As an expert in the field of finance and investments, I have seen many individuals struggle with the CFA exams. And while each level presents its own set of challenges, there is no denying that passing CFA Level 2 is a particularly daunting task. In this article, I will share my insights and tips on how to successfully conquer this difficult exam. First and foremost, it is important to understand that to pass the exam, you will need to obtain at least the minimum passing score (MPS) established by the Board of Governors of the CFA Institute after each exam. This means that simply relying on your knowledge and understanding of the material may not be enough.
You must also be strategic in your approach and preparation. If you have already passed CFA Level 1, you may have found it relatively easy compared to what lies ahead. However, do not underestimate the difficulty of Level 2. This level consists of 20 to 30 bullet points containing 88 multiple-choice questions distributed over two exams, making it much more intense and challenging. Each mock exam takes 4.5 hours to write and about the same amount of time to review. This allowed me to complete between 7 and 8 series of simulated work by several study providers over the past month, interspersed with the revision of sections that give me less value with the books of the CFA Institute. With my work schedule, it was difficult for me to do a full exam one day and check the answers the next day.
However, with commitment, the establishment of specific objectives, and the right resources, I was able to overcome this challenging level in a short time. It can be tempting to rush to prepare for Level 2 of the CFA, especially if you have a strong understanding of the material and are confident in your ability to pass. However, I strongly advise against this. Level 2 builds upon the basic concepts covered in Level 1, and having a solid foundation in Level 1 is crucial for success in Level 2.One common mistake that many candidates make is studying for both CFA Level 2 and another exam, such as CAIA L2, at the same time. While this may seem like a time-efficient approach, it can actually be detrimental to your success.
By the time you reach Level 2, you may have forgotten some of the material from Level 1, and there may also be new material added. This can make studying for both exams simultaneously overwhelming and confusing. Furthermore, the CFA Level 2 exam is known for being the most difficult exam in the series, with the most material to cover. Add to this the fact that there must be a minimum interval of approximately 6 months between CFA exams, and many candidates (especially those at Level 2) only have 4 months to prepare for the next level. While computer-based exams are now offered more frequently each year, it still takes 5 to 7 weeks for the results of CFA Level 1 to be released.
This means that studying for CFA Level 2 in just 4 months is no easy task. In this case, I highly recommend using an accredited external provider to help you review the study materials succinctly. Additionally, make use of the CFA Institute as a good source of reference and supplement when answering end-of-chapter questions. I have come across many individuals who have passed Level 1 on their first attempt, only to struggle with Level 2 and have to retake it multiple times. This is because Level 2 is much more difficult than Level 1, simply because it is more intense. The depth and detail that Level 2 goes into (and where they are tested) are greater, as it focuses more on the application of concepts rather than just knowledge and understanding. In conclusion, passing CFA Level 2 is no easy feat.
It requires a combination of hard work, dedication, and strategic preparation. However, with the right mindset and resources, it is possible to conquer this challenging level and move one step closer to becoming a Chartered Financial Analyst.