities Change. This clip sums it up decently
 
Greenman72 wrote:
NANA Hachiko wrote:
I was called a bitch for saying exactly the same thing! ^_^
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Haters gonna hate, Nana. Nobody like those of us (like me or Itera or TRH) who tell them that they might be spinning their wheels. If you try to help, you’re gonna get hated on. Get used to it.
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Agree with Greenie. Nobody ever likes to hear the ugly perspective. Even if there’s a less than 0.1% chance, people cling onto it desperately. Look at how many people buy lottery tickets (I’m guilty myself), the chances of winning are 0.000000001 and yet people keep doing it.
A lottery ticket is $1 so the “sacrifice” isn’t too big a deal. But take something someone worked 300 hours for, and then say something negative about it, and people get nasty and rude very quick.
The reality is hard to swallow, as people cover their ears and close their eyes, and continue to believe that passing CFA exams will automatically land you a great job. The truth is that it doesn’t.
 
Ill wager that about 80 percent of people currently enrolled probably have no business taking these exams and are operating under the delusion that they will someone change their lives. That’s just a guess.
 
The Righteous Hacksaw wrote:
Ill wager that about 80 percent of people currently enrolled probably have no business taking these exams and are operating under the delusion that they will someone change their lives. That’s just a guess.
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Ouch…yet quite likely true
 
The Righteous Hacksaw wrote:
Ill wager that about 80 percent of people currently enrolled probably have no business taking these exams and are operating under the delusion that they will someone change their lives. That’s just a guess.
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I am unsure about the percentage but i would agree…
^_^
 
The Righteous Hacksaw wrote:
Ill wager that about 80 percent of people currently enrolled probably have no business taking these exams and are operating under the delusion that they will someone change their lives. That’s just a guess.
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I wouldn’t want to be guilty of overconfidence bias and give a percentage, but I completely agree with the sentiment.
 
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