How do you guys study for the ethics section on the CFA® level 2 exam? I feel like there are so many details they can test you on, such as when is an approval required, does the approval need to be in writing or not etc.
Does anyone have a good summary of these details, i.e. mainly a summary of when an approval is needed, who needs to approve (client and/or firm), does the approval need to be in writing?
Advice for Passing CFA® Level 2 Ethics
Everyone who takes the CFA® exams knows how important ethics is to passing. Yes, the material is dense, but it is worth reading through at least once and then turning your attention to practice questions. Here are some additional tips from the WSO community:
- Ethics is essentially the same for levels 1, 2 and 3, with a few additional topics in each level
- Do the official CFA® Institute guide questions
- Do as many practice questions as possible
- Read it 2 days before the exam (from the official CFA®materials
- Change from level 1 is the addition of Soft Dollar, Research and Prudent Investor Rule
Recommended Reading
- CFA® vs MBA: 8 Points to Help You Decide
- How to Fail theCFA® Level 2 Exam
- How to Pass theCFA® Exam
- Can I Still Pass theCFA® Exam if I Perform Poorly in Ethics?
- 3 Must Know Tips to Nailing Ethics
- cfa/blog/how-to-pass-the-cfa-exam/9-reasons-people-fail-the-cfa-exam”>9 Reasons People Fail the CFA® Exam
Ethic is the same for 1,2, and 3 if i recall correctly. Read it 2 days before the exam (from the official guide). And do the official guide questions. Should do the trick. (disclaimer - i've got all 3!)
Thanks for your reply. I have already read the material and done the EOC questions but I still dont feel very well prepared. There are just too many details to remember.
Anyone else? Still, if someone has a good summary of the approval details etc, please share.
Just go through as many practice questions as you can to get a feel for the standards. Much better way to learn them than just reading the standard itself. The change from L1 is the addition of Soft Dollar, Research, and Prudent Investor Rule crap. Make sure you understand these and just review the old stuff.
Ok, thanks for the input. I guess I'll just keep doing practice questions.
If anyone else have any good tips, please let me know.
it's a crap shoot, so practice and more practice is probably the best tip. You just need to gain confidence in your answers. But your problem is not limited to the ethics part but to all parts of the exam - the material covers such a vast range of topics and you are only tested on a few topics. the main difference, in my opinion, is that if you don't know the exact answer to the ethics part, it is unlikely you can think your way logically through it and arrive at the correct answer.
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