Advice to those who passed today

CFA Level I
#1

For all those who passed today–congratulations!

Just so you know–I took Level 1 in December, then tried to turn around a take Level 2 the next June. I failed. Then I passed Level 2 the next year. Let me give you my advice:

_ DO NOT UNDERESTIMATE LEVEL 2!!! _ Level 1 was all the stuff you learned in undergrad. Level 1 was a cake walk. Level 1 was the application for admission. The real deal starts in Level 2. Don’t think that just because you got 70% in all levels at Level 1 that you can just breeze through Level 2. (I got 70+ in everything in Level 1 and failed Level 2.)

If you did VERY well on Level 1, AND UNDERSTOOD WHAT YOU WERE DOING, you might consider taking Level 2 in June. If you were marginal, then you might consider waiting until next year, so you can study for 8-9 months instead of just four or five. I tried to turn around and take Level 2, and I failed.

Do not try to take Level 2 this year if you plan on having a lot of shake-ups in your life. One of the reason I failed Level 2 the first time is because I had a lot of other things happen in the few months between passing Level 1 and taking Level 2. (Moved, started a new job, bought a new house, found out wife was pregnant, quit job, started another new job.) You cannot have all this stress and expect to do well at Level 2.

If you think you have what it takes to do Level 2 this year, then get started ASAP. Register TODAY, and order whatever study materials you need TODAY!!! This includes your Schweser, Elan, 7-city, Allen, or whatever. You have no time to waste. June 1 is fast approaching.

I’ve said it before, and I’ll say it again. If you put in the same amount of effort for Level 2 that you did for Level 1, then you will most certainly fail. Start studying earlier, study more often, and study harder. Level 2 is a whole new level of understanding from Level 1.

Again, congratulations for passing Level 1. The real work has just begun.

#2

Thanks for your information. I’m just trying to enjoy the day and will decide in a couple of days whether to give it a try.

#3

Thanks for the advice!

#4

Do you remember how many hours of study time you put into Level 2 Greenman? Just curious.

#5

I probably put in about 250 the first time.

(Just FYI–I got 70%+ in all areas except derivatives on Level 1. I started studying for Level 2 in March, due to some personal complications. I studied about 250 hours, and I got a score band 10. So it’s possible to pass in only four months. If I didn’t have all the personal stuff going on I probably would have passed.)

The second time, I probably put in 400-450 or so. I started right after Thanksgiving. (That’s early December, for those not in the US).

#6

tanx dear

#7

Good advice GM.

#8

Thanks for the advice, I think I’m going to wait. I’m actively looking for a new job and there’s a good chance I’ll be moving soon. No sense in beating myself up on LII just to fail. Anyway, so long level I forum!

#9

Solid advice - did you take any type of prep class?

#10

Its always one or two major areas that I find difficult, econ in particular and some part of quants, unless I’m not 100% certain that I have a solid grip on these two, it will be useless going forward in a rush. It will just get tougher and more complex. I guess I will take my time and focus on career and family.

#11

Yeah. I agree with you completely Greenman.

With only 4 months remaining, it would be a gamble for me personally to go for Level II in June 2013.

But I think I’m gonna roll the dice on this one. Still haven’t completely decided but once I’m sober again (Been celebrating :D), I’m pretty sure thats the option I’m gonna go for.

Hope for the best and Congratulations to everyone that cleared!

#12

Wfe, kids, new job, new house were all done in 2010-12, hoping for a very smooth 2013.

Seems to be the form guide that L2 is the hardest of the three levels. I only did 150 hours for L1 over six weeks (8-years as a Quant FX trader so I was familiar with alot of the material). Hoping that 350 hours over four months is enough to get through L2. Fingers crossed.

Well done to everyone who passed today

#13

Nope. Relied solely on Schweser videos and Schweser notes. I also used Q-bank and CFAI EOC questions. Took the last week off before the exam and took Schweser’s six mock exams (one each day on Saturday through Thursday).

Please note–I’m telling you that it’s POSSIBLE to do it. I almost did it, and had a lot of forces working against me. But unless you can really dedicate 20 QUALITY hours per week starting now, I would just wait until next year.

#14

Appreciate the advise GM :thumb up:

#15

I took L2 4 months after L1 and passed. I focused on CFAI books, Schweser notes, and attended John Harris’ accounting class. I’d highly recommend Harris’ class as I think the notes he provides are worth the cost alone (I found CFAI’s Accounting/FSA readings very difficult to comprehend). Start the studying process ASAP, as you will need every day from this point on.

http://www.accountingworkshops.com/Pages/default.aspx

#16

I have an interesting experience, I took level 1 a few months after doing an MBA. Some things were new, but a lot was familiar, just more in depth. I looked at the LOS for level 2 and noticed the same exact thing: some familiar things such as DCF modeling, some new. So I guess it depends on your previous background to an extent.

#17

Great advice, i would be registering for LVL 2 for June 2014. :slight_smile:

#18

I dont have a choice will give my best for L2 this june. Hope i scrape through somehow

#19

I can’t believe I passed level 1! I am invincibleeeeeah!

Level 2 - here I come!

#20

So you found the Schweser videos/notes to be enough for the exam? I have two friends who sat for Level II in June. One failed and one passed. The one who passed thought Schweser wasn’t enough so he took the 7 city classes. Thanks for your help and advice.