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vast majority of the item set questions are pretty well separated in the actual case that they layout.
So you could very well break it up into sections by question, though there will be times when information trickles down from section to section. Also I would suggest do as many practice exams as possible, youll begin to pick up on the key words and phrases that you need to focus on for the exam. Also scan the questions before reading the case so you know what to look for.
+1. Also RTFQ
Do LOTS of practice problem sets. They are very different than LI, and it took me some time to get used to it.
I agree with the other posters… scan the questions first before reading and do as many item sets as possible before heading into the exam. That said, be sure to read the item set in totality to make sure you captured all the relevant material. For example, there could be questions where they ask you to value an equity investment using DCF and give you enough data at the start of the item set to calc the required return. At the end of the item set though they will tell you to use a different RR, which will be the key to answering the question.
Read deliberatly during the exam. The test is as much about reading comprenhension as it is quantative application.
you won’t run out of time on L2. maybe if english was your 2nd language and you had a 500 SAT verbal, then you might run out of time. but even then, you would most likely finish on time.