Monday, June 4, 2012

11 CFA level 2 study strategies

Some of the following are exam techniques, some are study techniques prior to the exam.
  1. Skim all the questions before doing any answers - and write down possible formulas that you may need beforehand on the question pages.  Many questions require the manipulation of formalas and concepts, so writing them down when they are fresh before your exam may help.
  2. Read Questions first (not vignette) - allows you to focus on where you need to devote your reading time.  This needs practise - do it on the schweser bank
  3. Do only the hard questions on the Schweser Q-bank - it allows the same 6 Q format
  4. Redo the topics of concern in the main textbook - the questions are actually very thorough in the way they might test your knowledge.
  5. Some topics are better learnt by doing questions, some are better learnt by re-reading, note-taking, and re-hashing.  The reason for the second approach is the very detailed and granular approach to asking questions - the questions will quote definitions with 1 word, 1 para-phrase differently - the only way your mind can avoid these traps is to be very clear it the way it is defined.
  6. Do memory intensive questions first - if you find it easier to remember block writing i.e ethics - do this topic last, and if u find remembering formulas easy, do these topics last
  7. In the last 2 weeks prior to exam, make sure you briefly touch on all topics once a day; early in your study period - study in batches i.e topics, then later study in generalised fashion.
  8. Some of the harder topics: FRAs+swaps, defined benefit calculations, CFAT for property - because these are harder topics, slow down the study pace, and do the questions slowly and in more detail. If a certain block of practise questions gets you stumped, don't just move onto the next set of questions during your revision.  Re-read your notes, then refer back to the examples in your textbook, then re-do the practise questions in the textbook.
  9. Don't try to calculate immediately an answer - if you read the question, even though the answer may contain numerical answers - the answer is still questioning your understanding of a topic - which will allow an obvious shortcut to finding an answer - whether that be relationships of positive/negative answer (options, correlations) or whether the answer will be obtained easily with tables (stat testing) or obtained easily through certain other shortcut techniques.  This is a nature of both preparing to possible questioning techniques and just doing a lot of questions.
  10. Make sure you take ur notes out of your bag before the break, because you won't be able to access the bag during the break once you leave the halls.
  11. Drink long black in the morning, Drink Green Tea During break (pack it), Eat some salmon, Do some light exercise the afternoon before.
  12. Finally, the learn anything faster, Feyman technique http://www.farnamstreetblog.com/2012/04/learn-anything-faster-with-the-feynman-technique/