CFA CFA General Passed Level 1. Now onto Level 2???

Passed Level 1. Now onto Level 2???

  • This topic has 23 replies, 9 voices, and was last updated May-17 by vincentt.
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    • lulu123
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      soooooooo now that we passed the first level, are you guys signing up for L2 next june? whats everybodys plan?

      also, any tips?

    • hairyfairy
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      I’m probably going to sign up for June, but haven’t worked up the courage just yet…

      Congrats on going on to L2 @lulu123!

    • mattyc
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      Congrats @lulu123! I’ll be moving on with you and signing up for level 2 tomorrow. My plan is to start a little earlier this time around and give myself a proper 6 months. I got a slightly late start with Level 1 by signing up at the very end of Jan. I think Im sticking with Schweser again, worked out so why switch it up? I hear Level 2 is a beast by comparison.

    • Zee Tan
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      I hear Level 2 is a beast by comparison.

      My mistake in Level 2 was exactly that – I simply assumed it would be more or less the same as Level 1 in terms of effort. I was wrong…

    • MattyJ
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      I think @Lagarta summed it up best when he quoted:

      Level I = Germany’s austerity plan for Europe in 2011.
      Level II = Germany’s austerity plan for Europe in 1939.

    • stt00007
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      I will be retaking L2 this year and the advice I would give is to start your studying as early as possible. I have a postgraduate from a CFA program partner university which covers at least 70% of the curriculum and I still struggled to cover to the entire syllabus with the required depth to achieve a pass!

      I know this sounds crazy but there is only 10 months to the June 2014 exam, but we have to know 10 subjects inside/out and be able to recite these under exam condition. It’s gonna creep up on us like a stealth ninja. I passed L1 in Dec 2013 and the smile on my face barely faded before it was time for L2. I, for one, will be starting early and if I find myself in the fortunate position, taking my foot of the gas come closer to the exam.

      That being said congrat’s to all those who passed L1, you should be proud of your achievement and its important to take some time celebrate. Commiserations to those, who like me, will be retaking but if they were handing them out at the door we wouldn’t want it so bad!

    • Zee Tan
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      I stubbornly doubled down after I failed my Level 2 – think that’s what got me over the hurdle. Rock on @stt00007!

    • stt00007
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      “Hard work beats talent when talent fails to work hard” – Kevin Durant

    • vincentt
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      well done @lulu123 !

      I got my L1 results around the 3rd week of Jan 2013 which only gives me around 4 months to prepare for L2. I have to admit that I wish I had a little more time.
      Personally, coming from a non financial background I find L1’s learning curve is way steeper than L2 and it took me a month more to cover the entire syllabus for L1, but don’t get me wrong, L2 is definitely way tougher due to the vignette style and the massive amount of material compared to L1.

      Based on my experience, try to cover the entire syllabus as quickly as possible, don’t worry too much about memorising at this stage but focus on understanding them. As long as you understand the concept, move on, because in the last 4 weeks when you hit the practice questions, that’s when you will consolidate everything you learn and the formulas will come naturally.

      At least it worked well for me, hope that helps.

    • Sophie Macon
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      @vincentt is on his way to ace it in 18 months! 😀

    • vincentt
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      i’m just learning from the pro ^:)^ –> @sophie

      Oh btw, what are your thoughts of L3 in comparison to L2? Is it tougher or a different game entirely?

    • Zee Tan
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      It’s more concept based, less calculations and accounting. I found it more interesting / easier but I think Sophie found it tougher.

    • MattyJ
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      I passed L1 in Dec 2013

      I have to say, that is impressive!

    • stt00007
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      @MattyJ, CFA is killing me – limited exercise in the past 6 months…I blame it on fat fingers :”> “

    • Zee Tan
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    • lulu123
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      @vincentt @stt00007

      ok so to clarify, L2 is also multiple choice except that its questions based on 1-2 page case, correct?

      the amount of textbooks you get is how much? lol the L1 was 6 (right? lol) and it amounted to like an arm-length of thickness haha

      when you say there is way more material, you mean how much more? just to get an idea… (and decide whether I want to write L2 THIS june or later haha)

    • vincentt
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      @lulu123 yes that’s righ, it’s based on a 1-2 pages vignette.

      haha do you want me to count the amount of pages and possible the weight as well? LOL

      well, for example to price an equity, instead of introducing 1-2 methods they introduce a handful and different formulas have slightly different approach and each has their own pros and cons you have to know them all.

      My advice is try not to have any gaps (if possible). When I first went through the L2 syllabus i realised I have to refer some of my L1 notes but generally you don’t have to. It’s just things like the 5 steps duPont formula vs some of those P/B, P/E, P/S break down etc.

      In summary, use this forum if you need any help. I strongly believed this forum has helped me a lot in passing! 😀

    • Zee Tan
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      In summary, use this forum if you need any help. I strongly believed this forum has helped me a lot in passing! 😀

      You certainly stretched our CFA knowledge to the limit @vincentt!

    • Dr_Pain28
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      @lulu123 I’m starting up level 2 as well for June 2014. I’m thinking that come middle of september I’m going to read through my 2 spirals of notes from Level 1 for a refresher then delve into level 2 for the next 8 months. (I got behind in level 1 from early morning football practice, full-time student, and a public accounting tax internship; so I’m giving myself more time this go around.)

    • vincentt
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      In summary, use this forum if you need any help. I strongly believed this forum has helped me a lot in passing! 😀

      You certainly stretched our CFA knowledge to the limit @vincentt!

      but i’m impressed that you guys still remember most of the stuff.

    • Sophie Macon
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      Yeah @vincentt @zee’s right. L3 is more conceptual, easier in a way compared to the sheer amount of materials you’ve to absorb in L2. But the essay part always kill people off – but fret not, we have loads of L3 resources in the forum with the IPS ultimate guides and so on.

    • vincentt
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      @sophie just a question, the essay part you mentioned will be mainly on IPS? Or have you got any post that sort of explain the exam style of L3 ?

    • Sophie Macon
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      oulala here you go @vincentt – have you not seen my level 3 post? 😀

      Hope this helps!

    • vincentt
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      @sophie ahhh i remember reading that when i was still considering doing CFA (that was over a year ago lol)… completely forgotten bout that post :p

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