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Just took the Level I exam. Should I start with Level II?

If you just took the Level I exam, are reasonably confident that you’ll pass, and want to take the Level II exam in June, this post is for you.

Let’s start with a quick Level II introduction. The ten topics are the same as Level I, but the weights are different.

Ethics: 10 – 15%, Quant: 5 – 10%, Econ: 5 – 10%, CF: 5 – 15%, FRA: 15 – 20%, Equity: 15 – 25%, Alt: 5 – 10%, FI: 10 – 20%, Der: 5 – 15%, PM: 5 – 10%.

At Level I, you were tested on basic concepts.  Level II, however, “emphasizes the application of investment tools and concepts with a focus on the valuation of all types of assets”.  Most candidates find Level II significantly harder than Level I and hence requires more preparation time.

In terms of exam format, we have two three-hour sessions.  The questions are in MCQ format, but based on case studies (vignettes).  A case study generally spans one or two readings from a particular topic.  Each three-hour session has ten case studies with six questions which means a total of 60 questions. You’ll have an average of 18 minutes per case study and 3 minutes per question.  This is twice the time you had at Level I but now you have to read and understand the case which takes time; in addition, some questions involve a fair amount of calculation.

Coming now to study advice.  I’ve already pointed out that Level II is generally considered harder than Level I and hence requires more study time. I’d therefor suggest that you start your studies as soon as possible The best topic to start with is Financial Reporting and Analysis (FRA) followed by Equity.  These topics are relatively easy and represent a significant percentage of the Level II curriculum.  

Best of luck with your studies.

"Wiley's prep material was a huge part of my success." - Lindsey G., USA

Thank you!

This is exactly kind of early heads-up we need. If there is anything you or other members and candidates can provide us with additionally, we would be more than thankful :)

Yes please. I might as well get prepared while I stress over the exam results for the next 7 weeks…

Torsten55 wrote:

Thank you!

This is exactly kind of early heads-up we need. If there is anything you or other members and candidates can provide us with additionally, we would be more than thankful :)

If you feel reasonably confident that you passed the exam, I would plan on starting to study before results for the L1 exam are out. (Assuming you plan on taking June 18 L2.)

"Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." -Viktor Frankl

How does one go about studying prior to registering for the second exam?

Third party resources

~ The best is yet come ~

christopheausina wrote:

Third party resources

Yep. That’s what I did, and it all worked out fine for me.

"Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom." -Viktor Frankl

Hi All,

I used Arif Irfanullah video tutorials for all three levels and in my opinion its super useful (and probably the best series out there in the market) for covering all the essential concepts tested during the exam. I highly recommend everyone to purchase the same from IFT website as it will serve both the purpose of saving time and exhaustively covering the key takeaways needed for the exam. Its turned out to be exceptionally helpful to me! I passed all three levels at one go only due to his video series.

Tried starting with FRA (using Schweser) but its mentally draining and demotivating to have them start every reading saying ”This is a complicated topic” “This is a very hard reading” “You have several significant tasks to master” etc..It made me procrastinate continuing, especially after the bunch of GAAP vs IFRS differences I made notes on for Intercorporate Investments. Had me thinking how much worse/more detailed can it get? lol… So I decided to start with Equity instead to build some momentum (and confidence). 

I honestly can’t focus on the CFA while waiting for my score… so I’m going to relax until new years and try to start on FRA or equity in January. I am just glad there is less quantitative method for lvl II

macron wrote:

I honestly can’t focus on the CFA while waiting for my score… so I’m going to relax until new years and try to start on FRA or equity in January. I am just glad there is less quantitative method for lvl II

There is pretty much less of everything, but it’s harder.

I meant the weight (%) for lvl II compare to lvl I.

You will have quantitative analysis in almost everything on level II except in Ethics.

Gone fishing...

Did you only listen to his video to clear exam?