How to Prepare for CFA Level 2 Exam 2021
How to Prepare for CFA Level 2 Exam 2021 - CFA level 2 is the second step towards completion of the Chartered Financial Analyst course. CFA level 2 exam mainly tests the candidates on their analytical skills and how they use their knowledge in realistic situations. The students should plan their CFA level 2 exam preparation according to the difficulty of exam, exam pattern and the new computer-based test format.
LATEST: CFA level 2 August session exams were conducted from August 31 to September 4, 2021.
An average candidate spends around 6 months preparing well for the CFA level 2 exam. The CFA level 2 preparation time depends on factors like the CFA level 2 study material, time before the exam, candidate’s academic and professional background etc.
The main key to exam preparation for CFA level 2 is practice. Candidates are advised to refer and solve multiple practice questions and mock exams before appearing for the exam. For more information on tips to prepare well a study plan for CFA level 2 2021, check out the complete article given below:
CFA level 2 exam preparation Tip 1: Set aside appropriate time for preparation
It is imperative to set aside an appropriate preparation time for CFA level 2 exam preparation. Candidates should strategize their studies well before the CFA Level 2 Exam Date. On average, the candidates spend 328 hours studying for the CFA level 2 exam. Level 2 exams are offered twice a year. The exam date for CFA level 2 is in August and November. As per the average time required to study for the exam, the candidates should start preparing according to this schedule:
CFA level 2 preparation time
Exam Date | When to start? |
August 2021 | February 2021 |
| November 2021 | May 2021 |
CFA level 2 exam preparation Tip 2: Understand the Exam Format
CFA Institute has not given a clear indication of the number of questions for the CFA level 2 exam. But, the clear indication is related to the lower duration of the exam.
The exam length is reduced to 4.5 hours (2.25 hours for each session).
The candidates are advised to spend approximately 3 minutes per question.
The candidates should go through the exam format before the exam to understand what to expect in the main exam.
CFA level 2 exam preparation Tip 3: Understand the Question Format
The most important aspect of the CFA level 2 study plan 2021 is understanding the question format. While the Level 1 question comprises of multiple-choice based questions or sentence completions, level 2 comprises item sets.
The item sets consist of a case statement and four to six questions are based on the same. The answers are based on information provided in the case statement.
It is ideal to solve practise questions from sample papers of previous years as well as attempt mock exams available on the official CFA website.
Click here, to find the sample questions for the CFA level 2 exam.
CFA level 2 exam preparation Tip 4: Prepare well as per the topic-wise weightage of Level 2 curriculum
The CFA level 2 curriculum covers the same topics as the CFA level 1 but the topic-wise weightage differs. Candidates should spend more time on topics that hold a higher level of weightage. The table below defines the topic-wise weightage for CFA level 2 exam.
CFA® level 2 weights- Topic Wise
Topic | Exam Weight |
Ethical and Professional Standards | 10-15% |
Quantitative Methods | 5-10% |
Economics | 5-10% |
Financial Reporting and Analysis | 10-15% |
Corporate finance | 5-10% |
Equity Investments | 10-15% |
Fixed Income | 10-15% |
Derivatives | 5-10% |
Alternative Investments | 5-10% |
Portfolio Management | 10-15% |
Material provided by the CFA Institute for CFA level 2 exam preparation
CFA Institute provides a learning ecosystem to provide study material for CFA level 2. Candidates should utilise these study material to prepare a CFA level 2 study plan 2021. The study materials are given below:
Detailed and comprehensive curriculum
Interactive planner to help students in monitoring their performance and understanding their weak and strong areas of study.
Topic-wise practise questions which the candidate can utilise after they complete a particular chapter.
Mock exams which are available two months before the exam. These exams can be utilised to simulate the test environment in the comfort of home.
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Frequently Asked Question (FAQs) - How to Prepare for CFA Level 2 Exam 2021
Question: I have to appear in the CFA level 2 2021 exam. Is it better to prepare from official CFA sources?
Answer:
Yes, it is always better to prepare directly from CFA study materials, read thoroughly and practise as much as you can.
Question: How should I approach the ethics topic of the CFA level 2 exam?
Answer:
Ethics is a tricky topic for many people. You should go through maximum examples from the CFAI. You should answer the questions by putting yourself in the customer’s place.
Question: I want to appear in the CFA Level 2 2021 exam in May session. Can I start my reading from December 2020 to prepare well for the exam?
Answer:
Yes, You can prepare well by planning an effective study schedule. The 6 month period is a good time frame to study for the exam well.
Question: How many hours are needed to study for the CFA Level II exam properly?
Answer:
As per the previous date by CFAI, candidates require 328 hours to study for the CFA level 2 exam.
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