We’ve been delivering Level II CFA program 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 I) 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 I CFA exam had far simpler, stand-alone questions
Way more stuff! Level I CFA program was broad but shallow. Level II CFA program has the same breadth (the same 10 Topics) but is also very deep
Level II CFA program is more calculation intensive than the previous level. Nail the formulae and be adept at number crunching.
There are lots of nuances and subtext in Level II. Learn to get the answer using different methods, depending on what data they give you in the exam.
Topic weightings in Level II CFA exam are variable. In Level I CFA exam topic weightings were fixed. Which means you shouldn’t try and "game” the exam by skipping some Readings or some Topics in Level II CFA exam
Questions can build on one another. Level I CFA exam question were stand alone
The Level II CFA exam is only once a year unlike Level I CFA exam which is twice a year. Which means if you fail you’ve to wait for another year
It doesn't matter whether you passed Level I CFA exam in the first attempt and scored above 70% in all topics. Level II CFA exam is completely different. Don't be complacent or overconfident.
Forget about easy and moderate. To prepare, you should start cracking "Difficult" questions
Do not work out simple, stand-alone multiple choice questions. That was a Level I CFA exam. The Level II CFA exam is in case study format and item set and you should focus on this type of question
Case studies in the Level II CFA exam 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 II CFA program compared to Level I CFA program. Forget 300 hours. From our experience, we suggest at least 500 hours for a good chance to pass
The Level II CFA program has way lot more stuff so plan to start revision earlier than you did for Level I CFA program. At least 3-4 weeks of intense revision is required
Kaplan Genesis has arguably the best Level II CFA program prep system in the region. With many full-time CFA charterholder trainers (all of whom have delivered many Level II CFA program sessions), review courses, revision courses, and a proprietary e-learning system, we have always been the Level II CFA program trainer of choice.
Give us a shout if you have any queries. And see you on the other side!
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