I’m wondering how much time I’ll be needing for Level 2. I studied for about 450 hours for Level 1 and got only 6 of the 10 sections with above 70%, the other 4 are in the 50-70% range. If it’s as difficult as people make it to be, I wonder if doubling the hours would work lol (of course, I won’t do 900 hours. Just kill me. haha)
I think you need at least to double time on level 2 vs level 1. CFA2 is much more difficult. I passed CFA1 in June 2008 with 1.5 hours left for first part and 1 hour left for second part. For CFA2 June 2009 I was with 30 seconds remaining with many blind guesses. I put at least 640 hours for CFA2.
Double time, double time. Yikes. I was looking forward to Level 1 when I first received my books. Not sure I feel the same way now about Level 2, lol.
Two times the materials and two times the complexity, equals four times the level of difficulty. Pretty simple math when you think about it.
Bump for the new L2 Candidates.
QuantJock_MBA Wrote: ------------------------------------------------------- > L1: Crushin’ 1 Natty > L2: Killing a case of Natties Now that is the best post! One Natty… kinda gross but you live. A case of Natty, disgusting, and you still can’t get the taste out of your mouth. Bad flashbacks just reading your post, haha
mcpass Wrote: ------------------------------------------------------- > They’re both like a one-night-stand. > > L1: > http://www.chinadaily.com.cn/lifestyle/2006-10/20/ > xin_5210032014543072405331.jpg > > L2: > http://i444.photobucket.com/albums/qq169/solinoped > o/fat-bikini.jpg?t=1245052981 > > You may want to do L2 just once… so you can > proceed: > > L3: > http://i156.photobucket.com/albums/t17/MonteCristo > Hakushaku/fat%20people/NudeFatGuy.jpg I would agree with that. I am sure having a tough time getting up for Level 2
topher Wrote: ------------------------------------------------------- > I disagree with most people who say L2 is > significantly harder than L1. It’s harder, but not > THAT much harder. > > I am speaking from my personal experience, and I > came from a non-quantitative background and had no > previous finance knowledge prior to L1 (i.e. I > didn’t know A = L + E). Thus, the gap between > knowing nothing to passing L1 (all sections >70) > was very large. Also, I obviously don’t even know > if I passed L2 yet, so maybe on August 18th I will > take back what I say. But I give myself better > than 50/50 odds of passing. > > Now, L2 is definitely harder, but it’s manageable. > For someone like you who says you found L1 easy, > maybe you won’t see it the same way I did. > > It’s like someone asking, “Is Algebra 2 harder > than Algebra 1?” Well, if you haven’t completed > Algebra 1, then of course it is. But if you got an > A in Algebra 1, and you are prepared to study hard > in Algebra 2, you should be fine. Agreed (studying L2 now)
…last year someone described the first 15 minutes of the exam to the first 15 minutes of “Saving Private Ryan” This is a very VERY true comparison… Good luck for all those who think they can slide on Ethics.
Round 2 Wrote: ------------------------------------------------------- > …last year someone described the first 15 > minutes of the exam to the first 15 minutes of > “Saving Private Ryan” This is a very VERY true > comparison… Good luck for all those who think > they can slide on Ethics. Even if I got 10/10 on a sample ethics question in like 5 minutes??? Great thread.
raw Wrote: ------------------------------------------------------- > QuantJock_MBA Wrote: > -------------------------------------------------- > ----- > > L1: Crushin’ 1 Natty > > L2: Killing a case of Natties > > > Now that is the best post! > > One Natty… kinda gross but you live. > > A case of Natty, disgusting, and you still can’t > get the taste out of your mouth. Bad flashbacks > just reading your post, haha It’s a shame you were not around when Daj224 was around. All he ever talked about was smashin’ natties.
QuantJock_MBA Wrote: ------------------------------------------------------- > raw Wrote: > -------------------------------------------------- > ----- > > QuantJock_MBA Wrote: > > > -------------------------------------------------- > > > ----- > > > L1: Crushin’ 1 Natty > > > L2: Killing a case of Natties > > > > > > Now that is the best post! > > > > One Natty… kinda gross but you live. > > > > A case of Natty, disgusting, and you still > can’t > > get the taste out of your mouth. Bad > flashbacks > > just reading your post, haha > > It’s a shame you were not around when Daj224 was > around. All he ever talked about was smashin’ > natties. Haha, that sounds just like a buddy of mine. I would throw down the 2 extra bucks for anything else. Nothing is worse than playing beer pong with Natty after like the 4th game. Even nastier out of those red cups
Bump. Relax guys, crush a Nattie or 12.
