please share your precious level 2 experience

I just cleared the cfa level1 exam by solely using the schwester notes, I am wondering whether I could pass by using the notes only or do you have some other suggestions, really appreciate every piece of advice:)

I can tell you that I did the same, and then tried the same thing with level 2. Failed miserably (band 5) first time. 2nd time used only CFAI and passed. I’m also not a financial neophyte - I’ve been in front-office trading for 10 years. Do yourself a favor and use the CFAI texts. They’re not significantly longer, but they tell you exactly what you need to know in order to pass. The “winded” readings and context help immensely, IMHO.

  1. Level 2 is only 120 questions vs. 240 questions on Level 1. This makes it much easier. 2. The pass rate is higher for Level 2 than for Level 1. This implies it’s much easier as well. Just do it bro. It’s nearly a coinflip pass probability if you show up.

CFAI Text and several mock exams. Good luck

Arial10 Wrote: ------------------------------------------------------- > 1. Level 2 is only 120 questions vs. 240 > questions on Level 1. This makes it much easier. Is that some sort of a joke? > 2. The pass rate is higher for Level 2 than for > Level 1. This implies it’s much easier as well. Fun with statistics. No mention of the fact that everybody who is taking L2 already passed L1. > Just do it bro. It’s nearly a coinflip pass > probability if you show up. Must not have taken the test.

You are clueless bro 1. 120 questions with item sets - way damn harder! promise you that 2. pass rate is 43% for L2 and 39% for L1. That means the 39% who passed L1 and put in effort only 43% of that group will pass L2. That says alot! My advice. . use kaplan first time around. Learn the basic material as much as you can. then the last 3 months stick to CFAI text and fill in the holes your missing and overlapping that basic material you have learned. drill on the practice exams and EOC questions

cgeorgan Wrote: ------------------------------------------------------- > > Just do it bro. It’s nearly a coinflip pass > > probability if you show up. > > Must not have taken the test. Your right, that’s why I sign my Excel Sheets with Arial10, CFA. Enjoy L2, round 2.

I used only schweser books and did a few questions out of the CFAI text in areas that I was weak. The biggest difference between L1 and L2 for me was that after reviewing all the material for Level 1 I was able to score around 65% on my first practice test. With level 2 I scored about 55% and was forced to do a lot more frantic studying the last month. So my biggest suggestion for you is to take a full practice exam before April 1, you’ll find that there is a lot more to review and re-learn. regression also takes up a good 100 pages or so and I skipped the material the first time…dont make my mistake haha

I think the CFAI needs to add a vignette on sarcasm. I failed L2 last year Band 8. Used Schweser only. I blame my lack of studying for not passing (~175 hours). Schweser is fine, but it’s no secret shortcut. You still need to put in the time just as you would with the CFAI books. Passed this year. 8 topics >70. Studied from the CFAI books only, redoubled my efforts, and studied around 315 hours. The biggest game changer for me was focusing on FRA. I bombed FRA in 2010, <50. I went to a John Harris L2 FRA prep workshop and it did wonders for my FRA scores. On the six mocks I took I scored an average of 86 in FRA. You have to know the big dogs, FRA + Equity, in and out otherwise it’s going to be really tough to pass. L2 is night and day compared to L1. L2 will humble the brightest of minds if you do not put forth a quality effort. There are a lot of people that took L1 and scored 10/10 >70, but managed to fail L2 miserably.

I graduated in April 2010 (Master of Finance from a French Business School). Passed level 1 in December 2010 : using schweser only Passed level 2 last June : using CFAI for Ethics and Schweser for other topics (I took notes readung them). I came back to CFAI books when I was not confortable with Schweser. I did EOC from CFAI of course + mocks.

I just used Kaplan (material + tests + cheatsheet) - worked as a charm for L1, but failed miserably for L2. Just use kaplan notes to get overview\understanding of the material for L2, then move over to CFAI Texts + tons of mock exams. Also I started in Feb - which I guess was the fatal mistake for me - L2 definitely needs twice the study time than L1. Dont dwell on your L1 success & strategies - that is just the perfect disaster recipe !! Been there… Heartly Congrats and hats off to all those who passed L2 in their first attempt… m going to be back next year.

