Loved the blog. very humourously written.

Your prep sounded exactly like mine, 5 weeks of dedicated effort, close to 150 hrs of study is all I did. 2012 it is!!

I found this link when I saw that your name was associated with TII on the Dodsville blog. I don’t remember meeting you so you may be a more recent starter (apologies if you aren’t). I have known a few of the other guys at TII for a while now and have been reading what they say for a long time – in fact I have learnt a lot from some of them and still do.
Anyway I was attracted to this post because of the mention of your LVL II CFA studies and then read with interest your comments.

I finished my CFA last year (2009) so you can take what I say any way you choose because I understand it is easier to be more insightful after the facts i.e. 20/20.
I too failed level II after level I presented not much of a problem – I had 11 years derivatives trading experience so I had a head start. I also know I failed level II because I cut corners and left certain topics completely out and bang there they were again and again on the exam, for me it was around quant and few areas I didn’t care about as well. I just didn’t make the time for 350 hours but I guess it didn’t help going to Omaha in May! (ask the lads about Hawaii). Having read your comments and what you did I would have been happy to have laid your chances at even money – you know they don’t give out CFA’s for nothing. Anyway I was as indifferent about keeping going as you sound for your exact reasons – I had learnt what I wanted so forget the rest.
But then I came to the conclusion I wasn’t going to miss the accreditation I wanted because of something I didn’t believe in or want to learn. So I in rolled and decided to study those topic first and if I got through them it I would keep going. The real plus of repeating level II was not only did I gain a deeper understanding of all the things I don’t believe in (know your enemy) but I really got to repeat what I did believe in and really think about it. The result was writing what was my effective investment philosophy. I put this into paper and ask Greg if he still has a copy.
My point is there is an advantage of repeating and reinforcing that those who pass first time possibly miss. My advice is do the 350 hours this time and nothing less. I never started a level before March so you have plenty of time.
Level III is different but don’t think because it is based around portfolio management you can’t learn something – you will be surprised. Is it harder than level II? – only to people who have passed level II and are now doing level III!
With regard to your comment on the depth the CFAI go into questions at the expense of other broad areas then I can’t agree more. In the feedback article after Level III I basically said the same thing but calling it CFA lotto, I’m suprised they let me in…it shouldn’t be this way. Unfortunately and fortunately it is and they have their reasons for it.
Anyway take a leaf out of Nathan’s book – he showed commitment and is an inspiration for having done it. As for others who dismiss the relevance; who cares, as B.Graham said you ahve to put your own value on something independant of anyone else – I still have a smile every time I think about having passed level III and I’ll put my knowledge up against anyones.
Hope there is something you can use in this.

Regards
Justin J O’Kane, CFA