Can some level 3 candidates advice me?? understand, difficult, planning

ashycal

Now that i passed my level 1, can someone tell me if level 2 is way too tough than level 1. Also i m working full time. I am planning to start studying from October. I m planning to use schweser notes and Eoc questions from CFA textbook. Is that fine?. Also why do most people find level 2 so difficult to pass?? Is it becoz of lack or preparation or is it becoz the material is too tough to understand for avg students??

skycfa

You have only 120 questions compare to Level I 240 questions so bad answers didn't have the same impact on the topics covered. Furthermore, the question format (one page vignette) put some pressure on the candidate.

Based on my personal experience, I would say the material is very tough to understand but you have to put a lot of time on it. I have take the level II 2 times While I have a full time job in the industry.

It's all about "retention" and practice. It's also depend on your background. I'm working for an asset manager so FRA, Fixed Income, Corporate and Quant are find for me. But Derivatives and Alternatives Investment quite difficult. Some guys put much less time. It's really depend on your retention ability.

Good luck

needhelp1700

To get a feel for level 2, why not look at some sample questions/answers from the CFAI website ? There is a big departure from level 1 in terms of style and depth but my guess is most of us are overwhelmed by the quantity and not the complexity of the topics. Perhaps one of the reasons why clever and well prepared candidates fail at level 2 is because the exam asks tricky questions about simple concepts as opposed to difficult questions in a straightforward manner. Whether you use CFAI texts/Schweser/etc in combination or not really depends on your tastes...It has all been done before..some pass by using Schweser exclusively, others find the CFA texts more helpful...but there are some common things to watch out for...align your studies with LOS and do all EOC from CFA texts and do sample exams.

mar350

I have also used only the Schweser Notes and the EOC questions, as well as the Schweser Practice Exams in the last 3 weeks and I have (just) passed from my first attempt. Nevertheless, I had the feeling that skimming a bit through the CFA books would have helped, as some questions at the exams seemed brand new.

I found it more difficult, because I feel the material is more thoroughly tested in comparison with Level I. You really must master what looks like the exceptions or the side comments on some cases, it is not enough to generally know the concept, as it was in Level I.

I also had the impression that educated guesses were much less possibile in Level II, as questions were full with traps, and an educated guess would easiliy lead you into the trap, while level 1 questions were friendlier in this respect.

hw0799

the main theme of level two is valuation i.e. how to value equities, projects, swaps, fra, mbs, abs, multinational ops etc so its harder because there will be more formulas and calculations to do.

i personally found it tougher because there is so much valuation methods to digest! but if u study at least 6 months before (2-3 hours daily) and do the textbook questions ull shd be fine.

all the best.

hoangvu90

L1 is picking flowers in a meadow

L2 is being mauled by a bear

tikfed

iteracom Wrote:
-------------------------------------------------------
> L1 is picking flowers in a meadow
>
> L2 is being mauled by a bear


+1

I think My wife was happier than I was passing level 2.

soverby

I found Level II material easier. I think due to the fact that I enjoyed it.

I did put in about 50 hours more of studying.

However with Level I exam I felt like the king of the world after the test. With Level II I could not say for sure I passed. I think what makes Level II harder is not the material but rather the test. Questions are not as straight forward and you tend to be more nervous because there is more at stake per question.

adehbone

I passed it from the 1st attempt. Used schweser for 4 months, CFAI books for revision (1 month) and solved as many mocks as i could (schweser and CFAI mocks 2009-2011). I did around 700 hrs to be honest.. Did get the best scores even BUT it's a pass and ill definitely take it .. good luck ..

thecfawannabe

700 hours? are you serious? Did you keep track of your time i.e a time log sheet? 4 months and 700hrs are equal to how many hours per day?