I just passed Level I, should I go for Level II in June 2014?

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Arif Irfanullah

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So you just passed the Level I exam and are wondering whether to sign up for Level II?
My suggestion: target Level II in June 2014 as long as:
  • You can take out sufficient time for studies (if it seems like you’ll have some intense work and/or personal commitments over the next few months then I’d not recommend taking the exam in June 2014)
  • You are good with numbers. With a focus on pricing and valuation, Level II is more quantitatively intense relative to Level I. (If you struggle with numbers, Level II will require an extra effort.)
If these two conditions hold then sign up for Level II, define a schedule and get cracking. Normally I say that you should finish the course 4 – 6 weeks before the exam… but if you are starting now (end Jan/early Feb) then you can target finishing about 3 weeks before the exam.
That is it for now. Over the next couple of days I’ll post suggestions on how to prepare for the Level II exam.
Regards,
Arif Irfanullah
 
You can also think of taking June 2014 as a practice?
Because if you don’t pass, you will sit in 2015, which you would otherwise, but your chance of passing is ALOT higher doing it second time around (given you have studied for June 2014), and your additional cost is only the cost of the exam, which is not significant. you can use the same books, study guides, DVDs, mock exams…
Hey who knows, perhaps you get lucky and pass in June 2014!
 
I’m taking level 2 in June 2014, i don’t care what you say NANA =)
no im just kidding.
no seriously, im just kidding haha. sorry im still stoked about passing level 1 right now haha
 
Take it if you are willing to put in the time.
I don’t believe in Nana’s philosophy of using it as a test. That gives you an excuse to fail.
 
former trader wrote:
Take it if you are willing to put in the time.
I don’t believe in Nana’s philosophy of using it as a test. That gives you an excuse to fail.
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Not really, if you think of it this way, a lot of people spend A LOT of money on extra materials anyway, so what’s the difference between paying it to CFAI than to Schweser?
And if you are not going to try hard for June 2014, that’s your problem, it’s just poor studying habit, even if you are taking a mock in June, you will still have to try your best to get most of the studying experience.
If you are one of those people who make excuses you can still make excuses taking L2 in June 2015…
 
NANA Hachiko wrote:
You can also think of taking June 2014 as a practice?
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This is exactly what I have been thinking lately !! With my work and personal situations I know I will not be able to pass Level 2 this June. But I still want to know how the test is !!. My experience with level 1 real exam showed me that I had overstudied (anyway, I’d rather overstudy than re-study). Even mock exams don’t reflects the real exam as well as it should be, in my opinion. Many warn me not to underestimate level 2 and I cannot agree with them more as I have been reading level 2 these days :(. That’s how the idea of taking June 2014 as a practice came to my mind.
Although the cost is not very significant, for me once I place money on something,I have a commitment because that money all comes from my hard working hours. And when taking it as a practice, we would be feeling more relax than those “I-have-no-choice. I-have-to-pass”???
By the way, I would like to say thanks to Mr.Arif Irfanullah for his video lectures on Youtube. They helped me a lot. Thank you.
 
You don’t need to take the test to know how the test is. CFA publishes past exams.
 
^ +1
Do not approach the exams like they are some sort of practice. you can put your time, effort and other resources to better use.
 
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Yeah..this is a good post! I’m also thinking the same thing… It depends on one’s situation whether or not you can use a test as a practice. I did something similar for level 1 because I’m a full time MSc International Finance student as well…It was bonkers (marathon studying), I had lots of assessment work, group presentations and I started CFA in October…but Im still stoked that I passed, YAY :D
However, it was level 1, I have an accounting and finance qualifications already and therefore had good background on a lot of the material. Also, my uni results are out next week and all I can say is I am not holding my breath for distinctions!
Okay, the issue now: L2 is a lil more intense…numbers and I get on fine…but with a dissertation, and potentially average marks from the last semester…Im really not sure I can give this a go or take the practice approach…it’s a lot more pain to do it…and now we all invested too…failing would be quite devestating.
Is better to take the June 2014 exam…continue the suffering (lol, just kidding) a few months longer or wait a year, balance up other stuff in life like work, personal, etc then tackle CFA II in June 2015?
 
Oh really? Where can I those, Please? There is alot talk even I think in some of the Schweser videos that they are not published and the CFA site has disclaimers saying they are are just “samples” :/
Thanks
 
kay_3 wrote:,
However, it was level 1, I have an accounting and finance qualifications already and therefore had good background on a lot of the material. Also, my uni results are out next week and all I can say is I am not holding my breath for distinctions!
Okay, the issue now: L2 is a lil more intense…numbers and I get on fine…but with a dissertation, and potentially average marks from the last semester…Im really not sure I can give this a go or take the practice approach…it’s a lot more pain to do it…and now we all invested too…failing would be quite devestating.
Is better to take the June 2014 exam…continue the suffering (lol, just kidding) a few months longer or wait a year, balance up other stuff in life like work, personal, etc then tackle CFA II in June 2015?
Click to expand...
If I were you, I would wait until June 2015. I remember my dissertation took me a lot of time and efforts when I was in university. For me it is kind of a bigger thing; I would spend time for it than the cfa exam because I don’t know if I will pass the cfa exam but I do know I will finish my dissertation and I want a high grade on it !
 
former trader wrote:
You don’t need to take the test to know how the test is. CFA publishes past exams.
Click to expand...
Do they? I didn’t know that ! But I still think about taking it as a practice…. I don’t know… still studying and considering here and there…..
 
I still think that’s a horrible strategy to have that mindframe, but that’s your business.
 
I still think that’s a horrible strategy to have that mindframe, but that’s your business.
 
NANA Hachiko wrote:
You can also think of taking June 2014 as a practice?
Because if you don’t pass, you will sit in 2015, which you would otherwise, but your chance of passing is ALOT higher doing it second time around (given you have studied for June 2014), and your additional cost is only the cost of the exam, which is not significant. you can use the same books, study guides, DVDs, mock exams…
Hey who knows, perhaps you get lucky and pass in June 2014!
Click to expand...
If I were reliving my life and had passed L1 on a Dec exam, I’d probably go this route for L2.. but it’s probably not for everyone. I was pretty beat when I passed L1 and it took a while to get myself back together again.. if you’re not as focused, then definitely skip and go for it in 2015.. if you do sign up for Jun 2014, please prepare as if you really want to pass.
 
former trader wrote:
I still think that’s a horrible strategy to have that mindframe, but that’s your business.
Click to expand...
I think maybe you’ve misunderstood…it’s not like its a mind-frame…it is trying to squeeze the CFA into a busy life, not everyone has the luxury to cut out 300 hours. Looking at the jar as half-full, it actually helps stay calm on exam day…Don’t get it twisted, we wanna pass too (and personally I did work like crazy to keep up) but acknowledge that we ll be more self-forgiving and proactive if failure occurs. That to me is what Im calling the practice approach…
 
@TheLakeHouse. Thanks…that’s food for thought too…I really want to nail the dissertation as well!
 
To get 300hrs in is only 2.18 hours per day assuming you started yesterday. Not that hard to get that commitment in.
 
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