Thanks to the bullet format, CFA level 2 questions are much more detailed than level 1 questions. Exam writers now have a full page (and then some) to explain their scenario, and so questions can test several concepts and require much more reflection or calculation. People who fail the test receive information that allows them to compare themselves with other people who have passed the test and can retake the test. They expected that the same amount of effort would be enough for level 2, and they didn't realize it until it was too late.
The format of the multiple-choice questions is similar to that of level 2, but since there are only 120 questions to work on compared to the 240 questions of level 1, it is to be expected that the questions of level 2 will be more complex. The results of the level 2 exam are usually published together with those of level 1, that is, about 60 days after the date of the exam. Those who can move to Level 2 take the CFA exam very seriously and should have a better understanding of finance and investments. The exams test students' understanding, knowledge, and analysis of a range of financial topics, such as accounting, economics, ethics, money management, and security analysis. Level II delves into investment and portfolio management concepts and tests your ability to apply these concepts to real-life situations. The CFA Institute, a global association of investment professionals, offers the professional designation of Certified Financial Analyst (CFA) to individuals who successfully complete their exam.
I did about 4 CFA readings in January from FinQuiz Pro mixing CAIA L2 in practice (I had finished reading CAIA L2 in December). While the Level I exam focused on basic knowledge and understanding of investment valuation tools and concepts, Level II focuses on the application of these concepts. Passing the level II exam also demonstrates your dedication to your career and learning, and can create greater opportunities in your professional life. Level 2 questions consist only of multiple-choice questions, but unlike level 1, some of these questions are related to each other. At the same time, while pursuing my bachelor's degree, I applied for CFA level 1 in December and for FRM, part 1, in May, and passed both exams.
Fixed income is another important part of the exam, which is quite similar to the stock valuation section. I have a hard time believing that a person who has never taken an accounting class (let alone an economics class) can pass level 2 with just 10 weeks of study while working full time.
