To Hold or Fold?

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Big A

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L2 retaker. If I fail this time around really thinking about folding my cards and moving on. If I pass L2, still thinking about folding and moving on. Anyone else thinking the same? Tough decision for me b/c I actually get some enjoyment out of this test, the stress, feeling of being overwhelmed, note card night towards test day, etc. Also have learned lots from the CFAI, much more than any college program. Main point I wrestle with currently is whether the time it takes to get the credential will benefit as much as putting the time into industry work.
What are most people on this forum taking the test for? Better job=$? How much more does a charter holder make than non holder? Do we want to be investors? Best investors to date don’t have charters (buffett, einhorn, ackman, ichan, etc). Any charter holders want to chime in?
 
I admit, that I take these exams not because it will give me any benifit job-wise (and most probably it will not for the majority, let’s be honest)
But because I would feel much worse not taking these exams. I cannot explain it. Probably it’s a herd/flock effect as well. Will not be able to stand my frineds/colleagues take it and pass it and me staying behind.
This may sound as stupid as it gets, but that’s how the things are for me. I just can’t fight these feelings inside me. Sounds sick…
 
I think a reason is it is a way to expedite the rate at which people start taking your opinion in the work place seriously. Everyone listens to the vet because of their experience…if you are a young person with a few years of experience, you will be listened to by some and ignored by others. Having the credentials increases the pool of people who will listen to you and think/know that you know what you are talking about.
 
Interesting comments. Ivan, I’m kind of with you, although its a personal thing more so than how others are doing along side me. Besides, if they all pass and you fail over and over, who’s really behind then? You will be suicidal. Ramos, I agree with you, however it’s been my experience that people with the $ are listened to over those with credentials. I remember one of my friends who runs a 100M fund say smart guys with no cash are just about pathetic in the business environment.
 
“enjoyment out of this test, the stress, feeling of being overwhelmed”
you need more challenges in life.
 
I’ll probably fold if I fail. Married with 2 kids, I just don’t have time to do L2 twice.
Doing it because it’s relevant to my career and because I’m enjoying the challenge and brain stimulus.
 
Here’s a thought…do what you want! If you live your life like this you’ll realize there’s nothing better…its how I live
 
I used to feel the same way (not wanting to quit on something I’ve started), but having completed all 3 levels i felt like i could’ve done much more with my time.
Having said that, i did enjoy the torture somewhat and opening the door to a new community. I have more appreciation for all charterholders and I did learn a bit from the cirriculum.
It’s just that life is too short, if you don’t absolutely need it, perhaps you should cut your losses and know when to leave. L3 is not a walk in the park, and if you are already second guessing yourself you may not have the stamina to get through.
 
Ramos, Itera’s comment is a clear example of why listening to Charterholders is not always the best method. Regardless of itera’s credentials his/her comment adds no value.
Acejeff, you have a good point. Choose a path and don’t let others influence your decisions. Some flaws with this reasoning circle around whether one fully understands why he/she is doing what he/she wants, and whether that person has enough information to make the right decisios for his/her path. Choices are made by gathering infromation from others with experience. Get the info and then decide what you want to do; I’m looking for the info.
NANA, great thoughts. I’m certain I have the stamina. Main question is whether I want to put that stamina towards this credential or other projects. If I could do everything I certainly would, but as you said, we have a concrete number of days to live.
 
I take the exam not because it gives me any benefits in terms career in the near future, but because it inspires me to learn new things systematically.
Also, I can talk shit non-stop among friends during a weekend’s bbq, such as how interest rate affects bond and options market. And people who don’t know this shit would admire me.
 
