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| Preparation |
 Exam writers attempt not only to cover important subjects thoroughly, they also try to make the tests different from year to year to prevent candidates from "gaming" the exam. Note, learning Outcome Statements (LOS) that have been emphasized in past may not be in the current year. A great number of readings and sub-topics are covered in CFA Institute Study Guides to ensure that many will be covered on the exam, but others will not. It is impossible to know in advance which sub-topics will be covered, and which ones will be ignored in any given year. Therefore, candidates are advised to prepare thoroughly for all subjects assigned in the study program.
The item set format you’ll encounter in the Level II Exam requires adjustments to the exam-taking techniques you may have found successful at Level I. At Level II time management is even more critical. While reading each vignette, make notes in the margins and circle or underline critical pieces of information to make referring back to the vignette quicker and easier as you work each subsequent problem. Answer as many of the individual multiple-choice questions as you can in each item set, on your first pass through the exam. Try to eliminate any clearly wrong answer choices and choose from the remaining. It is recommended to mark those questions in the exam booklet that have answers you are unsure about so you can return to them after you have attempted all other item sets at least once.
Don't get frustrated or anxious if you struggle with several questions in any individual item set, you can afford to miss quite a few questions and still pass. It is important to avoid a situation where “30 minutes remaining” is called, and you haven’t at least read all the vignettes. When you complete your first pass, you will feel more relaxed and find that you can answer more of the questions that you had previously marked as unsure. Leave no answer blank, because no penalty is imposed for wrong answers.
It is advised that you aim for an overall score of 70 percent or better, although the overall passing score is not predetermined. Keep in mind, the goal is not a perfect score, but a passing score. Try not to underestimate the psychological impact of time pressure. Try to stay calm and focused throughout your exam regardless of how you perceive your performance at the time.
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