• 26 Jul 2011 at 9:49 AM

Let’s Talk About: CFA Results

Thirty-nine percent of Level 1 takers and forty-three percent of Level II’ers are likely feeling prettay prettay prettay good at the moment, possibly on account of celebratory morning drinks or the realization that the promise land is within reach. The rest of you are probably in not as great a place, on account of having just thrown away the last 4-6 months of your lives.

In the event you want to express whatever emotions are running high right now, be it anger or sadness, but work in narrow-minded institutions that will presumably not appreciate psychotic meltdowns– the likes of which would have Biff Basness slowly backing out of the room– or JO&C’ing on company property, don’t be shy about letting it out right here. Tell us all about how you skipped a midget-themed Memorial Day pool party for this crap and this is the thanks you get?? We’re listening. In related news, we’re considering having Matt take Level 1 in December, so if you have any tips for avoiding spectacular failure or making the exam your bitch, please share.

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Comments (131)

  1. Posted by guest | July 26, 2011 at 2:12 PM

    Didn’t want to fail most of you. Felt I owed it to you, though.nnJudge Smails, CFA IV

  2. Posted by lax BRO | July 26, 2011 at 2:22 PM

    Making the new guy take the CFA just torture him is the NKI

  3. Posted by Guest32140912354 | July 26, 2011 at 2:26 PM

    u00a0Has anybody actually received an email with results yet?

  4. Posted by The Real Judge Smails | July 26, 2011 at 2:27 PM

    For the rest of you, the world needs ditch diggers too.

  5. Posted by Anonymous | July 26, 2011 at 2:29 PM

    Feeling pretty happy over here, even with sub 50% scores.

  6. Posted by Col. Sanders | July 26, 2011 at 2:29 PM

    And all this time I thought “CFA” meant “Chicken Fried Ass”.

  7. Posted by Principal Principle | July 26, 2011 at 2:31 PM

    I guess all you CFA failures will have to become teachers now. u00a0

  8. Posted by Guest | July 26, 2011 at 2:33 PM

    Make less sense. Seriously, make less sense.

  9. Posted by Fo Shizzle | July 26, 2011 at 2:34 PM

    Matt…if you fail Level 1 my view of the quality of GS hires will change forever. No pressure.

  10. Posted by Anonymous | July 26, 2011 at 2:35 PM

    Curses “ABACADABA” method foiled againnnI’ll get ‘em next yearnn-Eternal Level 1 Candidate

  11. Posted by LT | July 26, 2011 at 2:35 PM

    No, no, no. CFA = Cat Fancier’s Associationnu00a0n–Villanova MBA

  12. Posted by guest | July 26, 2011 at 2:36 PM

    I especially like how they let you know how you did relatie to everyone else who didn’t pass. F+

  13. Posted by Backdoor Bess | July 26, 2011 at 2:36 PM

    No, just senior execs at UBS

  14. Posted by MBA | July 26, 2011 at 2:38 PM

    Cum Face Ass

  15. Posted by 5th Year Level I | July 26, 2011 at 2:38 PM

    Best thing I ever did was show up drunk.u00a0 It puts you in that ‘hate life’ mood, which increases your chances of passing if you can relate to those that are grading.

  16. Posted by Andy | July 26, 2011 at 2:40 PM

    Fucking Derivatives section!

  17. Posted by GUEST | July 26, 2011 at 2:41 PM

    Meh, I’ll just sit and wait until they start giving ‘honorary’ CFA charters.nn- Dr. CFA.

  18. Posted by MBA>CFA | July 26, 2011 at 2:41 PM

    The number of active CFA charter holders was 10,000 in 1990 and reached 78,000 by 2007.u00a0 If you think that means that there are 68,000 more good analysts and portfolio managers today than there were in 1990 then you’re dumb enough to be a CFA charterholder.u00a0

  19. Posted by CoveredLong | July 26, 2011 at 2:41 PM

    Passing the exam after walking into L2 cold, with no calculator, and cheating using the Schweser notes you snuck into the bathroom is making the exam your bitch.u00a0 nnSpending thousands of dollars, alienating your friends, and six months of day/night stress, only to fail and have nothing to show for it in return is the professional equivalentu00a0of marriage (or working at UBS).nn-Married Guy / CFA L2 Candidate, again / UBS MD

  20. Posted by Steve | July 26, 2011 at 2:41 PM

    There was an extra circle jerk at CFA Camp when they put a 3 handle on the pass rate. u00a0

  21. Posted by NakedShort | July 26, 2011 at 2:42 PM

    CFAs need encouragement. If au00a0candidateu00a0gets an answer right, tell him it was a lucky guess. That way he develops a good, lucky feeling.nn-Jack Handey, CFA

  22. Posted by guest | July 26, 2011 at 2:43 PM

    UBS is rewarding all those who passed CFA level I by letting them go.nn

  23. Posted by Stranger in the Night | July 26, 2011 at 2:43 PM

    Wait a minute…if “those who can, do” then why would anyone teach the CFA course? u00a0Wouldn’t being a CFA teacher imply that one can’t “do” ?nn-Was going to put a “shoo be dooby do” comment in this somewhere but couldn’t make it fit.

