I was wondering if any Level 3 candidates could tell me how much of the info from Level 1 is on the Level 2 test. I know the levels each build on each other, but are the questions specific to the new materials for each level? Or do they mix and match, putting some old questions from Level 1 and some new questions from Level 2. I’m currently preparing for Level 2 and have reviewed Level 1, but I’m wondering if I should keep reviewing level 1 too, or just focus on level 2. Any recommendations/help out would be greatly appreciated. Good luck to you all on test 3.
Stop reviewing level 1 material IMMEDIATELY. Nothing from L1 is tested in L2. The exam at each level only covers the LOS and material set forth in that level (as stated on the CFAI website). As long as you didn’t completely forget everything that you learned in L1, your background knowledge should be enough to help you understand the L2 concepts.
^^ second that… There is no time to review level 1. Focus on level 2 material…there is tooo much you need to remember… If there are any overlapping concepts…schweser usually covers them in the Level 2 material anyway…so don’t worry about that. I haven’t touched my Level 1 books ever since I saw the blessed “Pass.” I suggest you do the same.
The only thing I had to go back and look at was quant, but that was only because I had forgotten some of the easier parts that L2 built upon. I would forget you ever took L1, start going through L2 now and if you get hung up on something (like bootstrapping) review it quickly from L1.
You only need to review L1 material if your grasp on it was weak in the first place. It may help to get the basic rundown of valuation of equities since it’s such a large part of L2.
reviewing L1 for L2 is not efficient. that said, L2 last year did have a current account question - L1 material - in the econ. was it in the L2 curriculum reading? im not sure. however it was 1 question out of 240. its not worth it.
BOP was definitely in level 2 readings last year. absolutely no need to review level 1 stuff. and it’s just wasting time. i probably looked back on two things, one of which was just pure paranoia. but everything you need is in level 2 reading unless you’ve completely forgotten what a balance sheet is supposed to represent (as one example)