What is the gap between cfa level 1 and level 2?

Is there a maximum gap between CFA exams, such as one in FRM, which is 4 years? In conclusion, the curricula at both levels of CFA share similar themes. The significant differences are the exam formats and the structure of the questions. The level I exam is done by computer with individual multiple-choice questions, while level II includes bullet points with questions multiple-choice. The Level I curriculum emphasizes memorization, while the Level I exam requires candidates to demonstrate in-depth knowledge of the material.

In addition, Level I has a lower approval rate compared to Level II. One of the most common questions CFA candidates have is the difference between the three levels of the course. For example, portfolio management has a weighting of 6% at level I, while at level II, portfolio management has a weighting of 5 to 15%, with each 5% weighting corresponding to a set of items. The CFA Level I curriculum covers ten topics, each with a different weight on the exam, that change regularly, 19 study sessions and 57 readings.

The CFA Level I exam covers a larger part of the curriculum and the questions are simpler than those for Level II. As a level II candidate, the exam will test your ability to apply the acquired skills to analyze financial data, value assets and establish relationships between variables. On the other hand, level II exams consist of four to six questions organized in series based on a vignette. The CFA Level I curriculum focuses on remembering definitions of concepts and memorizing formulas.

Second, the material covered in level I is simpler compared to the more comprehensive complex concepts covered in level II. In comparison, the Level II curriculum requires candidates to demonstrate a deep understanding of the concepts. In contrast, level II candidates don't have this advantage because previous knowledge doesn't give them an advantage in their curriculum. The topics in level II of the CFA are the same as those in level I, but with a different range of weightings per topic. Therefore, level I candidates have an advantage, as this knowledge provides a basis for understanding level I curricular concepts.

As a candidate for a Level II CFA, you must develop the necessary skill to identify what information is relevant to each question. You should keep in mind that, although the topics are the same, the questions on the level II exam are at a higher level than the level I.

Serena Lubahn
Serena Lubahn

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