Hi guys. I’m a new L2 candidate and would really appreciate any words of wisdom you can pass on to me… People at work tell me that L2 is the hardest so I’d like to be mentally prepared before hitting the books next year. So I had a couple of questions for you guys… 1) Is L2 conceptually more difficult than L1 or are the L2 questions in the exam more difficult? How does the volume compare between L1 and L2? 2) Which set of books did you use as your bible? Schweser, Stalla, CFA text 3) Do you think there are any shortcuts to this exam? 4) Which topics did you find most difficult/easy? 5) My strategy for L1 was to do tons and tons of questions (as opposed to reading books)- will I be taking a huge risk if I did the same for L2? Thanks for reading and would appreciate your help! and Well done to all those that passed today!
- Is L2 conceptually more difficult than L1 or are the L2 questions in the exam more difficult? How does the volume compare between L1 and L2? I think for someone who came off L1 with a fairly solid understanding of the material, it’s not conceptually difficult, it’s just a lot deeper. In some cases, it really builds, like in FSA. Consequently, the volume is quite a bit more than L1 in my opinion. Ethics is kind of a freebie since it’s mostly identical to L1, just a little extra. It’s not much, but you gotta take what you can get. 2) Which set of books did you use as your bible? Schweser, Stalla, CFA text I read every page of CFAI. Maybe I missed a few since I pulled a “Fail” (band 9) out of it. Ugh. I used Schweser’s practice test books and review books. The practice tests were great. I suggest getting through the material - however you choose to do that - and start plowing through practice questions 5-6 weeks from the test. 3) Do you think there are any shortcuts to this exam? No, unless you count Ethics. That’s not really a shortcut though, it’s just a gift to those who mastered it in L1. 4) Which topics did you find most difficult/easy? I have no idea how to answer this. I thought I had Econ whipped and I got < 50%; FSA had me worried and I got > 70%. They can test you on whatever nitpicky thing (Bal. of Pmts!!!) they want and if you’re a little weak on that particular point, forget it. The best thing you can do is know all of it thoroughly. (Consider this an answer to your shortcuts question.) 5) My strategy for L1 was to do tons and tons of questions (as opposed to reading books)- will I be taking a huge risk if I did the same for L2? I don’t think so. It’s how I prepared. I didn’t get to the practice questions until a little late in the game and I think that really hurt me. It kinda takes a while to get through the CFAI books if you’re hitting every page though. Maybe one shortcut is to skim areas you feel acquainted with and pick them up in the practice questions - they’re important. Very important.
Thanks for your advice seerwright
I’m about to give up after failing for the second time. My MPS was 49% not sure if I have a chance at this thing.
i just found out that i passed after my second attempt. i’m very relieved Level 2: Pass The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area. Item Set Q# 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 Statement Analysis 72 - - * - Fixed Income Investments 36 - - * - Portfolio Management 18 * - - - Quantitative Methods 18 - * -