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Hey everyone. Came across this forum recently and thought I’d sign up – will be a level 2 re-taker next year 🙁

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@vincentt yeah I think mocks are the way to go. I’ve always been someone who liked to try to master the material and maybe too proud to hit the mocks early with poor scores but they should definitely take top priority.

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I will be retaking L2 this year and the advice I would give is to start your studying as early as possible. I have a postgraduate from a CFA program partner university which covers at least 70% of the curriculum and I still struggled to cover to the entire syllabus with the required depth to achieve a pass!

I know this sounds crazy but there is only 10 months to the June 2014 exam, but we have to know 10 subjects inside/out and be able to recite these under exam condition. It’s gonna creep up on us like a stealth ninja. I passed L1 in Dec 2013 and the smile on my face barely faded before it was time for L2. I, for one, will be starting early and if I find myself in the fortunate position, taking my foot of the gas come closer to the exam.

That being said congrat’s to all those who passed L1, you should be proud of your achievement and its important to take some time celebrate. Commiserations to those, who like me, will be retaking but if they were handing them out at the door we wouldn’t want it so bad!

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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 😉

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I agree with most of the peoples comments above about how long it takes to have a decent grasp of the syllabus.

I would still say start as early as possible. To steal an analogy from Warren Buffett…”…when you build a bridge, you insist it can carry 30,000 pounds, but you only drive 10,000 pound trucks across it”

If you have the opportunity to build in a large margin of safety why not use it?

I would suggest September. You have a huge advantage over people who will roll over from L1 in December, try to make the most of it!

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@vincentt – I completely agree it comes down to the individual’s circumstances and preferences. I also think it depends whether you enjoy the syllabus. If you are pursuing the designation purely for the prestige or opportunities it affords then maybe 9 months study is not for you, but if you enjoy learning about investments then it shouldn’t be too taxing.

Starting early gives you the opportunity for spaced repetition, hopefully allowing you to carry the material through your career. If you are employed part-time or unemployed 6 months may be enough to achieve complete understanding but if you’re in full time employment ensure there is enough bandwidth for a break because you won’t feel like studying every night.

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Hey guys, I don’t think this question merits a new thread and as its ultimate relates to a study plan I thought I would tail end this thread.

I’m planning to take a couple of mocks to use along with my L2 2013 scorecard to determine my weakness so I can focus more time and attention on these areas while devising a study plan.

Any suggestions how I can (ethically) get my hands on these?

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Hi @Sophie already downloaded the planner, I think it’s great! So thank you very much. You’re maybe right, think I’m putting the cart before the horse, EOC questions may be a more adequate gauge.

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Hi @bearsfan2690 – I also work in the Semiconductor Industry, looking to move into equity research. I work as a business analyst and have a postgraduate in Investment Analysis. From my experience, however, investment houses often desire people from diverse backgrounds; you have the benefit of having an intimate working knowledge of an industry – something analysts spend a career trying to achieve.

Be careful not to pigeonhole yourself as an expert on Industry X though as you will only limit your applications. Better to talk about how you have an appreciation of the economics of these industries, as this is a transferable skill.

Also, you could try applying to Joel Greenblatts Value Investors Club – admission is very selective and limited to only 250 members. Its very difficult to gain membership but if you have enough time its worth a go, it would demonstrate your analytic abilities. I think you can win $5k for the top recommendation of the week as well!

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Hi @sethneha, unfortunately when you feel like giving up your often on the cusp of a major breakthrough…”…they quit on the one yard line. They give up at the last minute of the game one foot from a winning touchdown.” – Ross Perot

For many years I have been trying to master the acoustic guitar, and by all accounts I’m terrible! I was desperate to learn how to play my favorite songs but however much I seemed to try I just couldn’t do it – got frustrated and gave up. Then I read a story about Eric Clapton and how in his early days he gave up playing the guitar 4 times because he just could not seem to grasp it. He was eventually so desperate to play he persisted through his frustrations and now he is considered one of the most important and influential guitarists of all time.

I have also had a similar experience recently. I moved to France (for work) and I have been trying to learn the language. My work paid for some French lessons but I just couldn’t seem to get it, worst of all I studied alongside an Italian boy and he creamed me at it – I felt like he was speaking fluently with the tutor where I was struggling to introduce myself.

If I were at home in the UK I would have thrown the towel in long ago, but everyday I hear people speaking French and I can’t help but try to interpret what they are saying. The beauty of my situation is that I am forced through circumstance to study everyday in small chucks with spaced repetition….anyways in the last few weeks I have made major breakthroughs. I have found myself being able to understand large parts of conversations and even participate.

It is entirely your decision whether to continue to pursue the charter, nobody can tell you what is right or wrong to do in your circumstance but how would you feel if you gave up just as your about to make the breakthrough?

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@Lagarta, what editions of Security Analysis and The Intelligent Investor would you recommend? I have heard a lot of people say the newer editions have lost a lot of the wisdom of Graham, with guest contributors for each chapter. The investment world has changed so much from the 1940 edition though would it still be as relevant today? Companies trading at net-nets are very rare these days. Either way great recommendations!

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I still have all my undergrad/postgrad material under my bed – I think they call it ‘obsessive compulsive hoarder’ lol

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@Sophie – I have no doubt I’ll never use them again. It does give me peace of mind knowing they’re there though.

God forbid I ever come across higher calculus problems again, under the bed is where I’ll hide – behind that stack of textbooks!

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“Hard work beats talent when talent fails to work hard” – Kevin Durant

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Nobel prize winning?

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@MattyJ, CFA is killing me – limited exercise in the past 6 months…I blame it on fat fingers :”> “

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I don’t play games consoles per se, but I’m a recovering Football Manager (PC) addict…I know it’s only a matter of time before I start using again, just hope I can stay strong during my CFA studies! =P~

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@edulima another great reply – I was manic about my studying for the first 2 months. I would say I was hitting 40 hours study per week, while having a full time job.

The problem was without an organized framework I was substituting quality for quantity. I was completely shattered by the 3rd month and akin to a punch drunk fighter, swung aimlessly at bodies of texts I felt would most likely be tested.

Out of interest, do you guy’s track the amount of hours you study? I struggle with this as I have periods where I learn almost nothing during a period of say 5 hours, while on the other hand I have “intelligent hour” where everything seems to click.

I would be afraid to chalk up those ersatz hours for fear that I would give myself a false sense of security that I was on track, while lagging on a material covered front.

Great input guy’s, I will definitely incorporate your idea’s into my study plan.

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@Mr_Excel the beauty of starting early is that if you get tired you can call a timeout. This is luxury those who start later cannot afford.

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Just checked up my previous order receipt – think your right @Sarah.

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