Need to remember level 1 for level 2?

Hi All,

I passed level 1 in June 2013 and I’m candidate for level 2 this coming June. Just wondering, can there be questions in the level 2 exam related to the level 1 program? For instance, can there be questions about PV or probability?


I think Level 2 will be totally based on Level 2. That is my assumption. For example in Derviatives, the references to level 1 material makes up the optional readings. When in doubt review the Learning objectives of the chapters.

Hope that helps.

I wouldn’t worry too much about it. Anything you need to recall will be covered again (like the Gordon growth model or CAPM.)

Of course, you’ll have to remember all of the TVM concepts. By April, you should be able to do these in your sleep.

Remembering doesnt matter entirely but it does cut down a lot of study time. Even little things like LIFO and FIFO and which ratios it affects and how.

What things are expensed or capitalized with internally developed stuff.

Held to maturity and how it works…list goes on…

although not necessary it saves hours of work…

All the stuffs you mentioned like LIFO, FIFO, the ratios etc… are they covered also in Level 2?

Ratios all over the place. The first unit of FSA is FIFO and LIFO i think. Then there’s leases, impairments…the more i think about it, at least for FSA — remembering a good amout of level 1 can be beneficial

so far in my studying, ethics and FRA has been almost entirely review (i am just noe entering the new material in FRA though)

FRA iseems to be a bunch of L1 material but in deeper detail. It’s like they took the most painful FRA topics and are making you learn more about them. Pensions, leases, incorporate investments, and currency translation…ugh.

What I’m coming to find is that there is definite carry over from Lvl I to Lvl II but the book tends to reintroduce the concepts, briefly explain them, then overload you with new information.

I wouldn’t be too worried about lvl I information, just study what’s in the lvl II book and study it 2x as long as lvl I. My biggest fear is the difference in how the test is laid out, word problems multiple choice vs single question multiple choice. Have to know steps 1-4 to get to 5 could be the dagger!!!

Honestly that I’ve completed the first 100 pages of FSA, I’m really happy I learned level 1 accounting well. FIFO, Capital vs expenses, Leases, depreciation…

you need to know all this…I know what you’re thinking…obviously you can relearn it but on level II it’s just soo much more in depth and having went thru it pretty well the first time is a life saver for me. I still would’ve did it but I would’ve panicked somewhat. I know this stuff well and I still didnt breeze thru the first 100 pages but I do know them inside out now…

no idea how the rest of the FSA text will be since again I’ve only completed a 100 pages…

I hope there’s no taxes.

Item set questions don’t build on each other - if you get the first question in the item set wrong, you are not automatically doomed for the rest.

Huge relief for me… Thank you for sharing!