How I passed level 2 exam

Rain01

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Hi guys, this website has offered a lot of help to me and I thought I would discuss how I passed the level 2 exam and hopefully it may help someone out there. Here is what I did. I must also add everyone has his own style of studying. What worked for me, may not work for you. So please keep this in mind while reading this.
1) Read schweser notes Book 0 to Book 5 and ofcourse did all eoc questions. In my first read I had zero focus on retention and memorizing formuls etc and 200 percent focus on making sure I understood everything and every concept inside out. So If i did not understand anything, I would maybe do some more research on the internet, use this forum, read other books, reread and reread until I was sure I had in depth understanding of what was written and why things were the way they were. I feel this is important. Some people get some satisfaction by telling themselves hey i read 50 pages today or 100 pages today but maybe it works for them but for me. I would not understand anything that way and its just false sense of satisfaction. I think I would read 20-25 pages in a session/day. So idea was read very slow, thorough understanding, less to no focus on retention.
2) Once I was done with book 5, I found that I did not remember much from previous books. I would say my total retention was maybe 20 to 25 percent. This can be scary and cos some to panic but I feel its normal atleast given the approach that I took. The second step was to reread everything again word for word like you were doing it for the first time and this time focus on retention and also REDO all eoc questions again by hand like you were doin for the first time. Hopefully on the second go everything will start to come togather and you will start developing confidence. After this painstaking second go, I felt my retention level was around 85 percent.
3) I also watched schweser videos along with my second go of the course content. I also felt this was highly benifical. Like read a particular topic and watch schweser videos after to let everything sink in.
4) Then I tore of the formulas given at the end of 5 schweser books and commited them to memory.
5) Finally ready secret sauce. this was helpful
6) I had 2 3 days to go for the exam when I was done with all this and I went into the exam without giving ANY practiice exam of any kind! I felt that if I gave an exam last 2 to 3 days and scored low marks It would completely shatter my confidence. Please note (I DONOT RECOMEND THIS APPRAOCH AT ALL). I think the fact that I redid all schweser eoc saved me otherwise I had no chance.
7) some final comments tips.
a) I do recommend doing schweser eoc twice to truly get the computations/calculations under your grip.
b) I also read original cfa book and did all original book eoc for ETHICS SECTION ONLY. Again i recomend this as ethics is a very important part of the exam.
c) I definaly recomend you NEED TO do as many practice exams as possible schweser/cfa mock/cfa sample. Anything you can find. The more the better. Also try to do atleast 3 to 4 under fully timed conditions. Timing is crucial in this marathon exam.
d) Do not SKIP anything from schweser books. Everything is important, even small little topics/concepts that may seem you can ignore you NEED to know them. You need to know Everything and need to know it solidly.
e) Keep your composure during the exam, if something seems hard it is probably hard for other candidates as well. do your best on every question and donot think you are doing bad or you are doing good. While you are in the exam room just do you best and forget about everything else.
f) I recommend start early, as early as possible. There are no shorcuts, you need to put the effort in and I am sure you will nail this exam.
g) p.s I read schweser quick sheet too and that was helpful. Also I definately recommend using schweser videos for level 2. They really helped me . especially through more difficult concepts/ideas. also even after second revision, i felt some accounting stuff, maybe there were two methods to deal with exchange rate or something. dont remember. but some accounting stuff was slippin from my mind. As accounting is computational mechincal, set of rules you need to rememeber. they can slip through your head. make sure you go through this stuff again after everything else is done and get some PRACTICE IN AGAIN for more tricky methods/computations etc. (this is at the end of all your prep or close to the end). As this stuff can slip from you even at last moments when you felt you had it down. that was my impression and it could have been fatal so i just thought i would write it down as warnning!
h) One more point I would like to add which I didnt in my original post. Make sure you make a realistic plan which covers all important aspects I have discussed and stick to that plan. if your plan is too ambitious , you may find you are constantly revisn and updatin your plan and fallin short of your targets and may end up running out of time. like i did . So make a realistic plan. monitor your progeress and adjust if necessary but make sure you remain on course to cover all important things discussed
cheers
 
Rain - Appreciate the post. I completely agree with your point about “ I would say my total retention was maybe 20 to 25 percent. This can be scary and cos some to panic but I feel its normal atleast given the approach that I took”
Good luck with level 3
 
Are you saying you didn’t do any of the CFAI EOC questions? Just the Schweser EOCs and CFAI Ethics EOCs?
For L1, I remember how everyone on this forum was saying CFAI EOCs were so important, but after I took the exam, I’m like, yeah, not so sure if it really was THAT important. Practice exams was probably the best thing to get me ready.
 
cleverCFA wrote:
For L1, I remember how everyone on this forum was saying CFAI EOCs were so important, but after I took the exam, I’m like, yeah, not so sure if it really was THAT important. Practice exams was probably the best thing to get me ready.
For L1 Why wasnt the CFAI EOC important? Is it because the actual exam resembles the Schweser EOC questions?
 
