Hi All,
I passed CFA Level 1 in June 2009. Never wrote CFA Level 2.
Now I am ready to board CFA Level 2 train.
My question is do I need to read CFA Level 1 books before jumping into CFA Level 2 material,
For which topics, detailed CFA L1 knowledge is a prerequisite for CFA Level 2.
You do not need to read any of the Level 1 topics over again, with the exception of accounting (and that is a maybe) and quantitative methods (depending on your recollection of hypothesis testing).
Everything else is generally explained very well or is mutually exclusive…with the exception of derivatives.
Fortunately, derivatives has an “optional segment” in level 2 which covers the basics from level 1.
AbhiJ, you won`t miss/need your level I experience. I took it with a 9 year break. Look below
There is something about mocks………
In June 2001 I took CFA Level I. Having study with another friend, and doing a good chunk of exercises, we had an “easy test” and passed (1st try).
In 2002, feeling overconfident and without the same discipline I relaxed. Studied less and did even less exercises: failed. My friend passed.
In 2003, enrolled and just appeared at the exam for a sure fail.
In 2005, did a 3 month course. Payed attention in classes, but lacked the energy for practicing. Failed
Enough of CFA level II !!!
Arrives 2014, why not give another chance?
This time with a different strategy: mock till you drop (advice from this forum).
I have read the material in a light manner. Read the summaries. Did some (40% maybe) of EOCs. Bought the 11th hour guide from Elan (great) and Secret Sauce from Schweser (good).
The real difference: I did 7 mocks (CFAI and Schweser), score ranging from 59% to 74%. I advise you to start by mid April. One per weekend. After you finish, review thoroughly, even the ones you got it right. In the beginning we guess a lot.
You will start to see some pattern. Translations, Swap calculation, Residual Income. You have to master those exercises.
What is worse? Reading an exercise that you don`t have any clue on how to tackle it or doing 80% of it and in the end not knowing how to answer it correctly? Either way you get a zero. Only with practice you can get it right. Reading the answer DOES NOT work. It makes sense, it is logical, it is obvious but when you are alone with the test it just does not happen. I suspect you know the feeling. Practice!
I`ve used Analyst Forum as a great tool to clarify issues that I was not getting by. Do not arrive here to see question from others. There are zillions. You will get anxious and depressed for knowing so “little”.
What I have learnt:
-Ethics appear in every level, do not overlook it
-Item sets questions are not an issue (after a while is pretty natural)
-Level II is different from level I (give more commitment)
-Level II is doable (give more commitment…)
Again, do the mocks! Why do you think they exist? There are many exams that you dont have this tool. Only a Suggested Reading list and thats it.
I`ve seen some people one week before the exam saying they were “not ready for a mock”. No one will ever be. Everyone will always arrive at the exam wanting another 10 days, 2 months, 10 months……
There is no reason for not knowing where you stand. It is ridiculous!
Scenario analysis – Taking your first mock:
Scoring 45% - Take a final sprint, you need another 20 right questions. You can do it. Focus on important parts of the curriculum that you are struggling
Scoring 65% - You are above the presumed MSR (63%). Polish your knowledge. Do not screw it.
Scoring 85% - Get a life!
The earlier you start the better. I suggest mid-April.
Folks, take a deep breath and attack the beast. Ive met dozens of people who had passed level I and have never completed the CFA program. Ive have yet to meet anyone who had passed level II and have not become a CFA charterholder. This is the turning point.
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How NOT to pass even though you study 300+ hours:
Read a lot and don`t do any exercise……
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The day after the exam, you will see people at this forum talking about all the “hidden traps” that they saw at the exam. It is a fetish since we cannot talk about the exam. Relax, the exam is pretty much the same as mocks. By that time, you should already know the traps, mines, jokes, whatever. I left the exam feeling awesome (guessing I`ve done around 75%). Got less confident when I saw the posts here. Final results: passed with 70+ in Equity and FRA and 4 others topics….