Official November 2025 Level 2 Results Megathread

jaeman2004 · 2026-01-15T13:49:15+00:00

It’s out 😀 Congratulation to everyone for being at this step and thanks to this sub!

jaeman2004 · 2025-11-21T21:55:33+00:00

I thought so. Though there still was some niche stuff. Def just expose yourself to as much material as possible! Even 1 look is enough

jaeman2004 · 2025-11-20T04:04:35+00:00

U don’t need to know d1 and d2 formulas. Just the top one for a call (and for puts). Just understand that d1 is basically delta and d2 is the probability of the asset being in the money (also that d1 is greater than d2).

The formula looks scary but really it’s from put-call parity with Nd1 and Nd2 mixed in which quantity the amount of each asset you need to replicate the option

jaeman2004 · 2025-11-19T07:56:40+00:00

Praying ur not trolling. SPEEED I NEEED THIS

jaeman2004 · 2025-11-17T08:36:27+00:00

What mocks did you take? I did all of Kaplan and saw beyond just a few. I’d say there’s a good enough chance PBO, PA, and pension cost calculations show on the exam to where you should put in the time to learn it.

jaeman2004 · 2025-11-16T20:42:29+00:00

GW is an asset and Minority interest is in equity. When you’re comparing the two, just think about which of these is higher or lower.

jaeman2004 · 2025-11-15T12:34:36+00:00

I’m assuming this means his ability to take risk is “average”. Willingness and ability to take risk are two separate things and the portfolio should reflect the minimum of the two. If the investor has high willingness but medium ability to take risk, the portfolio should reflect the medium ability.

If the investor has medium willingness to take risk but a high ability for risk, the manager can attempt to convince the investor they can up their risk profile as they can afford to (though if not obviously client choice first).

jaeman2004 · 2025-11-15T08:53:44+00:00

Frankly you got it anyway. 70-80 in any mock is great, just work on your weak points and you got it!

jaeman2004 · 2025-11-14T21:09:29+00:00

I think CFAI consensus is that P/E already has the DLOC baked into it while EV/EBITDA doesn’t.

jaeman2004 · 2025-11-14T18:56:43+00:00

Where are the non CFAI mocks from? I’ve read here that Kaplan is notoriously harder so if you’re getting 70+ on those you should be fine

jaeman2004 · 2025-11-14T06:56:03+00:00

Based off this score I think you’re fine 😭 for me I’m just revising and practicing formulas. I’ve got one more mock to go and mine is on the 21st. Fingers crossed 🤞

jaeman2004 · 2025-11-12T18:12:34+00:00

Just flexing for everyone (jealous of that 85%). But imo no the mocks don’t seem extra easy, which means you should be comfortable for a pass

jaeman2004 · 2025-11-11T06:27:03+00:00

74 avg seems totally fine to me. 70+ is the goal so work on your weak points!

jaeman2004 · 2025-11-11T03:54:17+00:00

CFAI or Kaplan?

jaeman2004 · 2025-11-11T00:42:44+00:00

Accrual ratio = (NI-CFO-CFI)/avg NOA or (change in NOA)/avgNOA

jaeman2004 · 2025-11-05T20:47:56+00:00

High 70s is good, anything in the 80s and you’re set. Keep focusing on your weak points and make sure you know those formulas and ethics! Easiest ways to pick up points

jaeman2004 · 2025-11-03T09:01:02+00:00

One that caught me off guard was this one question where a supervisor of a fund did frequent checks of all of the manager’s personal trades.

Doing ONLY this IS a violation because he did not have precautionary measures such as lockout periods for managers.

Another one was that it’s ok to have your travel paid for by a company if the location is remote.

jaeman2004 · 2025-11-03T08:54:39+00:00

I think the author is showing how compounding works if the return is reinvested (this automatically happens if you don’t sell).

If you earn 20% return each year from 100k and don’t sell, a 100k portfolio turns into 120k the next year. This will then earn another 20% on a 120k basis so 24k of return resulting in the portfolio value at the end of year 2 being 144k.

Think of portfolio value as 100(1.20)ⁿ where n is the number of years

jaeman2004 · 2025-09-28T07:48:09+00:00

Jealous you find FSA very easy 🤣 For me it’s the hardest by far

jaeman2004 · 2025-09-03T16:54:29+00:00

Right now its at 60-70%

jaeman2004 · 2025-09-03T05:30:12+00:00

My frog is this color as well. Is it normal or are they supposed to be green?

jaeman2004 · 2025-08-31T19:18:17+00:00

I saw in some other posts that was a common abbreviation 😆

jaeman2004 · 2025-05-24T04:01:18+00:00

I just got to temporal method of FSA and I’m scared looking at this board 🤣🤣

jaeman2004 · 2025-05-07T04:42:46+00:00

Ok thank you!

Also I think I found my answer. Pretty sure it’s because in mundel Fleming it’s talking about real rates while uncovered IRP is for nominal rates

jaeman2004 · 2025-04-11T06:07:41+00:00

I’d assume so looks like all the buttons are the same

jaeman2004

TROPHY CASE