Okay here is my plan for Level 2. I am not the sharpest knife in the drawer…however, I can work hard. So repetition is the key for me. For Level 1. Started End of Jan. I did the QBank, CFAI EOC, Elan Mocks, CFAI Mocks, Schweser Mocks Vol 1. Did the mocks 3-4 times each. Passed and scored above 70 except AM and Corp Finance and finished both sessions in 1.5 hours. But my plan for Level 2, I am going to start earlier and aim to do 10,000 questions. I will count questions done twice. Start Aug 9th. Read CFAI Texts and Schweser Text, EOC Schweser (once they arrive) and CFAI. Schweser Qbank. U of T prep course 26 sessions with 2 mock exams and weekly quizzes. Starts in October. CFAI Mocks, Schweser Mocks and another third Party Mocks. 2 weeks off before the Level 2 exam. Is there anything else you would recommend?
Below is my score for level 2 to add some credibility on my advice: Your results for the June 2010 Level II CFA exam are below. The pass rate for June 2010 Level II was 39%. If you have questions or comments, please contact us. Level II: Pass The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area. Item Set Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Investments 18 - - * - Corporate Finance 36 - - * - Derivatives 36 - - * - Economics 18 - - * - Equity Investments 72 - - * - Ethical & Professional Standards 36 - - * - Financial Reporting & Analysis 72 - * - - Fixed Income Investments 36 * - - - Portfolio Management 18 - - * - Quantitative Methods 18 - - * Solely based on my experiences, your study plan for level 2 is too much and too early… Start Aug 9th - I started Feb 2010 and took the exam on Jun 2010, but spent around 250 hours. Read CFAI Texts and Schweser Text, EOC Schweser (once they arrive) and CFAI. -I only read Schweser text and finished most EOC questions on CFAI. Schweser Qbank. -Believe it or not, for level 2, qbank is not that useful. I probably only did 100 questions and stopped using it and focused on actually understanding materials and worked on EOC questions. You will be surprised how actual exam will be short and less calculation intensive… For example: don’t do 100 NPV problems on qbank, but rather try to understand what’s “EXACTLY” included in outflow of cash in the beginning of project or things like that. If you just keep doing q-bank questions and think you’re ready for the exam, which you will most likely just calculate NPV or IRR, you will have hard time on the actual exam. U of T prep course 26 sessions with 2 mock exams and weekly quizzes. Starts in October. - I haven’t taken any class…so I don’t know. CFAI Mocks, Schweser Mocks and another third Party Mocks. -MUST 2 weeks off before the Level 2 exam. -It will be helpful nice if you can. I did finance for undergrad and am a recent grad (09), so it probably helped me in terms of learning the materials and saving some time. But you start, to me, way too early that you might be burned our around March or April when it’s really important time to study 20 hours a week while you’re working 40/50 hours a week. Well, it’s all up to you and hope it helps and good luck!!
