CFA CFA Level 2 L2 – Ethics strategy

L2 – Ethics strategy

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    • mattyc
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      For L1 I skipped studying the Ethics section and saved it for last. I based that decision on advice from previous L1 candidates and the logic that the material would be the freshest in my mind as the exam approached. I found that I somewhat struggled with Ethics in my practice exams but ended up with >70% on the real exam. My question for all of you is, do you think its wise to follow the same strategy for L2 or should I attack Ethics early and often throughout my preparation? Since its one of the largest portions of the exam it may be beneficial to review it now and do periodic q-bank practice.

      BTW, I currently just started FRA (which should be a doosy) after putting Quant and Econ in my recent review mirror. WWSCZSD? (What would Sophie, Christine, Zee, Sarah [and everyone else!] do?)

    • Zee Tan
      Keymaster
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      From my memory the basics of Ethics are repeated throughout the levels, it’s just the ways that they test them that differ (and increase in ambiguity, although that might be just me).

      There’s no reason not to go through a few item sets or case studies to see if you prefer to tackle it early, but in general brushing up on Ethics towards the end is a great idea.

      Another challenge in L2 which you may not have had in L1 is the amount of material you have to cram in – approaching the exam you may find that you need to brush up on everything.

      Here’s an article that may give you more details: http://www.300hours.com/1/post/2012/07/cfa-ethics-why-you-need-to-master-it.html

    • vincentt
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      Based on my Level 1 and 2 experiences, I didn’t really bother going through those notes in schwesers or CFAI. What I did was to look at the summary version of it (here).

      Understand and if possible memorise it, then do lots of practice. I didn’t have much time and I find ethics extremely boring hence I used this method.

      It seems to work pretty well for me, i’ve got >70 for L1 and 50-70 for L2.

    • mattyc
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      Thanks, both of these are really helpful. I didnt realize that the basics are repeated in L2. So I would assume that the challenging part would be to conceptualize everything within the item set format. I’ll probably start adding Ethics into my q-bank quizzes to test my overall grasp on the different standards as I go along but stick to the plan of saving the formal review for the end.

    • Sophie Macon
      Keymaster
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      Seems like @zee and @vincentt have covered it here – but I do like @vincentt’s method I must say! @zee is right in that the ethics material are probably 90% familiar, but given the load of material, I’d save it Ethics for last (or when you’re brain says gimme a break from calculations/concepts).

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