And now I'm a Candidate for Level 2

I passed Level 1 of the CFA exam. Apparently hard work does pay off, at least in this instance. Or luck, its hard to separate the two sometimes methinks.

Of course, all passing Level 1 gets me is the opportunity to study for Level 2 for the next 10 months. My informal survey of my prep course classmates revealed a 50% pass rate (5 out of 10), which is only slightly better than the 43% pass rate overall. Did the class help? It certainly was nice to have software to do problems as well as being "forced" to go to class once a week.

And I need to double check my Ethics & Standards to ensure I'm referring to my status as a Level 2 Candidate correctly.

CFA Level 1, June 2009

I sat for the CFA Level 1 for the second time a few weeks ago. While I was significantly more prepared for it this time than last time, it was still difficult. And, frankly, if I don't pass this time, I wasn't meant to pass. I'm unwilling to invest another 400+ hours studying for this test when in the long run it's not going to change my life. If I was 25, it'd be a different story, but I'm not.

That said, the real question is if I pass Level 1, do I sit for Level 2? Its another 400+ hours of stuyding, followed by another 300+ hours of studying for Level 3. If I could just find a school where I can apply my MBA and MA in Econ for credit towards a PhD, I'd do that.

Finally, anyone who can pass this has certainly mastered the material. Not that that means they are experienced and intellectually well rounded, but they did put in a herculean effort to pass the tests.