I failed my exam in June 2015 – I didn’t have high
hopes but it is still super frustrating.I only started studying for the L2 in
January, after received the L1 results.
My plans to tackle the CFA L2 2016 are the following: (Do you think this is
a good plan, what would you do different?Any Wiley haters?)
1. Most of the material did not change – except for an exert in QM and
new material for PM. I am thinking of revising all the material I had more
difficulties first – Starting in September. I am planning to use Wiley –
Efficient Learning. I am buying the platinum package which includes weekly
video classes. I find that this package offers more for my buck.
2. Wiley L2 2015 Weekly Class Starting in 2016, Wiley Formula Sheets, Wiley
Study Notes and Wiley Question Bank etc. All the way from Sept 2015-Jun 2016.
3. Questions, Questions and More Questions. Especially starting in January 2016
– after a better review (and questions) of the content I had more problems
2015. I plan to start writing mock exams in the beginning of 2016 – using the
CFAI first and, then moving to Wiley and, perhaps, Fitch afterwards. I have all
the Schweiser 2015 material so some material I can probably reuse – such as
I have included below my results:
AI = <=50%
CF = >70%
DER = <=50%
ECON = 51%-70%
EI = >70%
ETHICS = 51%-70%
FI = <=50%
PM = <=50%
QM = <=50%
How far you think I am from passing L2? Any tips?
This plan includes more questions – as I am already familiar with the material – not much changed. Last time, it took me a long time to digest the material and understand the formulas.
For the new focus, I plan to review all (with more focus on the subjects I struggle) and then answer questions.
My biggest issue was forgetting things I had already studied. For example, in May I had a hard time remembering the concepts and formulas I had studied in January.
Not sure how to remedy this? Any idea on how to create a plan that incorporates constant use of the material previously learned?
I was thinking of answering 6 questions a week for every material I finish reviewing. That way, by the end of my review, I will be answering 60 questions per week (all subjects) and then I will simply add mocks, practice questions, End of Chapter questions, etc. Do you still think it is a solid plan?
More questions is a good improvement. Forgetting things is unfortunately a problem for me (and a lot of others) as well. What I try to do is simply pile on the practice exams – you can never have too many. Start early with practice exams. Stick to your planned schedule to finish your review period, even if you’re not happy with how thorough you got through your material (you never will), and hit the practice exams hard and fast. Go back and review problem areas, then back to practice exams again. Rinse and repeat.
The gradual questions plan sounds interesting and could work – the worry is that it might end up being too time consuming. Again, sticking to the schedule especially in the early stages is crucial to ensure you have enough time to practice properly later on.
This is what I did and it worked for me (passed Level 2 first attempt in 2015):
1. Last week before the exam – do all the blue box and end of chapter questions from the CFAI material. This ensures that you have covered all the material and revised everything.
2. Last 6 weeks – cram in at least 8 mock exams (I did 6 Schweser, 1 CFAI and one Schweser live mock). 4 of the eight, I had to do AM and PM on separate days because of family/work issues, but avoid that.
3. Last 4 weeks – do all the topic questions that the CFAI makes available. These are all old exam questions and they are invaluable. The total (56 item sets) equals almost 3 additional mock exams.
4. When you read the Schweser materials (I used CFAI only for Ethics), make note cards as you go. I didn’t do this and lost valuable time later having to go thru and look at my highlights again. Try to look at note cards one day before each mock exams as you will be doing this the day before the exam and it will get you practice to scan quickly.
I have a full time job, a 1 hour each way drive and 4 kids (9-15 years). I have a wife who is bipolar and had to be hospitalized etc in Jan. If I could get thru Level 2 in 2015 with all this – you can too. Hang in there and don’t give up!
@hellomarconi I totally agree with your plan. I had Band 8 in 2013 L2 just after I had passed the Dec 2012 exam.
I finally passed the June 2015 exam and it was a similar plan.
I commenced studying c. November and hit full mocks by January. You need to OD on questions, I did all the questions I could lay my hands on.
CFAI EOC, Schweser EOC, Previous CFAI mocks, Schweser Mocks, Questions on the CFAI site, let practise questions be a drug you are addicted to. It helps to bring everything together.
Strategy wise, I advise you maintain your grasp of the Equity material and improve your on FRA & FI.
My passing strategy was to ensure I was over confident on FRA, Equity, CF, Der, always aiming form >70 in those. Maintain average scores in AI, PM, and FI. I honestly did not mind not getting Eco and Quants.
But for now, you should rest and rejuvenate as you prepare to kick the question writers next year!
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