90% of hiring managers prefer hiring CFA® charterholders over charter-less candidates for top-level positions like C-suite roles.
You don’t need to be a math whiz to know that’s an overwhelming majority.
I just wanted to remind you that if you passed Level I, and now Level II feels a little intimidating, these exams are a lot of work, but they are well worth the effort!
In this guide, I’ll give you everything you need to know about studying for (and passing!) the CFA® Level 2 Exam. Get ready to master the topics, format, timing, review courses, and tips you need to know to succeed.
Let’s do this!
Key Takeaways
- Learn the Format: The CFA® Level II exam includes 88 multiple-choice questions grouped into 22 vignette-based item sets, split into two 2-hour, 12-minute sessions.
- Understand the Topics: Level II focuses on applying concepts across ten areas, with topic weights ranging from 5% to 15%.
- Balance Your Studies: Topic weights are evenly distributed, so it’s essential to give equal attention to all subject areas.
- Master Vignettes: Each vignette provides the information needed to answer the questions. Practice analyzing them efficiently to save time.
- Choose a Strong Prep Course: Courses like AnalystPrep, Kaplan Schweser, and The Princeton Review can help you stay organized and practice effectively for the vignette format.
Level II Fundamentals
The CFA® Level II exam evaluates your ability to apply investment tools and concepts, focusing on asset valuation and industry standards. It contains 88 multiple-choice questions organized into 22 item sets, each based on a vignette. Each vignette has four associated multiple-choice questions.
Both sessions last 2 hours and 12 minutes, totaling 4 hours and 24 minutes of exam time. An optional 30-minute break is available between sessions; plan accordingly to utilize this downtime effectively.
Key Details:
- Number of Questions: 88 (22 Item Sets, 4 Questions Per Set)
- Sessions: 2 (11 Item Sets/44 Questions Per Session)
- Total Time: 4 Hours and 24 Minutes (2 Hours and 12 Minutes Per Session)
- Question Format: Vignette-Supported Multiple-Choice Questions (3 options per question)
- CFA® Exam Date Windows: May, August, and November
- Registration Fees: $990 early registration fee or $1,290 standard fee
CFA® Level II Exam Topics and Weights
Whereas Level I is primarily focused on definitions and fundamental knowledge, the CFA® Level II Exam begins to ask candidates to apply their knowledge to real-life scenarios. Also, unlike Level I, topics are now scattered more randomly across sessions instead of confined to one or the other.
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Equity Valuation | 10–15% |
| Financial Reporting and Analysis | 10–15% |
| Fixed Income | 10–15% |
| Portfolio Management | 10–15% |
| Alternative Investments | 5–10% |
| Corporate Issuers | 5–10% |
| Derivatives | 5–10% |
| Economics | 5–10% |
| Quantitative Methods | 5–10% |
Unlike Level 1 and Level 3, which have a few more heavily weighted topics that require more attention, all of the topics from Level 2 are much more balanced weight-wise. Weighting is either 10-15% or 5-10%, and with ten topics, it’s possible that each ends up at 10%, perfectly equal across the board.
Long story short? Study everything equally.
CFA® Level II Exam Question Format
At the heart of the CFA® Level II exam are 22 item sets. Each one starts with a vignette—a detailed scenario packed with context—and is followed by exactly 4 multiple-choice questions, bringing the total to 88 questions.
Item Sets and Vignettes: A Snapshot of the Exam
Each vignette is like a mini case study, designed to test your ability to analyze a situation and apply your knowledge to a real scenario you’d encounter in your career. Vignettes vary widely, from financial tables to descriptions of investment scenarios.
The questions that follow directly tie into the vignette, so as you’re reading the material and questions, you’ll have to focus on picking out key details.
What Kinds of Questions Will You See?
- Application-Based Questions
These ask you to apply what you’ve learned to real-world situations. Think about interpreting financial data or understanding how a concept plays out in practice. - Calculation-Based Questions
Here’s where your math skills come in! You’ll need to use data from the vignette to perform calculations and arrive at the correct answer.
How Is It Different From Level I?
- Interconnected Questions: Unlike the independent multiple-choice questions in Level I, these questions all revolve around the vignette, requiring a deeper understanding of the material.
- Problem-Solving Emphasis: Not only are Level II questions focused on real-world scenarios, but they’re also focused on how you can use your new insights to solve problems.
💡 Quick Tip: Practice reading vignettes and answering related questions under timed conditions. The better you get at pinpointing key details, the smoother exam day will be!
Tips for Answering CFA® Level 2 Vignette-Based MCQs
- Read the Questions First: Start by reviewing the questions before reading the vignette to focus on relevant details and save time.
- Highlight Key Information: As you read the vignette, underline or note crucial figures, concepts, or instructions related to the questions.
- Remove Incorrect Answers: Use the process of elimination to cull your choices, focusing on logical reasoning and calculation accuracy.
- Manage Your Time: You have roughly 12 minutes for each item set. Spend the first 6 minutes reading the questions, then reading the vignette. Spend the next 6 minutes answering the questions.
- Avoid Overthinking: Rely on the vignette’s data—don’t bring in outside assumptions or overcomplicate your approach. Usually, your first instinct is right.
💡 Pro Tip: Determine how long it takes you to read the material on average. That way, you can determine how much time you’ll have left for questions and practice that timing. Just subtract the number of minutes it takes you to read the vignette and questions from 12.
Best CFA® Level 2 Prep Courses
Choosing your perfect-fit CFA® prep course can be the difference between failing the Level II exam and passing on your first try. Here are my top choices:
- AnalystPrep: Not only is AnalystPrep the most budget-friendly option, it’s also the best, in my opinion. From their engaging and entertaining video lectures to their lifetime access for the complete course of all three levels, AnalystPrep is a great choice for most candidates.
- Kaplan Schweser: Kaplan’s stellar reputation translates to stellar study notes and written materials, perfect for students with reading and writing as their primary learning style. Further, their step-by-step guidance ensures candidates can build (and follow!) a solid study framework.
Each of these courses brings unique benefits to the table, so choose the one that best fits your study style and budget.
Conclusion
Whether you’re preparing for the CFA® Level 2 exam or just scouting out the path ahead, I hope this article gave you some great insight into what the second exam is like and how to ace it.
Remember: the most important thing you can do is learn the material and then practice using vignette-style mock exams. If you grind through thousands of practice questions and master your timing, I have no doubt that you’ll succeed.
The finish line is almost in sight—keep going! You got this.
FAQs
The CFA® Level 2 exam, created by the CFA Institute, focuses on applying investment tools and concepts, emphasizing asset valuation and financial analysis. It’s the second of three exams in the CFA® program.
The CFA® Level 2 exam window is open three times a year—in May, August, and November. CFA® exam results are usually ready for viewing within 5-7 weeks after the exam date.
Yes, the CFA® Level 2 exam is challenging as it requires mastering complex key concept themes such as financial statement modeling, investment analysis, wealth planning, and ethical and professional conduct.
Many candidates find Level 2 the hardest due to its detailed, application-focused questions and breadth of material, though opinions vary. As a result, candidates who already have their bachelor’s degree may be better prepared due to more experience with exams.
Passing in 2 months is possible but very demanding, requiring intense focus, a solid study plan, and prior familiarity with the material. For most candidates, 2 months isn’t a realistic timeframe to pass.
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