Study for L II

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JoeyDVivre

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So if you think you passed LI, it might be worth a little time to check out LII forum. There is more discontent there than I have seen for awhile. Something's up.

In 2004, CFAI (or was it AIMR?) threw a fit about review providers by setting the passing rate really low (like 30%) and then sent around this wacky letter blaming Schweser, Stalla, etc. for the general unpreparedness of the test takers. Then they replaced the textbook-only approach with their own set of more managable readings (the texbook stuff really was ludicrous - they would assign 25 pages of reading for 2 LOS's that could be summarized in a couple of paragraphs. Nobody did all those readings).

Now CFAI is requiring people to buy their stuff in the registration fee. There are oodles of comments on LII about how huge sections on the exam weren't covered by Schweser. CFAI is going to torch Schweser again this year. Plan your study accordingly.
 
I've been prowling L II for the past couple days and noticed the same thing, Joey. I was hoping for some hints on level II as this would be the best time to get people's fresh impressions of the exam.

I didn't want to step in on that thread, but personally I did want to ask the grumblers if they read the actual CFAI texts or not. Sounds like they didn't.
 
I've been browsing through the L-II forum. from what I read, Schweser preparation for L-II is significantly below the benchmark. I guess we'll have to relay on the official txt...
 
Hey... you're going to have to purchase it anyway (req'd beginning in '08). Is it such a radical concept to read it too?

Hard part is reviewing from those texts (vs. Schweser).
 
CFAI is really putting the screws to those guys. I think the comments about the $50 online exams containing nearly identical questions to those on the actual exam are pretty important too. You can study Schweser's guesses at exam questions or pay CFAI $200 to get actual questions. Hmmm.....
 
That's a great heads-up, thanks Joey!
Oh, I liked my Schweser for Lv I, can't believe they did it badly in Lv II......

By the way, I think BSAS did a good guess to the real exam. Lv I candidate should take a BSAS mock exam as a litmus paper test.
 
I'm doing both. Schweser and the CFAI curriculum. There's no way you can review from those CFA books.
 
I think there is a good reason why Schweser and other prep providers quite don't cut it for LII, though they are quite adequate for LI. This topic was discussed in AF discussion http://www.analystforum.com/031503.shtml

Look for comments by Thomas Gosnell.

Basically, the average question in LII seems to integrate a number of topics. Compared to the average LI question which tests a fairly isolated topic.
We got a taste of the integrative type in this June 07 LI question that gave ROE, BV, etc and asked to calc something else (I forget the details).
 
"Oh, I liked my Schweser for Lv I, can't believe they did it badly in Lv II...... "

Theres a very important fundamental difference between level 1 and level 2. IN level 1, EVERYTHING is tested whereas that is not the case on Level II.
 
hey caspian, how was your L 2? your posts at L1 really helped me dude..
 
I hope your Level 1 went well then! As for my level II, im one of the invididuals Joey is referring to.

Whats wierd is I thought the test, generally speaking was much "easier" than I thought it would be. Most of the questions were straight forward, even if there were occasionally tricky things thrown in. I dont think any part was really difficult if you knew what to do.

That being said, as you may have heard, this year's test went after a couple of topics that many candidates thought were relatively "minor." The result was that a lot of people (such as myself) who committed the necessary time and went into the test "prepared" were caught off guard by some of the topics and had some problems. AGain, the questions were still relatively straight forward, but if you dont know the answers, it doesnt matter how easy the questions were.

AS a result, Im pretty sure Ill be retaking Level II.
 
caspian Wrote:
-------------------------------------------------------
> I hope your Level 1 went well then! As for my
> level II, im one of the invididuals Joey is
> referring to.


if you were as prepared as in L 1 last yr, i'm sure you'll pass
 
I would be very surprised if I did, only because a few of the topics covered were, as I mentioned, not my area of focus and my score will surely suffer as a result.

But, of course, Im hoping for the best.
 
I got this from the website. There def will be a 'bundled curriculum' next year.

Bundled Curriculum



Beginning with the 2008 exams, CFA Institute will include the assigned CFA Program curriculum and one online sample exam in the registration fee paid.



When enrollment and registration for the June 2008 CFA exams opens in mid-July 2007, the CFA Program curriculum will be included in the exam registration fee and will be delivered to all candidates.



This decision will benefit CFA candidates, the CFA Program, and � we strongly believe � the profession itself.



Candidates enrolled in the December 2007 exam will still need to purchase the curriculum separately.



This decision was made after extensive study, modeling, and the unanimous recommendation from the CFA Preparation Task Force, an external working group that convened in 2004 to address questions of candidate preparation and exam performance.



