The purpose of this post is to share my 6 weeks/150 hours study strategy to pass the CFA Level II Exams while working full time and having (somewhat) a social life.
1. My Background:
- I’m working full time as an actuary so taking exams is in my job description
.
- I passed the CFA Level iI in Jun’15, and the level I in Dec’13, both times having less than 1.5 months to study.
2. Materials
- Schweser guides + Practice Exams
- Throw away all books from CFA’s Institutes
3. Strategy and Schedules
a. General strategy
- Equity Valuation and Financial Reporting/Corporate Finance account for half the score so make sure you nail those parts. Don’t spend too much time on topics that accout for only a few points
- Do and understand all practice questions at the end of each Study Session
- My schedule is only suggested. You can come up with your own. But whatever you decide, stick with it.
b. Weekly Schedule
Week 0- 1: Book 1: Ethics + Quantitative + Economics
Week 1 - 2: Book 2: Financial Reporting + Corporate Finance
Week 2 - 3.5: Book 3: Equity Investment
Week 3.5 - 4.5: Book 4: Alternative Investment + Fixed Income
Week 4.5 - 5: Derivatives and Portfolio Management
Week 5 - 6: Practice Exams
c. Study time
One book per week seems a lot. But consider this, each book is about 300-400 pages. You can do:
+ 30 pages in 2 hours * 5 weekdays = 150 pages in 10 hours
+100 pages in 7.5 hours * 2 weekends = 200 pages in 15 hours
= 350 pages in 25 hours every week.
Adding that to your 50 hour work week, you still have sometime left for social life. You can do it with discipline!
4. Some small tactics
a. Studying
- Flashcards are extremely helpful. Try organizing them by colors ( yellow for Ethics, red for equity investment, etc) so that you can focus on your weak parts if wanted.
-
b. Practice exams
Do some statistical analysis after each practice exams: how many wrong answers in what topics. This will help you find out your weak topics and whether you’re improving those topics after each exams.
1. My Background:
- I’m working full time as an actuary so taking exams is in my job description
.- I passed the CFA Level iI in Jun’15, and the level I in Dec’13, both times having less than 1.5 months to study.
2. Materials
- Schweser guides + Practice Exams
- Throw away all books from CFA’s Institutes
3. Strategy and Schedules
a. General strategy
- Equity Valuation and Financial Reporting/Corporate Finance account for half the score so make sure you nail those parts. Don’t spend too much time on topics that accout for only a few points
- Do and understand all practice questions at the end of each Study Session
- My schedule is only suggested. You can come up with your own. But whatever you decide, stick with it.
b. Weekly Schedule
Week 0- 1: Book 1: Ethics + Quantitative + Economics
Week 1 - 2: Book 2: Financial Reporting + Corporate Finance
Week 2 - 3.5: Book 3: Equity Investment
Week 3.5 - 4.5: Book 4: Alternative Investment + Fixed Income
Week 4.5 - 5: Derivatives and Portfolio Management
Week 5 - 6: Practice Exams
c. Study time
One book per week seems a lot. But consider this, each book is about 300-400 pages. You can do:
+ 30 pages in 2 hours * 5 weekdays = 150 pages in 10 hours
+100 pages in 7.5 hours * 2 weekends = 200 pages in 15 hours
= 350 pages in 25 hours every week.
Adding that to your 50 hour work week, you still have sometime left for social life. You can do it with discipline!
4. Some small tactics
a. Studying
- Flashcards are extremely helpful. Try organizing them by colors ( yellow for Ethics, red for equity investment, etc) so that you can focus on your weak parts if wanted.
-
b. Practice exams
Do some statistical analysis after each practice exams: how many wrong answers in what topics. This will help you find out your weak topics and whether you’re improving those topics after each exams.