As an expert in the field of finance and a successful CFA Level 2 exam taker, I am often asked about the recommended study time for this challenging exam. And my answer is always the same - there is no magic number. Instead, it's about finding the right balance between studying enough to be well-prepared and not burning out before the exam day. Based on my own experience and conversations with other successful candidates, I can confidently say that most people spend over 300 hours studying for the CFA Level 2 exam. In fact, some have even claimed to have studied over 650 hours! But instead of focusing on the minimum study time, it's important to focus on finding the maximum amount of time you can dedicate to studying without losing your sanity. Studying for the CFA Level 2 exam requires dedication, consistency, and a deep understanding of the material.
It's not just about memorizing facts and formulas, but truly understanding the concepts and being able to apply them in real-world scenarios. This is why it's crucial to live and breathe the material while studying. When I first attempted the CFA Level 2 exam, I studied for over 650 hours but still failed by a narrow margin. It was a tough blow, but I didn't let it discourage me. Instead, I studied for another 700 hours and finally passed with flying colors.
This experience taught me that it's not about how many hours you study, but how effectively you use that time. One common misconception about the CFA program is that there is a time limit between levels or for completing all three levels. Unlike other exams like FRM, there is no such restriction in the CFA program. This means that you can take as much time as you need to prepare for each level, but it's important to maintain your momentum and motivation by not taking too long of a break between levels. As for the recommended study time, it's important to keep in mind that the CFA Level 2 exam is significantly more in-depth and detailed compared to Level 1.While both exams cover the same 10 topics, Level 2 goes into much more depth and requires a deeper understanding of the material. So, it's crucial to dedicate enough time to truly grasp the concepts and be able to apply them on the exam day. Now, let's address the burning question - how much time should you dedicate to studying for the CFA Level 2 exam? As I mentioned earlier, there is no magic number.
But based on my experience and conversations with other successful candidates, I recommend dedicating at least 300-350 hours of focused studying for this exam. This equates to about 13-15 hours per week if you start preparing six months before the exam day. But remember, it's not just about the quantity of hours you put in, but also the quality. Make sure to use your study time effectively by understanding the material and practicing with mock exams. Speaking of which, CFA Institute provides reference material and a partial mock exam with registration and enrollment.
So make sure to take advantage of these resources. When it comes to study materials, there are various options available in the market. Personally, I used Schweser's notes, end-of-chapter questions, a CFA mock, and 6 sets of practice tests for my preparation. However, I also spent an additional month and a half reading CFA books before diving into Schweser's materials. This helped me gain a deeper understanding of the concepts and made my study time with Schweser more effective. Finally, I want to leave you with some specific tips for preparing for the CFA Level 2 exam.
First and foremost, make sure to understand the material instead of just memorizing it. This will not only help you on the exam day but also in your future career as a financial analyst. Additionally, dedicate enough time to practice with mock exams and review your mistakes to improve your understanding. And most importantly, don't let the fear of failure discourage you.
With dedication and hard work, you can ace the CFA Level 2 exam.
