There are certain differences in revision approach for the CFA Level 2 compared to Level 1. Since the composition of the exam is different and approach in curriculum is slightly different you should pay special attention to those differences in the revision process.
First of all, let’s focus on the difference in curriculum. Level 1 curriculum is focused on wide range of topics in certain areas. In the CFA Level 2 exam however, curriculum is focused on fewer topic but these topics are examined in detail. It is necessary to identify topics, because item set questions will be set from these topics. In the revision phase focus on types of practice problems that are derived from these topics and review the issues related to this question types.
Second, focus on the item-set question format. Although it may sound strange, many candidates see the item set question format for the first time on the exam day. You should get used to the question format that is much different from the Level 1 question format. Also, check out our top tips for CFA level 2 candidates.
Finally, review formulas. Formulas are not as simple as in Level 1. Some formulas, like in Derivatives segment are very complicated. Try using mnemotechnics to memorize them. Besides formulas, review some calculating procedures like embedded options valuation procedure.
To conclude, CFA Level 2 exam is focused on details rather than on broad set of topics. Make sure you identify the most important topics and question types and focus your revision on them and formulas and procedures used in them. If you would like to see all of TimePrep’s tips for studying (including the revision phase), you can download our free iBook on the iBookstore, or visit our iBook section and download your PDF version.
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