The CFA Program curriculum is driven by a rigorous global practice analysis to determine the knowledge relevant to the profession. This body of knowledge drives the curriculum development process and the exam itself. The content in the curriculum is the sole source for exam questions.



Yet for many candidates, the focus has shifted from mastering a body of knowledge to merely passing an exam. The current practice of allowing candidates to register for an exam without purchasing the curriculum sends the wrong message that studying the curriculum is optional. Some candidates even confuse third-party materials with the curriculum. This decision to provide the CFA Program curriculum to all candidates was, in part, based on these concerns.
 
If you give me an exam that asks which is lower harmonic mean, geometric mean or arithmetic mean - then its not candidates that have shifted focus. Now if we were given an exam that said calculate the harmonic mean, geometric mean and arithmetic mean - I would think that is in line with testing our knowledge of the material.
 
I took a look at the level II forum yesterday. There is muc more activity going on there compared to the Level I forum. It kind of scares me. I had never imagined that I'll get concerned about L-II as early as Saturday or Sun after the exam. But I guess our prep for Level-II should be handled very differently compared to Level-I.
 
killamanjaro Wrote:
-------------------------------------------------------
> If you give me an exam that asks which is lower
> harmonic mean, geometric mean or arithmetic mean -
> then its not candidates that have shifted focus.
> Now if we were given an exam that said calculate
> the harmonic mean, geometric mean and arithmetic
> mean - I would think that is in line with testing
> our knowledge of the material.

You're not making any sense. In the investment world, you won't be doing calculations by hand; it will be in excel. So what is the point of knowing the mechanical steps of how to do averages? Its more beneficial for candidates to know where each type of calculation method sits in relative comparison.
 
"You're not making any sense. In the investment world, you won't be doing calculations by hand; it will be in excel. So what is the point of knowing the mechanical steps of how to do averages?"

You still need to know why things are the way they are.
 
engineer2finance Wrote:
-------------------------------------------------------
> You're not making any sense. In the investment
> world, you won't be doing calculations by hand; it
> will be in excel. So what is the point of knowing
> the mechanical steps of how to do averages? Its
> more beneficial for candidates to know where each
> type of calculation method sits in relative
> comparison.


I see what you mean. I'm not in the investment world. So I suppose when you buy the excel software it already comes with equations plugged and it intuitively knows which inputs go where in the preformatted equations. Then again, since you will always have access to excel it doesn't add much to know what you're doing.
 
nycleh31 Wrote:
-------------------------------------------------------
> I got this from the website. There def will be a
> 'bundled curriculum' next year.
>
> Bundled Curriculum
>
>
>
> Beginning with the 2008 exams, CFA Institute will
> include the assigned CFA Program curriculum and
> one online sample exam in the registration fee
> paid.
>
>
>
> When enrollment and registration for the June 2008
> CFA exams opens in mid-July 2007, the CFA Program
> curriculum will be included in the exam
> registration fee and will be delivered to all
> candidates.
>



> This decision will benefit CFA candidates, the CFA
> Program, and � we strongly believe � the
> profession itself.
>
Bullshit, This decision will benefit CFAI, CFAI, and more CFAI with a bigger pocket full of $$$ - If they really wanted to benefit the candidates and the profession itself then they would actually show the area that people failed the exam on and provide ethics questions that test ther person's knowledge of the laws - what the hell does answering an ethics question where there have been 4 violations and I'm supposed to find the one that was the 'most violation' or 'the least violatin' - in the end its all a damn violation.

>
> This decision was made after extensive study,
> modeling, and the unanimous recommendation from
> the CFA Preparation Task Force, an external
> working group that convened in 2004 to address
> questions of candidate preparation and exam
> performance.
>
Nice to see they actually researched it - but I doubt it, if there really was any research I would like to see what they used for their analysis
>
> The CFA Program curriculum is driven by a rigorous
> global practice analysis to determine the
> knowledge relevant to the profession. This body of
> knowledge drives the curriculum development
> process and the exam itself. The content in the
> curriculum is the sole source for exam questions.
>
>
>
>
> Yet for many candidates, the focus has shifted
> from mastering a body of knowledge to merely
> passing an exam. The current practice of allowing
> candidates to register for an exam without
> purchasing the curriculum sends the wrong message
> that studying the curriculum is optional. Some
> candidates even confuse third-party materials with
> the curriculum. This decision to provide the CFA
> Program curriculum to all candidates was, in part,
> based on these concerns.

This @#$%& just reminds me of the capital one commercial with the bankers running all around the house and a pest control guy comes in throwing dimes on the ground and you see a horde of bankers come out fighting over the coins
 
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