CFA Level II Study Plan

MagicHat

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Alright, time for another study plan. In my imperfect pursuit of being a CFA charterholder I am in need of random strangers who can help me to calm my sense of insecurity. Oh, yeah, and if anything here sounds strange, just take into account that I am done studying for the night and am most certainly a couple scotches and a half a bottle of wine deep at this point.
I am using Kaplan Schweser for the majority of my preparation. There is a weekly online class that is offered as a part of the package I purchased. Due to my obligations at work, I will likely never make the live class, but it is available to watch as an archive version 24 hours after it is live. To be honest, I haven’t watched one yet; I am mostly using the class as a way to keep myself accountable to its reading schedule. If I complete my reading according to this class’ schedule, I will have slightly more than a full month to do nothing but test and review areas in which I am weak.
As I initially read through the material, I make comprehensive notes. The notes I make have thusfar averaged 3-7 pagers per Reading and include all essential information. I know that this seems somewhat unnecessary/obsessive, but it helps me to actively take in the information and process it as I read. Not to mention, it’s going to be pretty nice when I go have it all printed out and bindered up at kinkos to exhibit my ultimate nerdiness. In the past, I’ve worried that I waste time reading, when I should just read the key concepts at the end of the chapter and test the material. This time, because I have begun preparing earlier (started in late Feb for level I), I can take the time to read it slowly, take the notes and still have a sufficient time to test. I work through the concept checkers at the end of each reading and continuously take tests in the q bank and track my performance, although I am spending the vast majority of my time taking notes and reading at this point; not testing. This is the one thing that worries me about this strategy.
Once I have completed the reading (again, according to the online class schedule), I will have approximately 5 weeks to dedicate to q bank tests, mock exams, and CFAI problem sets. (Not to mention I have the week prior to the exam off from work).
As a final thing, I am not touching ethics until the weekend before the exam. Codes and Standards haven’t changed and I’m still going to dedicate 2 full days to it anyway; and in that final week prior to the exam, which (again) I have slated as vacation, I will touch on it lightly.
Ooooooookay!!! Now give it to me! If you’ve managed to make it this far in this drunken rant of a study plan, then give me your criticism and/or support!
 
Thank you for your post, I liked it:)
If I were you I would plan to solve item sets not only in the last 5 weeks of review but also during your preparations. IMHO it is important to get used to the format of the exam. I took another route than you and study from the CFA Curriculum according to this study plan: http://soleadea.org/cfa-study-plan/level-2-june-2016-4-month
Fingers crossed for you!
 
If i remember correctly, Andy Holmes is the L2 class instructor for Schweser… I would HIGHLY recommend you at least watch the archived videos. He’s an excellent instructor, particularly when it comes to FRA and derivatives.
 
Whisle, thanks for the link. I will check that out. I hear you about the problem sets. I’m going to work those in more.
Would You Look, I will watch at least some of them. Thinking the FRA ones for sure and any other areas I feel weak. Sitting down and watching a 3 hour video when I could be practicing problems is tough for me to digest though.
 
Makes sense. I’m taking notes on any reading where skimming the Summary left me clueless.
I definitely feel layering is key for L2. Learn a thing well, deliberately step away, then go back and learn it again (in less time), then go away again … repeat repeat. Eventually, the pain of re-creating that basic conceptual understanding pays off and you cannot forget it.
There’s a whole school of thot on spaced repition.
Given the horror stories I read about people acing Qbank and failing L2, why not ignore Q bank and just repeat EOC PP. You can pick a subset of each group that covers off all the testable concepts and hit ‘em 4-5-6 times.
My plan for equations is also to layer. Like, for Free Cash Flow, I spent time memorizing the basic Net income and CFO ones, and didn’t bother memorizing the others. When i went back and hit the reading again, it was a lot easier to memorize the EBIT/EBITDA and FCFF–>FCFE equations.
But till May I’m counting an answer correct if I needed to look up the equation (if I knew it, but couldn’t quite recall the full equation). Figure it’s better now to focus on understanding the “why”, as it can help reveal what an equation should essentially be, and then memorizing it gets easier.
 
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