Guys, I just appeared for CFA level 1 dec 2009 exam. I am wondering if I should enroll for CFA level 2 exam in june 2010. I would get my result on 27 jan 2010. Is a 5 month time frame realistic for level 2 preparation. I have full time job …but no kids. I just wanted to get a word from ppl who are preparing for the CFA level 2 exam. I do not have a finance background…I thought that level 1 exam was pretty tough and required lot of practice. This thread is assuming that I pass CFA level 1. Thanks
Well considering you have a full time job and you are from a non finance background , 5 months of time would not be sufficient according to me. As L2 is far more difficult then L1 . It would require lot of time and practice. Moreover you will get your result in the end of January that leaves you with only 4 months to go… By the way at present you are in which sector ? Software !!
5 months is plenty of time, it all depends on how hard you work.
Agreed, plus it could potentially be a significant advantage to have some of the L1 accounting, ethics and quant relatively fresh in your mind. Most people have a full time job who take the CFA exams - just roll up your sleeves, get some study notes, and get it done.
5 months is adequate for L2. I know a whole lot of people (full-time working) who’ve managed to nail L2 in this timeframe. Best of luck!
All depends on how much sleep you want and how big your budget is for Red Bull. Good Luck on your Level 1 results
I tried to do this last year, failed with a Band 10. Take that for what it’s worth.
Confucius “Not every man was created equal”
As long as you make full use of comprehending the LOS over 250 hours, you should come out fine.
You will be fine. Work hard.
312 hours 31 minutes and 4 seconds should do the trick
Ha-ha
ho-ho
tee-hee
I have the same problem. I will start after I get my results in January and am working full time. I have engineering degree worked in consulting, have an MBA and working at asset management at the moment. I believe I should be fine with 4 months hard work 2-3 hours per day 3 days /weekdays and 5-7 hours per day/weekends. I will take 1 week off towards the exam as well which should make more than 250 hours in total.
It’s enough time, but you are in for an intense 4 months. Plenty of people do it though… I put in over 400 hours in that time frame and passed.
I tried the same thing back in 2008. Passed Level 1 (dec. 07) with flying colors and attempted to study beginning Feb. 1st for Level II. I failed with Band 10. Even though I was that close to passing I was so burnt out that I decided to take a year off (and work was escalating as well so that takes priority) and here I am back to try it again… If you work long hours. I’d say it’s a coin flip. If you’re pulling somewhere around 9-5, then you’d be dumb not to take it.
I think you should view this as a probability of passing valuation to get an idea. Last June the 2009 L2 pass rate was 41%. I would say, excluding the repeat takers, it was maybe 25-30% at most for 1st timers. Some of these 1st time takers had a year so I would reduce down the pass rates from those who just got out of L1 in Dec. to maybe 10-20%. The odds aren’t good but the possibility is there. This is not scientific but demonstrates the point. Personally I think you should take it anyway to increase you changes of passing this time or the next. I passed L1 Dec 2008 and didn’t pass the L2 in June 2009 with over 400hrs compressed into 3 1/2 months. L2 I would say is 3 times harder than L1. If you are really good with mathematical problem solving and accounting, you increase your changes for L2. You also have to use your hours and study the right thing or it will be wasted. There’s a big randomness that can’t be underestimated even if you know your stuff. Good luck my friend. This is not for the faint of heart but can be done.
I would say that if you passed level one, you should spend 120-125% of the study time you put into level one, into prepping for Level 2.
Like the OP, I had no prior knowledge in finance when starting L1. I failed the first time in Dec 07. Passed with flying colors in June 08. Failed L2 June 09. WILL PASS THIS MOTHERF-ER in June 2010. With all that said, for people who have no prior experience, I think it’s very tough. You don’t even know if you passed L1 yet. If I were in your shoes, I would still go for June 2010 (regardless L1 or L2). If it’s L1, you will pass. If it’s L2, you probably won’t. Sorry. 4 months is not enough. However, there is a huge luck factor to the exam. For the first-timers, you’ll see what I’m talking about…