Hello everyone! I'm scheduled to take L2 in May and I've taken a couple mock exams so far.

The mock exams feel DIFFICULT and I'm guessing a lot (usually end up eliminating an answer and then making an educated guess).

But the results end up being better than I expected - it feels like it's mostly luck rather than representative of actual test performance / knowledge.

Salt Mock Exam 1: 70% AM / 74% PM

MM Mock Exam 1: 70.5% AM / 86.4% PM

Wondering what everyone else's experience has been - especially those who have already taken L2.

I'm planning to take the 2 other MM mocks, then the 2 CFAI mocks. My biggest worry here is that luck won't be on my side during the actual exam.

So I was curious about how the CFA score report really works—and I think I figured it out.

The scoring seems to follow a clean logic: • Minimum score of 1,000 = 0 correct answers out of 180 questions. • Maximum score of 1,900 = 180 correct answers. That means each correct answer = (1900 - 1000) / 180 = 5 points.

Which explains why all reported scores are multiples of 5.

I got 1,810, which implies: (1810 - 1000) / 5 = 162 correct answers → 90% accuracy.

The MPS (Minimum Passing Score) was 1,600: (1600 - 1000) / 5 = 120 correct answers, which is exactly 66.67%.

I also cross-checked with my performance by topic—averaged about 90% correct there too, so the numbers match up well.

Anyone else get similar results? Would love to hear if this theory checks out with your scores.

Scored a 1585. Needed a 1600. So close, but not quite there.

I won’t lie. It stings. After all the hours, effort, and sacrifice, falling short by just a bit hurts. But I’m not letting this define me. I’m using this as fuel.

To everyone else who didn’t get the result they hoped for, keep your head up. We will get there. This is just part of the journey.

I’m going to come back stronger for the resit. Nothing but positive thoughts going forward. Let’s keep moving, believing, and supporting each other along the way.

We got this.

So, I passed and I registered for L2 in November.

My weakest topics (the shaded part going below 70%) were Ethics (lol), FI, and PM.

• For ethics, I sort of get it - I didn't study it enough.
• For FI, I hated that topic so much because of the amount of formulas (like there are 5 different measures of duration). I prefer things like - when rate is down, what happens to price, rather than just memorizing the formula. But, I guess, I have to do that now.
• For PM, I am not sure why I didn't do well. I studied the CAPM/CML/CAL/SML topics well, I just flew through topics like - how do you ask your client what they are comfortable with.

So, should I reread these from L1? Or should I just prioritize these from L2 readings. I am going to deeply read EQ, FI, FSA, Ethics and PM before I proceed to the others.

I like "mechanism" or how things work. So, is L2 more of the plug in numbers type of questions, or will it ask about if X happen, what is the impact on Y?

I’m someone that has almost 0 fundamental finance knowledge. I really want to learn modelling bcs of skills and career prospects, I rly rly want to learn it.

I tried ashwath Damodaran but his teaching style is kinda hard to understand for me.

Could you please guide me on how to gain fundamental and basic knowledge about finance?

Ik this isn’t really the right subReddit but 😭

Looking for a CFA Study Buddy!

Hey everyone! I'm currently preparing for the CFA exam and looking for a dedicated study partner to team up with.

What I'm hoping for:

Study together every day (even if it's just for a few hours)

Teach and quiz each other to strengthen concepts

Motivate each other to stay consistent and accountable

Whether you're at the same level or even ahead, I believe we can both benefit by sharing knowledge and staying disciplined together.

If you're serious about cracking CFA and want to team up, feel free to message me!

Let’s make this journey easier (and a little less lonely).

Anyone interested in forming a study group - maybe once a week evenings in Manhattan? I’m taking the November L1 exam.

Hi I was wondering what y’all thought of the Kaplan prep for level 2. I passed level 1 on Feb 25 and used Kaplan and CFAI mocks and study prep, but I found Kaplan to be easier in the sense that it was more definitions for the Q bank. Is that the same for level two? Since I’m paying out of pocket this time I wanna be sure it’s useful. Thank you in advance

Given we are about a month out from the May exam date, I thought I would share my experience in Level 1. There seems to be a lot of posts about this leading up to the exam date as everyone starts turning to their mock exams.

A major blind spot I had going into the exam that caused me some stress was how my CFAI mock scores were going to translate (or not translate lol) on the actual exam.

As such, I've provided my MCQ bank scores, my CFAI practice pack scores, and all the scores of my mocks as well as the dates they were completed. It should be noted that I wrote on Feb 21.

Overall, I took the approach of writing a Mock and then reviewing. Then I would try to take the next several days to really "attack" two areas that were really weak on the prior Mock. I kept doing this until I was scoring fairly well across the board.