Below is my score for level 2 to add MORE credibility on my advice: Level II: Pass The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area. Item Set Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Investments 18 - - - - - - - - - - - - - - - - - - - * - Corporate Finance 36 - - - - - - - - - - - - - - - - - - - - - - * - Derivatives 36 - - - - - - - - - - - - - - - - - - - - - - - - - - * - Economics 18 - - - - - - - - - - – - - - - - - - - - — -* - Equity Investments 72 - - - - - - - - - - - - - - - - -* - Ethical & Professional Standards 36 - - - - - - - - * - Financial Reporting & Analysis 72 - -----____------______-_-* - Im a 5-star chick
dhyun3 Wrote: ------------------------------------------------------- > Below is my score for level 2 to add some > credibility on my advice: > > Your results for the June 2010 Level II CFA exam > are below. The pass rate for June 2010 Level II > was 39%. If you have questions or comments, please > contact us. > > Level II: Pass > > The table below illustrates your subject matter > strengths and weaknesses. The three columns on the > right are marked with asterisks to indicate your > performance on each question or topic area. > > Item Set > Q# Topic Max Pts <=50% 51%-70% >70% > - Alternative Investments 18 - - * > - Corporate Finance 36 - - * > - Derivatives 36 - - * > - Economics 18 - - * > - Equity Investments 72 - - * > - Ethical & Professional Standards 36 - - * > - Financial Reporting & Analysis 72 - * - > - Fixed Income Investments 36 * - - > - Portfolio Management 18 - - * > - Quantitative Methods 18 - - * > > > Solely based on my experiences, your study plan > for level 2 is too much and too early… > > Start Aug 9th > - I started Feb 2010 and took the exam on Jun > 2010, but spent around 250 hours. > > Read CFAI Texts and Schweser Text, EOC Schweser > (once they arrive) and CFAI. > -I only read Schweser text and finished most EOC > questions on CFAI. > > Schweser Qbank. > -Believe it or not, for level 2, qbank is not that > useful. I probably only did 100 questions and > stopped using it and focused on actually > understanding materials and worked on EOC > questions. You will be surprised how actual exam > will be short and less calculation intensive… For > example: don’t do 100 NPV problems on qbank, but > rather try to understand what’s “EXACTLY” included > in outflow of cash in the beginning of project or > things like that. If you just keep doing q-bank > questions and think you’re ready for the exam, > which you will most likely just calculate NPV or > IRR, you will have hard time on the actual exam. > > U of T prep course 26 sessions with 2 mock exams > and weekly quizzes. Starts in October. > - I haven’t taken any class…so I don’t know. > > CFAI Mocks, Schweser Mocks and another third Party > Mocks. > -MUST > > 2 weeks off before the Level 2 exam. > -It will be helpful nice if you can. > > > I did finance for undergrad and am a recent grad > (09), so it probably helped me in terms of > learning the materials and saving some time. But > you start, to me, way too early that you might be > burned our around March or April when it’s really > important time to study 20 hours a week while > you’re working 40/50 hours a week. > > Well, it’s all up to you and hope it helps and > good luck!! Dude your advice is not applicable to the guy in contention. Many people on AF have failed L2, 3 times doing what you have done once. Bachelors in Finance is a BIG, BIG edge that you are discounting. Think of reading yourself and trying to get a 80% ile of Maths Subject GRE(People who want to pursue grad school in math write this). Letsdothis, Your plan is pretty much sound. However I would suggest you to go through CFAI EOC/ CFAI question multiple times. If possible make self made notes from CFAI books. Its better to study 10 months once then 4, 4, 6 month.
For me starting in August is too early and would bring me to burn out late in the Feb- March 2011.
I think asking for whether you study regime is enough and asking for other ppl’s own regime should also include what background they have. They may have already extensive background in various subjects so wouldn’t have to spend as much time on certain subjects. For lvl 1, I took 3 months and passed it. On lvl 2, I passed it on my second try. And I can say using repetition and drill the question banks for lvl 1 may work, but not for lvl 2. The key is to understand each LOS. Having a deep understanding of lvl 2 LOS will help you with lvl 3 down the road. So start early if you have the time and learn the materials instead of just aiming to pass the test.
I passed Level 2 recently on my first try. My thoughts on your program: If you are going to start that early, then I would start by reading the CFAI texts only. Spend the time reading slowly enough that you absorb it and understand it, at least for the moment. Then, I would go back to the beginning and start again, but this time read the Schweser texts and make notes. I have written a ton of exams and passed all but one on my first try using this sort of approach. Multiple passes over the material. Each time you go back to the beginning, you’ll find it more and more familiar and you can go from least condensed to most condensed format (CFAI texts => Schweser texts => CFAI EOC Q’s + Schweser Q’s => your own notes and formula sheets). I always found it helpful to take a notebook and make condensed notes as I went through with key concepts, lists or formulas. Just a few pages per chapter. This can be used for “open book” EOC problems until you have basically memorized your notes, then close the book near the end of your studies and try to answer EOCs closed book. Good luck!
