Hi ..... this is what I shared with someone else when i was asked about the strategy that I applied..........I simply used Schewser notes. At the same time..... while I was going through the notes I kept a notebook alongwith in which I used to write down my understanding of each chapter, key points and important formule ...this made sure that I understood each chapter well. Because when you have to write down something you need to understand it very well.... so many a times while making my own notes I realised that initially i felt that I have understood the concept well....but when I wanted to write it in my own words I struggled! this method was really helpful..... also by this proccess revision was easy and also I would not forget the concepts easily.

I devoted around 1 month for the preprations.... first two weeks would be around 2-3 hrs a day (as i am working)...... in last two weeks I took leave and devoted almost 12 hrs a day studying.

My analysis for CFA L2: You should look the entire material from three perspective.

1. How difficult is each topic? (Depth!: how difficult chapters are)

easy: Alternative investments, Ethics (as you have done this before!), Economics.
moderate: corporate finance, equity investments, FRA, portfolio management.
difficult: Quant, Fixed Income, Derivatives

2.How vast is each topic?(breadth!:no. of chapters)

Small: Ethics(doesn't take lots of time as you have done in L1), economics, alternative investments.
moderate: Corporate finance, portfolio management, Quant, Derivatives.
Large: FRA, Equity invetments, fixed income.

3. How important is each topic from exam point of view (Weightages!)

Small: Eco, Alternative investments, Quant
Moderate: fixed income, ethics, derivatives, portfolio management
High: Equity, FRA, corporate finance.

Now based on the above dissection it is easy to see that

a. 3 topics that can help enhance your score with very little effort are Eco, Alternative investments, and Ethics. (Low effort High returns). You can finish these topics between the breaks that you take between two large topics, it helps you feel good that one more topic is done.

b. 3 topics that you cannot afford to score low if you want to pass are: Equity, FRA and Corporate finance. Start early with these topics as they are vast (but not very difficult). Corporate finance is relatively easy to handle as it has 4-5 relatively easy chapters. Make your own notes while you go through the chapters, it helps you revise faster. Mark the difficult problems that you come across while reading the text. Visit them later while revising. Dont start another big topic after finishing a large topic. Example dont start with FRA after you are done with Equity..... it will lead to mental fatigue. (These three topics are like running a full marathon on a plain ground, in a very nice weather, where you can aford to take rests)

c. Quant in L2 is difficult, moderately vast and less importance, so if you cannot manage quant at all, I would suggest that leave it for the last so that if you get time you can try to master it (This topic is High effort, low return!)

d. Portfolio management is manageble as it is moderately important, moderately difficult and no. of chapters as not very large. (This is a must do section to supplement your score).

e. Fixed income is the biggest problem, it is large topic, difficult and has a decent amount of weightage. (This is like running a half marathon on up-slope in a hot weather), So if you are missing on Quant and derivatives you cannot afford to miss on fixed income

f. Derivatives: difficult to comprehend and retain the concepts, though chapters are relatively smaller here and derivs is less important as compared to Fixed income in terms of weightage and questions in exams are not very complicated, so if you solved a lots of examples before going to exam you can handle questions from derivs.

If you simply cannot handle Quant, Fixed income and Derivs (worst of the 10 topics of L2). Derivs is what you can manage by solving lots of examples and remembering them until the exam is over, and quant has relatively less number of chapters so you can mug-up and manage.

To sum up..... Equity, Corp fin and FRA are areas that form the base of your passing score, and manageble if your are consistent in your efforts. Eco, Ethics and Alternative investments are the bonus and you cannot afford to miss this, (as this will compensate for poor performance in any other areas). Portfolio management is manageble. Fixed Income, Derivs and Quant are the party spoliers, so in average case scenario you can manage any two of them at best and let go the third one. I let go quant as it has little weightage in L2 and is not a part of L3.

Hope this helps you how to go about dealing with CFA L2.

ATDH.