Level II tips especially, accounting, background, continue, material

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Level II tips(2)

For those whose passed LII
Author: dan
Date:   Wednesday, August 13 @ 10:38 pm


Would you share with us how did you prepare for the exam? What study material you used? Did you used text books, especially accounting books? Do you have financial educational background? Thanks.


Re: For those whose passed LII
Author: Baron Von Crammer
Date:   Wednesday, August 13 @ 11:19 pm

Dan,

I relied (and will continue to rely) solely on the textbooks since I distrust all study providers and firmly believe AIMR is out to get them. The must get books for L2 (IMHO) are Fabozzi and Equity.

I would recommend starting your study plan in December/January (especially if you plan to read the textbooks) for the simple reason that most of L2 material will be unfamiliar ground. L1 was so much easier for me because I learned 90% of the material in grad school. On the other hand, L2 material went over my head. I'm sure L3 material will too.

If you have the time, compile your own notes (summaries of the readings pertaining to the LOS) so you can review in the last month.

Perhaps the only reason to rely on reviewers would be any mock tests provided. Otherwise - read read read the textbooks.

BVC


Re: For those whose passed LII
Author: Bob
Date:   Thursday, August 14 @ 3:08 am

I did just the oposite. Used Stalla and made my own notes (max 2 pages per lesson) about a month before the exam. For the last month, all I did was study my notes, do practice problems and mocks.


Re: For those whose passed LII
Author: jonpower
Date:   Thursday, August 14 @ 3:09 am

what i did is :
i took my own notes from schweser and supplemented it with some references on the textbooks (on areas of weaknesses, or where it was little harder to apprehend)
remenber if you used notes provider that almost everything in it is IMPORTANT !! Know every little thing in it like PVGO, H-model, etc ... and do some questions (classified by topics : from notes provider, in the textbooks, etc.)
start early, so that you'll have browsed anything in early may and then move onto mock exams; do as many as you can (find) !!
and that's it ... Frankly, the recipe is not secret : work hard, memorise everything, and do mocks and you'll beat it


Re: For those whose passed LII
Author: Kudu
Date:   Thursday, August 14 @ 5:15 am

Schweser study notes.
Get the textbooks, especially Fabozzi, to do the assigned practice questions as given in the study guide.
Passpro mock exams.
Start in January and do a little bit every week so that you finish by the end of April.
Use the whole of May for revision and old exam questions, over and over until you're sick of it.

I have degrees in Engineering.


Re: For those whose passed LII
Author: skeletor
Date:   Thursday, August 14 @ 6:51 am

Hi Bob

When did you start studying?


Re: For those whose passed LII
Author: Proflui
Date:   Thursday, August 14 @ 6:55 am

I started to study in August in the previous year in a extremely relax fashsion. I solely studied textbook. I never did any exercises or mocks but I did look through all the examples in each chapters. And I passed.


Re: For those whose passed LII
Author: Skillful Candidate
Date:   Thursday, August 14 @ 7:34 am

Stalla worked for me but textbooks are probably the best option, especially if you want to actually understand the material.

I am a chartered accountant, which helps with some of the material. The CA exams are probably "harder" in that there is more material but the big difference is that writing CA you are much better supported by your employers- dedicated time off, lectures etc. CFA it seems you just get a book and are told to get on with it. IMHO.


Re: For those whose passed LII
Author: JohnB
Date:   Thursday, August 14 @ 7:58 am

Dan,

I used Schweser and a course from Financial training company (London based) - strongly recommended if you're local.

I went through each study session once making my own, fairly comprehensive, notes during Jan - April to help me understand the material. I then did large quantities of questions and reread all notes and annotated further.

As I did questions I wrote a "snagging" list - i.e. everything I couldn't get right or remember I noted down and reread. By the exam, the snagging list was only about a dozen items - of which only one (PAC tranches) came up. The rest was pretty straight forward.

The key, I found, was understanding the concepts - not just rote learning. Theres a lot of stuff but getting into the guts of it and understanding why will enable you to remember a lot more rather than just learning rules and LOSs. What I also did before starting was reviewed and summarised the most tricky areas (for me quants and accounting) from level one and wrote notes - you'd be surprised how much of this forms the basis of L2.

For the L1 review material and approx 60 % of the L2 notes I took, I typed these out in Word (easier not to be noticed typing at my desk in work hours . . . . ) - If it is of help, I am willing to share these since I figure that they helped me BUT I'd caution that they are not complete (approx 2/3 of my notes are in soft copy) and in not way could replace a set of textbooks or proper notes but they may help to give some pointers. If you want these let me know your email address and I'll forward them. In return for the favour - just pass the goodwill on.

Cheers,

JohnB


Re: For those whose passed LII
Author: jonpower
Date:   Thursday, August 14 @ 8:15 am

JohnB,
let me tell you that you're a really nice guy ...
I would't share my OWN materials w/ others (i mean my personal notes)
i would for study materials, though


Re: For those whose passed LII
Author: RobRob
Date:   Thursday, August 14 @ 8:40 am

JohnB-
I just mailed out my personal notes and other study stuff to a great poster and L2 new candidate and coincidently the same day I got a bunch of stuff from a new CFA charterholder gratis. Definately "pay it forward" and we can all get through this purgatory.

best Regards
Rob


Re: For those whose passed LII
Author: Expert
Date:   Thursday, August 14 @ 9:08 am

Used Schweser notes + text books where appropriate (weakness in subject, lack of understanding from notes, poor explanation from notes)

Dont start very early because until June you will forget the material you have read first.

