Level I vs. Level II

venson

L1 vs. L2
Author: dino
Date:   Thursday, August 14 @ 10:01 am

Anyone want to state the specific differences in the difficulty of these exams? How would the more difficult questions of L1 stack up to the questions on L2. Would L2 be similar to a whole test of the most difficult questions of L1, or more difficult than that?


Re: L1 vs. L2
Author: Ryan J.
Date:   Thursday, August 14 @ 10:25 am

The consensus seems to be that L2 is a totally different animal than L1.
Check out the post "THOUGHTS ON LEVEL II" by RobRob for some additional insight.

It's hard not to get totally psyched out by some of the posts on this board, but I think the key is to have the proper mindset and study style.

Level I seemed to be total memorization. Level II will require a much more broad understanding of the concepts and the ability to link them together. It's going to require a change in study style and from what I gather, extensive use of the textbooks, if you didn't use them before.

I plan on studying with a strict schedule around November. However, I plan to review some of the international economics material and the accounting topics before then just to get an early handle on the material.

From what I gather, the accounting material seems to be the make or break. Similiar to Level I. Needless to say, I will working to master those areas.

Can a recent Level II passer comment? Unless you're still hungover!! Ha! :-)

On a personal note, I don't consider myself to be an extremely religious person; however, I did some praying during Level I and I'm convinced that if the powers that be gave me the strength and perseverance to pass Level I, then they can do it for Levels II and III as well. Every little bit helps.

"That which doesn't kill us makes us stronger"

Ryan



Re: L1 vs. L2
Author: mjp
Date:   Thursday, August 14 @ 2:57 pm

Since others have commented in depth, I'll only say that you are right--- L2 is totally different and significantly harder than L1. Unless you are an exception to the rule, I think you have to treat L2 like it's the toughest thing you'll ever do academically. Like the old Powell Doctrine----"go in with overwhelming force" (i.e. prepare 2-3X as much as you think you should). Do the extra problems when you really don't feel like it, do the extra memorization when you think "this will never be tested", etc....Best wishes!


Re: L1 vs. L2
Author: dino
Date:   Thursday, August 14 @ 3:06 pm

thanks to those who answered my question, one of the main reasons i ask is because yes, the level 1 exam wasn't the toughest thing in the world, but i studied pretty tough for it. i can't imagine going much harder, but you guys make it sound like this is for real. how should someone study for it, it terms of time?



Author: Ted
Date:   Thursday, August 14 @ 3:09 pm

Every person is different with regards to how much time it will take. For Level II, you need to study until you understand the material. It isn't memorization, it's understanding. If you know a lot of it already (equity valuation, for example) you will be that much better off. Some people studied less than 60 hours, others believe 250 isn't enough - it all depends on how far away you are from understanding the material when you start.


Re: L1 vs. L2
Author: nelsonal
Date:   Thursday, August 14 @ 4:25 pm

I passed Level I just after college with basically no studying, outside of school. I went over the ethics stuff, but that was about it. Level I was the first test I've ever felt any time constraints at all on, and almost didn't finish with any time left. I finished Level two about an hour early both morning and afternoon both years I took it. I passed level two this year, after failing last year, and studyied about 150-200 hours last year and around 75-100 this year (keep in mind that I was reviewing this material and had used it for another year on the job). The biggest difference is that half the test is essay, which I've always thought was a harder method, and the whole test requires that you really have a solid understanding of how all the finanical principles work. The accounting material and the collection of present value/discount models are the two subjects that seem to be most important to passing. If you have a good understanding of how those work that is half the battle. Porter seemed to be over emphasised (lots of points for a pretty small subject) for the past two years, those are easy points you might as well take a day or two and really learn the five forces and four competitive strategies. There was a ton of stuff relating to the current crisis of the year, last year it was pensions, free cash flow and telecoms, this year it was pro forma/normalized adjustments.
Time managment seems to be an important factor, it usually works best to start with the questions you know cold, and then move to the others, (be sure you don't miss any there are a ton of extra answer pages) rather than going from 1 to the end.



Re: L1 vs. L2
Author: Blix Nichtsturm
Date:   Thursday, August 14 @ 4:44 pm

The greatest help I can give you is to tell you that Level 2 was the hardest thing I ever did. You're thinking, But I'm smarter than you. No, you're really not. I am very, very smart. And I studied for untold hours, and I almost didn't pass. I just passed Level 3, having gone three-for-three. Also hard. But not nearly as hard. Understand that there are people who take Level 2 three and four and even five times. When you see a 47% pass rate for the exam, consider that many of those passing have taken it once or several times, so the percentage of people passing it on their first try is much lower. You must either treat it as the greatest academic challenge that you have ever faced, or give it all up right now. Of course, luck also figures into the final result and I wish you the best of it.



Re: L1 vs. L2
Author: nelsonal
Date:   Thursday, August 14 @ 4:54 pm

I think the most difficult part of the studying process is that there are just as many topics as level one, but the topics they choose can be carried to a much deeper level than they could be on level I, and other topics are ignored. As an example, the accounting on this exam was quite difficult, but cash and carry arb for futures was not tested as I recall, but next year, they could write a test that had very little overlap with this year's test and but just as much depth in the other areas, so preparing for the test requires that you know a very high percentage of the material to a very deep level.


Re: L1 vs. L2
Author: Blix Nichtsturm
Date:   Thursday, August 14 @ 5:00 pm

Yes. That's right. It's very, very difficult, and that's exactly why it's difficult. The breadth and depth of the material are mind-boggling, and you don't know what they're going to test you on so you have to know it all. L3 is slightly easier because you know to focus on the portfolio management IPS-drafting readings.


Re: L1 vs. L2
Author: Cowboy
Date:   Thursday, August 14 @ 5:37 pm

You just can't compare L1 with L2. And I'm not just saying that because I've passed 2 for 2 and you guys are just about to go through what I went through. I feel like I could retake L1 tomorrow and pass without worrying, but I wouldn't want to face L2 again without in depth preparation. L2 is about understanding topics in sometimes excruciating detail, whereas L1 was pretty much about memorization of methods & formulas IMO.

Also, understand that while 47% of people passed L2 this year, the 53% that failed have all passed L1 before. Some/many of the people who failed L1 had absolutely no business taking the test in the first place.

When I walked out of the test center after L1 I felt that there was no possible way I failed it. I was 110% sure I passed and was even relieved that it wasn't as bad as some of the horror stories I've heard. When I walked out after L2 I had no idea whether I'd passed or failed...and that worried me because I don't think I could have prepared myself any better for the exam. I've never had to work hard for anything academic-related in my life, but this pushed me pretty hard.

My advice: you've got to know every bit of the material...and learn it by studying the LOS's. I only used Schweser's Notes for L1 and L2, and my only regret is that I didn't get the flashcards for L2, I think they would have helped with the more obscure topics. You can't BS your way through L2, if you try, the essay section will snuff you out.

Good luck to you, personally I'm just glad I passed on the first try and am off to the last exam where 2/3 of people pass.