[Anonymous]

Sigh, I am soooo depressed right now.

Just got my level one score yesterday, and I didn’t pass the bloody exam.

On the exam date, I finished the morning session in 2.5 hrs and afternoon session in 2 hrs. I guess I did them way too fast, and must have made careless mistakes.

Anyone else who is taking CFA? Any tips or studying methods for level one?

Please share your experience or story, if possible.

Thanks!

[fuzyfro89]

Math girl: I know there is a deadline to register for June. I don't know the details about it, but I would check to be sure you can change it.

If you have enough time to put into it before June, and you can still register, then go for it. If you don't pass, you can easily register again for December. It will set you back an extra $1k if you have to take it again, but if you can swing it then why not.

[fuzyfro89]

How many letters: you're absolutely correct. They do not overlap as in same topics and same application. I just meant “overlap” as in if you've taken FAR / BEC then you'll have an introduction and level 1 may go faster. I would never encourage “skipping” anything on any exam, but if you've seen it before then your studying will probably go faster even if you do the same level of review.

[How many letters do you need]

Fuzzy-Ok that makes sense! Yes I agree.

On a completely separate topic, I went to check out the CFA website out of curiousity (it's been a few years) and it looks like they have added a pretty stringent experience requirement to certify (4 years in direct investment related analysis…i.e..corporate finance probably wouldnt fly unless part of a treasury group involved with a portfolio). I know from past experience investment analytics can be difficult to just jump into. Does anybody have their experience down? If not, how do you plan on obtaining it?

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

For those of you that have been preparing for both of these exams, which one is more daunting? If you had to take the CPA exam or CFA over again from the beginning, which would you choose, assuming you were looking for the least painful route?

[fuzyfro89]

Dmead: that's not a simple question but I'll try.

For the least pain and considering The exam alone, no other factors, the cfa is harder. It's a MINIMUM of 1.5 years assuming you do Dec L1, Jun L2, and Jun L3. Each level is around 3-6 months of studying and if you fail a section you have to wait 6 mo – 1 yr. you can finish the CPA as quickly as you can put time into it. If you're not working or are finishing school, you can do it in a few months. To make it comparable, if you're working it'd probably more like 2-3 months per section. So from a time perspective, CPA is easier.

That said, the CPA is more “necessary” in its field than the CFA is. You can't be a credible accountant without working toward the CPA, but there are many investment managers who don't have the CFA. It's a specialist designation.

Which to pursue also depends on your career path, interests, aptitude, and a lot more factors. As far as the exam itself, CPA is in my opinion easier to obtain.

[Anonymous]

Thanks! I know very little about the CFA exam. What I think makes the CPA exam so difficult is the pressure. A score is good for eighteen months, so once you pass, the clock is ticking; you have six testing windows to pass the other three exams. So if you're focusing on one per window, which is the path I took and seems pretty common, you have six attempts to pass three tests, whereas CFA scores do not expire. So while the goal may take longer, the lack of pressure sure sounds nice. Maybe I'll go that route one day and experience it first hand, forming an unbiased opinion. Thanks again.

[Mathgirl7]

I think I am going to wait for December. With baby #4 due in a month and the rest of the CPA exam still needing to get wrapped up I am deciding for once not to burn myself out lol. As far as the experience it is four years. I actually got 70 months approved because I work in FP&A. The funny part is I am struggling to get the 12 months of CPA experience. I have managed accounting groups for over 10 years but only 9 months of that was under an active CPA (everything else was for inactive cpa's . Good to know about the overlap as well. I had heard taking it right after the CPA exam was a good idea. The study material from CFAI looks incredibly dry. I ay need to use a review company for it as well.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[How many letters do you need]

Mathgirl: so FP&A counts for CFA?? That's great to hear!
Not to hijack this thread but I'm a little concerned about the CPA experience as well. I have a year working under a CPA, and he's reviewed my work (as in reviewed the statements Ive contributed to and audits completed) but he's my bosses boss (not my direct supervisor). I know it varies from state to state but have you heard anything about experience getting kicked back because CPA wasn't direct supervisor?

MBA,CMA,CPA, CFF?, ABV?

[Mathgirl7]

For the most part ( I am sure there are exceptions) FP&A should count since it is evaluating investment opportunities and making recommendations. As far as the CPA experience in CA at least it does not need to be your direct supervisor. Your boss' boss should be fine.

AUD - 2/1/2014 - 92
BEC - 2/8/2014 - 79
REG - 5/17/2014
FAR - 5/21/2014

CA Ethics Exam - Passed

[Greenman72]

@Dmead – If I woke up tomorrow and my CPA and CFA were taken away from me, I would do the CPA again immediately. I would not do the CFA again.

Just because there's no time limit, that doesn't make it easier. The test is only given once a year, so if you fail, you have to wait a whole year to retest. You can't just sign up again and study for another month like the CPA exam. That puts enormous pressure on a person to pass the exam, much more so than CPA exam.

@OP – this is going to make me sound like a jerk. I apologize in advance. But if you really put considerable time and effort in L1 and you still failed, then you should probably quit while you're ahead. L2 is at least 50% harder than L1, and L3 is even harder than L2.

[Mayo]

“this is going to make me sound like a jerk. I apologize in advance. But if you really put considerable time and effort in L1 and you still failed, then you should probably quit while you're ahead. L2 is at least 50% harder than L1, and L3 is even harder than L2.”

Wholeheartedly agree. L2 will crush your soul, even if you pass.

Mayo, BBA, Macc

[longnguyen87]

I have my exam level 1 next week and hear you guys say this makes me wonder should I continue this journey. I heard that the exam is difficult, level 2 and 3 are even harder. However, I suppose it will help since I enjoy the finance side better than the accounting side. I am more worry about how to get the experience though 😀

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[How many letters do you need]

Long – I think everybody is different so if you have your reasons for getting it that's all you need! It could present some interesting opportunities down the road. If nothing else having a CPA/CFA combo is one hell of an achievement

MBA,CMA,CPA, CFF?, ABV?

[Partially Deaf]

Found out I passed level 1 today, I'm pretty stoked.
 
CFA Review Test Bank

MBA Candidate - UCLA Anderson School of Management

REG 89 - 4/9/2012
BEC 88 - 5/29/2012
AUD 93 - 8/20/2012
FAR 83 - 2/4/2013
-All passed on the first attempt!

CFA Level 1 - Passed on first attempt in June 2014

[longnguyen87]

@Partially Deaf: Congrats.

I passed it too. I bit shocked because I was not so confident after the exam.

BEC 91 (01/06/13)
REG 91 (01/24/13)
FAR 86 (02/10/13)
AUD 93

Feel so close 😀

[Author]

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