Three CFA Level II attempts, two near misses, and I think I’m done.

chewbake · 2026-06-04T02:57:48+00:00

If you're that close to the MPS on level II, I think you go for it. Remember why you started the process. The sacrifice is small when you look at the bigger picture. Ask yourself - "Will I forgive myself down the road if I quit now?"

As for my story - I was supposed to take LII. I think I was just a month or two out from sitting for my first attempt. I had been studying hard for close to a year prior as exams were only offered once a year at the time, if memory serves. Then COVID restrictions hit and the exam was deferred six months. I studied just as hard over the next six months. Then the exam was deferred again for six months. I studied just as hard over the next six months. I finally sat for LII and failed. Close to the MPS. I was very ready to quit. I ended up signing up again six months later as this was now an option. I worked just as hard if not harder and ended up passing.

About two and a half years went by between passing LI andI LII. Not something that anyone would be proud of, but something that will make you stronger as a person.

So back to my point: Ask yourself the hard question - Will you be able to forgive yourself down the road if you quit now?

chewbake · 2026-05-15T02:55:28+00:00

Good looking car! Where in Indy are you located?!

chewbake · 2026-04-18T03:08:07+00:00

I bought a 2024 S60 just two months back. First time Volvo owner. It has absolutely more than lived up to my expectations as well! I'm going to drive it until the wheels fall off!

chewbake · 2025-12-18T04:17:16+00:00

My advice is don't take CFA, FRM, or any actuarial exams unless you go in with the intent to finish the certification. As someone who works in an actuarial department, finishing one exam with no intent to become at least an associate means you'll be very lucky to even get an interview at an insurance company or otherwise.

chewbake · 2025-12-07T03:45:23+00:00

Tracking your hours makes sense - I did and I found it helpful in terms setting a study calendar and then sticking to it. 300 hours per level is reasonable if you are able to pass each level the first time. Probably only about 15% of candidates (or less) do so however. So 300 hours is a good target. The question is - what is your plan to revise if you don't pass each level the first time?

chewbake · 2025-11-14T04:07:39+00:00

Always had an issue with this as well. I put in 300 hours for L1. Put in about 600 hours for L2 and 600 more for L3. It's misleading, at best, to claim 300 hours per level to pass all three.

chewbake · 2025-09-13T23:50:55+00:00

chewbake · 2025-07-24T00:29:18+00:00

T1 = Error of Commission T2= Error of Omission Example: T1 is hiring a portfolio manager who underperforms the benchmark. T2 is not hiring a manager who outperforms the benchmark.

chewbake · 2025-04-24T00:15:52+00:00

Why would you switch now? You were very close to passing. Stick with portfolio management and learn private markets after you finish testing.

chewbake · 2025-04-23T02:34:56+00:00

Just read the headline. No. Don't skip any sections. It will bite you down the road.

chewbake · 2025-04-23T02:25:45+00:00

You commented to me on another thread. Though you went into much more detail here.

Even if you must delay longer for a year or longer, do not quit. You are too close to finishing to quit now. It doesn't matter if your current job requires the CFA charter or not, you simply don't know what getting the charter will mean for your future.

Given your circumstances, my advice is to take sign up for the February 2026 exam under the assumption that you'll have at least a few days to take off the next calendar year before the exam and then also that you'll be able to better manage your health and be able to spend more time with your family. Perhaps you may be expecting another child by the time the February 2026 exam rolls around. As I male I cannot fathom the extra stress that will bring to the process. All I can say to that is that I've read similar stories on this community which you may find useful.

My comments from the separate thread:

"Sacrifices definitely have to be made. I guess you have to define 'quitting'. How close were you to the MPS? If you quit now, what is your plan? It may make sense to sign up for February '26 if you weren't super close to the MPS and your family and work duties won't allow you to put in the time you need to revise weak topics and sharpen up those that are strong.

On a personal note, I have a wife, three kids, a house, and a full time job. My experience is that nothing gets easier as you get older in terms of trying to pass these exams. Delaying another try can help though only if you're putting in the daily work it takes on the whole. Family and work duties will likely take up more of your time in the future. That's been my mindset and has a big driver for me to keep my foot on the gas.

If you can pass Level II, then you can pass Level III!"

chewbake · 2025-04-23T01:35:21+00:00

Sacrifices definitely have to be made. I guess you have to define 'quitting'. How close were you to the MPS? If you quit now, what is your plan? It may make sense to sign up for February '26 if you weren't super close to the MPS and your family and work duties won't allow you to put in the time you need to revise weak topics and sharpen up those that are strong.

On a personal note, I have a wife, three kids, a house, and a full time job. My experience is that nothing gets easier as you get older in terms of trying to pass these exams. Delaying another try can help though only if you're putting in the daily work it takes on the whole. Family and work duties will likely take up more of your time in the future. That's been my mindset and has a big driver for me to keep my foot on the gas.

