We’ve been delivering Level 2 classes for over five years now and we know what it takes to pass. So let us set out the Challenges and Study Strategies ((and the key differences from Level 1) to prepare you better for the Exam on 6 June 2015.
The question format is Item set; a case study followed by 6 questions. There are 120 questions spread across 20 item sets @ 6 questions per item set. This is totally new as Level 1 had far simpler, stand alone questions
Way more stuff! Level 1 was broad but shallow. Level 2 has the same breadth (the same 10 Topics) but is also very deep
Level 2 is more calculation intensive than Level 1. Nail the formulae and be adept at number crunching.
There are lots of nuances and subtext in Level 2. Learn to get the answer using different methods, depending on what data they give you in the exam.
Topic weightings in Level 2 are variable. In Level 1 topic weightings were fixed. Which means you shouldn’t try and ‘”game” the exam by skipping some Readings or some Topics in Level 2
Questions can build on one another. Level 1 question were stand alone
The Level 2 exam is only once a year unlike Level 1 which is twice a year. Which means if you fail you’ve to wait for another year
It doesn't matter whether you passed CFA Level 1 in the first attempt and scored above 70pc in allLevel 2 is completely different. Don't be complacent or over confident.
Forget about easy and moderateTo prepare, you should start cracking "Difficult" questions
Do not work out simple, stand-alone multiple choice questions. That was Level 1. Level 2 is in case study format and item set and you should focus on this type of question
Case studies in Level 2 can be large. Hence speed reading skill is essential. You'll be given 1-2 page long large case studies so the ability to quickly sort out the rubbish from the relevant and answer all six questions in 18 minutes or less is essential
Work out examples from the CFA Curriculum (CFAC) and also all the end of chapter problems in the CFAC
Starting in 2014, the CFA Institute (CFAI) has brought out its own item set questions. These are available for free on the CFAI website and you should work out all of these
You need to spend way more time on Level 2 compared to Level 1. Forget 300 hours. From our experience, we suggest at least 500 hours for a good chance to pass
Level 2 is a way lot more stuff so plan to start revision earlier than you did for Level 1. At least 3-4 weeks of intense revision is required
Genesis has arguably the best Level 2 support system in the region. With many full time CFA trainers (all of whom have delivered many Level 2 sessions), L2 review courses, L2 revision courses and a proprietory L2 e learning system, we have always been the Level 2 trainer of choice.
Give us a shout if you have any queries. And see you on the other side!