  24. Posted by Chick | July 26, 2011 at 2:44 PM

    Now I know why Chick-Fil-A uses same acronym. u00a0Guess where I have to work now?nn- Cant afford another retake

  25. Posted by AT | July 26, 2011 at 2:47 PM

    Tried that but there was a someone claiming to be a proctor watching me piss. u00a0Stage fright cost me an hour of test time.nn- guy who hopes the Asian dude with a smile really was a proctor

  26. Posted by Pmco | July 26, 2011 at 2:49 PM

    Epic fail. At least I learned women are not good at CFA test taking either.

  27. Posted by Winehouse's ghost | July 26, 2011 at 2:56 PM

    Since there are now only 3 choices now, you F’d yourself from the get-go.

  28. Posted by Guester | July 26, 2011 at 2:57 PM

    Bitter that you failed?

  29. Posted by Flash of insight | July 26, 2011 at 2:57 PM

    Fake pmco is fake

  30. Posted by Drew Breesenberg | July 26, 2011 at 2:58 PM

    CBA > CFAu00a0

  31. Posted by Anon | July 26, 2011 at 2:59 PM

    Don’t mess with Peter Olinto

  32. Posted by Ray Finkle | July 26, 2011 at 3:02 PM

    CFA, is that a typo?u00a0 I did pass my CFP test!

  33. Posted by Anonymous | July 26, 2011 at 3:05 PM

    Curses!!!u00a0 Money wasted on this stupid “CFA for Dummies” book…

  34. Posted by Pmco | July 26, 2011 at 3:11 PM

    F U. Nobody calls me a fake. Do you want to know what color of panties am I wearing? How would I know that if I am not pmco?

  35. Posted by 5th Year Level I | July 26, 2011 at 3:19 PM

    If you’re the real PMCO, you would know the answer to this question.u00a0 Which hole did I stick my cock in last night?

  36. Posted by Midland, Tx Crude Buyer | July 26, 2011 at 3:22 PM

    “Proctor”? u00a0I hardly know her!

  37. Posted by Anonymous | July 26, 2011 at 3:24 PM

    Quite an amazingly detailed analysis that somehow concluded that CFA charterholders are dumb u00a0-u00a0without a single supporting fact or argument! Pretty impressive! I think they should just send you one based on your mad analytical skills alone.nn- guy who feels bad for guys that can’t pass the exam and remain pissed….

  38. Posted by guest | July 26, 2011 at 3:26 PM

    wall socket? u00a0

  39. Posted by Soon 2 B Lv 2 Candidate | July 26, 2011 at 3:29 PM

    Woohoo, those 2 beers at lunch really helped me crush the afternoon sesh, bruh!u00a0

  40. Posted by Guest | July 26, 2011 at 3:32 PM

    Yes everyone except for the Nigerian Level II candidates who were informedu00a0viau00a0elephant messengeru00a0that their results were lost and they’d need to retest.

  41. Posted by Ray Finkle | July 26, 2011 at 3:32 PM

    I’m more impressed that you managed to get to and fro brother jimmy’s, as well as “crush” beers- in turn making it back in time for the afternoon session.u00a0 The Javits Center is way out there, “brah”

  42. Posted by Fundamental Theorm | July 26, 2011 at 3:33 PM

    Dude, how hard is to to bring the exponenet down and subtract by one.u00a0 Retard.n-UBS Derivative Quant

  43. Posted by Guest | July 26, 2011 at 3:34 PM

    Relate tou00a0a scantron machine?

  44. Posted by xoxo | July 26, 2011 at 3:39 PM

    You are a fake. I am the woman fka “pmco”. I am still among you, just not using that handle anymore. Why?n1. The Joke Briefer asked me to write a paper on the expected modified Macaulay duration of the halo effect of (a) a screen name and avatar (excluding the “Guest” and “guest” cohorts) or (b) a Bess Levin like on the number of likes received by a DB commenter. I’m in the control group using a new screen name.nB. I was at the Penn Station Taco Bell a few backs and I met pmcosucks. It was love at first sight and we flew to Vegas and got married. I quit my job nd now spend my days doing what a woman should do…cooking, cleaning, dressing up as a maid, librarian, schoolgirl etc and pleasing my man. I reall hope I get pregnant soon. niii EOPD kicked me out of the house after I wrote “LIAR, CHEAT, SMALL DICK” on the side of his car. The trauma of the break up was too much for me and I got addicted to glue, scotch, paint thinner, oxy, cocaine, heroin, meth, QVC and Wendy’s double baconator. Bess & Matt staged an intervention and I agreed to go to rehab. I am now 30 days clean and sober and using a new screen name.n4 pmco was a narcissistic, psychotic, potty-mouthed, vicious animal liar hussy seething with anger and loathing who was ruining DB for everyone, so I killed her off.nE ________________________________________

  45. Posted by Dr. Feel Good | July 26, 2011 at 3:41 PM

    Great analysis bro. Tell it again.

