The questions stand alone, just as at Level I.
L1: 2
L2: 9
L1 is a mile wide and a foot deep. L2 is a mile wide and a mile deep. Very huge leap from L1.
I found it really hard because there are a lot, really a lot of info you have to study.
Thanks for answering! stress levels have diminished… slightly.
Each case study covers a different question, no mix. But as far as I can remember the case studies published by CFA Institute on their homepage (and I strongly recommend to work these through) can cover different readings of the same section/topic.
Given that you are a slow reader I also recommend to develop your own strategy to tackle the case studies. In my opinion there are two ways to handle the vignettes. Since the questions are in chronological order (first question refers to one of the first paragraphs, second question refers to a later paragraph etc.) you could first read the first question, start to read the vignette until the paragraph where you find the relevant information and answer the first question, then read the second question and so on. This worked well for me but has the risk that you might overlook an important detail. The other possibility would be to read the vignette first, then to read the first question and to read the relevant paragraph again. This is more time consuming (and in my opinion less effective), but you will lower the risk to overlook something.
And I forgot to mention another thing: The derivatives section seems to be a problem for many candidates. Since I give lectures in derivatives this section was quite easy for me in level 1 and level 2. If this was a problem for you in level 1 you might also have a problem in level 2 since the derivatives section is more demanding in my opinion.
someone have said:
level 1 is like a walk in the park during a pleasant morning in autumn
leve 2 is like the first 40 minutes of Saving Private Ryan
D**n. I’ll have to go MJ mode on L2.
Hahahah. Point made.
Thanks. It seems there is a lot of different ways to tackle level 2 since it’s so much different from level 1 in terms of structure and difficulty. I’m going to start studying soon and then get a gameplan for answering the questions as I get closer to the exam. This is great help though. Derivatives was fairly straight forward but got a 51-70 on the exam…not sure what happened there…maybe low on time and had to rush that section. I figure the earlier I start, (September/October) the more time I will have to revise everything.
"Level 1 is to Level 2
as
a Swedish massage is to castration-by-way-of-cheese-grater"
or
"L1: You are in bed with Nicole Ritchie.
L2: You are in bed with Michael Jackson and are 6 years old."
and many more, here:
http://www.analystforum.com/forums/cfa-forums/cfa-level-ii-forum/91015512
Neither L1 or L2 sounds pleasant at all!!!
Side question. If you were in bed with Nicole Ritchie, how would you know?
L3 PM (multiple choice) is easier than L1.
Don’t psyche yourself out before you start with these silly dragon pictures or analogies. You’ll know soon enough, and you should absolutely be proud of your L1 pass.
Is the L2 material harder? No doubt. But it’s manageable, and there’s a nice amount of carry over from L1. Personally I think you’re starting way too early but to each his or her own.
I don’t find the dragons (the first two that I have experienced), to be very accurate. If Level 1 was a 5/10, I found Level 2 to be about 6/10. I prepped about the same (time, quality, and style) for each level (did fewer practice questions and fewer mocks at L2 than L1, though). Level 1 had a very broad but shallow curriculum. The Level 2 curriculum was significantly more narrow, but definitely deeper than Level 1 in terms of understanding a given topic (wouldn’t use the mile-wide and mile-deep phrase, either). It seemed that Level 1 had more information bits to memorize (leading/lagging indicators…), where Level 2 was learning a technique or method with some details to understand or memorize.
I agree with LTJ, don’t stress yourself out with the dragon analogies or anyone else’s experience…
Level 1 is very easy in comparison imo. The material on Level 2 is not hard by any means, and the exam was really easy if you studied diligently, but the amount of material is ridiculous. Studying like I did for L1, I would have failed, no doubt.
Start studying in November or December though, now is wayyyy too early.
This…pretty much exactly…
I honestly found level 2 easier then level 1. Going into level 1 and never having done accounting killed me. The material is broad.
I failed level 1 - 3 times. Just couldn’t motivate myself to get thru the material.
WIth level 2 the material was in depth and calculator based and killed it on the first time. I’m an actuary so numbers and calculations are my thing.
And none of these exams I see as a dragon. I feel anybody can pass this exams with putting X amount of hours in. There’s no material overly difficult. Just go thru it and know how to do all the calcuations.
WIth actuarial exams it doesn’t matter how much you study for certain exams because some of the material is just extremely difficult calculation wise.
And follow S2000 everywhere he goes.
Make that two in a row who found Level 2 easier. I also did better on Level 2.
I appreciated the extra info found in the vignettes. I felt like it was easier to find answers with all of the information provided. I’ve always preferred the format.
Also, for me personally, I was more familiar with the topics in Level 2 over Level 1. Everywhere it went deeper felt like things I understood better from college and work experience, so it seemed to work in my favor.
If you were running out of time in Level 1 though, definitely get comfortable with the vignette format. I found it easiest to look at the questions and then look back in the readings knowing what answers you need.
Definitely not psyching myself out. Just trying to get a feel for what to expect. I have been told that L2 builds on L1 and I’ve noticed I’ve forgotten some the formulas etc. I may do a slight review next month but did you find that you needed to remember everything from L1 for L2 or did it come back to you as you studied L2?
Thanks. Luckily, I was never afraid of dragons.
Thank you! Can have a life for a short while at least.