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CFA in 18 Months: How I Passed Level II

1/14/2016

12 Comments

 
Picture
By Sophie 

How would you maintain the momentum and motivation to face Level II in June?

At this stage, some self-doubt inevitably crosses the mind, e.g. "6 months ago... CFA seemed like a good idea". Don't let this disrupt your focus. You need to trust your initial decision making that led you to pursue the CFA charter . It will pay off in the long run, and I can attest to that.
Just imagine how disappointed you'd be after working your ass off for Level I, only to waste your initial effort by giving up now. And worse, once you learn to quit, it becomes a habit - and I know you guys are definitely not quitters in life!

Now that you're game on for Level II, here's a couple of tips and strategies that worked for me when preparing for Level II right after passing the December Level I exam. 

What Did I Do Post Level I Exams?

In short, play + relax + enjoy my well-deserved time off until the results are announced. 

Or rather, the things not to do are:
  • worrying, because it doesn't add value nor change anything, and is just not as fun as relaxing.
  • studying, because you won't even know what you are studying for until results are out. And it would make you go mad, seriously. 

Go on a holiday, hang out with friends or take on more exercise to get away from the routine study that governed your life for the past few months. It will do you good to unclog your brain and bring you back refreshed for the next challenge. Resting is crucial, even if sometimes you may not feel like it. It's just not sustainable in the long run and you will burn out.

What Happened on Results Day?

So after 7 weeks of awesome break from study, to my relief I found out that I passed Level I on 27 January 2010. A little stress was felt despite the excitement on the good news - I only had 4 months left until June's exam. 

It's going to be painful but I knew I wanted to give it a shot with my "I-wanna-get-it-over-with-ASAP" mentality. I knew myself well enough that if I'd waited for another year before taking Level II, giving up is a real possibility. Plus, the upside of quick transition to Level II is that there is some continuity and you save some study time not having to refresh on previous level's concept. 

So before I changed my mind, books were ordered and exam registration for Level II were done on the same day - a great tip for those who want to self-impose some commitment and focus. For those who aren't sure - just make sure you decide by the second deadline, which will be coming up soon after the January results.

Level II Study Tips

Unlike Level I, Level II's format is based entirely on item sets - i.e. "mini cases". Each item set has a short vignette accompanied by 6 multiple-choice questions that relate to it. 

This slight tweak in format requires an updated approach. In addition to my Level I tips and the free Level II commandments, here are 7 ways to cope with Level II that I found extremely useful:  

  • Balance breadth vs. depth - Level II's materials are vast and more intense, in the sense that there are more calculations-based questions which require application of a concept. On the flip side, this will work in your favour if you focus your energy in grasping key concepts, and test your understanding with practice questions in that topic. Set a fixed time to do this for each concept, and move on to the next one once time is up as there are lots to cover. You need to make sure you've at least understood 70% of all the materials, rather than 100% of half the syllabus. 
  • Make summary notes -  While studying for each concept, I summarised my learnings for that concept on paper as well. Do this especially for topics that you find difficulty understanding. It aids memory and you'd be thankful for concise revision notes nearer to the exams.
  • Skim questions first -  With item sets, a technique that works well in the exam is to have a quick read of the 6 questions first. That way, you can then proceed to read the vignette with more purpose and focus in searching for the answer. I found that this significantly reduced the back-and-forth checking between vignette and questions -  a super time -saver.
  • Emphasise keywords - Done in conjunction with the point above, always highlight keywords in your reading of questions and vignettes. With more to read in this Level, you can spot and remind yourself of tricky wordings used and minimise costly mistakes. Some examples include "except", "is not", "most/least likely", "closest to" etc.  
  • Time management - It may seem more relaxing now that there are only 10 item sets with 6 questions each per paper, but believe me the pressure is the same! You don't really have 3 minutes per question, as you need to take into account timing to read the vignette, and they are on average 1-2.5 pages long. So allot yourself a maximum of 18 minutes per item set, and when time's up, shoot and go.
  • Take the last 1-2 weeks off - It's key for all levels to take a week off prior to the exam for last minute drilling. However, this time I added on an additional week of personal holidays for an extra boost. You will learn loads in a short space of time doing practice questions, reading your summarised notes and reviewing formulae. Get additional materials if you find yourself idle. Now is the time to really work for it and not regret. 
  • Plan your celebration - The most fun tip of all. You need to set up a plan to celebrate after your exams, right now. Whether it's a party, nice dinner out, or bungee jumping, it is important to have something to look forward to on days where motivation is lacking. The more outrageous and fun, the better.  For me, my vice was having a X-Factor night (yes, wild, I know) in sharing tons of Domino's pizza (+ other junk food). It became a post exam tradition for me ever since.