  46. Posted by Guest | July 26, 2011 at 3:42 PM

    When you turn 25 and figure out modeling is a commodity feel free to send along a CV.nn- guy that enjoys the fact that you’re bitter for having blown off life for the past 3 months.

  47. Posted by Anonymous | July 26, 2011 at 3:45 PM

    Some bro’s cake hole?

  48. Posted by 25th Hour Trader | July 26, 2011 at 3:48 PM

    Stop using the word “brah” w/o my expressed written consent. u00a0I’ve copywrighted it in order to pay for a real lawyer and not some 2 weeks out of 3rd tier law school pd.nn-L. Dykstra who would like to remind everyone that living rent free is the NKI. u00a0

  49. Posted by Lefty Lopez | July 26, 2011 at 3:53 PM

    Let’s talk about sex!

  50. Posted by in love with pmco avatar | July 26, 2011 at 3:53 PM

    if you are the real pmco, i am guessing none?u00a0 and what happened to the avatar?

  51. Posted by Fundamental Theorm | July 26, 2011 at 3:53 PM

    Why the Guest handle PMCO?

  52. Posted by Fundamental Theorm | July 26, 2011 at 3:56 PM

    But the real question is, how many charter holders are there in Ghana?

  53. Posted by Guest | July 26, 2011 at 3:57 PM

    E. Profit??

  54. Posted by Guest | July 26, 2011 at 3:57 PM

    Wrong. Pmco’s avatar got the herpes.

  55. Posted by Guest | July 26, 2011 at 4:01 PM

    nah

  56. Posted by ExtraOrdinaryPopularDelusions | July 26, 2011 at 4:14 PM

    that was hilarious. xoxo

  57. Posted by Anonymous | July 26, 2011 at 4:16 PM

    E: IT department blocked DB domain and I can only read/post from home…but why would I do that I have a lifennnThe Ghost of PMCO

  58. Posted by xoxo | July 26, 2011 at 4:21 PM

    Hi ILPA; I really miss you but I had to go. It’s not you, it’s me. xoxonnPS too hot for none; black lace with cotton crotch.

  59. Posted by PMCOsucks_sucksbigtime_sucks | July 26, 2011 at 4:34 PM

    i still hate you.

  60. Posted by xoxo | July 26, 2011 at 4:44 PM

    We’ve only been married 3 weeks and you hate me? Oh my, did I make a big mistake when I married you?

  61. Posted by in love with pmco avatar | July 26, 2011 at 4:47 PM

    xoxonnyou are killing me

  62. Posted by The Real Judge Smails | July 26, 2011 at 4:56 PM

    Got my charter years ago actually after passing three for three.u00a0 However, Stevie Cohen isn’t a CFA.u00a0 Neither is Stan Druckenmiller or Leon Cooperman.u00a0 David Einhorn, Seth Klarman also non-CFAs.u00a0 This is based on a search of the Member Directory on the CFA Institute website.nnPeople like me, and people like you, work for people like them.u00a0 CFAs are for employees, mostly.u00a0 To be fair, Mario Gabelli and Ken Heebner are CFAs.u00a0 Why they bothered I have no idea.u00a0

  63. Posted by Pmco Impersonator | July 26, 2011 at 4:59 PM

    The sphincter of a trannie chicksie dick.u00a0 What do I win?

  64. Posted by PMCOsucks_sucksbigtime_sucks | July 26, 2011 at 5:08 PM

    do you want another black eye to show the neighbors?

  65. Posted by Dr. Feel Good | July 26, 2011 at 5:09 PM

    yup, got it. Thanks.

  66. Posted by HFguy | July 26, 2011 at 5:13 PM

    Congratulation. We have been laying off people to make space for you all.n- HR of all banksn

