jgrandits wrote:
from a person who easily passed level I has since failed level II twice Iteracom’s graphic is spot on, despite offering little detail. also from being on the LII thread for a few yrs he knows his stuff and your questions is rather vague.
i’d suggest going thru the materials for a few months then revisiting this topic with more specific questions on financial reporting, equity valuation methods, fixed inc, etc. the level of detail and sheer amount of information can be mind numbing. IMO what makes level II much more difficult is how the question are presented, simple one-off multiple guess for level I and item set format for level II. level II is only 120 questions, but the reading comprehension, esp in ethics is crucial. you can’t get too bogged down with the reading, which you can easily spend 10 mins on re-reading, then another 15 on the questions. before you know it 2 hrs is gone and you have four item sets left, start rushing and make dumb mistakes. CFA inst are professionals at creating tests designed to offer one answer that is close, one in left field and one correct. one is easy to eliminate then you split hairs over the remaining two for five mins. the test can really lull you into a false sense of confidence. i walked out the test last June thinking I put in a good performance, decent shot to pass, ended up band 5. if you can nail FRA, eqy, corp finance and ethics you’ll pass, but odds are you’ll do poorly on one or two of those so you need to make up for in other areas. fixed inc. specifically valuing swaps and FRA’s can be a real PITA. there was a Swap set on last yr exam that I must have spent 20 mins on, maybe went 2/6 from guessing, prob 1/6. nothing in particular, concept wise, is overly difficult but when you combine the topics together the range of questions can be so varied that I think a degree of luck is a factor. good chance there will one or two item sets that are not in your strong areas and it’s easy to get run over, like I did on the swaps set last yr. focus on the core areas and be sure to leave at least six weeks for practice tests. good luck