Blackswan, can you tell us your story on how you passed L2 in 6 months. Did you use schweser or cfai material?
Just Knowing that is possible gives me confidence.
Do you have a link?
Its doable; just tough. Personally I slacked off for Lvl 2. I opened the books somewhere in November, and sat on volume 1 until February… That’s when I got serious. So in my case, a solid 4 months did the trick.
I don’t think 6 months is the problem. I think the fact that most people studied 4-6 months for Lvl 1, and right away back at it for another 6 months can be problematic - burnout!
gl.
I signed up for the startwithschweser offer, they said they will email you in three days with the access info.
Meanwhile, if anyone wants to get a start you can download the ethics section for L2 for free from the CFA institute site. That’s a bit over 200 pages to chew on. Add it to Schweser offer (I think they are offering the quant for free) and you have just enough to keep you busy with until you learn the results of L1.
And if you find out you bombed L1, that’s no loss because the L2 material simply builds on L1 based on what I saw in the LOS summaries for L2.
Videos may have been overkill for Level I, but they’re quite important for Level II.
Schweser and Elan offer quite of material for free so you can start studying now without having to make a purchase.
Schweser offers its study guides for Ethics QM and Econ plus QBank. Elan offer videos and study guides for QM and FRA
It’s been a couple years, and I think my brain has blocked out most of the painful memories, but here goes:
I BARELY passed LI in Dec on 6 weeks studying with no real academic finance background (I failed accounting, stats and finance in college as I had a partying problem and didn’t know I’d wind up in this field). I used the supplied CFAi texts.
While waiting for results, I passed the CMA exams also in 6 weeks as part of a company wide initiative within the finance department, but this time managed to score in the top 10 overall scores nationwide. I completed this about a week or two after L1 results came out.
I jumped back into the supplied CFA Institute (CFAi) Level II texts and just went at it. I used a brute force approach and went through the full CFAi texts cover to cover three times I believe. First to last, reverse order, first to last. I didn’t use Q-bank, although I do think it’s a great resource. I did the CFAi End of Chapter (EOC) questions as I went through, circled any interesting or difficult ones and then focused on those during the review. I also spent a lot of time answering people’s problem Q-Bank questions on analyst forum (AF) and by the end of the four months had a pretty good exposure to Q-Bank because of that. It’s also helpful to me to explain topics and see others’ explanations. Then I focused on the CFAi Sample and Mock exams. It’s key to start these early for feedback reasons (like 6 weeks out at least) rather than waiting too long because you’re afraid of getting a bad score. I had a formula sheet I made, and included any obscure formulas or theories I’d seen as I went through the materials (CFAi loves these).
Realistically, Schweser is probably a more efficient way to go about preparing, I’ve just always enjoyed reading the slightly more in depth CFAi texts. But in a time crunch, if you’re the type of person that likes to sleep more than 4-5 hours a night, Schweser may be a better method. Use CFAi texts as supporting texts for topics that you’re experiencing difficulty with. Another reason in favor of Schweser is that Level II is very difficult and the material has incredible breadth. Using more condensed Schweser notes may aid you with that struggle. Definitely use the CFAi EOC questions though. Quantity is low, but quality is very high on those.
Also, as always, it helps to save Ethics for last and review it just several days before the exam. Allocate study time strictly based on topic weights, not size or perceived difficulty.
My description of LII written at the time when I was studying:
“It’s like when you have your arms full of laundry and you drop a sock, bend over and pick it up, only to drop another sock, and it just keeps going like that. It seems everytime you have a handle on a portion of the curriculum, somebody asks a simple question and just as you’re thinking ‘duh, that’s level I stuff’ you realize you can’t remember the answer. “
http://www.analystforum.com/forums/cfa-forums/cfa-level-ii-forum/9687983
In the end I passed with >70 in nearly all topics, so what I did was overkill. It is very doable, although very difficult. In some ways, I think the guys coming straight off December followed by a short break for results have an advantage because the material is fresh to them, they’re focused, and they may not have as many burnout issues.
Hey Giovanni,
Where do you find the CFA Institute ethics section download? I can’t seem to find it on the CFA website. If anyone else knows, please post. Thanks!
I’m thinking of taking a different route. I reckon I’ll give up on trying on passing Level 2 in June 2013, I just think I’ll go insane. Instead I’m considering shooting for CAIA Level 1 in March 2013 and then if that goes well do CAIA Level 2 in September. Then prepare for CFA Level 2 from September 2013 to June 2014.
Any thoughts if this is a good strategy?
I mean, it seems fair to me. But in all honesty, do you really think the CAIA is going to directly benefit you or apply to your job? What’s your background? Are you employed or a job seeker? If it were me personally, knowing what I know now, IF I decided on the following June instead of the current June: Then I’d register for the following June, put LII candidate on my resume and take advantage of that free time to go have fun with friends instead of taking more somewhat marginal exams.
can you register in advance like that???
Ok, its been less than a week. But for some reason I feel like I’m going craxz not learning anything or studying. I really want to push up my studying, however I know it won’t be fair to my family.
I guess thats the effect of religiously studying for 6 months straight.
I’m not sure how far in advance you can register. You’d have to check.
Yeah, it takes awhile to learn to be a normal person again. I just kind of wandered around a bit before I started finding other things to fill the space. I still like taking time to read a book at starbucks or just chill there, I think that’s a leftover tendency from my CFA days.
a good news
I was reviewing level II curriculum text books and i found that almost 70% of ethics’ portion (The whole section of Stds I-VII ) is the same in level II. Examples, comments, guidance etc everything is same. To begin preperation from ethics without any doubt is the best start by keeping in view both scenarios fail or pass.
Ethics material is pretty much exactly the same in LII as you said. The questions get significantly tougher, but it’s not a lot different. That being said, I’d save ethics review for last as it’s so much detailed memorization.
I’m working in product development/management for a SMA but looking to change. The hours are good 9-5 which gives me plenty of time to study, something I don’t know I’d be able to do elsewhere.
The CAIA won’t directly benefit me in my current role but that’s not to say that it won’t be useful in the future.
Yes friends, gf and family have taken a back seat this year, so I have a lot of catching up to do. Also you do have a point, there are some other things I’d like to do, get some exercise, catch up on my tiVo recordings and play some BF3. 
Personally, I’d do the things in the last paragraph, maybe a little networking, but that’s your call.
BlackSwan - thank you for writing this… there is an adjustment period after the test. Im not sure I could describe it to a non test taker but it is absolutely true. It’s weird going to sleep without countless formulas haunting your each and every thought. Okay, that was a little over dramatic but the point is the same.
+1
For some reason formulas were penetrating my dreams. I dreamt of Chebyshev’s formula, I have no idea why my brain picked that one. Its such an odd formula and not really all that useful…
The adjustment period is hard. When I’m watching tv now I feel like I should be doing something far more constructive. When I’m hanging out my gf, I don’t have to tell her ‘I gotta go study now’ anymore, which is actually a really weird feeling because I know she’s expecting me to say it as well. 