How difficult is L2 compared to L1

CFA Level II
#281

L1- I can do this

L2- CFAI -ROFL

#282

Defining features:

Level 1 - burn out

Level 2 - despair

#283

Level 1 - jog 3 km to de-stress

Level 2 - jog 5 km to de-stress

Level 3 - I finish a marathon

#284

This!

#285

.

#286

At Level I you can be shaky in two or three topic areas and still pass the exam.

At Level II, if you’re shaky in even one topic area, you can be sure that this is the year that they have the maximum number of item sets on that topic:

  • Bad at FRA? This year they’ll have 5 items sets on FRA. Guaranteed.
  • Bad at Equity? This year they’ll have 6 item sets on Equity. Guaranteed.
  • and so on.
#287

If L1 is Algebra 1,

L2 is AP Calculus BC

#288

I agree that you must be strong on FRA and Equity in L2. However, you can be shaky (or skip) ONE of the minor test areas (Economics or Quant = best to choose, AI or FI = 2nd best to choose). If you want to skim/skip Derivatives, know that it is most likely going to be 10% of exam and you should at least try to know the basics of the calculations (like pricing a swap) so you can get one or two questions right before you give it the 1/3 try…

Granted, if you have a feeling you will be a borderline candidate (64-67 MPS) it might not be worth taking the chance to skip/skim a section.

#289

L1 is like a Disney classic animation.

L2 is like an artsy French film.

#290

Personally, I always think it’s a bad idea to skip any section.

#291

I wouldn’t want to skip a topic – Alternative Investments, say, or Fixed Income – that could be 15% of the exam. I would _ never _ advocate that someone else do that.

#292

L1 is like going to a prom party.

L2 is like going to a wedding party.

But, I’m also planning on taking the L2 exam in June, there’s a lot of time to it so I definitely plan on starting early. As I read on the internet, there are some differences between L1 and L2:

* The key difference is the type of questions posed at the examination. On the CFA Level 2 exam you will get your test in item set question format. * The level of details the curriculum is composed of. Level 2 curriculum is much more detailed and is focused on less topics in an area (e.g. Financial reporting and Analysis), but the topics are presented thoroughly.

There are a lot more differences I found here http://goo.gl/9pFhkx

#293

^BUMP

For those of you in the general discussion thread.

#294

*gulp

#295

This one is always handy