Do not treat Ethics as an afterthought. At Level 2, Ethics is woven into vignettes just like any other topic. Furthermore, if you are between the MPS (Minimum Passing Score) and a candidate right above you, Ethics decides who passes.
Dedicate one entire mock session exclusively to Ethics item sets. The CFA Institute’s Ethics vignettes are notoriously ambiguous. Practice spotting the difference between "misconduct" and "negligence" in a 500-word story about a portfolio manager in Dubai. cfa level 2 mock questions
Question 1 might ask for the initial net investment of a swap. Question 3 might ask for the value after 90 days—requiring you to remember your answer to Question 1. Top-tier mocks test this chain-reasoning. Do not treat Ethics as an afterthought
| Source | Quality | Style Match | Best For | |--------|---------|-------------|-----------| | CFA Institute (official) | ★★★★★ | Exact | Final benchmark; the only source with actual past exam feel. | | Mark Meldrum | ★★★★☆ | Slightly harder | Learning to handle time pressure; great video explanations. | | Kaplan Schweser | ★★★☆☆ | More straightforward | Building confidence; clear answer rationales. | | UWorld | ★★★★☆ | Interactive + detailed | Those who need deep explanations and visual aids. | | Salt Solutions | ★★★☆☆ | Adaptive | Practicing weak areas via targeted item sets. | Dedicate one entire mock session exclusively to Ethics
Warning: Avoid outdated mocks (pre-2020 curriculum changes) – Level 2 has shifted toward more data interpretation and less pure formula memorization.
The worst habit. You read a question, don’t know the answer immediately, and peek at the solution. This does not count as studying. You must sit in the discomfort of not knowing. Force an answer. Only then does the solution have value.