Level 2 Advice Advice

water2012

Hi Guys,

This forum is excellent and has provided useful inputs for all of us during our L1 preparations. I appeared in 2010 Dec. Like others, I am keeping my fingers crossed on crossing the line.

Now, that I have some time to recuperate from the lengthy study sessions, I am thinking over my plan for next year. If I fail then I am re-appearing in June again. However, if I do pass, then I am thinking over my plans to appear for L2 in June 2011. I am a family guy with a 4 year old daughter and a full time job. I was able to study for 2 hours at least on weekdays and 5-6 hrs on weekends during my L1 prep. I started studying in early July. I did find difficulty in balancing family life with my study time. My wife is not amused with my CFA option either. I am wondering if I should go for L2 in June 2011 or postpone it to June 2012 considering the limited time period that I would have given other commitments or do you think it is doable. Is there anybody else facing the same situation as me? Any thoughts or suggestions?

ftwcfa

My friend taking a schweser course said one of the instructors gave it out.

waldziuchna

Iteracom,

I'm still interested in this statistic, do you have backup of where you saw this from Schwesser? I think it would be an interesting read.

5% seems a little low, but could be accurate as you don't see too many 3rd timers (though you do see some). There could be a survivorship bias in there as well as people may not want to take it a 3rd time. I wonder if this statistic is just for first timers who go Dec level I to June level II.

MythosHF

Huh? That 5% seems really sketchy. For instance, let's say 50% of L2 candidates are first timers. Then only 2.5% of candidates are first time passers. If the overall passing rate is 40%, then only 1/16 of people who passed L2 did so on the first try.

Similarly, if 25% of candidates are first timers, then 1.25% are first time passers and 1/32 of passers are first timers.

If 75% of candidates are first timers, then 3.75% are first time passers and 3/32 of passers are first timers.

I don't know what you're thinking, but this fails the common sense test to me. If Schweser really says it's 5%, then it's hard to believe that this is anything other than them trying to scare people into buying their product.

Bulla564

Statistic came from Schweser. Believe what you want to.

sdada

FinNinja Wrote:
-------------------------------------------------------
> iteracom Wrote:
> --------------------------------------------------
> -----
> > Yes. L2 is a great sacrifice. The statistic is
> > something like only 5% of people taking L2 for
> the
> > first time will pass it.
>
> I'd like to know where this statistic came from as
> well. I've always wondered what the breakdown on
> the passrate is between 1st timers, 2nd timers,
> and so on is.

----- This statistic is obviously made up
I wouldn't believe any numbers unless provided by CFAI...

The candidate pool is made up of those who we're good enough to pass level I, but I know alot of people who failed level I their first time too....I'd say from all the people I know personally (from my experience), the ratio is similar for level II.. I know alot of people who passed level II their first time through

I think a big problem lies in the material, where level I is just a re-cap of the undergrad for the majority of people.... where most people haven't studied the majority of material in level II...

best of luck to all the level II candidates... I'm looking forward to beginning in January..I was going to start in November but figured I'd enjoy a couple months before losing all my free time to CFA haha

Siddimaula

iteracom Wrote:
-------------------------------------------------------
> Yes. L2 is a great sacrifice. The statistic is
> something like only 5% of people taking L2 for the
> first time will pass it.

I'd like to know where this statistic came from as well. I've always wondered what the breakdown on the passrate is between 1st timers, 2nd timers, and so on is.

farrukhsadiq

confused2010 Wrote:
-------------------------------------------------------
> i have a 1 year old daughter and my wife too isn't
> too thrilled with CFA. I will give level II in
> 2012 even if i pass.i cannot compete studying by
> June '11.


+1

Daniel1985

i have a 1 year old daughter and my wife too isn't too thrilled with CFA. I will give level II in 2012 even if i pass.i cannot compete studying by June '11.

trogulj

FinNinja Wrote:
-------------------------------------------------------
> Long story short if you are not prepared to make
> the sacrifice, you won't be prepared to write the
> test in June.


Yes. L2 is a great sacrifice. The statistic is something like only 5% of people taking L2 for the first time will pass it.