  67. Posted by Atlanta30080 | July 26, 2011 at 5:15 PM

    Ordering Booksnn- Order and pay for the CFA exam ASAP since it takes awhile for thenbooks to ship to you (upto 2 weeks) which can result in deadweightnloss with respect to study time. I highly recommended the in-printnversions of the books for studying / reading and the ebook version isnan awesome value to supplement the in-print version since you cannprint off practice problems form the printer and not destroy yournbooks. Also, if you have an iPad / iPhone the ebook is awesome fornreading while traveling since the in-print books are quite bulky. DOnNOT buy the ebook by itself. At the very least, purchase the in-printnand the ebook together.nn- Don’t wait to get studying — you can find the first study sessionnof reading material on the CFA website, and if you ordered the ebooknyou can download it immediately.nnReading / Studying for Examnn- Make flash cards as you complete a section. The last thing you wantnto do is have to make 74 sections worth of flash cards in your final 2n- 3 review weeks. (although, if you combine multi-week readings andnI’ve suggested you’ll end up with 4-5 weeks of review time.nn- Make a 2-3 page review guide for each section or group of sectionsnyou read with the noteworthy facts. (see above note on flash cards).nn- Work all the practice problems. Do it! Just do it! The exam testsnyour ability to apply concepts, and the only way to do this is to donthe practice problems. Often, many of the exam questions arenstructured EXACTLY like the practice questions. Think about it as an1,000 question mock-exam that you have 5-6 months to complete. Inrecommend printing the practice questions from the eBook, and writingnall over the page to solve the problem (since you will have to do thisnon the exam since there is no “scratch” paper provided. No worries,nit’s plenty of room I promise. This gets you into the correctnmindset).nn- Take a few days off during the course of studying to have fun — ifnyou start to loathe the CFA process you’ll most certainly set yourselfnup for fairly. Build time into the exam prep schedule for lifen(although, I highly recommended keeping alcohol consumption to a barenminimum).nn- Mornings were the best time for me to study since my brain was clearnand not tired from the stress of working all day. Unfortunately, I amnnot a morning person. As long as you pick a time to study and staynconsistent with it… you’ll train your brain and your body to benawake and absorb the facts. Personally, I find I am about 2-3x morenproductive and better able to retain knowledge and facts if my head isnclear (like in the morning).nn- The weekends are your primary offense in preparing for the exam. Usenthis time well. I slept til about noon one weekend on both Sunday andnSaturday and didn’t get much studying done after doing some homework,nlaundry, and grocery shopping.nn- Simplify your life = MORE exam time. Case in point, I put all mynbills on autobill and would do all my grocery shopping for the monthnat one time. This minimized the needless errands I had to run. I alsonwent to http://water.com and setup bi-weekly purified water deliverynfor about $25.00 per month so that I didn’t have to freak out when Inran out of drinks etc. You won’t believe how much water you’ll drinknwhile studying. Staying hydrated is extremely important, especiallynwhen consuming caffiene to keep yourself focuses.nn- Make time to work out (okay, this is the one thing I failed at) – Nondoubt the CFA exam will cause you to forsake the things you love, thenpeople you love, and th activities you love / need to do to staynhealthy. My advice is to set aside time for the gym 2-3 times per weeknfor at least an hour. The benefits of exercise will keep you happy,nyour brain working at peak productivity, and you from feeling fat fromnsitting and reading all the time.nn- Find multiple places to study. After awhile it starts to get oldnstudying in one spot. Here are some places I found to study when onenplace would get boringnn1) My desk at work after everyone left for the day. I’d back a secondnlunch (i.e. dinner) and hang out after work and studyn2) An empty conference room at workn3) Quite computer lab at Schooln4) My couch at home with ample light provided by the incoming day lightn5) My table at home with ample / awesome light provided by the desk lampn6) Girlfriend’s couchn7) Delta Skyclub Lounge – It sucks to study at the airport, but ifnyou’re going to study at the airport for the love of god do it from anniPad (the CFA books are heavy) and in a comfortable chair whichnalludes to the Delta Skyclub. I travel a lot for work and school andnpersonal life, so the 1 year lounge fee was well worth it to me.nn– Free videos are on YouTube from Allen Prep CFA what describe somenof the complex issues if you struggle with them. I also used somenawesome YouTube videos to refresh my knowledge of permutations,ncombinations, and general probability concepts. Just because it’s notnwell explained in the CFA books doesn’t mean you can’t use somencreative resources to learn these concepts in a way that makes sensento you.nn– Become intimately familiar with your calculator – for me this meannspending 2 hours review the TI-BA II Plus (I highly recommended thenProfessional edition since it has more features, works faster, andnlays flat on the desk). Your calculator has an awesome ability tonstore numbers perform operations on those stored numbers so that youndon’t have to waste time reentering the values to get a solution. Itnalso has the ability to do cash flow, NPV, IRR, and bond durationncalculations very quickly without having to resort to using thendiscounting formulas. Also learn how to properly use the operatorsn(like the parenthesis, e to x, natural log, square root, factorial,ncombination, permutation, etc). These will save your butt on the exam.nDon’t forget the differences between annuity due and ordinarynannuities in the calculator. Finally, learn how to clear worksheets sonthat values from previous problems don’t screw up your next problem’snsolution.nnReviewing for Examnn– Give yourself plenty of time to review. At least 3 whole weeks, butn5 would be ideal. Also considering the impacts to your studying ofnwork obligations, holidays, and travel.n– Consider taking time off work — I took 2 days off work the finalnweek before the exam, and an additional day as a work from home day.n– It’s very important to review everything, but focus on the heavilynweighted areas (Financial Statements, Ethics, Quantitative Methods)nspecifically since these are the heay bulk of exam questions. You cannsee a % break down by doing to the CFA site.n– Read and make sure you can do everything asked of you in the LOSn(Learning Outcome Statements) in each section since this is what willnbe tested on the exam.n– Flash cards are AWESOME for the day of the exam. They’re brief,nstraight the point, and awesome for visual learners.n– Do the mock exam under timed conditions at 2 weeks before the exam.nThis will give you plenty of time of time to study your answers, studynthe correct answers, and review