With over 10 years in leveraged finance, I am not sure if the CFA would get me in the door in the same industry but it gives me a challenge to test myself. Just as background, I had exam anxiety (I knew the stuff but I would choose answers that upon completing say a mock, I would attribute to only anxiety and nothing else..in normal circumstances I would have chosen the right answer). So it provided me an avenue to get over my anxiety to an extreme with Level 2 especially - lot more material, lot more pressure. I took it as a personal challenge. Another factor was knowledge, it is a structured way to learn more about the industry and products - something you wouldnt normally do on a weekend…open a book on derivatives with summer rolling in? No way. So it forced me to learn more about the industry and the products that exist within it, not to mention the brain stimulus.
Last but not the least, I found this if not the best, but close to it, the best alternative to spending Canadian winters :).
Disclaimer: I am not married and no obligations with a family etc so the decision is much easier. I have always had huge respect for folks that do this with kids and/or married….
Just my 2 cents.
 
For my part working on the CFA exam has nothing to do with a new job or position but to be a better investor. I have 6 years experience in the industry, a master in Econ an MBA with finance concentration but the fact is that studying for the CFA took me to the next level when it come to the understanding of investment and the industry in general. I am married, wife in pharmacy school with a 8 month baby so my life is really stressful but I think that it will be all worth the pain when I am done with this animal. To be honest I don’t know if I will have the energy to repeat this exam the second or third time…my 2 cents…
 
Big A wrote:
Ramos, Itera’s comment is a clear example of why listening to Charterholders is not always the best method. Regardless of itera’s credentials his/her comment adds no value.
Acejeff, you have a good point. Choose a path and don’t let others influence your decisions. Some flaws with this reasoning circle around whether one fully understands why he/she is doing what he/she wants, and whether that person has enough information to make the right decisios for his/her path. Choices are made by gathering infromation from others with experience. Get the info and then decide what you want to do; I’m looking for the info.
NANA, great thoughts. I’m certain I have the stamina. Main question is whether I want to put that stamina towards this credential or other projects. If I could do everything I certainly would, but as you said, we have a concrete number of days to live.
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LOL!!
Yea eveyone listen to your advice, good luck with that
/sarcasm
 
Sal_CFA Candidate wrote:
it is a structured way to learn more about the industry and products - something you wouldnt normally do on a weekend…open a book on derivatives with summer rolling in? No way. So it forced me to learn more about the industry and the products that exist within it, not to mention the brain stimulus.
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+1
Couldn’t agree more
 
I just took Level II for the third time. I think if I don’t pass this time around then I’ll very strongly consider giving it up.
 
Marathon_runner wrote:
I just took Level II for the third time. I think if I don’t pass this time around then I’ll very strongly consider giving it up.
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I know people who keep getting stuck, took L1 twice, took L2 4 times, and then stuck on L3 3 times and still trying…
My thought is that, not to be mean-spirited, but perhaps he chose the wrong profession?
I know your ability to take tests has nothing to do with your actual work performance, but if I fail an exam more than twice, i would definitely re-think about my potential as this is a very competitive industry to start with. Obviously there are always exceptions, for instance, if your company forces you to take it you may have to keep trying (unless you get fired).
 
I’m taking them to learn the material. I majored in math, but statistics was a weak point for me in college. The biggest takeaways for me are the quantitative analysis & also the financial statement analysis.
 
Acejeff5 wrote:
Here’s a thought…do what you want! If you live your life like this you’ll realize there’s nothing better…its how I live
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One of the worst posts ever.
I took Level 2 twice. I told myself that if I didn’t pass it the second time, I would not retake it, because I had studied 600 hours (cumulative), and if I couldn’t pass with 600 hours, there’s no reason to believe that I could pass with 900 or 1200.
If you fail L2 once, that just means that you probably didn’t understand how much more difficult it was than L1. (You started too late, didn’t study hard enough, etc.) If you fail L2 twice, then you are probably either unable or unwilling to devote enough time and brainpower to it. Or worse, it’s just beyond your mental capacity. (Some people, especially in this field, are unable to accept the fact that they’re not smart enough.)
Either way, if you fail any level more than once, you should ask yourself why you failed, and give yourself an honest answer. This is especially true at the earlier levels, because Level 2 is quite a bit tougher than Level 1, and Level 3 is even harder still.
 
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