# What will be the best strategy to prepare for L2 exam?

Discussion in 'About FRM' started by FRMStrawberry, Jul 5, 2012.

1. ### FRMStrawberryMember

Dear All,

I have passed the L1 exam with Q3+Q2+Q1+Q1.
I am wondering if any of you started to prepare for L2 already.
Which package you bought from BT? What will you recommend on preparing for this exam?

Thanks a lot.

Hi FRMStrawberry,

We have a combination of purchases between Tier 1, Tier 2 and Tier 3. There are some that purchase Tier 1 and/or Tier 2 and end up upgrading because they want the added features. When preparing for Tier 2, did you utilize the videos? If so, then I would at the very least recommend Tier 2 which includes the videos. If you used the learning spreadsheets (which are optional) then I would say purchase Tier 3.

I'd base it on your studies from Part 1 because every individual is different and comprehends/learns on different levels. I hope some other customers will be able to provide insight to help you as well.

You might find Aleksander 's input helpful here: http://www.bionicturtle.com/forum/posts/18263/

Thanks,
Suzanne

3. ### Aleksander HansenWell-Known Member

Hi FRM Strawberry,

I started preparing for Part 2 about a week after the Part 1 Exam. Some time after that I bought Tier 3 from Bionic Turtle, as well as the Core readings from GARP (I actually bought the print edition as well because I can't stand Locklizard, and in the end I can put all of them in my bookshelf for easier reference than a lot of print-outs [unlike BT notes, there are a million different documents to print and I'm don't want to waste time on printing and filing]).

For what it's worth, I passed P1 @ 25th percentile across the board, but had Tier 2 access [only later generously upgraded by David and Suzanne]. With Part 2, I felt the spreadsheets would be even more helpful in illustrating concepts and playing around with the models - more so than Part 1, mainly because everything but operational risk management was something I had a lot of experience in and knew it quite well.

Let me also add that when you do the readings and the PQ, having the learning spreadsheets there can be very useful if you are having trouble understanding why we get the results we get; or why a curve moves up/down as a function of this and that. It gives you the mechanics if it all - a "dynamic insight" whereas PQ solutions are less general and more specific, that is, a static snapshot of a given question/solution. You might wonder, well what if this variable moved 150%, or this parameter was negative.. and the spreadsheets would be a nice way to figure those things out. Tier 3 combines audio/visual learning, learning by reading, learning by doing [PQs], as well as learning by observing cause and effect, that is, interactive learning. Whatever you prefer, I think a case can be made that combining those learning techniques is likely to give you a deeper insight and better understanding of the concepts, and how any one particular question can be generalized.

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4. ### Ankur SMember

I was lucky that i bought in time before tier system came in, so was grandfathered into Tier 3.

My only issue with Part 2 is that IT'S VAST !! lot of topics to cover relative to questions in exams. Coming out of part 1 in good shape (around 2.5 months of study) , i had underestimated the time required for Part 2 preparation (did same 2.5 months) and i can tell you that i was struggling to finish (i did not plan the time better).

IMHO PART 2 is not difficult but its huge to cover everything. And i know me well, i have to do everything. I went through videos first to get an idea about the chapter, then went to GARP core readings (The books that GARP provides, i had them in Part 1 also and i liked the fact of having it as a fallback for any detail, since i don't buy all the recommended books) to read chapter and then onto BT material to read David's notes and add my own notes to it. I basically then know the fundamentals and have my own notes for last weeks reading. (It took lot of time for me to finish chapters and in the end i was rushing)

Learning Spreadsheets can be optional but i need to try out #s, i cannot read them and grasp it. So i like the small descriptive models in excel that David has put out. Serves as great learning tool and handy for future references but that's just me.

Need couple of weeks at least in the end to go through BT's practice questions + Mock exam + Review all formulas.

So you see i needed lot of time to go through it + I am working Full time + Family. I should have planned better.

I followed this order but every person can have their own POA ->
1- Market Risk - i was comfortable as this is my work area
2 - Operational - Seemed ok but lot of readings to cover
3 - Investment - Enjoyed this the most as this is my interest
4 - Credit - Had not done it before, so kept for the end to keep it fresh in my mind
5 - Current - These are like stories, not much time consuming

In a nutshell the only advice i can give to Part 2 prospective candidates , to put in ample time to grasp, cover all topics. Its conceptual and time consuming but not difficult.

Good Luck,
Ankur

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5. ### Aleksander HansenWell-Known Member

Let me just float the questions so I know what to procrastinate...
What was the most boring part of P2 for you?
I like quant stuff, and I kill for portfolio allocation and hedge fund related material.

6. ### FRMStrawberryMember

Thank you so much for the sharing from you guys. That are so helpful. But reading the posts, I feel like that I won't have enough time to prepare for the Nov sitting due to full time work+family.

Do you guys think 4 months will be good enough for my exam? Will the tier 3 BT material cover the study plan?

Thanks.

7. ### Aleksander HansenWell-Known Member

Good question... I would think you need to supplement a little here and there with core readings. I'm battling the question whether to sit in November or wait until May myself due to similar situation. I think that it's easy to keep postponing doing anything if you choose to go for May. I'm thinking about signing up for the November exam to put some pressure on me to get the readings and some questions done; then, with one month remaining I will reassess how I'm standing. If I think I can pull through, I'll go for it - otherwise I will defer until May. For me personally, I think I need the pressure of a deadline in the not-too-distant future in order to get anything done.

