Level II tips(1)

venson

Level II-only for the masochists
Author: TheIrishDude
Date:   Thursday, August 14 @ 6:05 am


Warning to those who passed Level I and a few thoughts to the Level II vets. Beware.... this level is a major widow maker. Just passed Level II on the first attempt but it broke me like a gimp. I think it is only fair that those on this forum are aware what a huge gap exists between Level I and II. No comparison.

The Level II exam will pull your back teeth out. Paper 1 will wear your hand down to a stub in three hours while accounting on paper 2 will leave you wondering what text book they were actually using. Your sanity will be challenged over June/July/early August while you sit in a dark room for judgement day to arrive.

To those who passed Level II I commend you (and wish you well on your search for a new liver). For those who failed, stick a few needles under your finger nails, shave your head with brick, hobble those ankles with a sledge hammer and know that there are those out there who understand the pain and wish you well.

Dont loose the will to live..

The Irish Dude
  
Re: Level II-only for the masochists
Author: Giorgio
Date:   Thursday, August 14 @ 7:20 am

Thanks Irish Dude
I appreciated very much your post 'cause I just failed L2 and I haven't recovered yet...
Accounting and Ecomomics killed me
Wish you luck for your L3


Re: Level II-only for the masochists
Author: TheIrishDude
Date:   Thursday, August 14 @ 7:59 am


Thanks Giorgio,

Major commiserations on L2 . Remember c10% of L2 exam is straight down to luck and out of your control (such as accounting questions for the anally retentive or I'm on the wrong paper to p*** you off economics) .. Luck could have just ran against you.. so dont beat yourself up.... CFA level II will do that .... there is no shame in missing L2 .... nodody who sat the exam can gloat ... anyone who passed on mark less than 65% on the 40/60/80 should thank their lucky stars...

Irish Dude

Re: Level II-only for the masochists
Author: Guillermo
Date:   Thursday, August 14 @ 8:38 am

Very funny posting - and dead on. This was my first crack at L2, and I failed gloriously. Accounting destroyed me, but I also got killed by the fact that I didn't answer all of the essay questions.

When I break down the scores, I see that I at least got partial credit on those quesitons that I did answer. Still, I think if I had answered everything, accounting would still have sunk me.

Oh well. The good thing about failing with authority is that I know exactly where my strengths and weaknesses lie. I'm going to enjoy the rest of the summer and fall, and then pass this sucker next year.

Congrats to all L2 who passed. Those of us lucky enough to endure the pain again - god help us.

Re: Level II-only for the masochists
Author: Ted
Date:   Thursday, August 14 @ 8:43 am

I thought Level II was, on the whole, easier than Level I. Much more in-depth, but on fewer topic areas. There was much less to memorize, but much more to know.

Re: Level II-only for the masochists
Author: TheIrishDude
Date:   Thursday, August 14 @ 9:00 am

Ted,

all due respect to your opinion but I think your in a minority. Level II seriously hurts. Level I is a far easier experience.

The Irish Dude

Re: Level II-only for the masochists
Author: dumb99
Date:   Thursday, August 14 @ 9:25 am

"widow maker" - i like your style

Re: Level II-only for the masochists
Author: TheIrishDude
Date:   Thursday, August 14 @ 10:04 am

Cheers Dumb ..

You name shelters a cultured mind


Re: Level II-only for the masochists
Author: BB
Date:   Thursday, August 14 @ 10:53 am

As someone who just passed barely on L2 (whoohoo) I have to agree with Irish Dude. The L2 exam is WAAAAYYY harder and the difference is that with Level 1 you can simply memorize stuff and pull away from the desk but with L2 not only do you need to do the same memory work, you need to actually UNDERSTAND what you are memorizing and be able to think on your feet for the IMPLICATIONS of that memory work in a very short period of time.

There is no letting up - you can't skim anything because the AIMR folks derive satisfaction from putting obscure things on the test for inordinate number of marks relative to coverage in the material.

L2 burned my ass badly..... and I'm bitter about it as well..........


Re: Level II-only for the masochists
Author: Nick
Date:   Thursday, August 14 @ 11:07 am

Level II is a beast! No comparison at all to level I except in quant. The acctg was mind boggling. All I can say to you incoming level II test takers, buy the acctg book and do all the chapters and questions. Don't skip the Mobil case as I did and noticed that a ton of acctg adjustments on the test came form that particular case . It will take a whole day to do that problem. Acctg to me seemed like almost 1/2 the test. That will make you or break you. Level II really is depressing, but you will get through if you study your ass off. And one more thing, when you do study for this test, don't let other people get you freaked out about the derivatives section and cost and carry models. This is a small part of the test. I see to many people wasting time on that and worrying about that for the test. STUDY ACCTG!!!!!!!!!!! Good luck!!


