I just took level I, and downloaded the first lesson from the CFAI website and noticed that reading I and II in LII are identical to LI. Is the same material tested in LII? How is it different than LI?
The code and standards are the same, the difference is in how the questions are asked. Rather than single MC, they are in vignette form. You are given astory, and 6 questions pertaining to it. Difficulty level is just a bit harder, in that there are more grey areas
There are also some added sections on soft dollars, prudent investor rules, and maybe one other thing??