Hi everyone,
Based on your experience what are the most difficult topics that I will need much more focus???
If you don’t have any experience in finance, then derivatives. If you know some concepts, then equity.
Seconding isilcan, your background will largely determine that. The average candidate I would argue finds derivatives, quantitative methods, and maybe economics to be the most tedious/challenging.
Please keep in mind while I agree with Derivatives or probably Econ is the most difficult to grasp, where you need to focus plus being difficult is probably FRA. You are likely to see much more of it on the exam than Dervs or Econ and it’s still fairly difficult material. All subjective though.
Derivatives, Fixed Income, QM, FRA. It varies but usually these few.
Derivatives and Ethics for me
FRA. All those rules. GAAP vs IFRS. Currency translation methods. Merger and Acquisition. Pensions. I believe some level 1 FRA materials were tested (Inventory, various financial ratios). I was super happy that no FRA questions exists in level 3.
Derivatives can be daunting. I would write out the step-by-step process and the actual calculation of the example problem.
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The hardest topics are the ones at which you’re no good.
It varies from person to person.
If you’re not quant-minded, then swaps and FRAs will be very challenging. If you struggle with more theoretical stuff, then maybe Econ. Like everyone else said above, it all depends on you.
I struggled in Accounting simply because my brain couldnt remember the materials no matter how much time I spent on memorizing it. Derivatives was very hard to learn from the beginning but once I figured the logic, it became more managable to remember
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Reciting the appendix in reverse order with a hangover was definitely the toughest
Derivatives and Financial Statement Analysis for me. When I took it. Nail the big sections and you’re pretty much home free as long as you don’t bomb ethics. I never sweat the small stuff…like quant LOL
I got less than 10th percentile in L2 ethics this year. There is hope.
Ethics I believe is quite a problem.But generally many candidates have stress in Derivatives 
I found portfolio and derivatives to be harder
FRA sucked big time but wasn’t that hard. Just a lot of memorization.
But yeah, I’d agree that the single most difficult topic was derivatives.
It all depends on what your background and/or experience is. Some candidates find Derivatives and Fixed Income quite challenging. And some might find FRA and Economics challenging. So it differs from person to person.
For me, Portfolio Management was the most difficult topic
All of them. Seriously. Just study hard for all of them.
It was fixed income and derivatives for me… Just couldn’t get a hang of it in the first couple of readings…