At this point, memorization is no longer sufficient to pass the exam. Instead, a deep understanding of the principles is necessary to successfully overcome this level. It would be safe to generalize that most CFA certificate holders would consider Level 2 to be the most difficult of the CFA exams. In short, the competition at level II is much greater because all candidates have earned the right to be there.
Many candidates start studying for the Level I exam when they have a lull in their educational, family, or professional commitments. With the same number of topics as Level 1, the Level 2 CFA addresses each topic in great depth, requiring much more reading time. Not only are CFA Level II concepts often more complex, but Level II exam questions also require more concentration. In level 1 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. However, at level II, candidates often find that this advantage is exhausted and that their previous studies provide relatively little direct advantage.
the day of the exam. CFA Institute Prep providers are prohibited from including official CFA Institute mock questions or any other question other than the end-of-reading question in their products and services. The following 10 points describe some of the main differences a candidate will encounter between level I and level II of the CFA exam. As a result, many Level I candidates begin their studies with a solid understanding of the main concepts of Level I.
A Level II candidate must develop the ability to quickly scan a vignette and select the data needed to answer a particular question. At level 2 of the CFA, each of the two exam sessions is comprised of 8 to 11 bullet points, which is a passage describing a given scenario, followed by 4 to 6 questions about that scenario. However, that lack of time management practice during the prepared answers section nearly cost him his CFA certificate. Candidates who pass the CFA exams have at least one college degree to their credit, often in business or a related subject.
Simply put, the same approach, routine, or degree of effort that helped you pass CFA Level 1 won't be enough.
