Now that i passed my level 1, can someone tell me if level 2 is way too tough than level 1. Also i m working full time. I am planning to start studying from October. I m planning to use schweser notes and Eoc questions from CFA textbook. Is that fine?. Also why do most people find level 2 so difficult to pass?? Is it becoz of lack or preparation or is it becoz the material is too tough to understand for avg students??
You have only 120 questions compare to Level I 240 questions so bad answers didn’t have the same impact on the topics covered. Furthermore, the question format (one page vignette) put some pressure on the candidate. Based on my personal experience, I would say the material is very tough to understand but you have to put a lot of time on it. I have take the level II 2 times While I have a full time job in the industry. It’s all about “retention” and practice. It’s also depend on your background. I’m working for an asset manager so FRA, Fixed Income, Corporate and Quant are find for me. But Derivatives and Alternatives Investment quite difficult. Some guys put much less time. It’s really depend on your retention ability. Good luck
To get a feel for level 2, why not look at some sample questions/answers from the CFAI website ? There is a big departure from level 1 in terms of style and depth but my guess is most of us are overwhelmed by the quantity and not the complexity of the topics. Perhaps one of the reasons why clever and well prepared candidates fail at level 2 is because the exam asks tricky questions about simple concepts as opposed to difficult questions in a straightforward manner. Whether you use CFAI texts/Schweser/etc in combination or not really depends on your tastes…It has all been done before…some pass by using Schweser exclusively, others find the CFA texts more helpful…but there are some common things to watch out for…align your studies with LOS and do all EOC from CFA texts and do sample exams.
I have also used only the Schweser Notes and the EOC questions, as well as the Schweser Practice Exams in the last 3 weeks and I have (just) passed from my first attempt. Nevertheless, I had the feeling that skimming a bit through the CFA books would have helped, as some questions at the exams seemed brand new. I found it more difficult, because I feel the material is more thoroughly tested in comparison with Level I. You really must master what looks like the exceptions or the side comments on some cases, it is not enough to generally know the concept, as it was in Level I. I also had the impression that educated guesses were much less possibile in Level II, as questions were full with traps, and an educated guess would easiliy lead you into the trap, while level 1 questions were friendlier in this respect.
the main theme of level two is valuation i.e. how to value equities, projects, swaps, fra, mbs, abs, multinational ops etc so its harder because there will be more formulas and calculations to do. i personally found it tougher because there is so much valuation methods to digest! but if u study at least 6 months before (2-3 hours daily) and do the textbook questions ull shd be fine. all the best.
L1 is picking flowers in a meadow L2 is being mauled by a bear
iteracom Wrote: ------------------------------------------------------- > L1 is picking flowers in a meadow > > L2 is being mauled by a bear +1 I think My wife was happier than I was passing level 2.
I found Level II material easier. I think due to the fact that I enjoyed it. I did put in about 50 hours more of studying. However with Level I exam I felt like the king of the world after the test. With Level II I could not say for sure I passed. I think what makes Level II harder is not the material but rather the test. Questions are not as straight forward and you tend to be more nervous because there is more at stake per question.
even with the relatively tougher curriculum, level II still alow ~40% of people to pass. This means the MPS for level II is lower than that of level I.
passme Wrote: ------------------------------------------------------- > even with the relatively tougher curriculum, level > II still alow ~40% of people to pass. > This means the MPS for level II is lower than that > of level I. What’s the passrate for first-time takers? I’ve read many posts where people write having made several attempts (2 - 4 attempts). Surely (hopefully) those who have tried four times are relatively over-represented among the 40% who pass? I’ve missed it several times myself and hope that if I were to try again my chances would be greater if I tried again since I would have studied the curriculum like three times… The most difficult situation is when you’ve missed it on your FIRST attempt and retake it the following year because you think /hope/ you’ll remember more from the first round than you actually do at the same time you recognize “everything” in the curriculum and feel thoroughly fed-up by having to pay up and focus that hard for anonther full year so you end up not giving it your best shot, maybe you’re using some old books (like not renewing your Schweser notes) or skimp over the odd section and therefore end up missing the Level II exam once more. Seems not to be a totally uncommon scenario.
I passed it from the 1st attempt. Used schweser for 4 months, CFAI books for revision (1 month) and solved as many mocks as i could (schweser and CFAI mocks 2009-2011). I did around 700 hrs to be honest… Did get the best scores even BUT it’s a pass and ill definitely take it 
… good luck …
700 hours? are you serious? Did you keep track of your time i.e a time log sheet? 4 months and 700hrs are equal to how many hours per day?
suck it up and get too work. that simple. NO EXCUSES!
keep a log sheet, it does wonders in keeping you focused throughout those trying months.
maxmeomeo Wrote: ------------------------------------------------------- > 700 hours? are you serious? Did you keep track of > your time i.e a time log sheet? 4 months and > 700hrs are equal to how many hours per day? I think I used about 700 hours to study L2 this time as well. Started in Dec and studied whenever I have a chance… weekends, after work on weekdays, on the train. It was totally no life. I’m glad I passed otherwise it would be a nightmare to pick up the material again. I don’t think I will start studying for L3 until sept. Does anyone know when schweser note 2012 comes out?
700 hours sounds reasonable. I did less, and failed. I guess it could well take 700 hours to get through the entire curriculum and all those EOC questions (plus some “notes” and “mock exams”). If I try once more I’d definitely use a log sheet.
Take the no. of months you needed for L1, multiply by 2, then study longer than that.
manchester88 Wrote: ------------------------------------------------------- > Now that i passed my level 1, can someone tell me > if level 2 is way too tough than level 1. Also i m > working full time. I am planning to start studying > from October. I m planning to use schweser notes > and Eoc questions from CFA textbook. Is that > fine?. Also why do most people find level 2 so > difficult to pass?? Is it becoz of lack or > preparation or is it becoz the material is too > tough to understand for avg students?? to be honest, i didn’t think the level 2 material was that much harder than level 1, but it’s certainly still harder. as i and others believe, the CFA curriculum isn’t rocket science, and you don’t need to be super good at math to complete it (e.g., there’s no complex calculus). I also think Level 2 candidates in general work in the industry, so they’re busy with their jobs, family, etc. and although it’s not rocket science, there is still A LOT to study and memorize. this, in my opinion, are the reasons why level 2 is tough. how many hours? this is so subjective as it depends on how quick you learn; how good your retention is; your schedule etc. you’re working full-time,? you need to start earlier than level 1, that’s the only thing that’s certain. Seven hundred hours doesn’t surprise me. I didn’t keep track of my hours, but I think it was also close to 700. and, like somebody else said, just suck it up and put in the hours. if you’re not willing to take sometime for the exam, then perhaps you should save your money (that’s if you haven’t registered yet)–honestly. Schweser good enough? yes, i and many others have passed with schweser alone .( i did ALL questions in the notes + some advanced/intermediate qbank questions + all mocks).
maxmeomeo Wrote: ------------------------------------------------------- > 700 hours? are you serious? Did you keep track of > your time i.e a time log sheet? 4 months and > 700hrs are equal to how many hours per day? Yess 700 hrs … Do you think level 2 is a tour at the Eiffel tower? or even close to level 1? you can put in 400-500 hrs an HOPE to pass OR put in 700 hrs and have better chances of passing … you pick …
As with most things in life your experience will vary. Start studying in October and then you can see how much time you will need to feel prepared. I took Level 1 in Dec '10 and then took Level 2 in June '11. I started studying in mid Feb for Level 2 but I didn’t feel confident on passing when I took the test. I ended up passing but once I started studying I realized I should have started earlier. Always better to be over prepared!!