Hi, I passed L1 last December and currently preparing for L2 for June. I am worried as 4 months are less to kill this giant called L2. It is just too much material to cover in 4 months. I am sure some of you guys have done it. What was your strategy? Can you please share your exp to us?
My strategy was to know everything in Schweser, take as many practice questions and practice tests as possible to test my knowledge, restudy all weak areas by taking notes and using flashcards for formulas, and then cover the entire curriculum over again the week before the test by taking a week off and going through 3 practice exams. I kept myself fairly busy on weekends for about 3 months, but didn’t study on weekdays until the week before the test.
Do the assigned textbook problems.
- Study a lot. I did Schweser only, and I finished my first read through (incl. doing all problems) by about April 20. Then review, practice exams, review, practice exams, etc. through test day. Know in advance that your May will suck. 2) Focus on weak areas. If you don’t know anything about derivatives, for example, don’t get scared and instead look at it as an opportunity. Weak areas are where you get the most bang for your Euro. 3) Memorize every formula you come across. I make a point of this, and I swear there were about five additional questions I got right because I knew the formula cold.
frisian Wrote: ------------------------------------------------------- > 1) Study a lot. I did Schweser only, and I > finished my first read through (incl. doing all > problems) by about April 20. Then review, > practice exams, review, practice exams, etc. > through test day. Know in advance that your May > will suck. > > 2) Focus on weak areas. If you don’t know > anything about derivatives, for example, don’t get > scared and instead look at it as an opportunity. > Weak areas are where you get the most bang for > your Euro. > > 3) Memorize every formula you come across. I make > a point of this, and I swear there were about five > additional questions I got right because I knew > the formula cold. Exact strategy I followed, you should count on giving up your social life…
I did give up my social life for L1 and I am ready to do it again for next 3 months. Thanks for your input. I am also aiming to finish everything by April 20th (Schweser only) and then start doing Q-bank, Book 6 & 7 and CFAI online exams.
If we just concentrate more on Equities, Ethics and FSA and do OK in rest of the topics does this strategy sounds OK?
cfaboston28 Wrote: ------------------------------------------------------- > If we just concentrate more on Equities, Ethics > and FSA and do OK in rest of the topics does this > strategy sounds OK? If that’s what you want to do, go ahead. But those sections combined for 72 of the 120 problems on the 2007 Level 2 exam. There were 48 problems, or 40% of the exam, in the other sections. If you just want to do “OK” on 40% of the exam, and only 40% of the takers pass it… well, do the math.
I did the math concentrate on those sections that comprise 72 questions and assume you get 80% on them (which you should, that’s what you’re going to focus on). forget the other 48 quesitons and only get 40% on them (expected value would be 25% by sheer guessing, but as you have some knowledge you should be able to increase that percentage right slightly). you end up getting 76 or 77 questions correct out of 120 or 64% which would put you on the boarderline pass or fail…
I did it
Ha ha. Clearly you guys have more willingness and ability to take risk than I do. Obviously you have to devote a lot of time to FSA and equity regardless, but I think diminishing marginal returns set in after a while. At that point, there’s better value in studying the smaller sections.
I am in need of some advice for my employment situation. I am out since Jan. I am trying to put in more time into studies and doing very well. I am now getting an offer to start in April. I am wondering whether I should even bother to work in April ( crouch time already ) or just say to the recruiter- see you after June 9th !! Any ideas-opinions ?
my idea (thesis) is that you’re an idiot. a job is more important than the CFA. If i offered you ajob and you told me that i would turn around and tell you the offer is of the table. But i’m cold like that.
Hi cfaboston28, I cleared CFA-L1 in Dec-07 and then started for L2 in aroun d last week of Feb. I am doing on Schweser notes, trying to read them end-to-end once as quckly as I can (and understanding the concepts - leaving the memorization for the end). Hope to complete reading the books once by 1st May and then 1 month of Qbank or Passmaster and many more practice questions. Hope we make it to L3 this June!!
Strikershank, I did not make myself clear. I do not have an offer on the table to walk out from. I am at the point to start the process of staring to apply and all that jazz. The q here was that should I start the process right now or not. Thanks in advance.