CFA Latest CFA Level 2 Discussions Thoughts on my viability of attaining the Charter – Reality Check for Level 2

Thoughts on my viability of attaining the Charter – Reality Check for Level 2

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    • FinanceAspire
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      Hello Folks,

      Just need a reality check and some words of advice for those with similar backgrounds and/or experiences. I took level 1 in December 2015 and awaiting results. I would like to take level 2 in June 2016. I work as a CPA for a global Fund shop, and can dedicate 20 hours a week to my studies. I aiming for 450 hours come June 2016, but only have about 20 hours down now.

      I also attempted a PhD program in Economics at a top 50 American Research University for a quarter, but the math was much too intense and I quit after that. Iā€™m worried that my lack of quant skills will prove detrimental ā€“ econometrics, and the intro quant courses were too advanced based on my inadequate undergraduate studies.

      I scored 1520/1600 (88th percentile math, 99th+ percentile verbal, and 99th percentile total) on the GRE (graduate record examination) back in 2008 directly after my undergraduate studies. I attended a mediocre State College and earned a 4.0 GPA in Business with a Finance concentration. My overall GPA was only a 3.5 because I “lacked focus” my first 2 years. I added a minor, took a total of 5 years, and raised my GPA as much as I could.

      I also averaged a 90% on the 4 parts of my CPA exams back in 2011 when I was working for a Big 4 audit firm. However, I had 3 months of study only time between my graduate degree in Accounting (3.5 GPA) and when I started working in audit.

      Given my lack of true Finance experience, what are my chances on level 2 and 3? Again, not sure how level 1 went but was averaging 77% accross all 7 mocks I took so feel pretty good there.

      Multiple Regression is already kicking my butt and wondering if I should just cut my losses now and focus on being a good accountant? Level 1 was still useful to my current role of accounting for financial instruments and mutual funds.

      Thanks for reading!

    • googs1484
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      Short answer, if I were you,  go for it. The math isn’t bad at all, and I suck at math.  The breadth of the curriculum is a beast! But if you have the momentum and energy to do it,  then go for it. 

    • googs1484
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      Disclaimer:  I’m a level ii candidate 

    • hairyfairy
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      I second @googs1484. The math is not incomprehensible, and there are video/online lessons that might help you with some of the trickier stuff. It’s really deciding if you can indeed dedicate the time (450 hours seems like a good and conservative plan to me)!

    • PaulAdaptPrep
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      Your plan sounds reasonable to me, especially once you confirm you’ve passed. 

      A lot of people struggle on the accounting concepts. There’s even some guys who do bootcamps ONLY on accounting for Level II. So you’d already have a leg up there!

      For the math, it sounds like you just need more exposure and practice. Sounds like you’re more than competent enough to master it, it’ll just take some time.

      If you want to check out the AdaptPrep material, simplifying complex math and Quants is one of Mike Carmody’s specialties:
      Learn more here: https://www.adaptprep.com/CFA/Level-2

      Or here’s a sample video on Multiple Linear Regression

    • FinanceAspire
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      Thanks for you encouraging comments folks! Also, appreciate the links to videos.

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