areas where you are weak.n– Watch the Allen Prep CFA videos on YouTube for areas you need tonreview quickly (these are awesome for Econ / Portfolio Management /nCorporate Finance).n– Maximize your time studying — for me this mean turning off my cellnphone, leaving Facebook alone, and ordering delivery for the 10 nightsnbefore the exam.n– If you like to wear earplugs during the exam like I do, practicenthe mock exam with the ear plugs so you can get use to the feeling /nno noise.n– Do the same things during your prep that you’ll do during the examn(google: State Dependent Learning)n– MINIMIZE ALCOHOL CONSUMPTION / DO NOT CONSUME ALCOHOL DURING THIS TIME PERIODnnFinal Evening before Exam / Exam Morningn- Go to bed between 8pm – 9pm and get a good night’s sleepn- Psyche yourself and exude confidence in your ability to passn- Remember that nobody scores a 100% or even a 90%… infact a scorenof 70% is considered damn good!n- Spend time reviewing flash cards, formulas, and core concepts… butndon’t exhaust yourself.n- Spend a few hours relaxing and doing something that is enjoyablen- NO DRINKING OF ALCOHOLn- Mapquest directions to the test center and even do a dry runnbeforehand. For me this mean using my GPS, understanding where tonpark, and watching the news for interstate construction / trafficndelays.n- Make an hour by hour plan for the exam day including hour of wake upnand what time you need to leave to get to the test center at least 1.5nhours before exam.n- Eat a good breakfast that isn’t too small or large. Include proteinnand oats. For me this meant eggs and oatmealn- Drink and entire bottle of water when you wake up (16 – 32 oz) –nyou’ll need to stay hydrated but also excrete the waste way before thenexam starts. Bathroom breaks cost time on the exam.n- Pack a cooler for your Red Bulls, bottled water and lunch so thatnit’ll stay cool while you take the exam (my lunch included a sandwichnof turkey and cheese). Do not drink lots of water before the exam. Ifnyou consume a Red Bull before the exam, try to do it about 45min or 30nminute prior to the start of the exam. This will enable to ride thenwave of the caffeine for as long as possible, but also give you timento excrete / use the bathroom and empty your bladder before the exam.n- Stage all of your materials and bags pre-packed for the exam.nConsider a check list to make sure you have everything. You DO NOTnwant to leave something important at home or spend an hour gatheringnall of your things together.n- Take a shower the morning of the exam – While I can’t say everyonenelse will do this… it’ll help you feel better and awake, and yournneighbor will certainly appreciate it!n- Avoid distracting perfumesn- Dress comfortably – I wore tennis shoes and gym shorts. Severalngirls at my test center in Atlanta (ATL) dressed like they worked in ansomewhat lest reputable profession than that of investments. If you’renwearing high-heals… you did something wrong.n- RELAX, you’re so well prepared that you can’t even fully realize hownreally prepared you actually are!n- Find a quite corner and review your flash cards before the examn- Make sure to use the bathroom, multiple times if necessary, tonensure you’re empty before the exam.n- Avoid questionable food the week or at the very least 2 days beforenthe exam, speciallynn1) Sushi / Raw Fishn2) Mexican Food / Chipotle / Chips and Salsan3) McDonalds – not that it’s bad food, it’s bad in principalnn- Do not pay attention to what other people are doing the day of thenexam. Most of those people are about to fail the exam because theynthought they could master the concepts in 3 weeks with their awesomenBSBA in Finance – ignore these people, they’re idiots. Also, peoplenwill be there taking Level II and Level III so if you hearnconversations related to Swaptions or the inverse arc tangent of e tonx pi plus 4-r-t… just let it roll off your back).nnnList of Things to Bring to the Exam and into the Testing Roomnn- #2 mechanical pencils and lots of them (I brought at least 10 Bic #2 pencils)n- BA II Plus Calculatorn- Extra battery for BA II Plus Calculator (warning: you have to takenit out of the package — do not bring the packing into the sterilenexam room)n- Hard Candy (this will help keep your energy up and keep you fromngetting frustrated. I love peppermints. Mint lifesavers are the worstnbecause the just encourage you to chew)n- An unexpired passport which shows your name EXACTLY as it isndisplayed on the exam ticketn- Exam ticket printed using Internet Explorer (Using FireFox / Chromencauses the ticket to print with strange characters)n- A digital watch capable of counting down from 3 hours. This willnhelp you manage your time / pace since on average you should spend nonmore than 1.5 minutes per question).n- Any required medicationn- Ear Plugsn- TissuesnnList of Things to Bring to the Exam but leave in the personal belongings roomn- A small bag to hold all of your stuffn- Flash cards / notes – leave these in the bag in the room. They’renawesome for last minute review. I left all my books in my car so Incould get to them if I needed to.n- Wallet / cellphone etcn- Several 12oz cans of Red Bull (only if you know how it will effect you)n- Tylenol / Advil / Alleve (just in case)n- A small packed lunch (you need something to eat during the lunchnbreak that will keep you from being hungry during the afternoonnsection but not feeling bloated / cramping / stuffed / like you neednto use the bathroom / so tired you want to fall asleep. Remember, morenfood = the slower Red Bull / caffiene is absorbed).nnnDuring the Examn- Make sure to use your watch timer to manage you timen- Do not talk to anyonen- Avoid having to use the bathroomn- Knock out the easy questions first / do your strong topics firstn- 3 minutes before time expires, check your scan-tron to ensure you’venbubbled-in everything. There are no points for guessing so leavennothing blank.n- Insert your earplugs while the proctor is reading instructions.nYou’ll still be able to hear the proctor so don’t worry.n- Don’t forget about your awesome hard candy, trust me… it helpsnlike nothing else during the exam!n- Make sure your answers line up with your scan tron — it’s very easynto skip ahead or bubble in the wrong area if you’re not careful.nnDuring Breaksn- Consume Red Bulln- Eat a Light Lunchn- Review areas that you think you might need to review in light of the examn- Look at flash cardsn- USE THE BATHROOM AND ENSURE YOU’RE EMPTYn- Rehydrate immediately by drinking a bottle of water as soon as younleave the exam room for lunch!nnAfter the examn- Obsessively check CFA’s website for exam scores every 30 secondsneven though it’ll be 2 months before you’ll learn if you’ve passedn- SHOTS SHOTS SHOTS-SHOTS, ERRRRYYYY BODY!n- Post funny things on Twitter about the exam with the CFA hash tagn- Commiserate in CFA forums on various sites, but don’t discuss exam questionsn- Attend a CFA Society event after the exam if they have one in arean(people in Chicago got free drinks and massages)n- Reconnect with loved ones that won’t recognize you since it’s beennso long since the last time they say you

