CFA Level 2 Results – Failure

I received my results this morning and was very disappointed.  I did not pass this level.  I felt so confident on this exam I was sure that I passed.  This goes to show how difficult the exam can be.  Looks  like I have another year of study.

Last year, the pass rate was 46%.  This year, the pass rate was 41% for Level 2 candidates.  In comparing my results for the two years, I scored about the same.  The first time, I had a rank of 5.  I had the same rank the second time around.  The only difference is that I felt more confident.  I don’t know if the format change had anything to do with it.  This time around there were only 3 answer choices instead of 4 answer choices.

Time to hit the books again.

Kristin’s Birthday

I took Kristin to Vegas this year for her birthday.  We combined it with a work trip.  While in Vegas, we stayed at the Trump International Hotel.  This is supposedly a 5 star hotel but I wasn’t extremely impressed.  The room was very nice but it wasn’t what I expected.  One warning about the Trump Hotel is that they will nickel and dime you.  Once you pay your room rate, there’s also a “Resort Fee” that you have to pay.  The Hotel was nice but it was about 3/4 mile from the strip.  It made for a long walk.

We went to the Rainforest Cafe for a birthday meal.  It was the first time Kristin had eaten here, though I know she has wanted to eat here for a long time.  It was a fun place, though very noisy.

While we were here, we saw Ka, from Cirque du Soleil.  It was an amazing show.  You didn’t have to understand the words, just the actions.  I don’t know what else to say except that it was just amazing.

We also saw all of the free shows, too.  The Water Show at Bellagio, the Pirate Show at Treasure Island.  We did lots of walking but it was fun to see everything again.  The only thing that would have made it better is if we had Segways.

We also ran into one of my relatives at the Venetian.  Auntie Louis Yang was sitting at the slot machine waiting for her in-laws.  Kristin noticed her before I did.  It was a fun meeting as she took us back to her room to show us her view from the Venetian.

Vegas is fun for little getaways but it wears me out quickly.  I’m glad we live so close that we can visit often.

CFA Level 2 Exam 2009

Took the CFA Level 2 Exam this past Saturday.  This was my second time taking the exam.  Last year I was not very prepared and my test results showed it.  Last year, I had a rank of 5.  That means of al of the people that failed the exam, I was in the 5th decile.  So I ranked in the top 50% of those that failed.  How wonderful.  At least I didn’t get ranked 10.  That would have sucked, to know tha tI was in the 1st decile of those that failed.  So close yet so far.

This year’s experience was much different.  For the past two sememsters, I was an Assistant Instructor for the CFA Level 1 and Level 2 class at the University of Utah.  Those are two core classes for the MS Finance program at the University.  With my previous years experience, I had lots to share with the students.  Being an Assistant Instructor also forced me to study much more than I normally would have done on my own.  While I didn’t study as much as I liked, I think it was enough.

I sat for the morning session and everything came to me easily.  I had an answer for pretty much every question.  There was one question where I just could not remember the formula correctly.  It dealt with the H-Model for valuing a company.  I finished my first pass of questions in 2 hours 15 minutes.  I spent the next 15 minutes trying to figure out two problems that had stumped me.  One was the previoulsy mentioned H-Model, and the other I just can’t remember.

Went to lunch and I felt pretty confident.  So far this exam seemed much easier than the previous.  The afternoon section wasn’t too bad either.  It was pretty much like the morning session, but with different item sets.  This time, I couldn’t remember the formula to convert Levered Beta to Unlevered Beta.  Got that problem wrong.

All in all, I felt I did much better on this exam.  I’m even going to say I expect to pass Level 2.  Last year I knew I failed it once I finished the morning session.  Unless they change the grading curve to be more strict, I should pass with flying colors.  If I don’t pass, I’ll be more than disappointed.

This year’s travels

This past year has been a busy, wonderful one! We have had so much fun! We went to Disneyland for Kristin’s birthday. We thought it would be fun to do before we have children.

We also go to go to Montreal, last fall, through Steve’s work. We went to cooking school for a night and made crepe’s! Our flight was canceled due to weather. Instead of spending our money that night at a hotel we spent it on a late night cruise along the Hudson River!

In April, we went to Oahu, Hawaii! We went snorkeling, to a luau, to the Polynesian Cultural Center, hiking, and spending lots of time in the sand and sea. The highlight was going parasailing! We really enjoyed it! It’s an awesome way to see the island!

AND Kristin’s brother Erik got married to a wonderful girl! We are so happy for them both!

Graduation, again!

I’ve done it again.  This time I graduate from the University of Utah with a Masters of Science in Finance.  This is my third graduate degree and this is one that I enjoyed the most.   I enjoyed my last graduation so much that I decided to do it again.  Everyone should go to school!

What’s next?  Rest?  Vacation?  No!  It’s time to cram for the CFA Level 2 exam.  After that, the GMAT.  What did you expect?  I’m a perpetual student.  If I’m fortunate enough, a PhD will be in the future, Kristin be willing. 

CFA Level 1 Results – I Passed!!!

Back on December 1, 2007, I took one of the hardest exams that I have ever taken. The CFA exam is like taking everything you know about business and finance and putting it in an exam. I only passed Level 1 and have two more levels to go. After coming out of the testing center, I did not feel like I passed. Everyone that I spoke with at the testing center was pessimistic about the exam.

Now it’s on to study for Level 2. That test date is June 7, 2008. It’s a stressful time again and I really have no social life except for my study materials.