If you are reading this article it is safe to assume that you have cleared the first hurdle in your aim to earn the CFA charter. Congratulations, you are a step closer to joining the rare club of individuals who can write ‘CFA designation’ after their names. But you also have to brace up for a tougher battle that stands ahead of you. If you get complacent and sit on your laurels having successfully passed Level I of CFA Program there are chances you would fail at the next level. At Finstudyclub, as a member of the Approved Prep Provider Program of CFA Institute, we can state from our experience that many aspirants fail at the second level as they tend to become complacent. So what does it take to cross the Level II of CFA Program and how should you prepare for it? Let’s find out.
The exam format changes, better become acclimatized
First thing that you must take note of is the format of the CFA Level II program exam. If you don’t acclimatize, the battle becomes tougher. In Level I you answered multiple choice questions with an average question being assigned 90 seconds. At Level II you have to brace up for a tougher challenge. Here you will have to read through a long vignette or case studies which are followed by six multiple choice questions based on your analysis of the case. While you will have 180 seconds for each of these questions it requires more concentration to be able to recollect and derive logical answers from what you have read in the case studies.
You also need to keep an eye on the weightage given to different subjects in Level II which is different from Level I. Financial Reporting & Analysis, Equity Investments and Fixed Income alone would account for more than 50% of the weightage in the exam. These three subject areas have the maximum weightage and thus require more dedication and time than others as they can surely decide your success. We provide online classes for CFA Program wherein we stress on these three subject to help students improve their odds with the Level II program exams. However, this doesn’t suggest that you completely overlook other subject areas as skipping one area may lead to skipping minimum six questions when a vignette from that topic appears.
Take mock tests, they help you prepare methodically
You may have already taken mock tests while preparing for Level I and you know how helpful they are. In case you relied more on studying course materials than mock tests, you have to change the way prepare for Level II. The MCQs format exam that you had faced in Level I was similar to how you may have taken other competitive exams in the past so skipping them wouldn’t have hurt you. But Level II is a different ball game and solving mock tests is the only way to succeed. The reason being the change in exam format and one has to answer 10 vignette sets of six questions, each in the morning and afternoon sessions.
Many aspirants struggle with time when it comes to reading case studies quickly and being able to grasp maximum information from it. You must master the art of reading through the case study carefully and marking the important points and also keep maximum time for understanding the question and answering it correctly. As they say practice makes a man perfect and you must practice hard for this new format with the help of mock tests.
At Finstudyclub our online classes for CFA Program Exam have been designed keeping the needs and the challenges of students. Enroll now and you shall sail through your Level II exam.