Schedule your time. Regular studying (assign a week for each session) if you finish early either continue to next one or relax for a day or two.

Do mock exams every 4-5 sessions on the materials you have read.

Dont believe that only 250 hours are required. You need much much much more time from preparation.

If you dont pass then think positive and dont give up. At least by studying you have learned something.


Re: For those whose passed LII
Author: Drew
Date:   Thursday, August 14 @ 9:41 am

Pretty much exclusively Schweser notes, 3 day seminar, JKE/Excel exams. Began studying in January. I studied probably 12 hours a week. Was done with readings in March, and began doing loads of old questions and exams. Went back to study the subjects that I was scoring poorly on in the exams. It's more difficult to score the practice exams for levels 2 and 3 due to the essay portion, so I don't think the feedback from those tests are as accurate as they are for level 1.

I didn't ace the test, but it looks like I passed with some degree of comfort. I have an MBA in finance, and I am a portfolio manager.


Re: For those whose passed LII
Author: suckergg
Date:   Thursday, August 14 @ 10:23 am



Schweser + JKE + Shulman practice exam + Harry's study list on selected topics. Enjoyed some of the reading found interesting in Nov and Dec. But I really got started in Jan. Finished all readings and schweser pro questions in Mid April, then I did a lot of old exms and practive exams at least twice (schweser, jke, shulman) plus I quickly reviewed all chapters with emphasis on the weak and new areas.


Re: For those whose passed LII
Author: slade
Date:   Thursday, August 14 @ 10:37 am

I completed my MBA (second teir school) in 1989. Sat for the L1 exam in 1990 and passed with just 40 or 50 hours of study. Then I took at 13 year break from the CFA.

I started studying for L2 in December 2002 about 5 hours per week using Allen study notes and videos for 2002 year. Read the 2002 Allen study notes cover to cover. Got the update 2003 study notes from Allen in mid February, read those cover to cover and watched a few videos, took some test bank questions averaging about 10 hours per week.

By mid-Apirl I KNEW that I would not pass using only the Allen materials. So in mid April I ordered the Schweser notes, audio tapes and online. Kicked up my study time to at least 20 hours a week until the exam. I also took one week off work in early May and studied about 70 hours. Still I only squeeked by with a 62% score. My conclusions:

If you are going to put in 250 plus hours of study (and unless you have an IQ>135 you should) BUY THE TEXT BOOKS and the Schweser Materials and study very, very hard.



Re: For those whose passed LII
Author: arjunjosh
Date:   Thursday, August 14 @ 2:46 pm

RobRob, JohnB,

Itz great of u guys t oshare your notes with aspiring CFA candidates. I'm taking the December 2003 L1, and am in the process of making my own notes.

Could both of u kindly forward me your L2 (and possibly L1) notes at the following address : arjun.ghose@in.pwcglobal.com.

Thank you tons in advance for the goodwill & sharing.

Warm Regards,

Arjun

PS: Would any of u be having Faboozi for L1, which I could buy off u at a reasonable price?


Re: For those whose passed LII
Author: Fed Up !!!
Date:   Thursday, August 14 @ 3:11 pm

RobRob, JohnB,

Guys, I read your notes with interest. Having studied hard for almost a year and failed L2 I would appreciate any help I can get. Any chance you could send your L2 notes to john.thompson@sympatico.ca and would anyone have any L2 textbooks for sale?

Thanks in advance,

John.


Re: For those whose passed LII
Author: Bo ba
Date:   Thursday, August 14 @ 3:56 pm

Only schweser, started in February, made my own notes.


Re: For those whose passed LII
Author: RobRob
Date:   Thursday, August 14 @ 6:27 pm

Guys-
I would absolutely share except my notes are in handwritten form and I mailed them out to a new L2 candidate.

Here are good places to go to get free stuff for L2
http://www.usfca.edu/economics/veitch/CFANotes.htm
http://www.charterstuff.com/level2.htm
http://www.angelfire.com/nc3/normancafe/StudyRoom_CFA.htm
www.stern.nyu.edu/~adamodar/


I hope this helps

Best Regards
Rob

Ps-writing your own notes is 75% of the job


Re: For those whose passed LII
Author: JohnB
Date:   Friday, August 15 @ 4:27 am

FedUp and Arjunjosh,

I'll email you what I have - as mentioned the softcopy notes I've made cover about 60% of the topics and a review of L1 Ac and Qu. Please don't think of them as complete and don't use them in place of textbooks or another study provider.

Also, having just re-read them last night - worth pointing out that the little triangle I use all over the place is for "change"; hence when you read the economics section and see the little triangle with an "x" in from it is my shorthand for "exchange" . . . . sorry about that! all the rest of the stuff is in plain english!!!

Cheers,

JohnB


Re: For those whose passed LII
Author: Bob
Date:   Friday, August 15 @ 4:48 am

It's good to get other people's notes, but I can't stress how beneficial it is to actually go through the process of making your own. It forces you to actually write down the stuff you don't know and goes a long way in learning the stuff. Also, since everyone has very different backgrounds, each set of notes will be different. I for one left out everything I knew and focused on what I didn't.

My wife commented that my notes looked like some sort of secret code. So much for my handwritting!


Re: For those whose passed LII
Author: Bob
Date:   Friday, August 15 @ 4:50 am

One more thing: My best advice on how to pass. For the last 2 or 3 weeks before the exam, buy your family a ticket to visit the in-laws. Worked like a charm for me