CFA level II study strategy concepts, everyone, question, starting, morning

nixie24

Good morning everyone,
I  passed the Level I exam this past December. i did pretty well on it ( 70%+ on all the sections except ethics and AI).
My question is, what strategy should i take to pass Level II this first time around?
I plan on starting to study in Sept-Oct and start doing questions by Feb-March.
I will be usng Schweiser and will be taking a class.
is the exam all about memorization? or is it more on understanding concepts?
Any info would be greatly appreciated. Thanks.

Analti_Calte

Level II is very different from Level I. It is mostly about understanding and mastering concepts.
I’m sure more people will chime in once the results are annouced, but two things I would say are
1. Do practice questions as you get through the material. Don’t save them until the end. Do EOCs twice. Once as you study and then right at the end as well. Do as many mocks as you can get your hands on.
2. Go with Elan over Schweser. Their videos and guides are much better. I don’t think you need to spend money on a class either. See you you go until December and then make the call.
Use the search function too, since the board isn’t too active these days.

bcp901

Cinderella,
thanks for your input.
I used Elan for Level I and liked it alot. but everyone is saying go with Schweiser.
my strategy will basically be the same as it was for level I, read a section, right some notes that i feel i need to know for later on, and then do EOC questions. after i run through all the books, do the questions again and than mocks.
it worked for level I…..
And to be honest, the reason why i passed level I wasnt because i just memorized a bunch of equations, it was because i really aimed at understanding why certain things happen the way they do ( esp with Econ and accounting)

yuoska

My advice: read the CFAI books. Use Schweser just as a reference. Schweser is not good enough for Level II. People who used schweser would have got screwed this year for item sets like Economics. Don’t take the risk.

Sunshine4ever

One thing I would advise: Do frequent revisions of material you’ve already covered, even if they are just brief revisions. Do not study a section thoroughly and then leave it alone until April/May when you review it again.

strikethree

Greenman’s Jedi Wisdom -
Cinderella is right when she says you have to understand the concepts, and that you should do practice questions immediately and all the practice exams you can.
I disagree with trogulj–I used Schweser and passed Level 2 with flying colors.
I agree with padniaki–if you never go back and review the material, you will certainly forget it.
I would also add this–go through the material twice.  You’ll be surprised how much more you pick up the second time around.  Also, don’t spend too much time in Econ or Quant.  A lot of people (namely me) get caught up in this stuff waaaaay too much.  It’s only 10% of the test–give it a once-through and be done with it.

smuggycfa

thanks to everyone for the helpful tips.
my only debate now is if i should stick with elan or go to Schweiser

b_sea93

Start early:- There’s nothing wrong with starting too early.  Others might claim that too early might make you lose some steam, i do not subscribe to this theory.  You’ve got several dozens of LOS to learn, the earlier the better.
Study hard:- Use all kinds of materials you can find on a single topic! (Most people don’t realize this, but sometimes, stepping outside the confines of the traditional materials may be hugely beneficial.  I studied Accounting for dummies for my CFA level 1, after which reading the FRA curriculum was a breeze - The knowledge gained also helped me solidify the way i think about accounting problems)
Study smartly! - in my opinion, It is better to read a topic once, even if it takes several days - than to rush through a topic only to find out several weeks later you can’t remember anything about it.  Your brain learns by association, if you keep churning the same topic in your head for several days, it will become hard for you to forget, even long after the exam.  This may sound stupid, but it is what i do:-  i pick a concluding line or a LOS statement, and i spend a lot of time thinking about it- in the bus, on the train to work, during lunch breaks, or when watching porn - “why the hell should Futures = Spot * (1+r)^t/365 + carry cost”?  An important part of studying is challenging what you are reading. Is it true because the book says it’s true? or is it true because you really believe it should be true? can you explain it in a simpler way to someone else?
Don’t ignore any section; - I regret doing this. I had felt too confident with my understanding of other sections and ignored both Econ and Alternatives.  In retrospect, i realize if i had put at least half the effort i placed on Derivatives on either of them, I would have gained sufficient knowledge to do well on both.  I shall see the result of my foolishness in 11 days time, but i regret that i don’t feel as optimistic as i was after the L1 exam in december.
Ignore the noise:-  You will meet all kinds of people on your level 2 exploit.  The pessimist, who thinks everything is too difficult to learn/understand.  The douche, who passed level 1 in three days and is already scoring 90% on the mocks in the second week of January.  The confused, his wife wouldn’t give him some, his employer wouldn’t let him shit, his neighbours wouldn’t let him read, and he wants others to tell him it is possible to pass the CFA level 2 in 1 month. You should Focus!  Do not form your opinion based on what others are or are not doing. There were several cases of people getting depressed because they couldn’t score above 65% in the mocks while their peers have announced dreamy figures.
Practise! Practise and more Practise!:  The EOCs are the closest thing to the real deal in my opinion.  You should do as much practise as possible, and whenever you are worn out, try the forums and practise with other people’s problems.

needhelp1700

dont do q bank and do CFA Examples and end questions

maratikus

I would recommend using the CFAI curriculum like trogulj mentioned.  While it is certainly possible to pass by using Schweser only, if you have the ability and drive to start early enough (and it seems like you do), the curriculum is probably your best bet.  It is much longer and more time consuming but if you pay precise attention to the LOSs, you can figure out what’s required of you.  Read some reviews posted shortly after the exam this year and you will find that many were disappointed in Schweser’s coverage of many topics.
Schweser/Elan/etc can be useful for supplementing for some people.  However, I feel that the CFAI EOC and blue boxes are by far the best method for drilling in concepts.  
bloodline’s “ignore the noise” advice is spot on.  Focus on your own progress, stay humble, and don’t believe everything you hear.