Tips To Pass CFA Level 2 Exam

In spite of many frequent exam slots per year with computer-based exams, it will take 7 to 8 weeks for CFA Level 1 results to be announced.

Adding with the fact that there needs to be a minimum of ~6 months gap between the exams taken, many candidates – especially CFA Level 2 candidates – find they have just 4 months to prepare for the next level.

With CFA Level 2 increasing in depth and scope compared to Level 1, CFA Level 2 in 4 months is no mean achievement. And unquestionably not something you want to repeat.

1) Enjoy your short time off after Level 1

It can be inviting to rush straight in to prepare for the  CFA Level 2 exam, even if you’re proportionally confident of a Level 1 pass.

although, this strategy is likely to misfire as there is an increased risk of collapse without a break from studying. It will also give you a good opportunity to spend quality time with friends and family whom you may have ignored a little during your Level 1 preparations.

hang out with family and friends, relax, read (non-CFA) books or do some gardening or DIY projects. It seems like a ‘waste of time, but it all adds up to your give later when you start studying. Trust me 🙂

2) Check that your study plan which actually works

You also know that CFA Level 2 covers the deepest knowledge and widest among the 3 levels. So you definitely need a powerful study plan.

Firstly you need to assess and create if your study plan is practical. We have an amazing, free, and customizable study planner you can use here.

Usually, CFA Level 2 candidates take 328 hours of studying time. In some experience, we think 350 hours of studying time is more practical for a good chance of passing, especially if done in 4 months.

3) Set targets on finishing books, and stick to it

With the advice-guidance of leaving the last month for review and doing practice paper questions, this takes you 3 months to complete your first round reading of 6 books.

Don’t be worried about not reading in-depth for sections you have had to rush, because you’ll confidently catch those during the last month of practice sessions and review.

Your mistake of diverging is more serious, as it will take over 4 months and you may find that you’re 1 book behind by the end of 3 months of reading, which would heavily affect your chances of passing.

Now, once you’ve created your study plan and learned to stick to your timelines no matter what happens, let’s move to the next best strategy.

4) Use your study materials wisely

Given the small study window, it is questionable if you have sufficient time to read through CFA Institute’s books in 3 months.

My suggestion here is to use a well-thought-of third-party provider to help go through the study materials succinctly, and use FINOMINAL INSTITUTE  as a good source of reference and supplement when you’re at the end of chapter (EOC) questions.

Also an additional cost, it will save your study time, which is hard if you have to do CFA Level 2 in 4 months!

5) Don’t  worry too much about study order

With an aim to finish reading 2 books per month for 3 months, you may be surprised if there is any particular order of topics you should study first or last.

The typical suggestion for candidates is NOT to start reading Ethics first, leave it for the end of their studies. This is also shown in the latest 2022 curriculum whereby Ethics readings are moved to the end.

Other than that, you can study in the order of the syllabus, follow what we think is a typical order of topics to study for Level 2 or decide on your own what motivates you to get the way.

6) Start studying earlier, if you can

Even if all the study juggling work,  planning, and life commitments work, it can be helpful to try to start studying earlier after 1 month of rest. This is because you can increase an emergency buffer,  in case something happens in life/work that may delay your very tight schedule. Having an emergency situation if you can just make sense as it increases your chances of cracking the exam.

A good practice is to check out the latest CFA curriculum changes and start studying sections from the old or existing Level 2 syllabus that don’t have many changes. You can no doubt get the existing syllabus cost effectively or borrow from a colleague.

There are various complicated and delicate abilities required for accountants at the CFA level, that when grown appropriately, can assist with setting the establishment for a fruitful profession. You can lay the basis for a productive CFA career with the right assets, yet more significantly, the drive to better your range of abilities.

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