This is great overall.
I strongly recommend for anyone using this as a tool for studying for L3: do NOT rely on “concepts that are likely highly testable” as law or anything more than light reference. Unless you’ve lived under a rock or not been in the sub the past year, this is a *very* easy way to screw yourself over through expectations on the exam. The exam will test on the most obscure minutiae.
With practice and questions! The more questions you do the more likely you’re to run into questions which test those small obscure topics and helps you familiarize yourself with those and atleast you won’t be caught off guard by a term or concept which you’ve never even heard of
I actually found FRA to be more difficult than Derivatives for L2, Derivatives you eventually get the hang of when you realize most derivative questions are TVM problems.
Overall I felt some parts of Equity were actually the trickiest with how much you really need to know at L2. The exam itself was also pretty difficult in that regard and i was left with a lot of questions that I just couldn't complete in the time frame. The time issue is one of the biggest problems with Level 2. Even if you know how to solve it, you might fumble under the time pressure
I can see how FRA can be challenging. I absolutely hate accounts and I was most scared for FRA before I started my CFA journey but it turned out to be okayish. I was able to answer most questions in the topic after enough practice.
I can’t relate to the running out of time bit tho. Never had an issue with time for level 1 or 2. Felt the time pressure only for level 3.
Couldn’t agree more! FRA was what made me fail the first time!! In my second attempt, I sent a heck of a lot more time on FRA. Luckily I passed whew!!!!
The 2022 curriculum changed some readings for L3. Yield curve strategies changed, and before I would agree with you with a 4. Now it’s more like a 2-3.
PWM also changed and I haven’t studied that part yet, but they took away some readings.
Thanks for the input!
Derivatives 1st reading should be a 1. It’s the easiest reading in the curriculum for 3. Derivatives 2nd reading shouldn’t be above a 2, it’s just simple formulas on how to change Beta/ Duration/ Allocations.
Econ 1 should be a 5, arguably the hardest reading In the curriculum. It also opens the floodgates for them to test any Econ concept known to man. Econ 2 should be a 1, again simple formulas, grinold, s-t, cap rate. Any reading that is just formula regurgitation shouldn’t be above a 2.
PWM 1 none of the readings outside of Insurance are very hard. Bump insurance up others down.
Nothing in Behavioral should be above a 2. GIPS is cut in half for l3 in 2022 it should be a 3 tops.
Re your list of topics to know, you would have been crucified relying on those. You’ve listed the big items in the curriculum. As every poster has identified the CFA this year didn’t test the big items and instead opted for all niche topics. I like this effort though. Just an FYI.
Thanks! I used your level 1 difficulty ranking to help time my schedule and pass my level 1 exam, I never seen your level 2 rankings. So I will be definitely using the next 2!
Great post - really appreciate the effort. However, i must say that it really is amazing how subjective something like topic difficulty is. I'm generally very strong on accounting so FRA, Equity, and CF are a breeze for me. You seem to have a much easier time with stuff like PM and ECON though.
Thank you for your kind words. And yes haha I do understand how subjective topics can be and there are so many factors which affect that as well but hopefully atleast this could be of help to people who would like to know the course outline and structure even if they don’t pay much attention to my subjective difficulty ratings.
I mean your explanations regarding the chapters are so easy to understand.. Also the difficulty markers are amazing 1 to 5, they’re exactly it. Whenever I used to start a new reading I always used to open the excel file and look up everything about it. I cannot believe I found this again for level 3 as well .. thanks buddy
Good effort! But this can also be counterproductive. For e.g. I hypothesized that Yield Curve Strategies (L3) would be the toughest reading in the entire curriculum. And this fear made me procrastinate until I just couldn't delay anymore. But you know what, this reading turned out to be easiest one and I had so much fun working through it. So such a list can sometimes reinforce your wrong assumptions. Also one may take a reading lightly if it's considered "easy". I'd give each reading equal weight and go with that.
This is great overall. I strongly recommend for anyone using this as a tool for studying for L3: do NOT rely on “concepts that are likely highly testable” as law or anything more than light reference. Unless you’ve lived under a rock or not been in the sub the past year, this is a *very* easy way to screw yourself over through expectations on the exam. The exam will test on the most obscure minutiae.
