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Anyone studied 1000 hours for CFA Level 2 ?

Hi All,

I see a lot of posts mentioning anything from 400-700 hours for CFA Level 2. I was wondering if anyone managed to spend 1000 hours reading for this thing.

Theoretically, it is possible for one to read 1000 hours, especially one tries to cross-reference other graduate level finance text books.

The harder the battle , the sweeter the victory.

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I spent about 150 hours of reading, and 550 hours of qBank and mocks

If you study for 1000 hours for LII, you either have no life or have become deathly afraid of failing. 

i ballpark my hours at probably 500ish. Pretty much all of these went towards EOCs though, not actually reading. I redid the EOCs at a minimum 4times for each reading. The forwards pricing and valuation reading with all the swaps and **** (i think it was reading 40?), i did those blue boxes and EOCs 8 times over. Just really did not want to fail.

Probably if you are going for 3rd or 4 th time you could put 1000 hours in total.I find it impossible otherwise.

I spent about 60 hrs on reading summary note and 40 hrs to simplified them on a notebook. 20 hrs to memorize my simplified notes. Then I spent full three days (taking leave from work I say I spent about 20 hrs in those three days) to do practices on the CFAI website.

Total traceable study hours = 140 hours 

Eversendai23 wrote:

I spent about 60 hrs on reading summary note and 40 hrs to simplified them on a notebook. 20 hrs to memorize my simplified notes. Then I spent full three days (taking leave from work I say I spent about 20 hrs in those three days) to do practices on the CFAI website.

Total traceable study hours = 140 hours 

This is not a rare occurrence at any level. 

I put in about 650 hours. 8 Mocks. All of Schweser Q Bank. Read Schweser material and did IFT videos as primers. Took last week off and did 12 hour days up until the test. Good luck! 

I wish itera was still around. I guess I’ll have to be the one to say it. If you have to study 1000 to pass a single test, the CFA may not be for you.

Sweep the Leg wrote:

I wish itera was still around. I guess I’ll have to be the one to say it. If you have to study 1000 to pass a single test, the CFA may not be for you.

whatever happened to itera?  Retired from AF?

tickersu wrote:

Eversendai23 wrote:

I spent about 60 hrs on reading summary note and 40 hrs to simplified them on a notebook. 20 hrs to memorize my simplified notes. Then I spent full three days (taking leave from work I say I spent about 20 hrs in those three days) to do practices on the CFAI website.

Total traceable study hours = 140 hours 

This is not a rare occurrence at any level. 

lol

So true. Studying 1000 hours is such an overkill.

I would say anything more than 300 hours is too much.

——————————————
Find useful resources on the CFA exams at http://www.youtube.com/c/FabianMoa

Not sure from where did you get “have to”. It was just a hypothetical question to see if any tried to write CFA with focus on enhancing knowledge and not just passing.

The harder the battle , the sweeter the victory.

Think of it this way, 1000hrs/52 weeks is just under 20 hours per week for 1 year…..if you do 6 months, then it is 40 hours per week which would be working fulltime and studying fulltime.

If you want to study 1000 you are already behind. There are about 41 weeks or 292 days left…..so that is 24 hours per week. 

CA, CFA, FRM

I believe I studied 900 hours. I absolutely know I studied more than 600. I studied every day from 6-10 on weekdays, and 8 hours each day Saturday and Sunday. I started beginning of December.

I changed my mentality from wanting to pass to undigging as much content as I could as well as seeing the tricks.

i passed level 2.

Where might be all this Mock history be at?  On the CFAI website?  Schweiser’s?   Please do tell.

cc_1983 wrote:

Sweep the Leg wrote:

I wish itera was still around. I guess I’ll have to be the one to say it. If you have to study 1000 to pass a single test, the CFA may not be for you.

whatever happened to itera?  Retired from AF?

My theory is that Itera was a second account for bchad. 

i might have studied 250, didn’t do any mocks.  if i studied any more something woulda fell out

I think I might have studied over 1000 hours, but in 2 years combined. 

Went from Band-10 fail (after studying for approx 400h) to Top-10% pass the next year. 

But I’d say my 1000h of studying was due to piss-poor planning and low-efficiency studying. I definitely didn’t do enough of EOCs, BBs and Mocks the first time around and read the theory way too much. 

