To add to what has already been said, if u use Schweser or another Notes resource, be sure to do the CFAI EOC questions after every chapter. If u realize that the Notes u used have not prepared u adequately to do the EOC Questions, then you will need to read that particular chapter in the CFAI textbook. Schweser notes worked well for me but there are a few chapters (like Pensions) where they gloss over some important stuff. If the exam has a few questions on that topic, that could be the difference between a Band 10 and a pass.
One more thing. Try to integrate ‘mini reviews’ into your study schedule so the material doesn’t get forgotten. For me this was (roughly) once a fortnight. Eg If you’ve been doing equity for ages, go back though the quant or Eco notes for a night then keep going with your equity study. I found this really helped.
thanks for the thoughts everyone…this is one of the more insightful threads I have read. I’m definitely going to begin my L2 studies early and get a good pace going.
Deciding whether to use Schweser notes first then the CFA books or vice versa. Thoughts?
I used exclusively the CFA books. Very detailed on all topics.
Passed L2 on first attempt with > 70% for all sections.
I started studying on end Jan. This is what happened in chronological order:
- Started with the Schweser notes only and completing questions after the end of each reading. I did this for the heavy weight sections first (FRA, Equity, CorpFin, FI, Deriv), followed by the smaller topics. Left Ethics out for the time being.
[The above process can be rather quick. Schweser makes the material more readable. But don’t be misled into thinking that you really understand the materials.]
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I picked one Scheweser practice exam and tried FRA/Equity. Couldn’t recall 90% of the material I read. I panicked.
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Went back to the Schweser and started with the heavy weight sections again. This time I did both Schweser and CFAI end-of-reading questions. In addition, I focused on each particular reading and worked on questions on the practice exam that corresponds to it (e.g., focusing on DDM valuation and work on practice exams with DDM questions before moving on to FCFF and RV). Remember to leave some fresh question sets for your final revision later.
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Did the same for the smaller sections, but only after I was done with the heavy weights. After I was done, it was probably close to 1 - 1.5 months before the exams.
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Worked on the fresh question sets from Schweser practice exams. At this point of time, I realised there are some things I’d consistently forget. I kept a bullet point list of them and scribbled short answers to really nail it in. Keep going through them.
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Only started Ethics and mock exams 10 days before the exams. I admit this was a very risky move - only had time to complete 1 and 1/2 of mock exams.
Not forgetting IFRS/GAAP… I memorised the differences and scribbled them down from memory EVERY DAY, regardless of whatever topic I was working on that day. I find it useful to do it during breaks.
I hardly touched the CFAI books. They were only there for Ethics, the EOC questions, and to fill-in-the-gaps that Schweser missed out or didn’t explain properly.
With this method, I had gone through all sections at least twice. There were some readings that I went through 3-4 times just to really get it in my head.
This is fairly detailed. Hope it helps at least 1 of you here.
The thing with using just notes for me is that I fear missing out on things from the books. That’s why I’ve always made it a point to read everything in the curriculum (but whether I retain them or not is a different story). 
My approach was taking a review course (CFALA @ USC) to stay motivated and on schedule, and doing the related Schweser QBank questions within a month or so of each class session. I got through most of the QBank (4k) in March/April. I used the Schweser Notes to find the appropriate answer if I didn’t know how to solve a question. I didn’t read the notes straight through. I really didn’t spend much time reading the notes at all except re multinational accounting, derivatives, pension accounting, and the “new” ethics stuff (soft dollars, research objectivity standards). Most of the topics are fairly intuitive and I really just needed to get the formulas down, which doesn’t require much reading. I barely even touched the CFAI books except for a bit on pension accounting. There is just too much useless information in them.
The last month I did mostly the CFA practice tests, and several of the CFA/Schweser mocks, plus redid most of the Financial Reporting & Analysis QBank because it was my weakest area and such a big part of the exam.
This approach differed from Level 1 (which I took in December). For Level 1, I took a Stalla prep course (again for motivation and to stay on schedule), but I read all the Stalla books all the way through cover to cover for each subject before doing their related PassMaster questions (about 3k). I also did some Schweser QBank (about 1k) after I finished all the PassMaster questions. Again, I mostly ignored the CFAI texts.
I work as the head of research at an ABS/MBS valuation/analysis firm. I didn’t go to college but my strong programming background got me into the securities business a few years out of high school. I have done extensive amounts of work in mortgage prepayment/default modeling, CDO valuations, some expert witness stuff, etc. I am in my early 30’s.
My scores were as follows for Level 2. For Level l 1, I had >70 in all sections except Econ.
Topic Max Pts <=50% 51%-70% >70% Alternative Investments 18 - - * Corporate Finance 36 - - * Derivatives 36 - * - Economics 18 - - * Equity Investments 72 - - * Ethical & Professional Standards 36 - * - Financial Reporting & Analysis 72 - - * Fixed Income Investments 36 - - * Portfolio Management 18 - - * Quantitative Methods 18 - - *
Starting early is essential. You never know what obstacles can come to interrupt your study plan. I started in September, read through everything once, did EOCs and once a volume was done, re-did all the EOCs for that volume until I knew them all.
Then do as many mocks as you can. Leave 2 months for serious cramming and revision (I redid all the EOCs after I was done with all the readings). But time is a key factor.
I passed L1 in December and started studying for L2 in March. I estimate that I put in around 250 hours (most of it in the last three weeks). I simply focused primarily on Equity and FRA. Followed by FI, Corp. Fin, Derivatives and Ethics. I paid very little attention due to Alt. Inv., Econ., PM and QM due to time constraints. I did only one half of a mock test and only a few EOC questions. If I had more time I would have of course been able to dedicate more time to the lower weighted topics. My advice to candidates would be to really focus as much as possible on Equity and FRA. I would start studying now and only touch the heavy weighted topics until the beginning of next year. I would only start focusing on the lower weighted topics once I had mastered the other topics. I personally spent way to much time the week before the test on Quantitative Methods. I probably spent 30 precious hours on it. It was such a small portion of the test, that I would have been better off focusing on the larger topics. Anyways good luck to all candidates. It’s definitely not an impossible test, but it is more difficult than L 1. I wouldn’t get discouraged though. If you put in the time you will pass!
what he said.
i passed L1 in December and then L2 in June…I started studying early February after I got my L1r results… best thing is to just keep a steady pace and make sure to give ample time at the end… So far for both levels I have used strictly Schweser notes for reading got through everything with atleast 5-6 weeks left then went from there right into the CFA practice problems and did those for 3-4 weeks and practice exams for the last 2 weeks. I also took 5 days off for L1 but could only take 3 days for L2 and used these to do as many practice exams as possible. I actually crashed the last 2 days and couldnt study any more and I think it helped. Nothing special, just have to keep a schedule and be persistent.