Re: Level II-only for the masochists
Author: Guillermo
Date:   Thursday, August 14 @ 11:17 am

To follow up to what Nick said:

Ratio analysis is key. Particularly focus on the effects that the various translation methods (temporal vs. all-current) on key ratios. I fell short on this.


Re: Level II-only for the masochists
Author: BB
Date:   Thursday, August 14 @ 11:39 am

Nick: I can't agree more about those bloody carry models. I spent a lot of time on that stuff and like you, blew off the Mobil accounting problem. I figure I guessed on at least half the accounting and barely squeeked through....


Re: Level II-like a case of haermorrhoids
Author: TheIrishDude
Date:   Thursday, August 14 @ 11:46 am

Nick & BB are spot on... Level 2 is like a bad case of haemorrhoids... every time you sit down to study derivatives/debt etc the pain comes right back at you. After you clear the tears from your eyes, you can start on acct

Then you open paper 1 and see all that crap that was ment to be on paper 2 staring you in the face..... those taking level 2 this coming year should bring some nappies to the exam to handle the shock.........


Re: Level II-only for the masochists
Author: ryan1988
Date:   Thursday, August 14 @ 4:30 pm

I actually failed the acctg section and the acctg essay question, but I did very well in all the other categories. I was over 70% in all but two of the essay questions. I did terrible with econ and stats though. Finally I passed level 2!!!


Re: Level II-only for the masochists
Author: Cowboy
Date:   Thursday, August 14 @ 5:48 pm

I can only add my agreement here. L2 was the hardest thing I've ever taken in my life...nothing else even comes close. L1 was a retarded waste of time comparatively, seeing all of these comments about what to focus on makes me more and more thankful that I passed.

This exam will beat you down like nothing else. Sure, you're smart, you just passed L1, you're thinking there's no way it's as bad as they say...just wait, there is no teacher quite like personal experience.


Re: Level II-only for the masochists
Author: Homer Simpson
Date:   Thursday, August 14 @ 6:16 pm

Let me throw my two cents in as one who just failed Level 2 by what I think was a pretty narrow margin: 56% using 40/60/80. The accounting killed me.

I thought I knew temporal vs. all current then they tricked it up on the test.

I also wasted time on cost and carry models when I should have been working on ratio adjustments, etc.

I blew off the H-model problems too so I bombed that (even though I knew the concept I didn't know the formula).

Overall it was a ***** definately. I knew it would be...I put in good study time....and just came up short. I congratulate those who passed though. It was tough.


Re: Level II-only for the masochists
Author: SoCal Gal
Date:   Thursday, August 14 @ 7:19 pm

When I took it last year, I thought they should have had someone posted there as you left saying "Yes you ARE stupid. Why did you even bother? You are an idiot. I don't care how much you studied." That was how I felt. I was so sure I failed, I didn't even bother to check the website. I was shocked when I opened the letter and found out I had passed.


Re: Level II-only for the masochists
Author: TheIrishDude
Date:   Friday, August 15 @ 6:34 am


I spent the night out (third in a row) getting in seriously bad shape... forgeting where my house is /what my name is etc....... which is badly needed after a meagre success in L2. And I am seriously wondering.... Read Ted's reply to my e-mail yesterday suggesting Level 1 is harder than level 2..... Which planet are you from???? Level 2 is a complete 'mare' .. I was too polite to you yesterday. L2 and L1 are not comparable ----- so dont dare insult the people who went through the pain of sitting the exam by under-stating the difficulty.... It is a typical of a yapper like you that really confuses people about the standard involved in L 2. I am not joking about it and neither or the replies... L2 will break you .... Ted you are seriously lying or have a good part of your head stuck firmly between your cheeks ... which notes provider are you working for to keep the s*** flowing....?????


Re: Level II-only for the masochists
Author: Bob
Date:   Friday, August 15 @ 6:56 am

Hey Irish Dude!

You are right on. L2 was a completely ***** compared to L1, and I can't emphasize more how releaved I am that I passed the damn thing.

Question: Since getting my L2 result, my alcohol in-take has gone through the roof. I can't stay out of the pub! I liked your comment about 'forgeting where my house is / what my name is'. The day I got the results, I literally passed out in a bar and woke up at 4:30am and had no idea where I was. Needless to say, my wife was less than impressed! When will it end? I think this must be some kind of CFA illness...


Re: Level II-only for the masochists
Author: JohnB
Date:   Friday, August 15 @ 7:39 am

Bob,

I too am suffering from this peculiar affliction . . . . On 12th I think I drank enough to stun a hippo and this worrying trend has continued. What's more the prospect of the weekend now looms and I think that this morning I noticed my liver packing its bags for a few days recouperation . . . .

That said this is one of the more enjoyable afflictions I suffered except for the discomfort caused to my face by the bristles on the barmans brush as he sweeps around me at closing time . . . .

Cheers,

JohnB