How to Pass the CFA Level II Exam

Now that you have passed the CFA Level I exam, it is time to get started with the Level II exam. Level II exam is considered to be more difficult compared to the Level I exam.

According to the CFA Institute, only 39% of the students passed the Level II exam. Therefore, it is imperative that you plan your studies well. Below is an outline of how to prepare yourself to pass the exam.

1. Get started early: The exam requires you to study extensively. So, it is a good idea to start early. Considering that you should put in at least 250 hours to studies, starting 6 months ahead is a good idea. Unlike the Level I exam which is conducted in June and December, the Level II exam is conducted only in June. Starting your preparation in January or February is a good idea.

2. Get familiar with study material: Once you register for the exam you will receive the official CFAI curriculum books, which are divided into 18 sessions. Briefly look at the 18 sessions to gauge your understanding of the topics.

3. Prepare a study plan: Once you know what you need to study you need a study schedule. A study schedule will help you plan the next few months for studying, note-taking, practice questions, and practice examinations. You can get started with the free CFA Level II 21 week study plan from Finance Train.

4. Buy study notes: Using 3rd party study notes can be effective and can speed up your exam preparation. However, you must carefully decide what you are looking for from a provider. Companies like Schweser and Stalla provide extensive study material to prepare for the exam. They offer an alternative to the official study books. However, many students, to some degree, wish to use the official material (for one reason its cost is included in the exam registration fee). However, many of these students find the official material cumbersome and would like some form of low-cost, high value supplement. Finance Train provides CFA Level II Study Supplement which does exactly that. Presented over 21 weeks these weekly modules help encapsulate the most critical elements of the exam that candidates cannot afford to miss. Studied in tandem with CFAI's official 2011 curriculum, practice problems, and practice examinations, this supplement will help candidates reinforce concepts and formulas to obtain a passing score.

5. Create flash cards: While you are studying prepare flash cards for important formulas and key concepts. You can also prepare flash cards for step lists and techniques.

6. Practice questions: For each study session you should allocate enough time to practice as many questions as possible. The CFA level II exam consists of 20 item sets, each item set consisting of 6 questions about a specific scenario or series of events. The exam taker is recommended to study as many item sets as possible. You need not pressure yourself for practicing. First start with open book, that is, try to solve the problems with the help of books, then as you gain confidence, you can gradually more to solving the problems all by yourself.

7. Use the approved calculator. During your entire studies and practice sessions, you must use the official calculator. This will improve your efficiency with using the calculator.

Last but not the least, you must stay motivated at all times and stay fit as both these factors contribute to better learning.

You can read more about the CFA Level II Exam Preparation at Finance Train.

Sam is an expert in finance with over 10 years of experience. He has completed his CFA Charter and is now helping others pass the CFA exams. He currently works as a Financial Analyst with a multinational firm and regularly writes at Finance Train.

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CAIA Level II: Advanced Core Topics in Alternative Investments

"Alternative investments have become the 'brooding omnipresence' of modern finance. As such, they are at the core of any significant discussion relating to asset allocation, risk management, and portfolio design. The topics outlined and discussed in this text provide a meaningful stop on the road toward understanding the complexities and rewards of these instruments."
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Sponsored by the CAIA Association, the Chartered Alternative Investment Analyst (CAIA) program consists of a two-tier exam process (Level I and Level II) through which you may earn the CAIA charter. The Level I exam challenges your understanding of the alternative investment market's tools and terms, and tests your knowledge of various trading strategies and performance measurements. The Level II exam assesses how you would apply the knowledge and analytics learned in Level I within an asset allocation framework.

CAIA Level II: Advanced Core Topics in Alternative Investments contains virtually all of the material on alternative investments that potential Level II candidates would need to know as they prepare for the examâ??a multifaceted assembly of questions and problem-solving tasks. Since the tools and terms introduced in Level I provide the basis for the second level of this program, the information found here will continue to focus on alternative investmentsâ??hedge funds, private equity, commodities and managed futures, and credit derivativesâ??but in greater depth and in the context of risk management and asset allocation.

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CAIA Level I: An Introduction to Core Topics in Alternative Investments (Wiley Finance)

The official study text for the Level I Chartered Alternative Investment Analyst (CAIA) exam

The Chartered Alternative Investment Analyst (CAIA) designation is the financial industry's first and only globally recognized program that prepares professionals to deal with the ever-growing field of alternative investments. The CAIA Level I: An Introduction to Core Topics in Alternative Investments contains all material on alternative investments that a potential Level I candidate would need to know as they prepare for the exam.

The information found here will help you build a solid foundation in both traditional and alternative investment markets-for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. It will also inform CAIA candidates on how to identify and describe aspects of financial markets, develop reasoning skills, and in some cases, make computations necessary to solve business problems.

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All About CFA - Level 1

This computer based software helps in assessing your preparation level for CFA Level 1 exam. The software is equipped with four CFA Level- 1 exam Mock tests with detailed answers as well as explanations for each question. Each test is split into morning and afternoon sessions with an optional break to give you a replication of the exam day experience. The question pattern, test format, timing, directions, weightage of questions in a particular topic area and everything else is created in a way to give you a test giving experience that is nothing but real. Instant scores are provided after each test. Separate score cards for morning and afternoon session are provided for easy reference. Questions answered with less than 50% accuracy are highlighted. Each test can be reviewed not only question-wise but also topic-area-wise. The Review screen presents questions in groups like all unanswered questions, all flagged questions, all incorrectly answered questions, all correctly answered questions or all questions. This grouping helps the reviewer to concentrate on selected type of questions. Detailed SS-wise analysis of each question enables you in knowing your strengths and weaknesses. Based on this analysis, you can either stick to or modify your study plan. A unique feature and a very useful tool, Flag, empowers you with an option to flag those questions which you may want to attempt at a later part of the exam without forgetting to attempt them. These questions may be unflagged when attempted.

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