标题: CFA level II study strategy [打印本页] 作者: nixie24 时间: 2013-8-11 18:56 标题: CFA level II study strategy
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.作者: Analti_Calte 时间: 2013-8-11 18:57
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.作者: bcp901 时间: 2013-8-11 18:58
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)作者: yuoska 时间: 2013-8-11 18:59
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.作者: Sunshine4ever 时间: 2013-8-11 19:00
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.作者: strikethree 时间: 2013-8-11 19:01
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.作者: smuggycfa 时间: 2013-8-11 19:02
thanks to everyone for the helpful tips.
my only debate now is if i should stick with elan or go to Schweiser作者: b_sea93 时间: 2013-8-11 19:04
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.作者: needhelp1700 时间: 2013-8-11 19:05
dont do q bank and do CFA Examples and end questions作者: maratikus 时间: 2013-8-11 19:06
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.作者: therecruit 时间: 2013-8-11 19:07
I am definitely going to do the EOC questions, i did for level I and it really helped me out .
the way i look at it is if i am using elan and schweiser and am not understanding a section or one of the LOS than i will go back to the CFA book and try to learn from their material, i did that with level I as well.作者: luda002 时间: 2013-8-11 19:08
Ok I’m still awaiting my results but i’m pretty sure I’ll pass the exam. The reason i’m so confident right now is because i studied along the same lines as have suggested by cinderalla and bloodline.
WHAT!! You still haven’t gotten them? Arghh! Now pay attention!
Practice CFAI EOCs TWICE!
Yes, they are REALLY the closest thing to the real deal as said by bloodline. Don’t be a lazy ass and do them RIGHT AFTER finishing a reading. I used to mark the hard ones down during my first read and i made sure to do them AGAIN on my second read. Also read carefully all the CFAI blue box examples and just SCREW the qbank. It is totally useless and waste of time for Level II.
Start WAY early!
Agreed. There is lot of material which you have to know inside and out. This can only be accomplished if you go through the material ATLEAST three times.
Choose ELAN over schweser!
Because schweser SKIP topics!! A friend of mine who relied solely on schweser this time was banging her head for not having any clue for some questions that were asked in economics and derivatives itemsets.
Don’t ignore ANY section!
100% Agreed. I know many people who got lazy or ran out of time and left AI or didn’t prepare well for this subject. They said “Hey there is alway only one itemset of AI in exam so let’s just skip it and devote more time to FRA”. HEY GUESS WHAT HAPPENED THIS TIME!? I’m sure you are smart enough to guess!
I know i have just reiterated all the advices but there is a REASON behind that. If you don’t understand my rant now, you’d sure as hell understand it after June 2014.
Adios muchachos.作者: Valores 时间: 2013-8-11 19:09
One bit of advice I’d echo (while most of what’s above is VERY good) is that the QBank (if you DO decide to go the Schweser route) is useless. I couldn’t bring myself to believe this even though I was told exactly the same when I set out to tackle L2. Used it plenty in the first month or two and eventually used it less and less until I came to agree with what I was told at the outset. The questions are too simplistic (no hidden tricks), they’re repeated over and over and….over with numbers changed, and only some are in item-set format.
I know you mentioned you like Elan for L1 but heard people recommending Schweser for L2 - please don’t waste your time or money on the QBank, I already did the recon for you.作者: ninja1024 时间: 2013-8-11 19:10
Hi all,
When can i get the Scheweser Level II material for June 2014 exam?作者: chunty 时间: 2013-8-11 19:11
You can probably pre-order in August. They won’t do anything until the results for 2013 are out作者: yospaghetti 时间: 2013-8-11 19:12
As to how to study I wish I had taken the time to go back through some of the L1 Financial Staement stuff, particularly Cash Flows and Long Life Asset adjustments (e.g. Operating vs. Finance Leases) or anything else involving recalcualting Balance Sheet and Income Statements.
If you do not already know your calcualtor really well, learn this too.
Otherwise it comes down to what everyone else says study early, study hard and study often.作者: laurab 时间: 2013-8-11 19:13
I used the CFAI books as well as Qbank. I agree that you should hit the EOCs as you go through and then at least two more times. Those essay type questions are a bit of a pain but they really drive home the mastery (NOT MEMORIZATION) needed for level II. I would also focus on the Blue Boxes in the CFAI text, those are a tremendous asset, especially on sections where the EOCs don’t cover everything in the reading. The CFAI is want to test topics in the material that they don’t cover in EOCs to verify you read the material. Blue Boxes were huge for me in passing level II and hopefully in level III. Hope that helps.作者: ryanlb 时间: 2013-8-11 19:14
Go with Schwesser for level 2. Study Schwesser notes, question bank and practice exams. You should also solve the end of study questions in the curriculum. That should take you past the finish line.
I am surprised though that you did not write the level 2 this June. The momentum of passing or crushing level 1 could have been an added advantage.作者: kickthatcfa 时间: 2013-8-11 19:16
Use the CFAI textbooks. The Schweser notes are OK and can be used as a quick refence but focus your time on the textbooks! The exam itself is going to come directly out of the textbooks. I don’t think it’s a good use of time to read the notes when you have to choose between the two.
Do every single question in the readings (the “blue boxes”) and end of the chapter questions. Especially focus on the end of the chapter questions that are in item set format. This is exactly what you’ll encounter on exam day.
Make sure you’re very comfortable with equity, accounting, and corporate finance. These are heavily weighted topics and will probably appear in both the AM and PM sections. I can’t stress this enough. Maybe you go 2/6 on economics. That sucks but it’s much, much better than going 8/24 on corporate finance!
Spend the month of May doing practice exams, reviewing all the answers, and making sure you know why the correct answer is the correct answer. Spend time rereading those sections that aren’t clear. Do as many of the past CFA mock exams as you can find. The Boston Society mock exam is a great resource as well.作者: brainsX 时间: 2013-8-11 19:18
I know a lot of people take notes and summery but i never do. I don’t think i will be able to get through the material if i try to write down the notes, and even if i do, i won’t have time to review the notes i will just dive into questions.
I would, however highlight “certain” things (not the whole book like some people!) and use sticky labels to mark questions and sections i find difficult or need to get back to.
Once i start doing the questions i will know what i understand and what iha ve forgotten, then i just go back to the section and re-read those parts.
And if i ever wonder if the questions cover everything i need to know, i just go to end of chapters summery and see if anything looks “foreign” to me, and re-read those sections.作者: Howd 时间: 2013-8-11 19:19
