Thoughts on taking a break between L1 & L2

Hello, I was wondering if anyone has voluntarily taken some time off after passing L1 (say 2 years or more). I would think that tackling L2 while the L1 knowledge is still somewhat implanted in my head is advantageous in a way, but I really don’t want to jump into the next level just because I passed L1. So, I am wondering if anyone has taken a longer break before pursuing L2 and if so, did you find it difficult to get back into it/ did you have to refer back to L1 at any time (maybe because L2 builds on L1)? Thanks in advance

Even there are still L1 things in your mind. A lot of new materials in L2 you need to crunch in 4 months; that means you don’t have time of getting back to L1 materials. Don’t worth spending time on taking break. Just go ahead with L2 materials and try a hard pass in Jun this year.

Everybody needs to take a good hard look at their personal situation to determine whether they can put in the time and effort to take Level 2 with only four months of preparation. 1. Do you work? Can you find time to study at work? 2. Do you have to deal with family after work? On the weekends? 3. Did you ace Level 1 or squeak by? 4. Can you afford the registration and study materials right now? What if you fail and have to buy the materials again for 2010? 5. Are you sufficiently motivated right now? 6. Are you concerned about the relative disadvantage versus those who began studying many months ago? There are probably some more things to think about, but those are some off the top of my head. My decision: better to wait until June 2010

  1. I work, but not in finance. I think I can squeeze in about 2-3 hours on weekdays and 5-6 hours on Sat/Sun. 2. I have no family. I live alone 3. I did not ace level 1, I got >70% on 7 parts and 50-70% range on the following: Corporate Finance, Equity Investments and Ethics which are pretty big portions (20, 24, and 36 respectively) 4. I just started my job. 5. I am motivated in the sense that I want something to keep myself really busy 6. Well, what can you do.

Let me answer my own questions, and then you’ll understand why I’m waiting for June 2010: 1. Just started a new job in finance this week. Definitely a learning curve with respect to in-house processes, and was told it will probably take six months before I’m truly comfortable with things. Hence little time to put in any quality studying at the office. 2. Have a wife and four kids, ages 4-11. 3. Squeaked by Level 1 - only had three sections >70% (but those included FSA and Ethics). Even had one section <50%… 4. New job unfortunately pays a lot less…and thus the budget will be tight until things improve career-wise. But at least I have a job again. THANK GOODNESS 5. Still feeling residual stress from having been unemployed four months while putting in the effort to pass Level 1. Adding to that the stress of learning new job as well as longer and earlier commute…my head simply won’t be deep enough in the CFA zone to have a decent chance of passing in June. 6. Don’t want to feel disadvantaged with only four months of study…on the contrary, I want to be among the advantaged group! Gave myself eight months for Level 1… I don’t want to be a hero, I want to pass the exam! And planning my study schedule and sticking to it will be KEY. My Level 2 study plan starts with the CFAI materials in July…adding the Schweser stuff in October…and plenty of lurking on AF until then. Also gives me lots of time to brush up on my weak Level 1 areas.

I say: go for it now. The experience of sitting the test this June, alone, will make it worth your while. Then you will be much stronger for 2010. But if you pass in 2009…what a celebration! Where is the downside?

ruins Wrote: ------------------------------------------------------- > I say: go for it now. The experience of sitting > the test this June, alone, will make it worth your > while. Then you will be much stronger for 2010. > But if you pass in 2009…what a celebration! > > Where is the downside? $. time. stress. disappointment in failing. etc. thanks for the insight dapoopa. I am leaning towards 2010 as well. i am starting my full-time job soon and that alone is making me feel a bit overwhelmed. besides, i am poor so it would really suck if i fail in june and i have to pay for this stuff again next year. good luck to all '09ers!

the way I see it - Stalla’s Tuition Waiver Guarantee is a good hedge for this. If you follow their classes each week and work hard for the next 4 months, you stand a chance of passing. If you fail, they pay for your study materials next year and you’ll already have had one run through it so will almost certainly pwn it.

JUST DO IT - NIKE