Level II Results - the Big Day

I remember being so relieved after the exams, it was a brain-numbing experience. Even my index finger was tired from jabbing the calculator for 6 hours. Didn't have the energy to even worry, but was glad to have friends coming over to celebrate with pizzas and a dose of sensationalised TV.
 
All the hard work paid off when I received my results on 26 July 2010 with a great big pass. Almost fell off the chair at work, that's for sure. It was also the first time I had a proper breakdown of performance by topic, and I noted down my weak areas (Fixed Income and Portfolio Management were below 50%) for future reference. 

Over to You...

I hope my experience provided some motivation and useful insights for your preparation. It will all be worthwhile in the end.

If you need further guidance, always remember that we have a large Guides section to get you started. Any questions, comments, or other useful tips to add? Let me know or just say hello in the comment box below!
 

 
12 Comments

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Jared
12/12/2012 02:46:26 pm

Hi Sophie,

I wrote the level 1 exam on Dec 1, anxiously awaiting my results. I used CFAI texts and Schweser Qbank only for level 1 (plus mocks). I was thinking of going with Schweser texts and Qbank for level 2, assuming I pass. Plan to only do CFAI text blue-box and EOC questions. Since you mentioned buying the Schweser texts in your Level 1 experience article, I was wondering if you stuck with Schweser for Level 2 as well, and what your experience was. Thanks.

Reply
Sophie
12/12/2012 04:14:56 pm

Hi Jared,
First off, try not to feel anxious, you did your best and it should reflect your hard work. Try to enjoy your well-deserved time off to maintain stamina for the next Level (especially), as mentioned in my post above.

I used Schweser text all the way back then as others didn't have full study notes at that time. I only used Schweser notes, Schweser's end of chapter questions, CFA mock and 6 sets of Schweser's practice exams for my Level II prep.

I didn't have much time then with a full time hectic role and studied full time on weekends only (too tired on weekdays). It was sufficient coverage for me as I found the notes concise and to the point, with chapter questions and practice exams highlighting my weak areas for me to note down for further revision.

Hope this helps Jared and do let me know how it went for you. Meanwhile, enjoy the holidays!

Sophie

Reply
Ryan
1/11/2013 12:14:59 pm

Hi Sophie,

Thanks for your insight! It's nice to read/hear about others that have done what you are planning on doing. Jan 22 can't come fast enough.

Ryan

Reply
Sophie link
1/24/2013 01:00:05 am

Hi Ryan,
How did it go? I have my big fingers crossed for you and hope it's good news!

Sophie

Reply
Ritz link
1/23/2013 10:53:59 pm

Hi Sophie,

I read your this article too, quite interesting one. One thing noted, if i didnt attempt my level 2 in this June and waited till next june & if i dont clear would be a dicy and low on morale. So thinking to register for this june itself and give it a shot at the exam. Please wish me luck, i think you are my lucky mascot. Last article on Level one i posted and you wished & i cleared. So i hope at this one too the winning streak continues.

tc

Reply
Sophie link
1/24/2013 01:14:23 am

Hey Ritz!

I had the same thought of postponing Level II at that time, but then realised it was all procrastination and excuses. I wanted in fact to "get it over with" ASAP, and since Level I should be fresher in my mind, I just went with it.

