Is this a clever idea?

I emailed CFAI about purchasing the curriculum separately from registering for an exam so that I get more than 10 months study time. They said that I can do it and outlined the costs.

The problem is that I want to do L2 in 2014 but only 2013 curriculum is being sold now. The lady said each curriculum is only valid for the year it was issued. So 2013 isn’t valid for 2014… but I mean, how much can the curriculum reallllly change in one year?


Taking the change at L1 from 2011 to 2012 as an example, the Economics section was COMPLETELY revamped/expanded such that 2011 Econ. material would be of little help to someone taking the 2012 exam. That’s just an example.

L2 this year didn’t make significant changes over 2012, but what happens when CFAI decides that FRA isn’t detailed enough considering its proportion of the exam? It seems like it may be a risk not worth taking.

Registration for L2 2014 will begin sometime toward the end of July (from what I remember, it’s the day after results are mailed out 7/23ish this past summer), allowing you about 10 months to study if you’re feeling really ambitious. Just remember how hard it is to keep so much material fresh enough to take a test on all of it.

Appearently L1 Econ. 2012 was completely different to L1 Econ. 2011. So it just depends on what they decide to revamp each year. The curriculum definately does change each year, otherwise a large grey market would develope in used CFAI and prep. text books to the detriment of revenues for both the CFAI and prep. providers.

Hmmm kay got it, thanks guys

Ask them if you can buy the copy they send me. I’ll take 25% off.

More than 10 months study time is pretty excessive if you ask me, but to each his own.

The content for level 2 isn’t likely to change - the GIPS is your gaurantee of that!

Yeah, I’m just being extra cautious. Only because I took 4 months for CFA L1 and then failed it. Than 4 more months and passed it, but many categories were in the 50%-70% range, so I just wanted to kind of take my time with the readings and read little by little especially given I just got a job and I can’t imagine wokring 9-5 only to come home to read books.

Anyways, looks like I won’t be buying them ahead of time because it seems the risk of the curriculum changing is legitimate and maybe 10 months can prove more useful than 16 months if not for the concentration required for the CFA program.

It is definitely true what SimplyAdvised said - 10 months of prep time is simply too much. You will forget most stuff, won’t be efficient and focused and the discipline of studying will drop over time.

There are some good advice on how to prepare and how to consider time along the preparation on this post - … Good luck!

Oh man, for real? I work 7-5:30 and tack on 2-3 hours every day (since November) and 6-8 on weekends and I have plans to slowly increase that as springtime rolls around. That said, I’m not spread nearly as thin as many of the people on this forum are and a lot of them have gotten through all three levels.

If you want it, you’ll find the time, trust me - it’ll happen.

^ But I take off mondays…til March 4 - then its full steam ahead.

It can change a lot, or it can change almost none.

You can rest assured that something somewhere will change. From 2010-11, a lot of the accounting for business combinations changed. For 2011-12, the “Franchise Factor” stuff disappeared, and the hedge fund chapter was completely overhauled. For 2012-13, economics was the section that got overhauled.

Some of the basics probably won’t change. This is just a guess, but:

  • Inventories and Fixed Assets will probably never change (at least as long as GAAP and IFRS differ on the treatment of inventory and impaired assets).
  • Pension plans and foreign currency translation probably won’t change, at least not for a long time.
  • The Gordon Growth Model will probably never change.
  • The various DCF models will probably never change.
  • Correlation, simple regression, and multiple regression will probably never change.
  • Ethics probably won’t change.
  • Valuation of bonds and derivatives probably won’t change.
  • M&M won’t change, neither will the “make-or-buy” or “replace-or-keep” decisions in Corporate Finance.
  • The PM material at Level 2 probably won’t change, especially the IPS stuff.

If you focus on your accounting, corporate finance, and equity valuation, you’ll be fine. You can also learn the basics of bond and derivative valuation. You can also study ethics. These sections will probably comprise 3/4 of the exam, so then you’ll just have to refresh on these and learn the other 25% once you get your curriculum.

Personally, I’d just wait until you get the curriculum. You’ll get it in September. That gives you nine months to study. If you can’t pass it in nine months, then I don’t know what to tell you.

Take from now until September off. This is what I call “the calm before the storm”.