Pass CFA Level 2 from first attempt !

If you methodically do this approach, I can almost guarantee you will pass:

1. Watch Schweser Video on a study session
2. Read Schweser Notes on same study session
3. Do Schweser questions on the study session - mark what you didn't get right for later review
4. Do CFAI EOC questions on the study session - mark what you didn't get right for review
5. Writedown all relevant notes to this study session for yourself (create your own separate set of condensed notes). This was an ongoing process for me, where I would be watching Schweser Video in 1 screen and on a second monitor typing out my own notes.
6. Writedown a running list of all key formulas in a separate notes section (key formulas for this study session).
7. Create some flash cards (not too many) covering key concepts.

repeat this process for every study session. review your notes, do CFAI EOC a 2nd, 3rd time (especially the ones you got wrong). keep creating more flash cards when you screw up problems or cannot remember concepts. Do mock exams / review. create more flash cards and review all problems you got wrong.

I had a condensed set of personal notes, flash cards (whittled down from ~300 to 50-100 most important that I had trouble remembering), a set of formulas organized by study session, and a separate section of notes just for derivatives (exactly how to do each derivatives problem step by step).

Good Luck

CFA Level 2 Candidate who Passed from First Attempt wrote this

Hi Mona,

I would like to share with u my successful experience in studying and preparing for my CFA Level 2 exam.

First of all allow me to thank you for setting the guidelines for me when i first started my journey with level 1, you told me whenever i finish a book to read all previous books once again before moving to the next book! And that’s what i have been doing for both level 1 and level 2.

I used Schweser to prepare for level 2, and solved CFAI end of chapter questions after finishing each Schweser reading. I started preparing for my June 2011 exam from December 1st, 2011, and using this method i moved in slow, but steady steps towards reading the whole curriculum. I finished the material 2 weeks before the exam day!! But i didn’t bother with reviewing because i already read all the books more than once.

I did the CFA mock exam and got disappointing results (as i did in level 1 mock) and used the remaining time (9days approximately) to focus on my weak areas using Q-Bank questions.

A point i need to emphasize here is that i didn’t use Q-Bank as extensively as i used it for Level 1, for one reason and that’s the lack of time. Level 2 was so challenging and at times i felt so down and just wanted to drop out, but kept reminding myself that after June 4th it will all be over and I have to give it my best so i don’t leave any room for regrets.

To sum it all up: Schweser + CFAI EOC is the magic words for passing level 2.

CFA L2 Mistakes

Mistakes:

1. Never start too early ( starting Mid of Dec beg of Jan is the best thing)
2. stick to your study plan 
3. Don't wait until you finish your study session to solve Qbak Question
1. solve Qbank after each reading
4. once you finish book one , dont start book two until you review book one again + solve 60 question test for the whole book
1. once you finish book 2 , review book 1 + 2 again and test your self again
2. once you fninish book 3 - review book 1 + 2 + 3 , and test your self using either Qbank or CFAI EOC
3. you continue this process until you finish all 5 books from schweser - take max a week to review them (read summaries and formulas)- then take a full test ( i bet you will score 30% not less then 50% - dont panic this is normal)
5. Finish the material at lease 6 weeks before the exam
6. the most important part is the second time you read the material BUT
1. it should be less reading - more into reading summaries ,and more solving Q's
7. by arriving to step 6 will you have 5 weeks to solve MOCK exams!! the tricks in solving mock exams
1. solve all CFAI text book EOC (end of chapter question) they came approx the same formate and more realistic than schweser
2. solve them not less than 2 to 3 times during your study plan 
3. solve Schweser Book 1 and Book 2 practice exam ( highlight your mistakes so you can review you them later)
4. solve CFAI free Mock Exam
5. Purchase 2 sample exams on the CFA site for 40$ each
8. this process will take you 3-4 weeks 
9. last week before the exam review all the fomula and try to solve at lease one question on each formula you write on your formula sheet.

Alterative review method that helped:

Schweser Videos where a big help, sometimes you are tired from reading or reviewing , so waching and listening might kill the routine. 

Qbank:

yes its true that Qbank is not that important in L2 as it was in L1! BUT it is the only took that will help you memorize all the formulas ad will help you understand the basic concepts and understand the readings by practicing these questions

There are more than 4000 Questions in Qbank try to solve not less than 50% of it

CFAI EOC ( CFA institute End of Chapter Questions ):

These are the most important element in your study plan ... while finishing each reading and solving schweser end of chapter "concept checkers" solve these next. 

solve them more often ( once while finishing from each reading, in your end of book 1 review (step 4) then again once you review your 5 books as a whole, and again in while you are at the final stage or reviewing, finally do it with your Mock exam ) that way you make sure these questions are drilled in your brain. they where closer as a format to the exam question ( difficulty varies though) 

P.S: 

1. try not to travel (like i did 3umrah, dubai, bahrain, canada, los angeles, and NY) while studying even though you feel you still have time! the Jet lag from the states trip took 3 weeks to adjust! 
2. never even think to take a course for CFA L2 , waste of time and MONEY!

