Yes, CFA Level 2 is generally considered more challenging than CFA Level 1.This is due to its emphasis on the application, analysis and introduction of questions from the set of points, which demand a deeper understanding of the concepts compared to the predominantly knowledge-based questions of level 1.Level 2 of the CFA exam isn't as difficult as level 1, but it's still difficult anyway. Level 2 only has a 45% approval rate. You have to understand the fact that you're facing a new CFA exam that will have little bearing on what you've already learned. CFA Level II candidates are expected to demonstrate their ability to apply tools and relationships to analyze financial data and value assets.
As a result, many Level I candidates begin their studies with a solid understanding of the main concepts of Level I. Instead, Level II questions are organized as “sets of elements”, each based on a common shared vignette and containing 4 to 6 multiple-choice questions. These new distractions may require the candidate to redouble their commitment to CFA Program studies. In short, the competition at level II is much greater because all the candidates have earned the right to be there.
With a pass rate of less than 11% at all three levels, the CFA pass rate is lower than most state bar exams. Candidates can expect to spend an average of 25 hours or more studying for the CFA Level II exam compared to the Level I exam. You can visit the CFA Institute's website, where you'll find study tips and exam preparation materials. The CFA Level II curriculum, by comparison, is not only equally comprehensive, but it also contains numerous concepts that can be difficult to understand.
The level I test has a 2.25-hour session in the morning and in the afternoon, in which candidates must answer 90 multiple-choice questions in each session (180 in total). An aspiring CFA level II may believe that, since they studied the Code of Ethics and Standards of the CFA Institute at level I, they do not need to re-review the notes and materials of the CFA level II. One of the best ways to prepare for the CFA is to review the study guidelines provided by the CFA institute and follow up with the institute's practice tests to assess your level of readiness. This low overall approval rate can be attributed in part to the time commitment needed to complete all three.
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