  68. Posted by Matt | July 26, 2011 at 5:24 PM

    cool story bro.u00a0

  69. Posted by AT | July 26, 2011 at 5:27 PM

    epic fail.

  70. Posted by Koolaidisfun | July 26, 2011 at 5:28 PM

    Passed Level 2. I am celebrating by registering for level 3 and telling my wife that I am “studying” the next 4 Mondays when instead I am at a strip club.

  71. Posted by Anonymous | July 26, 2011 at 5:29 PM

    So does this mean our 2010 test results have finally been published?nn- Ghana CFA candidate, still eagerly awaiting his results

  72. Posted by How I Read It | July 26, 2011 at 5:29 PM

    Dear [ ],nn nnnCongratulations. I am very pleased to inform you that you passed the nJune 2011 Level II CFA exam. You are one step closer to achieving your ngoal of earning the globally disrespected CFA charter.

  73. Posted by Guest | July 26, 2011 at 5:31 PM

    There’s a high likelihood, just from having read the first two and final two paragraphs of your post, that you and i would not get along.

  74. Posted by xoxo | July 26, 2011 at 5:32 PM

    Thought you’d like it. xoxo

  75. Posted by Back Office Mist | July 26, 2011 at 5:37 PM

    Self. Kill. Go. Your.

  76. Posted by Guesticles | July 26, 2011 at 5:39 PM

    I like your style kid, you’re going places.

  77. Posted by Toolongtoshort | July 26, 2011 at 5:41 PM

    for future references, check the address bar and if you dont see ubs.com or 911crack.com, you re on the wrong website

  78. Posted by ExtraOrdinaryPopularDelusions | July 26, 2011 at 6:03 PM

    I just walked in on the day of with some water, some amphetamines, and a few pencils. No big deal.nnI’m completely kidding. I wouldn’t be stupid enough to do that. nnBecome a CFA that is.

  79. Posted by Guest | July 26, 2011 at 6:22 PM

    I seriously kind of liked this.nn- 42 year old MBA with no intention of ever taking the CFA exams.nnBest of luck to those who did/will

  80. Posted by Anonymous | July 26, 2011 at 6:35 PM

    “Simplify your life = MORE exam time. Case in point, I put all mynbills on autobill and would do all my grocery shopping for the monthnat one time. This minimized the needless errands I had to run. I alsonwent tou00a0http://water.comu00a0and setup bi-weekly purified water deliverynfor about $25.00 per month so that I didn’t have to freak out when Inran out of drinks etc. “nnThis was my favorite part.