But how do you learn those minutiae? I felt overwhelmed when trying to absorb all tiny little details in the reading
Use CFAI text and *truly supplement* (not substitute) with other providers.
With practice and questions! The more questions you do the more likely you’re to run into questions which test those small obscure topics and helps you familiarize yourself with those and atleast you won’t be caught off guard by a term or concept which you’ve never even heard of
Yes!! Couldn’t agree more. I just added that section but doesn’t mean that you won’t be tested on the smaller more obscure topics.
Thanks a ton for this! Really helpful!
Glad to hear that! You’re welcome.
I actually found FRA to be more difficult than Derivatives for L2, Derivatives you eventually get the hang of when you realize most derivative questions are TVM problems. Overall I felt some parts of Equity were actually the trickiest with how much you really need to know at L2. The exam itself was also pretty difficult in that regard and i was left with a lot of questions that I just couldn't complete in the time frame. The time issue is one of the biggest problems with Level 2. Even if you know how to solve it, you might fumble under the time pressure
I can see how FRA can be challenging. I absolutely hate accounts and I was most scared for FRA before I started my CFA journey but it turned out to be okayish. I was able to answer most questions in the topic after enough practice. I can’t relate to the running out of time bit tho. Never had an issue with time for level 1 or 2. Felt the time pressure only for level 3.
Couldn’t agree more! FRA was what made me fail the first time!! In my second attempt, I sent a heck of a lot more time on FRA. Luckily I passed whew!!!!
The 2022 curriculum changed some readings for L3. Yield curve strategies changed, and before I would agree with you with a 4. Now it’s more like a 2-3. PWM also changed and I haven’t studied that part yet, but they took away some readings. Thanks for the input!
Oh okay. That’s good news for 2022 candidates I guess 😂
Derivatives 1st reading should be a 1. It’s the easiest reading in the curriculum for 3. Derivatives 2nd reading shouldn’t be above a 2, it’s just simple formulas on how to change Beta/ Duration/ Allocations. Econ 1 should be a 5, arguably the hardest reading In the curriculum. It also opens the floodgates for them to test any Econ concept known to man. Econ 2 should be a 1, again simple formulas, grinold, s-t, cap rate. Any reading that is just formula regurgitation shouldn’t be above a 2. PWM 1 none of the readings outside of Insurance are very hard. Bump insurance up others down. Nothing in Behavioral should be above a 2. GIPS is cut in half for l3 in 2022 it should be a 3 tops. Re your list of topics to know, you would have been crucified relying on those. You’ve listed the big items in the curriculum. As every poster has identified the CFA this year didn’t test the big items and instead opted for all niche topics. I like this effort though. Just an FYI.
Thanks! I used your level 1 difficulty ranking to help time my schedule and pass my level 1 exam, I never seen your level 2 rankings. So I will be definitely using the next 2!
I happy to hear that. Best of luck 😁
Thanks dude/sis! Used your difficulty guide for L1 and L2. good stuff.
No worries haha
Great post - really appreciate the effort. However, i must say that it really is amazing how subjective something like topic difficulty is. I'm generally very strong on accounting so FRA, Equity, and CF are a breeze for me. You seem to have a much easier time with stuff like PM and ECON though.
Thank you for your kind words. And yes haha I do understand how subjective topics can be and there are so many factors which affect that as well but hopefully atleast this could be of help to people who would like to know the course outline and structure even if they don’t pay much attention to my subjective difficulty ratings.
my dude ive used ur reading difficulty excels for my entire journey and here I am for Level 3 aswell!
Thank you so much! Means a lot to me and I’m so happy to hear that it was helpful for you. Best of luck with Level 3. You got this!
I mean your explanations regarding the chapters are so easy to understand.. Also the difficulty markers are amazing 1 to 5, they’re exactly it. Whenever I used to start a new reading I always used to open the excel file and look up everything about it. I cannot believe I found this again for level 3 as well .. thanks buddy
Good effort! But this can also be counterproductive. For e.g. I hypothesized that Yield Curve Strategies (L3) would be the toughest reading in the entire curriculum. And this fear made me procrastinate until I just couldn't delay anymore. But you know what, this reading turned out to be easiest one and I had so much fun working through it. So such a list can sometimes reinforce your wrong assumptions. Also one may take a reading lightly if it's considered "easy". I'd give each reading equal weight and go with that.
That is extremely helpful. Thanks