BelalM

I took this test twice with two different approaches. One worked and one didn't.

The first time I tried the allocating my time per topic as a similar percentage of that topics weighting on the test. ie your original idea of allocating 15-25% of the time to FRA since FRA is 15-25% of the exam.
Now I don't know if I just didn't have enough time to study or if it was the method, but either way I didn't pass using this method.

What worked well for me last year was:
#1 giving myself enough time to study the material (started beg of Dec)
#2 allocating my time using a combined %-age of test, how much I knew of the topic already, and a topic difficulty measure. I used an approximation of this number to allocate my time.

Obviously some areas were more difficult to master than others, so even if it was a small portion of the test I may have given more time to it b/c it was difficult to master.

The key point here is that for level II you need to know everything b/c the test will use theories and formulas from one section to find the answer from another section. As Max81 noted before, you'll need some Quant for the PM section, you'll also need some econ for the derivatives section as well (ass odd as that may seem). If you know Econ and Quant well, some of the things in Derivatives and PM will make sense more quickly.

This test is full of questions that combine formulas/theories, and you don't get half credit for knowing one thing and not the other.