I noticed they put an especially large number of trick questions in the FRA section. You really got to have deep knowledge of FRA it seems, and it has a high weight on the exam. Whereas for economics, alternative investments, corporate finance, and such they ask very basic sorts of questions with no tricks pulled, like “lolz wat iz snesitivity analysis?”.
The ethics questions aren’t nearly as bad as in level 1. It seems to merely be a matter of remembering in great detail all the standards, especially the soft dollar, prudent man, and research standards.
Equity seems to be simply a matter of remembering all those formulas, which is a good thing. I hope they ask a bunch of questions on how to calculate FCFE and whatever.