The guy who said L2 is easier is clueless. I used schweser for both levels and passed. Level 2 was a lot more work than I anticipated and my 2 week vacation in the middle didnt help but just know that it’s possible. My learning curve really ramped up the last couple weeks doing a ton of problems…I started the day after the super bowl for reference and I was still forgetting stuff I studied at the beginning. Best of luck…just know you dont have to believe everything you read on here about how to study/pass the exam

used schweser and passed both levels. didn’t really read CFA text except in a couple specific accounting problems and ethics. did EOC q’s 2-3x. did 3-4 mocks. not much qbank, if any. created my own notes + flash cards. L2 is a lot more work/material (like 2-3x more), but the same detailed process I used in L1 worked for me.

I recognize everyone learns differently. Having said that ------ I passed Level 1 in 2009 using only Schweser. I have always been someone who can pick things up quickly so I figured no sense deviating from what worked. I sat for Level 2 in 2010 using only Schweser and the CFA mock exam… failed band 7. More importantly, I walked out of that exam 1) knowing I failed and 2) feeling completely unprepared for the kinds of questions they ask. This year, no Schweser… studied only CFAI text and CFA mock and passed. The material is still hard, but I felt so much more prepared. Point being, I know a lot of people pass level 1 with Schweser. If you want my advice, don’t even bother for Level 2.

prophets x2…same here. it can be done it’s all about the person tho everyone is different

Here is my L1 and L2 comparison, more effort but lower grades in L2. L1 0(<=50%) 3(>50%) 7(>70%) - PASS - >300 hrs L2 5(<=50%) 2(>50%) 3(>70%) - PASS - >400 hrs 300/400/500 hours, its never enough. Start early and don’t stop until finish.

Everybody is different. I used Schweser exclusively for Level II. I did all of questions (including the examples in the notes); all of their mocks; and did the CFAI mock, too. I also did the end of chapter ETHICS questions for the CFAI (I like to emphasize Ethics for the ethics adjustment). I wouldn’t say the Qbank is totally useless for Level 2, but it’s certainly not as a useful as it was in Level I. That said, it’s good to use to improve your weak areas. However, I’d stick to the intermediate to advanced questions. I say if you have a lot of time to study, go the CFAI textbook route–it’s the safest way. However, if you’re ever short on time, go Schweser. Or try using Schweser and also use the CFAI textbooks for the end of chapter questions. Then refer to the CFAI text if Schweser doesn’t adequately address your problem.

Just try to know everything in the Kaplan Notes (which is already huge) and I can tell you that you will know enough to pass the exam. Practice exams and exercices are key during the last 2-3 weeks.

I used a set of 2010 Schweser notes and videos the first time through the curriculum after checking for changes in the LOS between 2010 and 2011. Second time through I reviewed the Schweser notes and did CFAI end of chapter problems. Anything I was struggling with I read the CFAI text for until I could solve the problems. I focused most of my attention on FRA and Equity and nailed those sections on the exam. FWIW, I’ve been working in Equity Valuation for four years, so that section was not terribly difficult for me. I blew off Derivatives because they’re really difficult for me for some reason. You don’t have to get them all right. Basically, I passed using a combination of Schweser and CFAI materials and put a lot of emphasis on the two largest sections (FRA & Equity).

Well, biggest difference from L1 is volumes. L2 had many. With full time job, it usually knocks off the brightest. Was wise (luckily) to avoid E-book and went for hardbound instead. Took FRA, Equity, Derivatives & FI books each day from October. To sit while going office, started in earlier train. Up & down travel, each 55 mins. Lucky I was able to concentrate hard in spite of noise. This went on till March. From mid-march started Corp finance and simultaneously reread the big guns. CFAI books were excellent for these topics. Then came Chief distracters such as Cricket world cup, IPL & Rolland Garros. By May 1st week, somehow I limped and arrived confidently about big guns and utterly terrified of others (AI, PM, Ethics, Quant, Economics). With short time in hand, shifted to Schweser for remaining topics. Then shifted to top gear, woke up at 4, studied till 8, arrived home from job by 9, studied till 11. By May 20, started mock tests. Scored 65-70% in CFAI mocks & 70-75% in Schweser mocks. Out of exam hall, not as confident as L1. Later learnt that nobody comes out of L2 fully confident and those who did mostly missed the trap. How true!