That was very useful - thanks ! Did you read the CFA books and when did you start studying? I feel like I should start early but I don’t have the will yet to look at the CFA books …
I passed level 1 in 3 months >70 in 5 of the biggest topic …im starting my studies rite now for level 2 already through the first 2 chapters in equity from schwiser text…EARLIER you start more ahead you will be from the rest of the pack…No harm whatsoever to start early …
Too much in my opinion, starting in Jan. is plenty of time (unless you have an extremely busy schedule). If you want to start early, start in dec make a quick pass of the readings to familiarize yourself with the material and get an i idea of what the rough parts will be, dont get hung up on anything here just keep reading and try and finish by mid jan., then from mid-jan to mid-march go trough each study section, learn it, do all the questions, mid-march to mid-may go back through start memorizing all the formulas, taking mocks, working on problem areas, redoing EOCs, etc. and then from mid-may out just kill it
Thanks !!! Both posts have helped me get more perspective. I think I will go with the sooner than later, just to pace it out.
Thanks guys for the tips… I am still going to go early but take my time. My work is extremely busy so balancing that with the demands of the CFA will be my biggest challenge moving forward.
Start when you want you are your best judge of how much time to put in. As stated above the Q-bank is much better for Level 1 than Level 2, set the Q-bank in Mod and difficult, take the chapter exams these tend to be Item Set questions. If you are starting this soon make some note cards of the equations and the straight memorization parts (example: Assumptions of Regression) this will make April and May very easy. Even if you don’t use them much now you will have them ready for the end. The sooner you hit the CFAI EOC’s the better, if you could hit them all once good, 2 times is great and 2 times while doing your hard subjects 3 times is exceptional. I’d highly advise you don’t take the last 2 weeks off. I skimmed Ethics, did the EOC’s and read the new Ethics parts hard in the last 2 days this made the Ethics section a gift. If you have time skim or do as many EOC’s of: Ethics, FRA, Corp Fin, Equity in the last week to 10 days.
We all have different strategies. There is no best way to go about it… just do the stuff your own way. I like starting early. I have started reading for Level 3 already. I try to front load as much as possible and I have never burnt out once, not once. This is because while others are accelerating in April/May, I am slowing down, taking more time out with the girlfriend and watching movies, doing light studying and answering CFAI EOCs and Q-bank. But truth of the matter is Q-bank is more useful in Level 1 than Level 2, you can do without it here.
10,000 questions?!?
Sorry the last the 2 weeks off, I meant from Work…I will be putting in 12-14 hour days those last two weeks.
Q-bank is garbage for L2…dont waste your time…after about 100 Difficult questions (the only vignette questions) they start to not make any sense… but otherwise, its a good plan…repetition is key for L2… just go through everything and keep on doing it again and again until exam day.
Stop looking for short cuts. Just read the CFAI texts, take notes on the sides of the pages and highlight where applicable. Do the EOC questions and all the CFAI mocks. If possible, try to get your hands on last yrs mocks and this yrs. This way you’ll have 3 mocks exams to take, 2009, 2010 & 2011. Do all the CFAI samples exams then redo all the CFAI EOC questions. Rinse & repeat. Seriously, the CFAI really gives u enough to pass.
Thanks for all the tips… I have re jigged things as you guys have suggested. 1. CFAI Texts - Read and make notes and EOC questions once over by October 28. 2. Oct 28 - April 16 - U of T prep course of 26 sessions - it is actually 4 mocks. Once a week 3 hour course. Obvisouly studying on weekends and some weekdays during downtimes. But pick it up by March to almost every day. They provide course notes, slides and 30 minute tape recording prep for each study session. 4. CFAI Mocks - I have 2009, 2010 and will have 2011. 5. Schweser Mock - 2010 and 2011. 6. Elan mock if it exists by then. 7. EOC questions all the time, till I know everyone cold. The reason why I am starting early is I want to feel like I failed already once and have seen the material before I really start grinding hard. I will say the CFA did a good job on not repeating questions from old mocks or other providers in Level 1. So I expect the same. I am putting an emphasis on LEARNing the material and knowing it as good as I know fantasy football!. For me I have to talk it over and over till its like I breathe this stuff. So I will be on the board a ton! I also have a friend doing the same course and will be writing at the same section as me. We decided to write on away from Toronto to get away from the 6000 writers on exam day. We will push each other.
Whats your work background “letsdothis”?