Ask yourself the question: am I really going to get much done between now and November if I decide to sit for the exam in May?
... and remember, as Richard Feynman said, "“The first principle is that you must not fool yourself—and you are the easiest person to fool. So you have to be very careful about that. After you’ve not fooled yourself, it’s easy not to fool other scientists. You just have to be honest in a conventional way after that."

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8. ### FRMStrawberryMember

Well said, Alek.

Indeed, I have to do the evaluation by myself to see if I am ready for the exam or not. I am a quant guy and like to play with number and do the calculation. But again, without enough reading, I won't be able to understand all the questions. So I'm kind of the person who likes to put pressure and deadline on myself. I will still register for the exam and see if I can handle it in Oct.

Thanks so much for your quick response. Alek. Any enjoy your wedding in Sept.

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9. ### Aleksander HansenWell-Known Member

My pleasure, and thanks for the well-wishes!

10. ### Ankur SMember

As Alek has already said depends on your gameplan but if you start now, you should be able to evaluate your studies around Oct and then decide whether to defer it or not.

Alek,
Frankly i did not feel P2 was boring (though some redundant materials like MBS emerging @ several place thru the course) in fact i liked the learning. It was new knowledge for me. But as i said i had to rush, so time was the only thing.

btw BASEL , Oprisk readings were a drag on my schedule, so i stuck myself to David's notes which pretty much summarized everything neatly for exam purposes.

Hope that helps. And my best wishes for your wedding!

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11. ### Aleksander HansenWell-Known Member

Thanks for well-wishes, and for sharing your thoughts on the - good to know that about the Operational Risk piece.

12. ### FRM_ExamMember

Hi Alek, honestly speaking I found Operation piece the easiest to go through - although quite alot to cover - but at the same time very simple. I read the whole thing 1st time properly - and the 2nd time just skimmed through it - and scored in 1st Quartile. Will like to point out that like yourself I have no experience in Operational Risk Management and concepts such as Basel II and Basel III, Liquidity Risk, RAROC, ARAROC, etc were all very new to me - but nothing too technical at all.

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13. ### Aleksander HansenWell-Known Member

I see, that's very helpful, thanks FRM_Exam. I'm familiar with liquidity risk and the risk-adjusted measures but I'm surprised that they are lumped in under the Operational Risk umbrella...(!?).
Trying to keep up with Basel but it's a mess... no other way than to sit down and try to read the whole thing through I suppose. Just that when regulators get to work you know you'll have a mishmash of nonsense, dreadfully boring writing and things that were 'in vogue' 5 years ago.

14. ### chris.leupold@baml.comNew Member

Suzanne,

I was hoping to upgrade my package with Bionic Turtle so that I could have access to Part 2 of the FRM. I’d like the most comprehensive package for level 11.

Given that I currently have access to level 1, do you mind explaining how we can upgrade?

Thanks very much,

Chris

Hi Chris,

Thanks for your continued interest in bionicturtle.com!

Congratulations on passing Part 1!

We offer separate products for Part 1 and Part 2 as well as a combined product for Part 1 & Part 2.

You've purchased part 1 recently so will still have access until April 2013.

For access to the Part 2 product, you would need to purchase Part 2 here: https://www.bionicturtle.com/products/financial-risk-management/

You purchase Part 1, Tier 3 before so in that case if you want the same product you would purchase Part 2, Tier 3 for your Part 2 preparations.

The only upgrade options are to upgrade tier purchases. We do not have upgrade options to go from part 1 to part 2. Please keep in mind that when you do go to purchase Part 2, Tier 3 you would be eligible for a $50 discount for being a returning customer. You would request a coupon code here: https://www.bionicturtle.com/products/discount-codes (No proof is necessary when you request your code as I'm already familiar with you.) To utilize the discount option, the code must be requested and approved PRIOR to purchase. Should you have any additional questions or concerns, please do not hesitate to ask. Good luck on Part 2! Thanks, Suzanne 16. ### FRMStrawberryMember Hi Suzanne, Thanks for the detailed explanation. I would like to purchase tier 3 for Part 2. As a returning customer of BT ( I have bought tier 2 for part I for May 2012 sitting, am I eligible to get this$50 discount also?
Should I ask your approval now for this discount it is available to me?

Thanks a lot.

17. ### nageshtheoneMember

Tier 1 has notes as well as questions. I want to buy only the practice questions. Is there a plan , where I can buy just the practice questions and not the notes?

Hi FRMStrawberry,

Thank you for your continued interest in bionicturtle.com!

Yes, you do qualify for a discount. You would need to request here: https://www.bionicturtle.com/products/discount-codes

Thanks,
Suzanne

Hi nageshtheone,

Thank you for your interest in bionicturtle.com!

No, we do not have an option for practice questions only. Honestly, if we did have a product for practice questions only, they would be priced around the same price as Tier 1.

Thanks,
Suzanne

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20. ### FRMStrawberryMember

Hi Suzaane,

I have purchased the tier 2 product for FRM Part II. But I had purchased twice cause it's my first time to use my visa card.
could you please cancel one purchase at the cost of \$349 with order #16529? I will still keep the second purchase with order #16527.
Please let me know if you have any questions to refund the first order.

Also I have forward you the order confirmation emails. Please respond my email or my message here.

Thanks a lot.