Summary
Highlights
The CFA Level 2 exam has 88 questions, less than half of Level 1's 180 questions, so time management is usually not an issue for well-prepared candidates. A significant difference is the item set format, where each set provides a vignette of information followed by four multiple-choice questions (A, B, or C). There are 22 item sets in total, with 11 per session. Each session is 2 hours and 12 minutes long, equating to approximately 3 minutes per question, which is double the time per question compared to Level 1.
The Level 2 exam covers the same 10 topics as Level 1 but with different weightings. Five topics (Ethics, Financial Statement Analysis, Equity Investments, Fixed Income, and Portfolio Management) have a higher weighting of 10-15%, implying two to three item sets. The other five topics (Quantitative Methods, Economics, Corporate Issuers, Derivatives, and Alternative Investments) have a smaller weighting of 5-10%, implying one to two item sets. It's crucial to focus on the higher-weighted topics during review, understanding that not all studied material will appear on the exam.
Candidates should take at least five mock exams. It is recommended to take the first mock exam early to gauge preparedness and guide further studies, rather than waiting until all material is reviewed. Use the scores from mock exams to identify weak areas and then utilize Qbanks (Mark Meldrum's and CFA Institute's) to create quizzes focusing on specific readings or learning objectives. Supplement QBank practice by re-watching video portions, re-reading curriculum sections, or reviewing notes for targeted improvement. Additionally, practice ethics questions regularly, ideally 5-10 questions daily, to prepare for the item set format.
In the final few days before the exam, shift to a light overall review of all curriculum topics. This includes going through notes, reviewing formula sheets, and a final check on ethics. Avoid taking new mock exams at this stage; significant progress should have been made already. Focus on consolidating knowledge rather than intense new learning. Also, organize logistics for exam day, such as transportation to the test center, ensuring you arrive early, and preparing your passport and calculator(s) with fresh batteries days in advance.
Arrive early at the test center. Focus on what you can control, and be prepared for unexpected situations like power outages. It's normal for one exam session to feel more difficult than the other. Stress is also normal for a high-stakes exam; pause and take deep breaths if needed. Avoid discussing exam details with other candidates or engaging in negative conversations. Stay positive and remember that you don't need to answer every question correctly; approximately 70% accuracy is often sufficient to pass. Maximize your points and maintain focus on your performance.