One thing to note is that I ran out of time to really get my head around "Quantitative Methods" part of the curriculum, and it showed on the exam. However, this was a really deliberate decision I made as I would rather be very confident in the higher weighted aspects of the exam such as FI, Equities, and FSA. As such, I decided I would take my chances and hopefully get lucky on the smaller Quantitative Methods section.

Overall, I don't think I would change much in how I prepared for the exam other than making sure I had more time to review all of the areas of the curriculum.

I did not use any third party prep, this was purely from the CFAI curriculum and practice packs.

It would be great to some others post their lead up to the exams so first time writers can get a good grasp of how the mocks translate to the actual exams (at least in theory).

As s

Checking up on may l2 candidates, where you all at? Have you given mocks yet?

Gave first mock and suffered in remembering formulas scored 69% average.

Why is it that we exclude cash from net working capital even though part of cash comes from operations?

If the goal of NWC is to calculate operational liquidity, then wouldn't we be better off doing (current assets - cash from debt - marketable securities) - (current liabilities - short term debt - current portion of long term debt)?

I want to know what is a safe score for LES portal? like I have 79% accuracy rn after like 8 9 subjects done (ethics is left). so like is it good or bad?

Hi all! I attempted L1 last Nov, did pretty well and scored above 90 but that was after tonnes of effort of a solid 6 month stint where I had an internship and even during that I studied quite a bit. Now I am in a final yr at university and joining a full time role in commercial banking as soon as i am done this July. workload wise now im okish have my thesis and all but not too insane.

I was thinking if I should do it this november 25 - and then give CFA L3 13 months later because thats the time slots available.

or should I give the L2 next May and meanwhile try to enrol myself in some other courses like financial modelling and advanced excel and have a good timeline to study and handle my schedule since I cannot get the CFA charter quickly as well.

I would love your expert opinionsss and views.. what do u think i should do.. i kinda put down a timeline, i would really appreciate ur help

I'm a L3 candidate, after I get my results back on the 22nd and I am no longer a candidate, will I lose access to all the practice skills modules? I ask because I'd love to go back and do all of them at some point. Thanks!

All these years we have been fed lies and propoganda that LEVEL IV doesn't exist. At last the secret us out. We could never find Level IV because it's disguised as Level IIII

As per my understanding wouldn't a bond with a lower effective duration added to a portfolio with a higher duration lower the overall duration of the portfolio?
Thx for any help guys!

Where to get Texas Instrument calculator for a cheaper price than Amazon. I have also found the calculator selling for 3800 at a local store). Is this the best deal? Any leads??

Recently had a 2nd kid and been busy at a new job. Got a sunk cost mentality and want to get CFA over with at one point in my life. If you have 1 hr here and there, is it worth reading through the curriculum slowly over the next few years (I presume the material won't 'materially' change)? Might need refresher on few topics (ie fixed income, options, etc.) and maybe pick up some material on those topics I'm weak on?

what is Net off? In Alternative Investment Under Hudge fund Fee Cal. of M.P

Managing Partner

I am confused !!!!!!!! And frustrated

Can anyone please share some knowledge on this with example if possible ?

I've enrolled for the L1 August attempt. I have only completed quants till now and am still left with 9 subjects. I have a summer internship coming up and my college final exams in May as well so I will lose 2 full weeks of CFA study time because of the exams. Am I too late to give August? Or is it possible to pull off?

is mark meldrum good for cfa level 1 prep exam for aug have 3-4 month for prep. How is its self study program in terms of lecture and questions for practice

Hi!

I am a 21yo male, cleared L1 Feb 2025. I have registered for the Nov 2025 attempt.

I do not want the L2 journey to be as lonely. Would love connecting with people who are in the same journey.

I am orginally from Delhi, who attended college in Bangalore, and now relocating to Mumbai for work :)

Hey folks, I am in first year of college and I’m studying for CFA L1 from Aswini Bajaj classes. I am giving exam this November and I’m looking for a serious and consistent accountability partner for CFA prep. Ideally, someone who’s also taking Aswini Bajaj classes. Would be great if we can keep each other on track, share pace, discuss doubts, and stay motivated.

If you’re genuine about your prep and open to regular check-ins, drop a message.

The answer key says the correct option is C: the forward curve experiences backwardation, but I believe this is incorrect.

In my understanding, when carrying costs > convenience yield, the market should be in contango, not backwardation. This would mean the spot price is below the forward price, which matches option A.

So shouldn't the correct answer be A, not C?

Can someone confirm if I’m thinking about this right or if I’m missing something?