None Shall Pass


Blanking out the actual test parts below, since we’re not supposed to reveal what was tested. If I didn’t know better, I’d say they confused my results with someone else’s. Some of the sections I scored highest in are my weakest areas?!

And though I walk out of all CFA tests feeling pessimistic, I uniquely felt optimistically pessimistic about this one!

What else can I say, except fall down 10 times, get up 11. I’ll be back…

Update: I finally passed all the CFA exams and wrote an eBook about the program. If you’re interested, click here.

16 thoughts on “None Shall Pass”

  1. Sorry about that dude. You will get it next time. Thanks for keeping this blog current – it is very useful for CFA wannabes.

  2. I’m in the same boat – level 3 band 8. I did horribly on the essay parts… which felt easier than the afternoon session when I was taking it. I’m not going to think about this failure for a few days… and I’m sure I’ll get up again. For today though, it really hurts.

  3. aww ! i have been reading your posts to get inspiration ๐Ÿ™‚ and your are among the 2 cfa student bloggers i have subscribe in my google reader.

    i am not sure if this is the right time to get an answer , i am planning to give my cfa level 1 in december and i have taken 3 months leave of absence if i study for 16 hours a day is it doable.

    as i really want to clear lvel 1 in dec and give level 2 in june .

  4. Hey Lumi!

    Don’t worry – I didn’t pass either – I did well on the multiple choice but did very poorly on the written. Multiple Choice >70% on all but two sections. Written < 50% in all but two categories. I think it was the lack of experience on the essay format I felt pretty flustered while writing it. I didn't have time to practice exams so I think the lack of exam writing experience/practice cost me!

    Next time around: I have the Schweser exam videos (unopened because I didn't have time to touch them) which I will watch and just practice questions until I am numb in the head. That's it. Simple, practice practice practice.

    Oh yes, I only finished in band 5.

    All the best, and enjoy what is left of summer, remember on your death bed, you might look back on a great summer, but you aren't going to care about your CFA exam!!!!

  5. Hi Vimesh, hi Luminous,
    16 hours per day for three months is really a lot and I think it should be doable. But it depends pretty much on whether you have a financial background or whether you have done quants before. I started level I in May and did the Dec exam and it worked. But I have a financial background.
    That didn’t prevent me from failing level II this time. I lick my wounds and keep fighting.
    You are right, Luminous: Fall down 1o times, get up 11. I really like your blog, by the way. It’s witty and inspirational.

  6. Your results are almost identical to mine! Although it hurts, thanks to your website, I don’t feel completely alone and like a damn fool. I will be back. Never give up.

  7. Hi Klaus /hi Luminous ,

    thanks for the guidance , i have a financial background but it is nearly 7 years since i graduated but i have been studying bits and pieces and i think i am comfortable with the material , my weakness is quants but i am practicing it daily.

    may be i should just stop worrying and focus on completing my readings.

  8. Hi Lumi,

    I know it feels awful, but it is imperative that you come back again and nail it! What doesn’t kill you makes you stronger!


  9. Sorry about your results Lumi. I am sure you will get through next time. I managed to pass level 3 just barely. I also saved a few bucks by just sticking to CFAI materials and not buying extra materials.

    I don’t know how the grading system works but I was not sure about level 2 and 3 exams and managed to pass both times. Some people call it luck and I call it God’s grace.

    Now I have to move to a job to make use of this education. It was tough three years but it is worth every second of it. I enjoyed reading your blog all three years and thanks.

  10. Matt – thanks for checking in and the encouragement!

    Rob – band 8?! We band 7’s and below are unworthy of your presence!

    Vimesh – 16hrs X 90 days = 1440 hours. You should do so well they’ll invite you to be CFAI CEO.

    Vancouver – yes at Level 2 I found myself longing for the Level 1 short and sweet multiple choice. Now at Level 3 I long for the Level 2 days where it was all simply multiple choice – vignette or not. Good luck next time!

    Klaus – vielen dank und viel glueck naeschte mal! (und verzeinhung die schlechtes grammatik. Ick Amerikaner…)

    Tahreem – ditto to you. It has been so uplifting to hear of all of your failures! ๐Ÿ˜‰

    Anirudh – you’re right, you’re right. What one man can do, another can do!

    Pudocfa – why you little weasel, I outta… Major congratulations are in order for you. Perhaps my problem was that I only used extra materials. Definitely thinking of only CFAI next time around as this repeating thing is getting expensive. God speed and good luck!

  11. Mate, that sucks… my commiserations. I guess you will have twice as much celebrating to do come August 2012.

    Let’s fire up and knock this thing over in 2012!


  12. Luminous ! nah u r too kind ! u r the geek and the scholar here, i was just thinking if it was doable , i got more jitters these days then any other period in my life !

  13. You’re a moron luminouslogic, and clearly have some CFA fetish. what’s an unemployed non-finance related person like you taking the CFA anyway. there’s little value to people in the finance field, and there’s certainly even less value to you. But keep it up, I look forward to hearing you fail again next year

  14. Hi All,
    I’m preparing for L3 & i’ve been in the past reading Schweser for 90% of my time (CFAI notes mostly for ethics).

    Lumilog you are an interesting blogger… i like reading your blogs.

    I personally find the Schweser Cds really boring & a complete waste of time. I would want to know how different is L3 preparation gonna be from L2?

    My study plan for both L1 & L2: I read Schweser 3 times & take 1 or 2 papers before the exam – thats it. This strategy has worked for me – but i just managed to pass L2, it was a rather average/poor performance. I’m an average candidate & i know i’ve to be at my best to even have a dream of a chance to pass L3.

    Do you feel my strategy is wrong, what else should i add to study or change my style to improve my chances to pass L3 @ first go. As you all know its a very painful experience of repeating a level & i really don’t want to go that way. I’ve registered for L3 & got my CFA notes… what would you advice me?


  15. Tough luck. Keep at it. I failed Level III, too. I’ll just point you to the explanation of my study process which I posted in the comments (as “A CFA”) in your previous blog post:

    Conan Barbarian, CFA, October 12, 2010

    P.S. I also hate to write in pretty new books; however, by now you should have enough copies of Schweser notes that it won’t hurt to deface at least one of them (this will make sense after you re-read the other blog post’s comments).

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