  81. Posted by Tsing | July 26, 2011 at 6:40 PM

    I have found your results; unfortunately I am in Zambia and will need you to wire me a sum of $10,000 to acquire the forms that will allow me to deliver them to you. Good news though, you will receive the money back as a rebate within 60 days.u00a0nn

  82. Posted by Disgruntled New Lv 2 Candidate | July 26, 2011 at 6:44 PM

    You’re forgetting probably one of the most successful, Howard Marks. But you’re right, most of the other guys spent 3 years learning useful information rather than studying useless theories.u00a0

  83. Posted by Guest | July 26, 2011 at 6:46 PM

    Sad thing is that this is when I finally realized it was a joke.nn- 42 year old guy from above

  84. Posted by Best of The Worst | July 26, 2011 at 6:54 PM

    The first time I’ve ever been called a “10”.nnn

  85. Posted by Passing... | July 26, 2011 at 6:58 PM

    For me, consuming alcohol was vital to my studying. No worries, I did make sure to mimic my study environment during my examination….

  86. Posted by Guest | July 26, 2011 at 7:02 PM

    Howard Marks = marginal investor, AMAZING letterwriter.

  87. Posted by Guest | July 26, 2011 at 7:08 PM

    Not so sure it was.nn- Not the Joke Briefer, but a guy who has been commenting on here a while.

  88. Posted by Guest | July 26, 2011 at 7:11 PM

    It goes without saying that getting a full time MBA from a top-tier nschool does and should carry more weight than someone without the same ndegree but who is a CFA charter holder.u00a0 At worst, becoming a CFA charter holder is a pretty damn nice feather in your ncap to have and people at the very least look at you say ‘well, this guyn is definitely not a moron.’u00a0 nnnI don’t know a lot, or any for that matter, any unintelligent folks who have passed the CFA exam.u00a0 As for MBAs, I know a bunch of morons with their degrees from middling institutions.u00a0 People forgot that while CFA pass rates have remained somewhat consistent over the years, you only had a handful of people taking the test 30 years ago.u00a0 It’s widely acknowledged by anyone involved with the CFA that the test is far more difficult now than in the past. nnLet’s be honest, it’s really the quality of your work experience and what you know that’s going to determine how you fare as opposed to what degree, if any you have.nnnnn

  89. Posted by Atlanta30080 | July 26, 2011 at 7:11 PM

    I couldn’t make up my mind if I wanted to write something funny so I mixed it up a bit by alternating between truth and fiction (the way Congress and the Whitehouse does).nnToo bad Bess isn’t hiring! *insert Arrested Development style sad walk away with head hung low in a dejected manner.

  90. Posted by LightsOnGuyFan | July 26, 2011 at 7:13 PM

    One can only hope that the “lights on” guy will keep these in mind for future posts…..n4) My couch at home with ample light provided by the incoming day lightn5) My table at home with ample / awesome light provided by the desk lamp

  91. Posted by Guest | July 26, 2011 at 7:14 PM

    I would really like to see this avatar.

  92. Posted by Koolaidisfun | July 26, 2011 at 7:18 PM

    Clearly written by someone who did not go Ivy

  93. Posted by Guest | July 26, 2011 at 7:22 PM

    Not being a moron is the NKI.nn- Well, that was my turn. Next!

  94. Posted by Anonymous | July 26, 2011 at 7:38 PM

    “You are a hedge fund manager.u00a0 Please explain what a derivative is.”

  95. Posted by Anonymous | July 26, 2011 at 7:39 PM

    He was only half kidding, and I choose to believe my favorite part was written dead seriously.

  96. Posted by idiot | July 26, 2011 at 7:39 PM

    Oh, so it really doesn’t matter whether I get an MBA or CFA charter, it’s really about the work that I do and not 3 letters that will make me successful?u00a0nnThanks for clearing that up

  97. Posted by Anonymous | July 26, 2011 at 8:18 PM

    There is no point to starting the program post 30…much less 40.nnn-Guy who has avoided taking level 1 for 10 years based on this axiom :)

  98. Posted by Guest | July 26, 2011 at 8:25 PM

    TLDR

  99. Posted by Anonymous | July 26, 2011 at 8:39 PM

    Kudos for effortlessly flipping what looked like a cheap shot at CFA’s to a genuine, self-depracating comment about the state of the investment universe.nn- guy who will go back to commenting on posts rather than on comments by other commenters.

  100. Posted by Citicorp Shareholder | July 26, 2011 at 9:09 PM

    How much of the growth is from outside the US? (Sorry, let me bring it down to your level.u00a0How much is from outside of Manhattan?)

  101. Posted by Passed Lvl 1, booya! | July 26, 2011 at 10:31 PM

    If you passed all three on the first go, it’s amazing you didn’t learn how to refer to it. Technically, no one is a “CFA,” but a CFA Charterholder. Since you’re bragging and all…

  102. Posted by Guest | July 26, 2011 at 10:40 PM

    Easy buddy, that was written by a 24 year-old unsure of whether or not to put in CFA-level effort, clearly trying to convince himself more than anything else.u00a0 That said, I chuckled and liked your post.

