If you just took CFA Level 1/2 examination, you must be feeling tremendous relief that it’s over (for now). But, there may be a nagging feeling in your mind that the next level is just around the corner and the ordeal with working through the syllabus and practice exams will soon start a new phase.

First of all, congrats for taking the exam. We keep my fingers crossed for you that you pass! It’s definitely time to celebrate after the exam, but make sure you don’t kill too many brain cells in the process:

From the exam experience of our level 2 and 3 candidates there were at times question from the previous level, and the material is certainly build on what you learned the past year, so make sure that you don’t completely forget what you crammed for the previous levels. Here’s what we recommend you do to optimally kick of your learning for in the next level and keep the previous material fresh.

 

  1. Start at least six to eight months before the next exam with your preparation. Level 2 is much more lengthier than level 1, and level 3 is more difficult than level 2. Some disagree on this and think level 2 is the most difficult, but we thought level 2 was very quant-based, while level 3 involves more guess work because of the exam format with essays. If you took level 1 in December and plan to sit for level 2 in the following year, then you must start immediately with your level 2 preparation, otherwise you will fall behind. Level 2 exams only take place in summer, unfortunately. It’s also perfectly fine to wait 18 months for level 2, especially if you’re busy at work. Many candidates do this.
  2. Review your summary notes for one week before starting with the next level. We assume you made summary notes of the original CFA syllabus. This is very important not just for the level you are sitting for, but also for future levels. It will speed up your revision tremendously. So if you missed out on this in level 1, definitely make your own summaries of the original CFA books for level 2 and level 3. We would also recommend you stick with the original CFA books and not third party study material as your main reading. However, if you are not working in core investment banking domain, we advice you to take help from CFA charter holders  who have industry experiences to link the concepts practically so that you do not lack behind after clearing your levels.
  3. Review the summary notes when you’re in the middle of your learning session for the next level. Each level builds on the knowledge of the previous level, so this will reinforce what you are learning and review the basic building blocks of the syllabus. You only need to review your old notes twice (once before starting your learning and once in the middle), and you will be optimally prepared for the next level.

 

The most important advice is definitely to start early enough and have a mentor/teacher ready to support when needed. If you were pressed for time in level 1 I am sure you will appreciate this.

There’s nothing worse than feeling unprepared for the CFA exam, so don’t say you didn’t know! We wish you all the best for your next level of the CFA.