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I did the L1 in Dec 2009 and L2 In June 2010, now I'm a L3 Candidate for 2011. Above all I can tell you that IT SUCKED and my brain still hurts from the quick turnaround but I am very happy to hopefully be done in 18 months.

It comes down to your personal situation can your personal life allow the time that is needed to be put in? I'm married with 3 kids and by mid May my wife nearly tossed me out of the house I spent no time with my family for 5 months. I missed 4 days of studying from Dec 28th to the exam, yes 7 days a week for 6 months. If you want to have confidence that you can pass L2 you need to think of a study plan that is a little north of 400 hours some people may need less but I was a fair bit over that number.

To do the Quick turn my advice is:

1) Overstudy Level I so there is no doubt that you destroyed it.
2) Don't wait for your results (get used L2 used material on the net until you register) I was about 1/2 way through the material when I found out I passed L1.
3) Set a hard study plan and stick to it, don't let friends, spouses or a good time get in your way
4) Take as many Moc/Sample exams as you can find, Q-bank and the Schweser EOC's are too low level they are good at keeping sharp but the level of questions on the exam are close but a step up from the CFAI Moc's & Samples, Schweser Mocks were great but their EOC's sucked.
5) Everything counts but don't forget L2 is driven by: FRA, Equity, Ethics and Corp Fin. Derivatives, Portfolio and Quant are tough and it is easy to get lost in those subjects especially Derivatives.

Good luck

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