  103. Posted by Managing&Directing | July 27, 2011 at 12:03 AM

    Couple of quick CFA stories…..nnFlashback…..I’m on the first day of my fall semester internship, sitting in my new bosses office getting the download on what we’ll be doing when from across the hall comes a late 30’s guy whom at the top of this lungs shouts FU*K… FU*K….. FUUUUU*K.u00a0u00a0 The entire floor (probably close to 50 people) are just silent….shell shocked the guy blew such a huge headgasket….guy failed L3 and just lost it.nnJump forward…..I’m cruising on the way to the monster testing center in suburban Virginia for CFA L1, I left 90 minutes early for a 30 minute drive.u00a0 Thinking about the exam not even kinda watching the speedo.u00a0 Cop pulls me over for doing 20 over, only have my passport (no drivers license), explain the situation and the douche still gives me a ticket but at least he wrote it down to 10 over.u00a0 Then fast forward to the last 20 minutes of the morning session and the guy next to me thinks his calculator would work better if he pounded on it.u00a0 Good times.nnNext year, january…just starting prepping for L2, now I”m living in San Francisco and talk to a co-worker in sell side research, ask him for advice and stone cold he says, “500 hours of studying or you wont pass”…..ended up taking the advice but almost went crazy and still “just passed”.nnNext year L3 was relatively uneventful the worst part was that by now everyone I’ve ever known or is related to knows about the 5 months studying in a dark hole…..now I’m about to get married and am not looking forward everyone asking me how the test went.u00a0 Got the results the week prior to my wedding and just squeaked it.u00a0 nnHere’s to ratcheting the pass level down to a 2 handle to keep the ranks thin.nnLastly, and most obviously CFA > MBA nu00a0

  104. Posted by Put_Option | July 27, 2011 at 12:37 AM

    My PM never liked younn- T. Webb

  105. Posted by Guest | July 27, 2011 at 1:16 AM

    “Lastly, and most obviously CFA > MBA”nnHave both.u00a0 No, it isn’t.u00a0 Sorry.

  106. Posted by Meh | July 27, 2011 at 1:21 AM

    Meh

  107. Posted by Managing&Directing | July 27, 2011 at 1:34 AM

    I also have both, did the MBA first and then the CFA.u00a0 The MBA gives you the soft skills and the CFA gives you the technical hard skills.u00a0 Having both is the best but if you have to go with one the CFA trumps.u00a0 nnKnowing what I do now I would have done what a lot of the young guys are doing which is L1 during the senior year of their undergrad, followed by L2 & L3 and then going on to do the MBA.nnAnyone with a tiny bit of smarts can get into, and complete an MBA but there is no hiding if you can’t complete the CFA. u00a0

  108. Posted by Rubber Band Man | July 27, 2011 at 2:31 AM

    Here are my key tips:nn1) Start early.nn2) Use the CFA source nmaterials, but study judiciously. There are no short cuts for level 2 and level 3 (you can take short cuts at level 1). Constantly refer to the Learning nOutcome Statements when deciding where to spend your time.nn3) Review of past study sessions is critical. As you are ploughing through new material you must make time every single week to review past study sessions. Making time for review can be even more important than covering new ground. You do yourself a huge disservice by not spending a significant amountu00a0 of time reviewing past study sessions reguarly.nn

  109. Posted by Matt | July 27, 2011 at 4:21 AM

    #1 – Don’t wait until 2 weeks before the exam to BEGIN studying.u00a0 I don’t care how smart you are, you need at leastu00a0 2 1/2 weeks as evidenced by my Band #9 score on Level II.u00a0

  110. Posted by Baron C. Krug MBE MBA CFA PHD | July 27, 2011 at 9:58 AM

    How come it`s illegal to have an MBA and a CFA?n-Guy who wonders about things

  111. Posted by Guest | July 27, 2011 at 11:17 AM

    It is legal is you have both a vagina and a penis.nn-CPA, CHA, CTA, CMA, CBA

  112. Posted by FixedInk | July 27, 2011 at 1:32 PM

    Lights off, headlamp on, surrounded by both BAII Pluses and IICs and extra batteries,nplo(ugh)wing through new material.

  113. Posted by guest | July 27, 2011 at 1:36 PM

    Fuck You

  114. Posted by Anonymous | July 27, 2011 at 2:52 PM

    10th band, level 2. fml.

  115. Posted by Stevezissou | July 27, 2011 at 4:13 PM

    CFA vs MBA is about risk reward….Do you invest time and money into an MBA or do you invest time and your soul for a CFA, and hope you pass in 3 straight.u00a0

  116. Posted by Stevezissou | July 27, 2011 at 4:13 PM

    CFA vs MBA is about risk reward….Do you invest time and money into an MBA or do you invest time and your soul for a CFA, and hope you pass in 3 straight.u00a0

  117. Posted by girl_with_money | July 27, 2011 at 7:13 PM

    I don’t know what you are all talking about, but you sure are cute!

  118. Posted by Guest | July 27, 2011 at 7:50 PM

    I’m 25 and passed lvl 2.u00a0 I must admit, that was kind of funny you idiot.

  119. Posted by dhjk | August 10, 2011 at 3:20 PM

    test

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