Took about 6 weeks off of work for vacation and will be starting a new much more demanding job next week (80 hour weeks). I plan on sitting for L2 in June and studying from August-May every day for a few hours after work if I have any energy left + Saturday nights and Sundays…
I have Schwesers 2013 L2 material (from a friend) to supplement CFAI 2014 material (that will arrive shortly after I register hopefully).
I know that this time around I’ll NEED to master the material, and at the very least double my effort to pass this exam. I definitely got fortunate with passing L1 1st try and I know for a fact that L2 is a different animal (multiple friends failed L2 multiple times and quit there).
Any pro-tips on tackling this exam while working 80 hour weeks (still contemplating dropping out of my Master’s program - no value added or switching to an online program for the balance of my degree) and studying for this?
Since I clearly didn’t master all the L1 topics, would it be wise to refresh L1 topics for a few months, or is L2 the same topics but in depth? (aka I can study from CFAI L2 curriculum and master from there).
Any constructive criticism of my approach / pro-tips are greatly welcomed.
Thanks and goodluck to anyone waiting for results.
It is difficult to answer this question as I dont know how you learn. There is plenty of advice here on L2, just search for tips. There is over 5 years of advice on this forum, you just need to sort through it.
I’d stick only to one source and prefer Schweser. The confusion of using two sources will be far more a negative than the value of covering any tiny gaps between the two sources by reading both. 2. I would not re-study L1. L2 material does a good job of refreshing you on the basics. Study sessions generally lead off with a refresh and then gets into the new material. I’d say 1/3 is L1 refresh, and 2/3 new. If you are weak in an area, there is plenty there to get you back up to speed without having to go back to L1. I took a 7 year between L1 and L2 (this year) and did not have issues. 3. 80 hours a week for work, plus Master’s plus the CFA in my opinion is not feasible even assuming minimum personal time/family time. Assuming you drop the Master’s I still think you will be challened. Eighty hour weeks are massively draining, and the energy you will have to take on new material lacking. If you start in August, I’d say an hour a day, with at least one solid multi hour set per weekend, and you should be okay. It’s a slow process, but I think anything faster and you will simply burn out due to the work stress.
read curriculum first, read it again and then make list of item you think is your wear areas, but learn just from official CFAI materials. I used to use Secret sauce and fromulas from Schweser just for saving time, not maiking my own at first. Later on you will make your own notes and formulas.
Please, do not use and other source of material before you are sure that at first minute you read question you know what question is all about. In my opinion, other material than one from CFAI will confuse you about your status of progress (is is my personal experience, I do not know for other guys).
Way to learn and study: early in the morning and late at night
The main point is to know concept. I think it is impossible to read so much materials, so the best material which should be mastered is one from CFAI.
Given that you work 80 hours per week mean that you are hard working and what just two or three hours per day (or in the two days) will be piece of cake for you.
Read CFAI text books (consider skipping derivatives as the variable labels are not intuitive). This read through is meant to be a once through, non-intensive exposure to the entire curriculum.
Phase 2: Beginning of November/December - End of March:
Thoroughly read all Schweser Notes.
Watch all Schweser video lecures (I tried to watch one before work each day, for example). Start these as soon as they become available. Consider starting to chip away at this task in September if possible (note that video lectures for new topics tend to come later in October).
Make flashcards for all end of Schweser Notes formulas.
Complete all end of reading Schweser Notes concept checkers.
Devote some time each study day to completing a few Schweser QBank questions from topics you’ve covered to keep them fresh.
Identify topics/concepts as you go through that don’t seem to be sinking in or are critical and make summary pages for your final review.
Phase 3:Beginning of April - End of May:
Re-watch all Schweser lectures.
Complete fully simulated practice exam each Saturday. FULL, TIMED exams. Part exams are a waste, might as well do practice problems for days you don’t want to do a full exam rather than wasting a practice one, there are plenty of practice problems at your fingertips. Review that day spilling into Sunday if necessary. This review must include each and every problem. Tests include all Schweser practice exams, live Schweser mock exam, CFAI practice exam(s) etc…
Read end of chapter CFAI reading summaries and work some of each practice problems.
Read Schweser Secret Sauce two times through.
RELAX day before exam day.
A couple other things to note:
Remember that we all learn differently and it’s important to genuinely identify and lean on these modes of learning that our our individual strengths (i.e. reading, listening, doing). However, no matter who you are, the more you practice, the better you get.Doing practice problems throughout your course of study is absolutely imperative. The more times you get burned, the fewer mistakes on exam day. Additionally, there is a concept of state-dependent memory , it is likely that you will not be studying in a rushed/stressful state (although some of your practice exams likely may be). Therefore, in addition to the benefit of clear thinking that a relaxed state can bring, it also helps align your study-“state” to exam-day-“state” as closely as possible. Lots of practice and relaxing the day prior to exam (maybe even a run to help ensure you’re able to sleep) all will pay big dividends on exam day. OBVIOUSLY there’s no way to eliminate the stress of this monster - by any stretch of the imagination. This process is a beast and should be recognized and treated as such.
FINALLY, AVOID BURNOUT AT ALL COSTS! Starting earlier will help avoid this, when you are feeling overwhelmed (and you have been putting in the time) - TAKE A BREAK. A day or two off and having a life will keep you moving through this grueling possible.
80+ hr job means in average more than 13 hours in the office based on a 6 day week. Assuming you have zero hobbies and friends, a daily 2 hour commute (including getting ready and having breakfast/dinner), 6 hours of sleep every day and taking off Sundays…you are left with an incredible 3 hours every day to study!
Assuming 300 hours is enough to pass, you should relax. Start 3 months prior to the exam; don’t kill yourself!