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I also attempted all three CFA exams in merely 18 months. Unlike those whose goal is to simply pass the CFA exams, my goals was to learn/understand the CFA curriculum material – yes, call m stupid. Thus, I read the entire 11,000+page CFA actual curriculum and worked all end-of-chapter problems. I also logged over 1,200+ pages of detailed study notes for the entire curriculum.

I attempted CFA Level 1 exam in Atlanta along with 600 CFA candidates. I finished the exam in 4 hours and was the first to leave in both the morning and afternoon sessions. I passed all sections, and I surmise I missed no more than 12 problems. I was pumped after the exam and was determined to take Level 2 exam in 6 months.

I completed Exam Level 2 in 5 hours, and I easily passed – pumped again. (Don’t buy into he CFA mumbo jumbo there are no trick questions)

I put in the same amount of time for Level 3 as I did for Levels 1 and 2 (800-1000 hrs per each exam) and placed in the top decile of those who did not pass (The failure rate was the highest in the history of the CFA Level 3 exam).

Unfortunately, the CFA exams resemble a tennis match rather than a basketball game. It matters not your margin of success per exam. They simply register whether or not you won (passed) or lost (failed) in each exam. Thus, a marginal winner is deemed no different from a slam dunk winner.

Bottom-line,
1) I learned a hell of a lot
2) I worked my ass off for each exam
3) I did not obtain the CFA Charterholder by a smidgen

Will I attempt Level 3 again? – Hell no!!
My goal was to learn as much as I could in an abbreviated timeframe.
I accomplished that feat. Passing for passing sake is not my goal.

Did I mention all exams were attempted at age 50+?

Only 4 of 1,000 CFA candidates are age 50+, much less even attempt Level 1.

I sat for all 3 exams in 18 months and have not shame.

I still maintain have my 1,200+ pages of handwritten CFA curriculum notes as evidence of my commitment.

I proudly place my exams results against CFA Charterholder.

Have fun studying – I mean memorizing.

Brian K. Lee

[Author]

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