The main message I kept hearing on this forum was “DO THE CFAI EOC”. So I did them and I did pass. But given how much people were emphasizing them on this forum, I was expecting to take the exam and have some kind of WOW moment revelation were I was going to sit there and really thank god that I had done those EOC questions. All I’m saying is that I didn’t get that.
Having said that I would stick to the same study plan if I had to do L1 again (and will probably do the same for L2). EOC questions are very good practice, I just didn’t find them to be the silver bullet that I thought they would be.
My main advice as always is to do plenty of the Schweser practice exams. They are the best preparation I did for the exam. Not only do they focus you on the “most likely” type of questions you need to answer, they also help with your confidence. They make you appreciate that even if you feel you’re getting crushed on the exam, you ended up doing ok when you sum up the scores at the end. In a 6 hour exam, being able to keep your chin up despite encountering brutal sections is really important IMO.
 
well, just to make clear, for level 2 , I read cfai book and did cfai eoc for ETHICS ONLY. For level 1 i did not do this but i highly recommend you do this as ethics are really important part of the exam. I have not done other cfai eoc questions so i cannot really say how they compare to schweser or my exam experience. IMHO level 1 and level2 are highly computational/calculation based exam. you need to know the correct mechanic/method for the particular question. what to add what to subtract, which exchange rate to use . which value goes up. etc etc. I feel schweser notes and questions did a good job for preparing me for this kind of a exam. I also think schweser eoc are excellent practice for prepairin you for the exam. ofcourse do as many pratice exams as possible. that is a given. But i also must repeat . you NEED to know everything. every small detail is important. If you master every word of schweser like the back of your hand. I would be surprised if you have any issues in passing level 1 and level 2. For what its worth i know atleast 4 people personally who passed level 1 and level 2 while exclusively using schweser.
again this is what worked for me. everyone is differnt . i encourage you to stick to your own style and do things the way you think you learn best. maybe incorporate anything useful you may find from this post into your own plan. good luck!
One more point I would like to add which I didnt in my original post. Make sure you make a realistic plan which covers all important aspects I have discussed and stick to that plan. if your plan is too ambitious , you may find you are constantly revisn and may end up running out of time. like i did . So make a realistic plan. monitor your progeress and adjust if necessary but make sure you remain on course to cover all important things discussed
 
Rain01, when did you start preparing for the lvl 2 exam? I only started mid of this month and I’m starting with FRA and I’ve covered everything upto Intercorporate Investments (Inventory methods, Depreciation, Impairments, Leases, Equity Method of investments, Acquisition Method (half way through it)).
My only problem is pace. I really go at a snail’s pace making sure i grab each and everything in the first go. I’m using Schweser and Irfanullah both and do as many practice question as i can from Finquiz and EOC. But i really really go slow. Having a full time job that requires me to put in 70-80 hours a week does not help either.
I started out very early for CFA level1 (in july i guess) and i only had 5 days to do all the practice exams in which i did poorly. But when i appeared in the exam i realised that the questions that did appear in the exam were actually a lot easier than the ones i’d in the qbank, cfa and schweser mocks. I did actually nail the exam (6 70%+) but i really dont know how. lol.
My problem now is that I’m already 2 months behind where i was last year and Level 2 is a lot tougher than level 1 (this is what they keep saying on this forum). On the flipside, what i’ve noticed is that a lot of CFA level 2 stuff is a repeatition of level 1 and the no of LOS are far fewer than they were in lvl 1.
 
you have plenty of time. I would agree level 2 is tougher than level 1. as written in my post. you need to at minimum go through the material twice. when you will finish your first go . you will not remember much as there is simply too much information. so make a realistic plan where you can finish the material twice. set realistic targets to meet this plan and make sure you get them. Also leave last month for practice exams, learning formulas, quicksheet, secret sauce and final touches on areas you feel weak on. like i said everyone has his own style but i highly recommend goin through schweser eoc twice. personally it helped me a lot. there are so many calculations and some of them can get complex. you can read the material a 100 times but unless you pratice these computations by hand twice they tend to slip from you mind. Lastly for level 2 keep in mind they will ask everything, you need to know all things even small obscure info you may tend to ignore can come up in the exam. other than that read my post, i hope i have covered all things that worked for me. I don know irfanullah videos, but i used schweser videos and they helped a lot.
As far as pace is concerned, its good to go slow and make sure you get everything completely but also make sure at your current pace you go through the material twice. its a must. then you will be fine.
 
Jehnzeb, Have you Finquiz smart summaries & practice exams ? and how u compare the lectures of Irfanullah with schewser. I have the schewser lectures.
 
Jehnzeb, Have you Finquiz smart summaries & practice exams ? and how u compare the lectures of Irfanullah with schewser. I have the schewser lectures.
 
i just have their question bank and practice exams … As for the videos, i think Irfanullah has done a good job in some areas while schweser has done well in others. I’d rate them both very good but Irfanullah has a little edge coz he solves book questions in his videos and Schweser does not
 
TL;DR.
I did all of the EOC questions and had 9 practice exams under my belt. A little on the extreme side, but it secured a pass the 2nd time around.
 
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