CFA CFA Level 2 Beware the tips!

Beware the tips!

  • This topic has 15 replies, 12 voices, and was last updated Jun-17 by Jwa.
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    • mattman
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      I recently wrote level 2 and, unfortunately, ended up in band 10. I can’t help think about a tip in one of the more popular study resources to NOT study a particular formula. Given the vast amount of material to cover in level 2, I purposefully did not study this as a part of me trusted what these experienced charter holders with their ears on the ground had to say.
      On exam day, that exact formula was tested in an entire item set and not knowing it meant guessing every question.

      I strongly believe that that was the difference between passing and failing, which in band 10 is apparently around 2%. Yes, I am also to blame for ignoring it and could have done better in other areas but we don’t pay for all the extra resources to end up being mislead by them.

      So, like me, avoid being frustrated and a few % short and take the disclaimer in the study material seriously. Study everything, irrespective of the tips and perceived short-cuts you may come across!

    • Sophie Macon
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      Hmm? particular formula?

    • mattman
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      It is just a bunch of BS (*hint)

    • Sarah
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      Hmmmmmm I’m curious.

    • stt00007
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      Nobel prize winning?

    • Zee Tan
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      …I’m curious too. of the hint as well..

    • vincentt
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      Formulas in the Equity topic?

    • stt00007
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      Interestingly people who studied L2 may not know this but they covered some rocket science (Ito’s Lemma) in the topic sometimes referred to as financial weapons of mass destruction 😉

    • bceagles
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      Pretty sure the formula you are referring to was actually from the PM section, no? Either way, I believe those two questions could be solved with the info provided without knowing the actual formula.

    • Zee Tan
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      Best not to discuss questions…. 🙂

    • MockTurtle
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      I know which one you mean! I didn’t study it either and was rather annoyed to find it popping up in the exam. I passed, but scored <50% that topic area.

    • mattman
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      It is a well known formula used for pricing options. I also scored less than 50% there and am convinced that I would have passed if that was section’s mark was a touch higher.

    • edulima
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      Perhaps this gives evidence that one should stick with the CFAI texts… or do the study guides include everything but suggest that some items may not be explored in the exam (so you can ignore them at your own risk)?

    • RaviVooda
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      Problem with level 2 is that the syllabus it too vast and the item set you get can be from a very remote topic where you do not expect questions. Schweser material has a strong bias towards some topics and some topics which are in text book do not even show up in Schweser. Though you may not read from text book, it is good to solve all the problems given in text book (not just the end of session, but the ones you come across while reading the topics)

    • MattyJ
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      I learnt every formula off by heart for this very reason. If an equation came up, the difference between knowing and not knowing is a whole point, so why risk it?

    • Jwa
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      Agree with @MattJ here, there is no risk to learning every formula that comes up. LII is so broad that learning all the formulas is probably one of the easier aspects IMHO! Score band 10 is horrific though @mattman – just happened to me in LIII though it definitely was not down to one question! I even bothered to learn all that GIPs nonsense, probably the most appalling waste of time (life).

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