Bankin’ Wrote: ------------------------------------------------------- > riyaz Wrote: > -------------------------------------------------- > ----- > > BTW, I am L1 candidate, and I tried mock exam > L2 > > Ethics section. Got all 6 of them correct in > under > > 8 minutes. Given time was 18 minutes. This one > was > > the chinese student example who worked for her > > employer for free while studying for L3 and MBA > > together question. > > > > When you’re evaluating defined benefit pension > plan, FCFF/FCFE, or time series vignettes your > ability to cut through an ambiguous ethics > vignette will serve you nicely I’m certain. Thanks. I started this thread last year right after sitting for the L1 exam. I just finished the L2 paper along with others on June 5th. It was definitely harder than L1. After the L1 paper, I was 80% confident I will pass. And I did. That’s why I wrote the L2 along with others in 2010. However, with L2, I must have worked twice as much, but dont feel nearly as confident. Having said that, for anyone else trying to assess L2 material and hasnt taken the exam yet, don’t despair. If you work hard for L2, you will surely learn a lot of stuff, and hopefully with lot of hard work and little bit of luck, you will pass. (I worked hard, not sure if I will have that little bit of luck!!). The material is very interesting. I think FSA and Economics are a bit easier. Ethics has lots of overlap, but new ethics material is hard to memorize. Derivatives is interesting and bit challenging. There is plenty of PM material too that can bog you down. Fixed Income, Corporate Finance are probably easy. QM is challenging, but there isnt much of it in L2. Overall, my advice to anyone new, dont skip any topic. Definitely be a master of Equity Inv and FSA. But dont overlook any topic. You cant afford to skip a topic. Finally, make sure you are rested well and had good night sleep before your L2 exam. Vignettes will require you to concentrate more. Finally, dont be afraid of Vignettes. Its not the vignettes that make it challenging, its the material. Unlike in L1, to pass L2, you must master the material thoroughly.
programmer Wrote: ------------------------------------------------------- > riyaz Wrote: > -------------------------------------------------- > ----- > “Because actual CFAs have told me” > > You would get at least one Ethics problem wrong > here… Wow that one’s gold ! Riyaz, are you of Indian / Pakistani origin ? Just asking…
L1 is a walk in the park. L2 is your a$$ parked in a wok.
topher Wrote: ------------------------------------------------------- > I disagree with most people who say L2 is > significantly harder than L1. It’s harder, but not > THAT much harder. > > I am speaking from my personal experience, and I > came from a non-quantitative background and had no > previous finance knowledge prior to L1 (i.e. I > didn’t know A = L + E). Thus, the gap between > knowing nothing to passing L1 (all sections >70) > was very large. Also, I obviously don’t even know > if I passed L2 yet, so maybe on August 18th I will > take back what I say. But I give myself better > than 50/50 odds of passing. > > Now, L2 is definitely harder, but it’s manageable. > For someone like you who says you found L1 easy, > maybe you won’t see it the same way I did. > > It’s like someone asking, “Is Algebra 2 harder > than Algebra 1?” Well, if you haven’t completed > Algebra 1, then of course it is. But if you got an > A in Algebra 1, and you are prepared to study hard > in Algebra 2, you should be fine. i have a friend who is a medical rep and he finished his CFA no problems what so ever, didn’t even study business in university, . maybe your one of those people:) but if your not, and chances are your not… then with your comment on its manageability and difficulty level, i will assume you just failed … there are people threepeating L2 out there who walk out every year saying it was easy 
Most of the people here generally have some finance background. So in this respect, Level 1 wasn’t completely all new. Yes it was a lot of topics to review, but the detail of each topic wasn’t that heavy. I have an undergrad finance from a top 3 business school, and I can say ALL of L1 (except ethics) was covered in my program. The only real difference is that now I’m taking one giant final vs many finals spread out. L2 gets really deep, maybe only 30-40% was covered by my undergrad, and every single subject is HARDER. It is more quantitative and more difficult formulas need to be memorized, and now a big majority of the exam is new. I don’t think anyone will doubt: L2 IS HARDER. hands down
^ to above “top 3 business school” means youre the 2nd best loser…congratulations! if you went to a “top 3 business school” and have to take the CFA…that means you’re probably not that good. people take the cfa bc they d*icked around in HS and didnt get into a good school and are paying for it now.
Level 1: Smoking a joint with three of your best buddies Level 2: Trying to find a non collapsed vein to inject heroin into, at 4am, in an abandoned house, in a bad neighborhood.