It's gonna be tough, but do give it a shot for this June if you can. You are totally capable of clearing it in 18 months too with some hard work! Not trying = no chance :)

By the way, we also testing a new Q&A board for readers under "Ask a Question" section. This is where you can share your Level I experience with others, ask questions, or discuss topics with the 300 Hours community. Check it out http://www.300hours.com/qa-board.html

Sophie

Reply
SJ
1/25/2013 05:24:59 am

Hi Sophie

Just cleared L1 and have registered for L2 today. I am working 6 days a week, so I'm short on time. It would be extremely helpful if you could guide me about which subjects to study from Schweser and which subjects from the institute material. Also whats your opinion on studying from videos vs studying from text.

Cheers

Reply
Sophie link
1/25/2013 07:31:38 am

Hi SJ,
Congrats on the recent pass!

As mentioned in my posts, I used external reference materials only (Schweser was available only in my time) as I was short on time too. I studied everything in there, and did 6 sets of practice questions, and all questions at the end of the chapters. Of course, the CFA mock exam papers as well.

Studying from videos vs. text depends on your personal study style. Only you know which medium works better for your understanding/grasp of materials. For me it was text as I'm not really a classroom person, but it would vary from person to person. Experiment for yourself and see which is more productive for you.

Hope this helps!

Reply
Hami Ko
1/27/2013 07:18:18 am

Hi Sophie,

It's great to read your post now right before my registration of Level 2. As i never put too much hope on clearing my level 1, it's a difficult decision on whether to commit on Level 2 right now as i believe I'll have to sacrifice much on other personal / working related decision. As i have merely 4 months more to go, would need your advise that if after-all I can commit around 16 - 22 hours per week ( i would commit more than that if i'm able to) , should i committed to Level 2 exam this coming June? I definitely would not think that forfeited this chance and rather wait for another year is a good choice but i'm not confidence if i can conquer level 2 with 4 months...Could you provide some suggestion on this? I appreciate much on this..Thanks!

Reply
Sophie link
1/27/2013 08:27:50 am

Hi Hami Ko,
Well you did clear Level 1, so congratulations! I hope that is a big boost to your confidence, only 2 more to go!

If you can commit 16-22 hours a week it's sufficient. Using an average of 18 hours study time a week, starting Feb to give you 4 whole months (that's 17 weeks), you'd have clocked 306 hours, more than the average candidate. So in terms of time, you'd have enough time for June Level II straightaway.

Taking the CFA is a sacrifice of course - but also an investment. Since you are committed to finish this exam to gain your 'return on investment', delaying it for a year (when you are able to dedicate sufficient study time) is just lowering your return on investment, and prolonging the pain of these exams.

All in all, I'd say go for it this coming June! It may seem daunting as the time is short, but there is not better time to start than NOW. The 300 Hours community are here to support each other through this tough period, so join us at the Q&A board section if you have more questions.

Reply
Rick
1/31/2013 01:38:38 am

Hi all,

I just passed the December 2012 level 1 exam at first attempt with the following strategy - used 250 hours from early September to day before the exam:

Step 1 - September
- read all Schweser notes and do concept checkers - 100 hours

Step 2 - October
- Schweser Qbank - 75 hours

Step 3 - November
- Secret sauce - read through - 20 hours
- Schweser practice exams - 20 hours
- Qbank and formula repition - 35 hours

In total I did around 2000 Qbank questions.

I am thinking about this strategy for Level 2:

Step 1 - Feb/March - 100 hours
Read all Schweser notes and do concept checkers

Step 2 - April
Qbank - 100 hours

Step 3 - May
Qbank, Practice exams (6x) and formula memorizing - 100 hours

My qbank strategy is that I always try to solve the problem myself, or with the books, before looking at the answer. If I anyway dont get the answer - I really try to understand it using the books, before moving on to next question.

Do you think this strategy (that worked for L1) also works for L2?

Regards
Rick

Reply
Sophie link
1/31/2013 01:45:39 am

Hi Rick,
Congrats on the recent pass and sharing your thoughts with the 300 Hours community.

For a better discussion and feedback amongst members, may I suggest you set this as a new topic in our new Q&A Board? http://www.300hours.com/qa-board.html

Will be there to chip in with my thoughts on this too!

Reply



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