CFA Level 2 Vignettes


I have trouble solving vignettes. Exactly how do I know what is being asked in the questions following the vignette and which formula to use. Is there a strategy to solving vignettes besides the strategy of reading vignette first and then solving questions or reading questions first and then vignette.

Your strategy needs strategy…:slight_smile: One of the famous chapters in L2 curriculum.

My approach was quickly read entire vignette. Then, read the first question, quickly look for the facts and guidance to correct answer in text, mark the answer then move to a next question. You have approx. 18 minutes per vignette but you might earn some bonus time on Quants and other easy parts and utilize those additional minutes on FRA, FI or Derivatives.


I generally recommend that candidates adopt the opposite course of action: read the first question first, read the vignette to get the necessary information, answer the first question, then move on to the second question. I recently learned that Mark Meldrum advocates the same approach.

However, I did say “generally”, not “universally”. Some candidates prefer Flashback’s approach.

If you’re in doubt about which is better, try each. Do one item set by reading the vignette through first, then one item set by reading the questions first. See which works better for you. You still have lots of time left to determine that.

Related question: In the real exam paper, do we expect to have any significant page flipping back and forth between the text for the vignette and text for the questions associated for that vignette?

Definitely read the question first, on the whole the CFAI questions do align to their position in the vignette (1st Q is generally in the 1st/2nd paragraph etc). It saves a bunch of time and you get a grasp on what they’re actually asking for before you read it. That’s the way I’ve always done it and it seems to work for me.

I should have made the question clear. For those that have written L2 exam before, is the printed exam paper format such that you have to flip pages to go back and forth between vignette text and question text? May be this is not an issue, but just wondering, if anyone found this to be an issue in wasting time to flip pages back and forth.

Not an issue whatsoever. Don’t recall any time lost flipping pages

And for me, reading the question first and then finding the relevant information in the vignette is the way to go.