I am about to take Level 1 in December. Assuming, I pass (which I know is not a definite) should I take the Level II exam in June of 2015?
A few specifics about my situation:
I also plan to sit for and take all 4 sections of the CPA during January – May of 2015
I will be taking one college course to finish a Masters of Accountancy
I will not be working or have any other obligations during this time.
My understanding is that I can not register for and receive the CFA institute Level II materials without first receiving a passing grade on Level I. If this is the case, I would have to wait until roughly February to start studying.
My question is whether or not in your opinion I will have enough time to study for and take the Level II in June of 2015 or whether I should wait until June of 2016. If you think I will/should take it in June 2015, should I try to start studying before February, and if so how?
Thank you for your thoughtful responses.
First of all good luck with the test in December.
I don’t know enough about your situation to make a call if you have time enough to get ready for the June 2015 exam. What I can say is that I found level 2 significantly harder than level 1, so you need to factor that in.
There have been some significant changes to the level 2 curriculum from 2014 to 2015 with 6 new readings and 10 readings removed. So I would not rely on 2014 materials if that is what you are hinting at.
Correct me if i’m wrong, but I don’t think you can register for L2 until you have received notice of passing L1? I don’t think it is a bad idea to plan ahead though, but just know that you lose all of January waiting for that passing grade. You could always buy the 3rd party provided material to start earlier, but that is always a bit risky. I debated this option last year and opted to wait until I got the pass to start on L2 and it worked out ok.
Feb-June study period is doable with your other school especially since you are not working. It isn’t ideal, but very possible. If you can afford it, I would definitely take a shot at L2 asap, worst case scenario you are out the cash but on the same timeline if you hadn’t tried this coming June.
Let me begin by saying I have zero CFA experience beyond what I have been picking up here over the last couple of weeks (and SO glad I found this place), so it’s a bit of an outsiders perspective as I don’t plan on sitting for level 1 until Dec 15. I have, however just finished up the CPA exam. I think a lot of people do the Dec/following June combo for level 1 and level 2, that’s definitely doable. If I understand your post, however, you are considering studying for all four parts of the CPA AND CFA2 between Jan and May? That’s insane. It’s a stretch with just the CPA, adding a master’s course is pushing it, adding what is arguably the most difficult CFA exam as well and you are just begging to fail. My advice would be to crank out the CFA2 Jun15 (assuming a pass in Dec), take the CPA Jul-Dec 15 and then back to CFA for Jun 16 exams. Doing both at once is not only time consuming but it’s like playing tug of war with your brain as the two exams have two very different perspectives (outside of maybe a little overlap in the CPA FAR and BEC exams). Whatever you decide to do, best of luck!
Hi @Steven_Elseroad I believe you didn’t give us a complete picture of the time you will be spending from end of January to the potential CFA level 2 exam. To properly estimate whether you have enough time, please let us know:
1 do you have a girlfriend/boyfriend?
2 if yes, do you intend to see him/her over the period February – June?
3 do you have family?
4 if yes, see 2)
5 do you have friends?
6 if yes, see 2)
7 do you have hobbies?
8 if yes, do you intend to spend any time on them?
9 how many hours of sleep do you need each night?
10 how much time do you intend to spend on studying for your college course and CPA exams combined?
taking the inputs from the questions 1-10, remember that there is a maximum of 168 hours in a week, of which you’ll be spending much time not-studying. Then it’s a simple matter of solving for the amount of hours left to study for the CFA. If that’s still greater than 300, you’re probably good 😉
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