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Up0
I’ve never been a blogger per se, but I enjoy writing and over the last 24 hours I decided to join 300 in the hopes that I can redeem myself come 12/7/13 and gain some perspective from a community that understands the toils of getting through this massive test. For Level I I put in more than the usual 300+ hours of studying besides the 12 hour job I have on our firm’s trading desk, which was in conjunction with my best friend (from college) who also took Level I. As a background he does not work in capital markets, but has a financial analyst role at a public company. We did a lot of studying together and much of it came with him asking me questions regarding our level I topics, with my practice test results far outweighing his. Coming out of the test on June 1st we both were haggard and somewhat cautious of our answers, but I felt somewhat more confident then he did …However, our results yesterday put him in the pass column and myself in the fail column, much to both our surprises. My sense was that I waited too long to take practice exams, though I did well on them and did not focus nearly enough on the financial reporting, which I calculated as being the bane to my test experience, besides peaking in terms of studying a few days before the test and coming off one of the most stressful weeks of work Ive had since I graduated from college. Immediately after finding out my results I told my family and superiors to give them the bad news and swiftly turned off my cell phone so I wouldn’t have to answer all the messages I was getting asking how I did, especially from my best bro. Unfortunately this weekend we have plans for me to come visit and attend a 25th birthday party for another great from college and many of our mutual friends with her, all of whom know we both took this test; my fear is having to a) explain how I failed (which I do realize I should do without shame like I did yesterday to those who gave me great support) to those around me and b) be able to hang out with my best friend while I take this week to remain upset before I begin studying again for December. I did congratulate him wholeheartedly and am happy/proud of the work put in, but I just am not good with dealing with my own failure in the face of his triumph, anyone have any suggestions on how to go about this?
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Up4
@CFA_redemption_12713 Facing it head on will help. Maybe not particularly for this failure, but there will be future setbacks in life and personally, I’ve always found a shrug and a ‘that’s life’ attitude works best, especially for my own well being too.
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Up4
@CFA_redemption_12713: Putting myself in your shoes…I would rather take a vacation away with my partner to get refreshed…and then get head on the CFA…I agree to @Zee that you have to take this as lightly knowing you would put efforts enough to sail through the next time!!
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Up4
Also I was thinking in the grand scheme if you don’t have your 4 years experience there is no hurry to pass the exam. Not sure if you have your 4 years experience or not but regardless of passing or failing you’ll probably end up getting the designation around the same time?
Also failing isn’t bad if you learn where you went wrong. After reflecting for about a week I think I realized what went wrong and how to compensate for it next time.
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Up4
@Sarah again I certainly agree with you. I’ll be at 4 years experience come May 10th, just before we take Level 2, but thats neither here nor there. Its now been a week, had a great weekend with my friends and will begin my studying today! Very excited to get back in the swing of things, know exactly where I went wrong, sat down with my boss/PM and have a great plan to pass for December. It’s like Keats said “Don’t be discouraged by failure…It can be a positive experience. Failure is, in a sense, the highway to success, inasmuch as every discovery of what is false leads us to seek earnestly after what is true, and every fresh experience points out some form of error which we shall afterwards carefully avoid…”
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Up4
My great concern is not whether you have failed, but whether you are content with your failure.
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Up4
I’m pretty much sticking with my previous strategy. The reason being that I don’t think it was a bad strategy, I just didn’t put in enough effort compared to the folks I’m seeing (esp here on the forum). I’m hoping that the knowledge I’ve built in from my previous attempt and my intensified effort will see it through.
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Up4
I have. But I don’t think I’m the right person to give an opinion. I didn’t think they were useful – I tend not to find the format useful in general. However I know plenty who swear by them (and Schweser videos).
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Up3
I’m going to change my strategy a bit. Not because I think that my old strategy was bad or caused me to fail but I don’t think it was the most optimal way for me to study.
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Up3
Has anyone watched the Schweser videos? Thoughts on them?
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Up3
@CFA_redemption_12713 head-on is definitely the way to go. I went out drinking with my buddy – we had passed LI and LII together – he passed LIII; I failed, but was really great about it and we had a blast. If you have good bros then the sympathy will be genuine and heartwarming, rather than the condescension that perhaps you fear.
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Up2
Sorry to hear that @CFA_redemption_12713. I suppose I am in a similar position since I also have many friends that passed and when I broke the news to them I failed they thought I was joking given the amount of studying I did and the fact I was scoring well on the practice exams.
I was straightforward to them and told them I failed and NO I didn’t want to discuss it. Many of my friends knew beforehand though that I was mighty sick on the day of the exam but it was still a shock to hear that I failed. Especially when I helped answer their questions.
Just tell them to give you time and that you don’t want to talk about it right now. I doubt they will keep pushing.
I’m going mini-golfing to release the stress, do something you like and give yourself some time to be broody and get back on your feet. Good luck!
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Up1
@CGA_redemption you are starting to study now?!
Mind if you share your study plan? -
Up1
Well I relied on the books last time, so this time Im going to start by reading the Ethics in my book again and then do the Schweser calendar. I’ll watch all the videos and use the summaries and only use my books for practice questions/learning statements. My work is also helping me get someone to review the financial reporting and accounting area. PS, someone posted a great excel doc that helps model hours, thought that was a good reference tool as well. Will study between an hour to two every day, and 3-4 on weekends, so about 300-350 total and all of November will be practice questions. Thoughts?
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Up0
Thanks Sarah, I decided to join a running group where no one works in finance and has any idea what the CFA is, haha, I think that will help ease things a little, if only for today
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Up0
@cfa_redemption_12713 I failed Level I too and got the same reactions as @sarah from family and friends.
Thing is, we all know it’s a solid qualification to pass and even though we’re not used to failing and it is disappointing, it’s not like anyone died.
Enjoy a bit of time off first, and then go smash it in December 😀
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