Can you please tell me the differences (level of difficulty, content and preparation strategies) between Level 1 and 2? Any insight would be appreciated. Thank you.
i think all Level 3 candidates have passed level 1 and 2
really hard. Less material. Must master the material rather than just casually know relationships and a formula.
level of difficulty :- Level of difficulty of material 3x. exam format is item set which takes a bit of practice getting used to.
content :Material is vast , much more in depth as compared to level 1.some sections are formula intensive. others likeIFRS vs GAAP in FRA require brute memorisation,
preparation strategies: start early, revise weekly. CFAI EOC, BB (if possible) and mock exams CFAI, schweser etc.as many as you can.
I’d suggest taking one step at a time or tripping might be in your future.
if you are a L1 candidate, read the curriculm then take as many practice exams as you can and hit the quiz banks as hard as you can. Since all questions are independent of each other it is a matter of covering the basic material and concepts.
L2 is about memorizing formulas and understanding how to apply them. It’s about knowing FRA. You need to know how to read financial statements every which way including Sunday. Item sets means you better take practice exam after practice exam to get familiar with the format.
L3…I don’t know yet.
best of luck on your journey and good for you for asking questions. I have a feeling you will do well.