My L2 Thoughts

First time poster, long time reader…

There are many posts out there with some really good advice on how to pass L2. Obviously the trick is to find something that works for you or to find a strategy proposed by someone else that you can relate too. Its needless to say (but I will say it anyway) that tricks applicable to a 35 year old parent of 2 children under 5 will not work so well for a 25 year old who cannot fully give up their xbox/drink/spin class addiction. Here I have some pointers that may help but may not have been offered up on these forums before…

  1. Believe that each hour makes a difference - at times you will spend hours studying and at the end feel like you have learned nothing. Other days you will spend just a couple of hours on a topic and feel like you have it mastered. Every hour accumulated helps in someway. It can be hard to see at times but just keep putting them in.

  2. If you ‘slip up’ and don’t spend a weekend or week studying it is not the end of the world - sometimes a couple of days off from CFA material will make the world of difference. You will feel motivated to make up the lost time and your brain will thank you for the rest. Less is sometimes more (someone could tell the institute this one!)

  3. Embrace your vice(s) - You will put hundreds of hours in to this thing. Reward yourself as you go to keep yourself sane. Your vices will taste/smell/feel so much better when you work for them.

  4. Use the method you used to pass level 1 (with small tweaks if necessary) - if it ain’t broke don’t fix it. You know the weaknesses and strengths of what method/provider you use. This is insider information and you would be mad not to utilise it!

  5. Don’t fret with a week/month to go - People are never sure of the fact they are going to pass yet approx 40% do each year (often the best past rate of all 3 exams). I can almost guarantee you will feel physically ill as the uncertainty builds before exam day. Accept you can’t be sure and focus on what you can still learn. I stumbled across formula I had never seen on the day before the exam and lo and behold it was in my exam. It may have been the difference for me (I was v close on L2!!). You will be surprised how many people tell a similar story.

  6. The AF clichés are true - work hard, be prepared to sacrifice, accept there maybe tears, work harder, focus on the big 3, work consistently over the 3-6 months before exam day, be disciplined, do practice questions till you can’t bear the sight of them…

FYI: I am a L1 1 Dec 10 and L2 Jun 11 passer. Spent 300-330 on hours L1 and 320-350 L2. I am 29 with active social life and work 10.5 hour days.

Thanks for sharing. The uncertainty and fear of failing the exam forces you to study very hard and there is just never too much study when it comes to the CFA curriculum. Everytime I review the materials, I find something new. Good luck with level III.