A big mistake would be to assume that Level 2 is a continuation of this. Meanwhile, the most difficult topics in Level 2 CFA are often the analysis of financial statements, portfolio management, ethics, and derivatives. If you're taking the CFA Level 2 or 3 this year, keep the above points in mind and, hopefully, you'll be better prepared for the challenge ahead. Unlike levels 1 and 2, where you can objectively measure your progress as you progress through all practice tests, taking level 3 tests is a double-edged sword.
The CFA Level I exam consists of 180 questions, and each of these questions is unrelated to the others. As a result, many Level I candidates begin their studies with a solid understanding of the main concepts of Level I. Many candidates start studying for the Level I exam when they have a lull in their educational, family, or professional commitments. At level 1 of the CFA, all multiple-choice questions (MCQ) are independent of each other and are often much shorter and more direct compared to those in levels 2 and 3.Often, candidates discover that a year later, when the Level II exam arrives, they have a new personal situation and a new series of distractions related to school, work or children. So, if you didn't succeed in level I hypothesis tests (or omitted them completely), you'll find that quantitative methods are much more difficult at level II.
The real debate here is between CFA level 2 and level 3, since deciding which is the most difficult CFA level between these two exams is less clear. Simply put, the same approach, routine, or degree of effort that helped you pass CFA Level 1 isn't going to be enough. Level 2 candidates can sometimes make the mistake of thinking that level 2 would be easier from a time management standpoint. In addition, at Level II, the candidate's ability to link one theory or concept to another will be evaluated.
With the same number of topics as Level 1, the Level 2 CFA addresses each topic in great depth, requiring much more reading time. In the CFA Level I curriculum, special emphasis is placed on remembering formulas and definitions by heart. Candidates for a Level II CFA are expected to demonstrate their ability to apply tools and relationships to analyze financial data and value assets. Level I questions are independent multiple-choice (MCQ) questions with a planned completion time of 90 seconds per question.