What an item set is
A short case, a few exhibits, four questions that all depend on it.
Picture a page or two about a fund, a company or an analyst, with a couple of tables. The four questions underneath cannot be answered without it. That is the big change from Level I, where every question stood alone.
The header tells you the topic and the points before you read a word, for example "TOPIC: QUANTITATIVE METHODS, TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS".
Source: CFA Institute, Level II exam page.
The 12-minute budget
132 minutes, 11 sets: about 12 minutes each.
| Step | Time |
|---|---|
| Skim the four questions | ~1 min |
| Read the case and mark the exhibits | ~3 min |
| Answer four questions | ~2 min each |
| Buffer | None: borrow from easy questions |
Check the clock after every set, not every question. At 14 minutes, guess what is left and go. Halfway check: about 66 minutes in, you should be starting set 6. One rushed set early costs less than three rushed sets at the end.
Practise full Level II item sets
Timed cases with worked explanations. Every miss goes into one review list.
How to read a vignette
Questions first, case second.
Reading the stems first tells you which numbers matter. Then read the case once, properly, and note where each exhibit is and which paragraph changes an assumption. If skimming stems first slows you down in mocks, read the case first. Pick one method and keep it.
The classic trap: a sentence late in the case that overrides an exhibit. A new tax rate, a changed growth assumption, a disclosure someone made after the fact. If an answer looks too easy, look for that sentence.
Answer in order of confidence
Each question is scored on its own. Take the sure ones first.
If question 1 is a long calculation and question 3 is a quick concept check, do question 3 first. Never leave a blank: there is no penalty for a wrong answer.
A wrong answer on question 1 does not have to sink the rest. Usually the other questions don't depend on your answer to question 1, so a miss there doesn't sink the set.
How to practise them
Whole sets, on the clock, then review every wrong answer.
Doing loose questions builds knowledge. Only full cases build the reading speed. For each miss, ask one thing: did I pick the wrong number from the case, or use the wrong method? They need different fixes.
Start with a free item set for every topic, each with full explanations. The full format is in how many questions are on Level II.