Real Test

Quite frankly I’m disappointed with how basic Level 2 of the CAIA was. Several of my associates were flapping their arms like old ladies complaining how tough this exam is. Time was a nonissue. I finished the MC session with nearly 30 minutes to spare. I went back to check the simple math problems and sure enough they were correct. The conceptual problems were at parity with common sense. I’d be baffled if I didn’t score a 95%+. Next came the essays. As long as one did not sleep through the readings, you’ll have no trouble answering these simple questions. For some reason you get points for this trivial key term stuff. All in all it was fun while it lasted. I now conclude CFA>MBA>CAIA. Good luck to the rest of you, though I’m sure you don’t need it. I’m going to now write to the CAIA Institute and tell them they need to step their game up. Likewise, I’ll offer my services in assisting the creation of a greater barrier to entry for this charter.

Good to know that you found exam easy.

Thats for the perspective. The study material is relatively straight forward and if Level I difficulty is any indication, I expect level II to be uneventful as well. Would you agree with the weight assigned to each topic in the CAIA study material? Any general advice on the exam? I’ll take in next week. Thanks, John

I’m considering taking Level 1 in March 2011 after taking CFA L1 in December. I’ve seen that the readings are barely 500 pages plus the ehitcs stuff from CFAI, which seems like nothing after CFA L1. Is it really that easy? The rest of the plan would be CAIA L2 in September and CFA L2 in June 2012.

Fdez Wrote: ------------------------------------------------------- > I’m considering taking Level 1 in March 2011 after > taking CFA L1 in December. I’ve seen that the > readings are barely 500 pages plus the ehitcs > stuff from CFAI, which seems like nothing after > CFA L1. Is it really that easy? > > The rest of the plan would be CAIA L2 in September > and CFA L2 in June 2012. I would consider changing your order a bit to get the CFA done one year faster. I wouldn’t defer CFA L2 in 2011 just to take CAIA L1 and L2 the same calendar year: CFA L1 - Dec 2010 CFA L2 - Jun 2011 CAIA L1 - Sep 2011 CFA L3 - Jun 2012 CAIA L2 - Sep 2012

It’s funny… after writing my last post I reconsidered it and came to the same conclusion as you. The assumption that I will pass each exam on the first try and that I won’t burn out in the process may be pretty daring, but I guess I have to try.

Hey CFAvMBA Do you think I’ve got a shot if I just did practice problems and no readings ? Taking the test next week (and taking level 3 CFA in June)

…And also just started studying in Sept…

Hard to say bro. Give it your best and it’s not over till it’s over.

how long did you study for…did you think Schweser questions were harder than the real test? were there more or less than expected calculation questions?

I started studying in July and I did not use Schweser questions. There were calculations which require some formulas to be memorized. Overall it was not too rough. Go get it bro!

damn dude you started in July then you killed it…like i said…i started Sept 1 so while it doesn’t even compare to CFA 1 it’s still annoying to memorize all the crap. and have only used Schweser… do they give you the formulas on the exam? (I heard they do)…

I’ve passed all three CFA exams but haven’t given CAIA II much serious study time. I am hoping knowledge acquired through others readings, CFA III and some skimming of Uppermark texts will carry me through. I am a little nervous about the essays, as there isn’t prompt information like there is in multiple choice. Does anyone have an insight on areas of particular study, or the level of detail that may be sufficient? Anything pop out of the CAIA Association texts or other provider’s study guides that may be heavily tested?

Hey Jhm not to get off track but how did you find level 3 cfa vs. level 2 cfa? took me twice to pass level2…

I took CAIA Level I recently. My hope is that they are making it easy now in hopes of building a critical mass of participants but will make it progressively harder later so it carries more weight. I may follow the OP’s suggestion as well when I’m done. My feeling is that I’m not that confident the designation will have much value (though I hope it does) but the material was interesting and worthwhile and I figured I might as well take the test. Same thinking for Level II.

I found level three of the CFA easier than two. The structure of the test is a little more daunting because of the essay section. But the materially was generally more conceptual than the process oriented Level II. Level III focuses on portfolio management, where conception understanding of MPT and statistical relationships are stressed. I agree on the value of the CAIA: as time passes, and the axam gets more difficult with a larger set of participants, the value will increase. That said, if it doesn’t increase in reputation, it is still a great learning experience. John H Meyer

I passed. My condolences to those who did not. Keep at it, this is not a hard beast to slay. While I knocked these two out back to back, it did take me 5 years to knock out the CFA.

CFAvsMBA, Great that you passed. what don’t tell us how you study L2, ie which notes you used and your strategies in terms of how you focus each topic, time spent on each topic ?

h2006, I do not think that it matters what material you use. I used Uppermark and the TestBank to prepare. Regardless whether you use Schweser, Uppermark, or Official Texts, just be sure to know them cold. The essay questions drill deep into an LO, and getting a 3/10 hurts. No strategy on my end, I studied early and studied often. I’m not the brightest bulb in the world, but I do work harder than most people. This test is hard, but fair.

Thanks for the input. How do you square your earlier statements (see first post above), including "Next came the essays. As long as one did not sleep through the readings, you’ll have no trouble answering these simple questions. For some reason you get points for this trivial key term stuff. " with your statements above that “. . . be sure to know them cold. The essay questions drill deep into an LO . . .” and “. . . the test is hard . . .”?