Is anyone else also finding this section to be terribly written?
I failed FRA in June this year.
In fact, I think we find it terribly written because compared to Level 1 this part is harder overall.
In Level 1, 70% of the FRA part is made of things you should have learned at university and some of the chapters can be done quickly (except the last part, which is considered to be among the most difficult chapters of L1: Income Taxes & Leases).
In Level 2, the FRA chapter is mainly composed of 3 big readings (intercorporate, multinational, employee compensation) which are really long to digest and difficult. For each of this reading, you can quickly allocate 20H per reading in you want to be ready for the exam. These chapters should being studied really really early (not in May nor April), and reviewed over and over.
You are doing the right think!
Consider getting Wiley’s video package. I think they did an excellent job with those three big readings, and it definitely played a roll in helping me get over 70% on that topic on exam day.
Alternatively consider Mark Meldrum videos - great value for money and equally as good or even better than the bigger guys!
Thanks for the compliment and the information. I find these FRA sections to be very dry and uninteresting. However, ironically, they are extremely important.
I am doing a quick read through of the section right now. Only 250+ pages. I’ll come back to it before the end of the year again, and again closer to the test date.
But the material is just very uninteresting and pretty poorly written. In my opinion.
FYI - I am coming from and economics background.
I am assuming accountants and accounting graduates find this material easy?
We do.
In much the same way that mathematicians find analytical algebraic topology of local Euclidian metrization of infinitely differentiable Riemannian manifolds easy.
Ha!
Well put.
Pension accounting questions:
Anybody working through these yet?
Yes… kill me
Can I have your wallet after?
Kill me too.
I was looking for some sympathy.
Those 5 examples in Reading 17 … Lots of juicy information there.
Wow. you guys are already talking about FRA. that means youre done with quant and econ?
Well my background is pretty hardcore economics.
So the first book was a review for me.
Accounting and FRA, not so much.
No, most people are probably starting with the heaviest weighted topics first.
Accounting is a difficult topic on Level II. The reading on multinational operations is especially challenging.
I’d advise you to practice on the end-of-chapter questions as soon as possible. Try not to worry about understanding all the details in the reading. The accounting readings are dense and contain lots of details not necessary to solve the problems.
The end-of-chapter questions are similar to the style of questions that you can expect to see on the actual Level II exam.
–Keith
Thanks Keith. Great information.
I was figuring the same thing. The details are excruciating.
I was planning to work through the questions and examples several times to get the accounting mechanics down.
The amount of times I have read in the readings: ‘goodwill is not amortized, but rather tested for impairment’ is approaching infinity.
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don’t ever ever ever do that!!!
read it very carefully i failed this year because i did it like you!
give it more time it is equal 20% of your score
just take time to make useful notes because the book is badly written, answer every question and example in the reading and at the end of chapters, and then back to the source center in the cfa website and answer every part of it
then before the exam back to your notes, there is no other way to understand it comprehensively
Try with Schweser notes. It’s written in plain language. Imo, the knowledge required for FRA session is average or below average. Average accountant has much deeper knowledge about this material.