CFA Level I exam results came out today and I literally, just barely failed. In some ways, that's worse than if I had failed by a wide margin because had I answered a few more questions correctly (assuming I'd eventually come to correct answer, of course), I'd have passed.
You don't get your actual score for the exam. They send you a letter that says Pass or Fail and then shows each of the exam's sections and a star underneath one of three columns denoting how many questions in the section you got right: <50%;>70%. I got more than 70% in three areas and between 51% and 70% right in the rest of the exam. They also assign you to a "band" of failing test takers on a scale of 1 to 10. 1 means that you were in the lowest decile of failures while 10 means you were in the top 10% of test takers who failed. I was in band 10, which basically tells me that had I done a little bit better on accounting, I'd be taking Level II next June.
So, what have I learned (aside from way too much about statistics for my tastes?)
Even though I studied hard, I don't think I studied as smartly as I should have. I didn't take as many complete practice exams as I should have and I started studying about three weeks later than I should have. I wasn't as organized and tactical in what I studied until it was too late, really. Starting to study tactically a month before the exam is not smart, but that's what I did.
This time around, I'm going to dedicate more time, but over more weeks, to the CFA. I don't have to start from scratch, which means I can read the curriculum this time through and master the advanced concepts rather than trying to keep my head above water with the basics.
In running terms, I tried to run a marathon without a proper base load of miles. And I bonked. Now, I have the base I need to start training to be competitive.
I'm going to work out a training schedule where I'm reading or completing a few questions each day, using targeted workouts to build endurance some days, recover other days, increase speed other days, etc. By the time I start to taper that final week before the exam, I should be in much better shape than I was this time around. The first step of all this is to sit down and think about how long the training plan will be (i.e. when do I start? September/October? January?) Then working out a weekly schedule leading up to the exam will be critical to ensuring I stay on target.
At the same time, I don't want to become totally consumed by the CFA again, if I can help it. The material is dense and challenging for me, who has never taken an accounting or corporate finance course. But I would like to create a schedule where I can keep making progress with running while also preparing for the exam. Maintaining balance is something that they don't highlight in the CFA material, but something which I think is critical to not burning out on the stuff by exam day.
Like I said, hindsight is 20/20 and I'm glad that I have the experience of taking the exam once already. I would feel much worse had I done really poorly, but with a little more polishing, next June I should be able to murder that exam...or at least pass!
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