It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so.

TrackSuitInvestor wrote:

I think I might have studied over 1000 hours, but in 2 years combined. 

Went from Band-10 fail (after studying for approx 400h) to Top-10% pass the next year. 

But I’d say my 1000h of studying was due to piss-poor planning and low-efficiency studying. I definitely didn’t do enough of EOCs, BBs and Mocks the first time around and read the theory way too much. 

So how would prepare if you had to do it all over again ? When would you start considering you want to pass with 95% chance of passing.

The harder the battle , the sweeter the victory.

@Abhij

I’d start 8 months out and aim for 500h of studying. 

For FRA and Ethics, I’d simply memorize everything since those two subjects where there is basically no logic to it. Or, the logic is not have straight-forward as in other subjects. 

For the rest of the subjects (with the main focus on EQ and FI), I’d try to minimize the time spend reading the theory and maximize the time spent on doing EOCs, BBs, and topic tests on CFAI website, several times if necessary. You learn so much more efficiently when you are actually forcing yourself to think and solve the questions/problems. 

Lastly, I’d give myself about a month before the exam to just review and do mocks. On the first time around, I did two mocks and reviewed for 2 weeks. The following year I completed 8 and reviewed for 5 weeks. More isn’t always better but I think completing 5+ mocks is a good way to learn how to manage your time during the exam. Also, after completing each mock, you should go over each questions (correct or not) and review the answers. 

It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so.

TrackSuitInvestor wrote:

I think I might have studied over 1000 hours, but in 2 years combined. 

Went from Band-10 fail (after studying for approx 400h) to Top-10% pass the next year. 

But I’d say my 1000h of studying was due to piss-poor planning and low-efficiency studying. I definitely didn’t do enough of EOCs, BBs and Mocks the first time around and read the theory way too much. 

same here.  Probably 900 or so hours in two attempts.  Doesn’t matter anymore, passed now and my wife didn’t leave me.  I would highly suggest putting in as many hours as you can the first go around and do NOT go light on any sections.  I focused too much on the higher weighted areas the first time and it showed.  There are no shortcuts.

Seems like this thread is full of high hour bias so I’ll add my anecdote…

I tracked every hour I studied and wound up with a total of 326 starting from early March (54 of which were in the 7 days leading up to the exam):

  • 182 reading/reviewing
  • 71 doing topic tests flash cards and such
  • 73 taking/reviewing mock exams

I wound up passing >90th percentile so even this amount was probably overkill. Don’t waste 700 hours of your life.

rgk wrote:

Don’t waste 700 hours of your life.

because everyone learns the same and has the same work/life situation…

cc_1983 wrote:

rgk wrote:

Don’t waste 700 hours of your life.

because everyone learns the same and has the same work/life situation…

I don’t mean to be critical here, it’s your life and you’re welcome to spend as much time as you’d like studying. But at the end of the day it’s just a test and all you really need to do is beat the MPS. Reading the rest of this thread it would seem like most people are spending >500 hours studying for L2 alone, I just wanted to highlight that many people study far less and still do fine.

As far as studying to learn, that’s a romantic idea but you can probably just focus on the things that apply to your job. If you’re an ER analyst no one will be quizzing you on how to bootstrap the term structure by hand (especially considering the plethora of software solutions to do this kind of thing for you). L2 is truly like drinking out of a fire hose and I would venture to say that no one has 100% of the material down cold. Putting that pressure on yourself is a recipe for misery.

I would say 1000 is overkill. Passed L2 on first attempt, not much more than the 300 hours since I had a young family to balance my time with along with work. 

I had worked in corporate finance, so accounting stuff I found easy. So might have needed an extra 50 hours if I didn’t have that experience. 

I studied approximately 1000 hrs for Level I but that includes my time spent studying where I failed the first time. 

300 hours is a joke though and anyone who passes with 300 hrs either has had a job where they understand and use the concepts daily or had a strong finance or accounting background from college. I have a non-finance background, so I never took a class on finance or intermediate financial accounting, etc. so studying was fairly brutal. 

Did you find the Qbank from Schweser the most helpful?

125mph wrote:

I spent about 150 hours of reading, and 550 hours of qBank and mocks

Do you think Schweser Qbank alone done several times is a good idea?