Is 2 weeks for the CFA level 2 a pipe dream???

CFA Level II
#1

I need everyone’s input. General gist is that I’m trying to decide if I should sign up for the CFA June 2012 Level 2 test. I’ll list some background and considerations and please tell me what you think. Also, please include something about your background (CFA levels taken etc). Please limit the heresay and just stick to your direct personal experiences.

Unfortunately, I was ready to signup for the L2 in December, but I started a challenging new job and between long work hours and regulatory tests, I had already given up on the idea of the CFA June 2012 test date. Now it looks like I get a bit of a lull. Still working 12-14 hours/day on the weekdays, but my weekends can be free (at least for the next two months). I think I can spend 2hrs/weeknight and 20hrs/weekend or 25-30 hours per week for 8 weeks. This puts me at 200-240 hours.

* Economics background, some accounting class. Sadly, a lot of the level 2 material is generally familiar from work or school but it’s a WHOLE DIFFERENT story to see the same material on an exam.

* my experience: Hedge fund quantitative programmer, analyst, trader, portfolio manager.

* CFA is not useful for my current job but I do want to get back into equity fundamental investing.

*Passed Level 1 with low marks after two months of study time and full time work. Just read through the CFA books.

*I previously failed the level 2 exam studying starting in March, but I was distracted but issues that won’t exist this time around. Also, I think I was at a major disadvantage by only reading the CFA books, but not using the Schweser study materials and question bank. Unfortunately, that was a few years ago. I waited this long to think about it again because it was a bad experience and because my career took me in a direction where most co-workers didn’t have a CFA.

*I’m not a dummy, but I’m not an extraordinary studying machine either.

*I know some people will say it doesn’t hurt to just give it a try, but there is that soul crushing feeling when you spend your hours studying (even if you’ve understudied) and end up failing. The money factor is a lot less problematic.

*Why the rush? A year is a long time to wait and I’m starting a family sooner than later so the time committment becomes harder in the future, not easier…

Please share your thoughts.

#2

Good luck to you. If I were you, I would give up on Alternative Investment section completely. When you encounter the questions on the exam, guess them all and get 33%. (I studied my ass off on that section and still got (50-70)

focus on the rest with heavy weight on FRA, Equity, corp finance, portfolio (easy marks), econ (your strength). leave ethics to the last few days. oh man, good luck…

#3

So you think it’s worth a go? I guess my biggest opportunity cost is time away from work. I’m starting to think that if I’m not super excited about taking the test and am still soliciting opinions on a forum a few hours before the signup deadline that I shouldn’t rush into it.

Is there a seven year deadline to complete all three exams? If so, it’s worth giving it a go, but if not, I may just wait until next year. I really hated failing that last time.

#4

Yes, a year is a long time. Give it a go. concentrate on equity and accounting and one day for ethics .

#5

Tis is an opportunity cost question. What are you going to give up if you try knowing the prob of failing is high? If you give up going to dinner with your pals, then I say do it. If you would have to give up your trip to get food to starving kids, I say wait. Its gonna be tough either way but it sounds like you have the background

As a contrast, I failed II once. I told my wife tonight “you know the material is sticking with me. I may even be able to pass this on the third try”

That did not even get a smile and then my 2 year old siad “I am going to study now!” and took a pen and wrote all over page 600 of CFAI Equity.

The point is, if you are going to start a family, take the test as soon as possible, all other thingd equal

#6

^ yea the family argument is a very good point though. I recommend to my friends that if they’re going to do the CFA program, do it early.

  1. the pass rate trend keeps going down, while the number of candidates keeps going up, and finance jobs keep disappearing. Supply and demand is getting way out of whack

  2. studying gets harder and harder as you get older,

  3. once you marry or have kids, the sacrifices grow by multiples

#7

First off, the biggest concern is opportunity cost. I have no problem buckling down, but most of those 200-240 hours spent studying could benefit my progress at work. I’m an algorithmic portfolio manager where more input generally yields more output. The relationship is not perfect, but my point is, I can definiately find good use for the 200-240 hours of studying in a professional context. CFA doesn’t help my current position at all, but I view it as a career hedge and also an out towards getting back into the fundamental equity investing. So it’s important for my career goals, but so is exceling at my current job.

Secondly and this is non-trivial for me, failing this test was a bit soul crushing for me. I don’t take any solace in just telling myself that I’ll know the information a little better if I take it again.

Does anyone think that I’m totally insane for signing up with only two months and 200-240 hours of study time? I remember reading some guy that wanted to take the CFA Level 1 with 2 weeks of study time. I just don’t want to be THAT guy…

#8

Really??? Last time I took the Level 2, the ethics section was huge and I totally bombed it…

#9

Well, that solves it… I just missed the deadline. I’m traveling for business in Chicago this week. THe deadline is EST.

#10

Thank you for all of your thoughts and help. I really did appreciate it. June 2013…

Good luck to all of the test takers out there…

#11

you said it. When my 2 year old says “daddy come play trucks with me” Even if I had the best intentions to read or watch a schweser video…there i am on the floor with a truck in my hand.

I am lucky though since i tend to stay up late and find it nothing to study until 1 or 2 AM nightly. So i get a lot of time in while he is sleeping(like now)

#12

Go Go Go! Wish there were more. Would help with the curve :slight_smile: