Guess who needs advice (again) =(

Question

Hey all,

Yup, you guessed it, yours truly.. I'm the usually the one giving fellow gmat clubbers tips and advice, but now I need some help...

First of all, I'm very disappointed with myself. I've been battling this beast for the better part of 2 years on and off. I took the test once last year and scored a 570 (31q / 37v). Since then, I had a few months off while I was looking for another job, and didn't use my time wisely. I had ample time to study all day and take the damn test, but kept pushing it back and procrastinating. Now, the good news, I just landed a contract with a private equity firm; great team, tons of learning..but I need to complete my CFA level 1 as part of them keeping me on board. So, I registered for the Dec 08 exam.

I'm very worried b/c I couldn't keep my promises to myself regarding GMAT study, now what am I going to do about the CFA while I have a job! My GMAT test date is next Saturday, the 23rd. Part of me is saying screw it, go ahead and take the test, and deal with the outcome whatever it is. I've been procrastinating way too long. If anybody wants a count, I had the original date for March 08, then changed it to June 08, and then now Aug 08. Not one of my proudest moments.
If I don't do well (my target is a 650), I run the risk of having 2 substandard scores on my record. If I cancel my test date, and rejoin the GMAT fray in '09 after my CFA test, I'll have to live with the feeling of not finishing and the crappyness associated with letting myself fumble.

Give me some straight talk guys... A veteran lurker needs some help....

Thanks all..

Cheers,

AK

terp26 · Answer

Well how are you scoring in practice? If you are nowhere near your target score than I say wait it out until next year. If you don't plan on applying until next year there is no rush to get the GMAT done if you know you are not well-prepared.

AK79 · Answer

Hey Terp,

Thanks for the feedback. Practice tests have been a range of 590-610 pretty consistently. I was planning on applying this year to at least get things underway for next year...

Pathfinder · Answer

I had pretty much the same situation last fall. I already passed level 1 in June 2007, decided to study GMAT over the summer and to write in mid October. Unfortunately, I srewed up GMAT big time, it was my 2nd attempt. When I back home I decided to write off entire winter and to dedicate it to GMAT preparation. 
First of all, I made a decision not to enroll into CFA II for June 2008 since it was obvious that I can't go on parallel tracks. I have been learning for GMAT about 5 months and sit for it in April 2008 and scored well. CFA is something you can always postpone for the next year if you have some other issue.
I think that your age is the most decisive factor in this consideration. If you are something like 24-25 with 2-3 years of experience - go for CFA. That way you will not only pass the exam and boost your selfconfidence, but also you'll accumulate some work experience. On the other hand, if you're 30 (as I was) and have enough WE, put CFA aside and go for GMAT. And by that "go" I mean "postpone it for a couple of months, sit down and study as hard as you can". The fact is that you can't chase two rabitts at the same time. Well, maybe you can chase them but you can't catch them both (and probably neither).

dk94588 · Answer

I have heard that most top 50 business schools do not average scores and only take the highest. I know for a fact the top 5 dont. so I wouldn't procrastinate a whole lot (bc I also heard that the older you get the harder it is to take the test, due to the mental conditioning it takes). Also, going into the test center is good practice for the next time you take it. I recieved a 700 (45Q 41V) my first time and I was scared the first time I took it not trying to ruin my record as well (basing my practice scores on Kaplan, which is not reliable). I would just start taking a practice test every week, which isnt hard or all that time consuming (3 1/2 hours a pop) using GMATprep or 800score.com or something like that. This would get you psyched and used to taking it, and then just go for it whenever you set the date for it. Procrastination can only hurt you in my opinion.

NickTW · Answer

Sounds like a tough situation. I haven't taken the GMAT yet, so I won't comment on that - but I hope you know what you're in for on the CFA level I. I'm registered for the Dec. 08 exam as well, and am about halfway through the material. Threre's a TON of information to learn - so try and set a schedule and stick to it. Set a few hours a day, every day, and try not to take days off (It's SO much harder to start studying again after a nice day of having fun/relaxing/etc). I personally would focus on the CFA more than the GMAT right now - since your job appears to depend on it. Besides, if you plan to pass the CFA your study habits are going to have to improve, something you can then carry into your pursuit of the 650 GMAT score in December after you sit for Level I. Either way, best of luck to you!

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Guess who needs advice (again) =(

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