Study Progress of DEC 2009

CFA L2 is a BEAST ! i never thought it will get that hard.. i feel slower studying for it.. hope i finish by April :(

I've completed Corporate Finance SS8 and SS9 , it was really fun reading it .. i love corporate finance.. I've read Schweser book then solved end chapter question in CFAI books.

after that i went to SS5 and SS6 not bad .. need to review them again .. all of this material is new for me i didn't study them in College nor MBA.

tomorrow ill start SS7 and hoping by then end of this week ill complete it all

My CFA Level 2 Study Plan

As soon as I knew I passed Level one I've made my order from Schweser, sadly the books wont be available untill end of October ( will be shipped not before Oct 28th ).

so I've decided to read the CFAI material until i receive my Schweser books,
so far i finished SS3 Quant, SS4 Ecoomics and SS5 and SS6 Accounting but i was not that dedicated much in studying it was more into a reading than real studying.

my CFA LEVEL 2 study plan will be the same as my L1 Focus on the high weights first so i wont be pressured when i get closer to the exam date.

CFA LEVEL 2 Study Plan:

there will be 18 study sessions with a total of 68 Readings.

1. December (Nov 29th till Dec 26th)= SS10, SS11, SS12, SS5 AND SS6
2. January (27th of Dec to 30th of Jan)= SS7, SS8, SS9, SS14, SS15
3. February (31st of Jan to 27th of Feb)= SS16, SS17, SS13, SS18
4. March (28th of Feb to 27th of Mar)= SS1, SS2, SS3, SS4
5. April (28th of Mar to 3rd of Apr) = week off
6. April (4th of Apr to 1st of May)= will review the material all over again through secret sauce and Schweser Videos
   
7. May (2nd of May to 29th of May)= Mock Mock Mock Exams (from Schweser and CFA)
8. June 30th to 4th - will relax and read ethics again to be ready for the exam

JUNE 5th 2010 is Exam Day


Topic Areas and Weights

Topic Area	Level II
Ethical and Professional Standards (total)	10
Quantitative Methods	10 -- 5
Economics	10 -- 5
Financial Reporting and Analysis	15-25
Corporate Finance	15 -- 5
Investment Tools (total)	30-60
Equity Investments	20-30
Fixed Income	15--5
Derivatives	15--5
Alternative Investments	15--5
Asset Classes (total)	35-75
Portfolio Management and Wealth Planning (total)	15--5
Total	100

Functional Area	Topic	Study Sessions	Readings
Ethical and Professional Standards	Ethical and Professional Standards	Study Session 1 (PDF)	1 -- 4
		Study Session 2 (PDF)	5--10
Investment Tools	Quantitative Methods	Study Session 3 (PDF)	11 -- 13
	Economics	Study Session 4 (PDF)	14-20
	Financial Reporting and Analysis	Study Session 5 (PDF)	21.00
		Study Session 6 (PDF)	22-23
		Study Session 7 (PDF)	24-26
	Corporate Finance	Study Session 8 (PDF)	27-29
		Study Session 9 (PDF)	30-31
Asset Valuation	Equity Investments	Study Session 10 (PDF)	32-35
		Study Session 11 (PDF)	36-40
		Study Session 12 (PDF)	41-44
	Alternative Asset Valuation	Study Session 13 (PDF)	45-50
	Fixed Income	Study Session 14 (PDF)	51-54
		Study Session 15 (PDF)	55-57
	Derivatives	Study Session 16 (PDF)	58-59
		Study Session 17 (PDF)	60-63
Portfolio Management	Portfolio Management	Study Session 18 (PDF)	64-68

My L1 crazy adventure

when I decided to study for the CFA it was mid January 2009, ordered the books from Schweser, and started studying in February 2009.

the day i registered in the CFA site, I knew I had to give up everything (social life, family, fun, rest, food etc)


My schedule was as fallow:

week1- Economics S4
week2- Economics S5
week3- Economics S6

week4- FSA S7 and S8
week5- FSA S9
week6- FSA S10

week7- Ethics S1

week8- Quant S2
week9- Quant S3

week10- Fixed Income S15 and S16

week11- Equity S13 and S14

week12- Corporate Finance S11

week13 Portfolio Management S12

week14- Derivatives and Alternative investment S17 and S18

Date:
started 8Th of Feb 2009, reading the material from schweser book, watched Schweser Video CD's, solving end chapter questions and solving Qbank questions and finished by the 16Th of May 2009.

My study timing was:
5pm till 10:30pm Sun to Thursday
9:00am till 3:00pm Fri and Sat

I took the last 30 days off from work (May) and my timing was :
7:30am till 10:30pm

I think I consumed more than 500 hours!


CFAI Books:
Didn't use the CFAI books only referred to them for ethics and solved ethics questions.

Final 30 Days before the exam:
I spent the last weeks till June 6 2009(exam day), reading "Shweser Secret Sauce" as a review tool and solving Mock Exams as much as I could.

Health:
I lost around 12 kilos and faced strange medical problems due to stress and pressure


Result:
Got my result on the 28Th of July 2009 with a PASS under my name it was all worth it, I was the happiest Girl on the planet! Glad that all that study has paid off.