My weakest area is by far FSA. I passed level 1 with >70% on all areas including FSA, but I probably spent 80% of my prep time on this one area as I just don’t get it unless I constantly read and review. I was also pretty familiar with most of the other topics, like statistics and portfolio management. With the level 2, I’m not anywhere near as familiar with the other topics as I was with level 1. I’m also working full time now so I don’t have anywhere near the amount of time each day to prepare, although I’m starting much earlier. I just ordered the Schwesser essential solution (it better be worth the price) and I will use the CFA material as reference when I have trouble with a topic. There’s just no way I can go through all the CFAI books. Do you think its better to start with FSA and get through that before I go on to other topics or should I start with areas I’m stronger on and leave FSA till the end?
well, FSA, along with being your weakest area, is most focused area for LII. So, you can’t go wrong with starting with that.
The general consensus is that this is not an easy test… Whatever you can do to increase your chances of passing, do it! Just think if you don’t pass, you’ll have to wait until 2009
This demonstrates that accounting aptitude is independent of pure intelligence. I’m a bloody fool in just about every topic the human race can conceive, but for some reason, I just get accounting. I don’t get what it is about accounting/FSA that effs so many people up, but it’s clearly a trend.
Its the slight nuances that seem to f people up. I wish I had your problem kkent. I am only about 100 pages deep in the FSA book and nothing seems difficult or complicated like some of the stuff on level 1. I honestly don’t see how the largest section of the exam comes from a smaller of the 6 books. However, I too feel that FSA is my weakest area and I scored in the 50<70 range.
> I honestly don’t see how the largest section of the exam comes from a smaller of the 6 books. FSA is not necessarily the largest section of the exam, equity investments is: http://cfainstitute.org/cfaprog/courseofstudy/topicareaweights.html The area topics weights aren’t the same as the subjects in the CFAI books. The “FSA” section listed in the exam results includes corporate finance.
I see. I just remembered looking at L2 results like the one below and seeing FSA 108. Item Set Q# Topic Max Pts <=50% 51%-70% >70% - Derivatives 36 - Economics 18 - Equity Analysis 72 - Ethical & Professional Stnds. 36 - Financial Statement Analysis 10 - Fixed Income Analysis 36 - General Portfolio Management 36 - Quantitative Analysis 18
Considering how “little” the FSA book is, and that it does cover a good chunk of the exam, a question to the people who have taken L2 already… From what you remember about the FSA section in Level 2, is FSA a summary of both Level 1 and Level 2 in the sense that you need to know how to make adjustments to every part of the financial statements? I’ve read through the FSA book already, and towards the end of the book is a summary of all FS adjustments, a majority of which was covered in Level 1 (I mentioned this in a different post). I would imagine on the exam there probably will be something on pensions, something on consolidation/fx, and something on how to account for securities owned, but I’m sure if I need to go back to the Level 1 books for FS adjustments…
"From what you remember about the FSA section in Level 2, is FSA a summary of both Level 1 and Level 2 in the sense that you need to know how to make adjustments to every part of the financial statements? " I don’t think I used any of accounting learned in level 1 for FSA in L2. Personally, I’d say, start with reviewing level 2, and if needed, then go back.