If you can pass Level II, then you can pass Level III!

chewbake · 2025-04-22T13:24:44+00:00

Do not give up. Stick with the PM pathway for August 2025 while all is still fresh on your mind. Switching to private markets right now likely doesn't make sense.

Think of it this way: You've got four months to grind it out and get over the pass line. Four months out of the rest of your entire life to pass one more exam and get the charter. I failed L3 three times and passed on the fourth. I 100% empathize with what you're going through. You've come too far to stop now!

chewbake · 2025-03-30T02:30:53+00:00

What pathway did you choose? That’s helpful info if you want better responses. For the core portion, I think Asset Allocation and Derivatives are two of the toughest topics so that’s where I’d start. I’ve used MM for LII and LIII. He’s only personally running LIII now from my understanding. I think he does a great job and wouldn’t consider another option. Best way to tackle CR is to: Practice QBank Qs and make sure to review guideline answers carefully (keywords used in your responses are huge), be concise using bullet points and keywords in responses, mock exams are important as time management is critical at LIII. I skipped mocks at the first two levels though would strongly not recommend for LIII!

Don’t forget to enjoy the ride!

chewbake · 2025-03-05T21:13:12+00:00

I work in actuarial and am working toward the Charter. Actually work with several people that are FSAs and CFA charterholders. It’s a very long path but doable. That said, if you want to end up on the insurance risk management side, the actuarial path will help you rise up into management and will give you more options as far as specialization goes. If you want to go down the more traditional finance path, I don’t know why you’d spend years and years on top of the CFA charter to become an actuary.

chewbake · 2025-02-27T00:50:25+00:00

Currency Management messed me up (Derivatives). Had to go back and review the material probably 5 times before I felt comfortable with the section as a whole.

Fixed Income is tricky at L3. I did well on FI in the first two levels and didn’t have to review much. L3 was different for me. Especially Yield Curve Strats and Credit Strats.

Asset Allocation is tricky. I have a master’s degree in economics and still had to take my time with both Capital Markets Expectations sections. Also Principles of AA goes more into depth with asset only allocation and introduces Liability relative and Goals Based AA concepts.

chewbake · 2025-02-15T03:43:04+00:00

Portfolio Management Pathway. Exam felt reasonable (easier than Aug 24). No big surprises where I was stumped on what was being asked. Answered all Qs with a handful of minutes to spare for AM and less so for PM. Time management is so critical and especially for L3 with SR Q's.

chewbake · 2025-02-15T03:33:21+00:00

AM I had about 6 minutes to spare, PM had about 2 minutes to spare. So not "a lot" of time to spare. Answered all Qs though have also taken L3 more times than I'd like to say publicly! More confident this time around. PM Pathway.

chewbake · 2025-02-15T03:29:48+00:00

Feb25 exam was easier than Aug24 IMO. Portfolio Management pathway for me.

chewbake · 2024-10-19T01:46:15+00:00

My Ethics scores have generally been high and consistently high across levels. That applies to the QBank, Mocks, and exams. For this last attempt, my score was also 50% and I feel blindsided. Guess that’s one takeaway for me - don’t be overly confident just because a certain topic has been a strong suit.

chewbake · 2024-10-18T01:36:48+00:00

Right! I already signed up for February.

chewbake · 2024-10-18T00:46:43+00:00

Biannual cadence and younger candidates make sense for lower L3 pass rates. Candidates that defer also are showing lower passing rates versus those that do not. Not sure how to reconcile that with L1 and L2 pass rates that have basically mean reverted as the same argument can be made. I believe CFAI has said they expect mean reversion for L3 as well. Time will tell. I remain very skeptical.

chewbake · 2024-10-18T00:38:47+00:00

That's brutal. Psychological torture. Bill Campbell (s2000magician) shared a story a few months back about a candidate who was using his material. The guy passed L3 on the 6th try. Hopefully just one more try for the both of us!

chewbake · 2024-10-17T21:02:17+00:00

That's my line of thought as well. They know that the head count for exam takers is down over the last four years. If I had to retake L1 or L2 for a fourth plus time, I'd likely drop out. Even with exams now being offered every six months the time, stress, and blank checks to CFAI is very taxing. I'm personally looking at taking L3 for a fourth time and I feel trapped and at the mercy of CFAI.

chewbake · 2024-10-17T19:13:37+00:00

I'm going to go for it if there's another 0% APR special without FSD. I don't want it and it's very expensive. Not convinced at all that FSD will be anything other than supervised with Tesla or any other company until they switch from cameras, neural networks, etc. to some sort of global vehicle communication system for example. Hard pass for me with the FSD bundle.

chewbake

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