Hi all, Just thought to ask you veterans- What are the difficult sections in L2- how is FSA particularly? Thanks S
ETHICS!!! HARDEST SECTION EVER!
I think a more efficient question might be… which sections weren’t so difficult and I’d say ethics!
only 3 difficult sessions: 1. morning session 2. afternoon session 3. waiting 90 days for them to score a mulitple choice exam rest is a piece of cake…
I especially agree with 1, 2 and 3.
Hard to say which section is the most difficult… Depends entirely on your background. I didn’t think that any individual section was that difficult by itself. The difficult part is passing the test. There is an incredible amount of material which you need to know INSIDE OUT (unlike level 1).
yep, only hard part is knowing the shit that’s going to be tested, 2 months ago I would have said time series, now I just want to get back the hours I wasted on that since I could have never read that section and have done the same on the test.
Everyone has strong points and weak points. I would suggest talking the exam as it is structured: Morning, 10 items sets as follows: Ethics Quant FSA FSA CF Eq Eq Eq/CF FI Derv Afternoon, 10 items sets as follows: Ethics Econ FSA FSA Eq Eq Alt FI Derv PM This is typically how it shakes out. PM, Econ, CF or Quant may switch up AM/PM. So, you need to know equity/alt inside and out (30%), you need to know FSA inside and out (20%), you need to know ethics cold (10%). That there, my friend, is 60% of the test. Now, you will not be knocking out 6/6 on these items, but you need to do everything you can to make them 5/6. Then know the others as best as you can. If you can get a 4/6 on the FI and Derv items sets there and then mix up som 4/6 and 3/6 on the others (Econ, Quant, PM and CF) then you pass. This is somewhat of a ballsy strategy as if you get to the exam and you get stuck on a equity item set or two (ahem, that was me) then you are screwed b/c you don’t know the other topics as good as you should. I lost sleep two weeks before the exam on not knowing enough about the little guys: Quant, Econ, PM and CF, so I hit those hards and if I pass it’s because I picked up points in those sections. Bottom line, there are only 120 questions so there is zero margin for error. You bunlge one item set and you could be sitting at L2 again ina year… so… you really must know it ALL. Level I is a joke compared to level II. Good luck. Oh and the difficulty for me was really that I had to teach myself the material rather than just have a review of everything I covered in undegrad like L1. So, plan on spending more time than you planned studying for L2.
You have to know everything. There are no difficult sections in this exam. Its the breadth that kills you and the fact that the test will sometimes try to trick you or present the questions in ways slightly different then the way you practiced them. You need to cover everything and practice exam questions. I did the first but not the second because I ran out of time. My self assessment is that I was not quite good enough to handle variations from what I practiced. Thus I’ll probably have to take level II again. If you want to pass the first time you should start now – unless you’re a lot smarter then the average person taking the test. Everyone that takes level II know the score yet the pass rate is only around 40%. This does not seem normal to me.
yep, a certain level of acceptance regarding L2 2009 has sunk in.
Start now?? I wouldn’t go that far… I started in February (took L1 in Dec 07) and that was more than enough time. The key is quality, not quantity of study time.
Mybe you could start now and get up to a passing level and then just cruise to the test. February seems reasonable but the pass rate is 40% so apparently this does not work for the majority of people who took the test.
Bad idea, overstufying can hurt you as well as some of the details can get fuzzy, happened to me, like anything of this nature you want to time it so you peak going into the exam.
amoynahan Wrote: ------------------------------------------------------- > Mybe you could start now and get up to a passing > level and then just cruise to the test. February > seems reasonable but the pass rate is 40% so > apparently this does not work for the majority of > people who took the test. I would have liked to do so but will do after L1 results or I might have to redo L1. In what sequence to you gurus recommend the reading/sections. I have done Equity valuation of the L2 during masters but have not practised any Q. where do you do the practice Qs? Thanks
It’s pointless even thinking about Level 2 until AFTER you get your L1 results. Find something else to do for a month…
null&nuller Wrote: ------------------------------------------------------- > only 3 difficult sessions: > 1. morning session > 2. afternoon session > 3. waiting 90 days for them to score a mulitple > choice exam > rest is a piece of cake… ehehe, agreed. Honestly, everyone has their different strengths so you’ll get different answers. What is important to consider is the weighting of the exam on particular areas. Ethics, FSA/CF and Equity analysis are the most important to concentrate on. Oh man i hope i pass.
Another thought on starting early is that the curriculum is pretty boring and its hard to sit there and work through it without the pressure of an exam coming up. An alternative might be to find books on the topics covered and read them rather then the crib notes. Another idea would be to download some actual financial reports and then try to apply the valuation techiques that are covered in the curriculum. Or you could work on your sun tan.
Screw you guys I’m going home.
amoynahan Wrote: ------------------------------------------------------- > Another thought on starting early is that the > curriculum is pretty boring and its hard to sit > there and work through it without the pressure of > an exam coming up. An alternative might be to find > books on the topics covered and read them rather > then the crib notes. Another idea would be to > download some actual financial reports and then > try to apply the valuation techiques that are > covered in the curriculum. > > Or you could work on your sun tan. The curriculum indeed is boring. But I am dumb as well. I need multiple readings to get the matter in my head. So thought of reading some difficult and really boring stuff such as FSA.
I became instantly infertile for 3 months when I had worked myself through FSA. Saved me lots of $$$$ for condoms, though. No reason to be worried about knocking her up.