Friends, I needed a quick suggestion from you guys regarding Ethics. Sooner than never, I have finally realized that I will not get any time to do L2-Ethics with just 15 days to go and with so much on my plate already, I think MAX I would be able to give is half a day now and 1 day before the exam. So I have the curriculum book in front of me and I observe the following 1. Reading-1: Code of Ethics (L1 stuff) 2. Reading-2: All 6 standards (L1 stuff) 3. Reading-3: Soft Dollar (new) 4. Reading-4: Research objectivity (new) 5. Reading-5: Glenmark Company (what’s this???) 6. Reading-6: Preston Partners (what’s this?? - Part2) 7. Reading-7: Super Selection (new) 8. Reading-8: Trade Allocation (new) 9. Reading-9: Changing objectives (new) 10. Reading-10: Prudence (new) Now, if i pick the new readings only - 3 to 10 (running total of pages for all these reading in Vol is 80+ pages) and just read it in half a day and do the remaining Code of Ethics and 6 standards on the last day (6th June), will that make a borderlined candidate help cross the finish line? One assumption that I am thrusting onto me (I have to) is that I would probably remember the standards, as I just did the L1 in Dec. So needed to hear from you, what is the best way out and the quickest way to cover Ethics (that’s new to L2), Videos? Sauce? Schweser? Stalla? Curriculum? … What do you all suggest?
Read Schweser. Make sue you concentrate on soft dollar, ROS, and prudence.
I wouldn’t normally suggest using schweser for ethics, but in your (our) situation I would say do it. You may want to read soft dollar and ROS right of the the text, but besides that I would go schweser and questions. I bet the standards will come back to you quickly, but you need to do questions in vignette form as they are quite different (read harder).
dinesh.sundrani Wrote: ------------------------------------------------------- > > So I have the curriculum book in front of me and I > observe the following > > 1. Reading-1: Code of Ethics (L1 stuff) > 2. Reading-2: All 6 standards (L1 stuff) For Reading 2 - CFAI text. It shouldn’t take much time considering you did it for Dec L1. If possible try to go through this reading in next few days and start working on Qbanks. > 3. Reading-3: Soft Dollar (new) > 4. Reading-4: Research objectivity (new) If i assume that there are two vignettes in the actual exam more than 50% of it will be from reading 2. So for Reading 3 and 4 use schweser. > 5. Reading-5: Glenmark Company (what’s this???) > 6. Reading-6: Preston Partners (what’s this?? - > Part2) > 7. Reading-7: Super Selection (new) > 8. Reading-8: Trade Allocation (new) If i remember correctly Reading 5,6,7,8 are case studies and you can use these to learn how ethics vignette should be tackled. Not important for questions but would suggest using CFAI text as schweser misses a lot of details related to the case. > 9. Reading-9: Changing objectives (new) > 10. Reading-10: Prudence (new) Use Schweser for 9 and 10. If you can review reading 2 once in next few days then rest of them can be completed in one day. Whatever be the case try to put more stress on reading 2 and solve ethics vignettes if you can.
Dinesh, I was in the same boat as you. Hadn’t really reviewed ethics yet since Level I in Dec. I spent today going over Ethics using Schweser online. I basically read all the summary explanations for each ethics component, and answered all the practice questions I could. Then I took the Study Session #1 & #2 Self Tests both online and in the Schweser book. It took awhile (prob 8-10 hrs) but I think it was time well spent. Plus, some of the Schweser ethics questions are just ridiculous and seems like their goal is to try and trick you, either with length or too much information; I don’t think (at least I hope) the CFAI will take this same approach on exam day, meaning the ethics vignettes will hopefully be a littler shorter, clearer, and easier to understand and answer.
Haven’t read the CFAI books for ethics, but are they really superior to the Schweser notes? The way I take it, the exam questions always involve grey areas and are almost like trivia, so reading text that’s more “thorough” wouldn’t be of much help here. Wouldn’t doing drills be the most effective strategy for this topic? Just thought I’d throw in that Ethics is the only topic where the number of item sets is *certain* (2). All other sections have a range. I think it’d be reassuring to know you have ~10% of the exam in your back pocket.
Dinesh - you can read that whole ethics book in a day, that’s what I plan on Thursday or Friday…apart from that read schweser. There is a lot of fine detail in the book which schweser don’t pick up…picky stuff.
Dinesh, make sure you read the difference between Prudent Investor and Prudent Man rule. Anish
Dinesh, make sure you look at Research Objectivity, the difference between recommended practices and required. I think that’s been tested in the past.
Ethics is more difficult in level 2 than it was in level 1. I think that is the reason why Schweser makes it tricky. Know soft dollars, Duty to client and employer well - I heard CFAI loves testing these
I would agree… Soft Dollars, Research Objectivity, and PIR vs PMR seem to be the bigger Ethics sections. I completed most of the Q-bank Ethics questions and found it very helpful to use the CFAI text in conjunction with the standards handbook to consistently score 5/6 on practice exams.
THANKS ALL for your valuable suggestions. I have taken a print of this and will decide on a concrete plan to attack Ethics.
work on ethics at least 1/2 a day… read a few pages each standard per day