Analyze and evaluate
Tests how you analyze situations and provide solutions using the knowledge you have accumulated.
Multiple-choice questions
22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
Two 132 minute-sessions
Made up of 11 item sets for each session, for a total of 22 on the exam. Twenty scored, two not.
How long does it take to study for the CFA Level II exam?
The CFA® Program enables candidates to customize their preparation to match their individual needs and circumstances. Successful candidates report studying on average over 300 hours for each level of the CFA Exam.
Level II curriculum topics and weights
The curriculum is organized into topics, and each topic contains learning modules. There are learning outcome statements at the beginning of each learning module. Below you'll find current outlines.
Curriculum errata
Find the latest updates and corrections to the curriculum. You can also submit suspected errors for review to ensure the most accurate and up-to-date content.
Level II exam format
The CFA Level II exam consists of multiple-choice questions. Familiarizing yourself with the format will help you approach the exam efficiently, manage your time effectively, and avoid common pitfalls to maximize your performance.
The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
The Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.
The CFA Level II exam is standardized with 11 item sets for each session, for a total of 22 on the exam. Twenty of these items are scored, and two are being triaged and will not be scored.
Multiple-choice questions in each item set must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the CFA Level I exam. You'll need to refer to the vignette before answering each item.
The CFA® Program curriculum topic areas for Level II will be randomly placed on the exam. All topics may be covered in either the first and second sessions, or possibly both sessions. Each item set vignette will begin with a statement of the topic and total point value. For example:
TOPIC: QUANTITATIVE METHODS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
Level II exam tips
Here are some practical tips to help you perform your best on the CFA Level II exam.
- Financial Statement Analysis: Questions on this topic are based on International Financial Reporting Standards (IFRS), unless otherwise noted. If a question references U.S. GAAP, this will be explicitly stated.
- No penalty for guessing: There is no penalty for incorrect answers, so be sure to answer every question.
- Know your calculator: Make sure you know how to use the calculator features needed to solve the formulas and examples shown in the curriculum. Familiarity with your calculator will save valuable time during the exam.
- Dress for comfort: There’s no official dress code, but dressing in layers will allow you to adjust to the room temperature and remain comfortable during the exam.
- Exam hardware and software: Make sure you’re aware of how hardware and software at test centers might affect your experience.
- Practice, practice, practice: Take a mock exam in the Learning Ecosystem to practice answering exam questions.
- Proctor assistance: During the normal course of the exam, candidates may find they need assistance from proctors. Proctors will come to workstations as quickly as possible to assist. If able, we encourage candidates to continue working on their exam until a proctor has assisted. Our exam writers have designed the exam to account for minor disruptions or pauses in order for candidates to still have adequate time to respond to all questions.
Practical Skills Modules (PSM) requirement
In addition to completing the exam, you must complete one PSM at each level in order to receive your exam result. The same module cannot be completed at multiple levels. For example, if you complete the Python Programming Fundamentals module at Level I, you must complete a different module (Python, Data Science & AI or Analyst Skills) to meet the PSM requirement at Level II. Learn more about PSM's and see the PSM Policy for more details.
How practice analysis keeps the CFA exam relevant
The CFA Program curriculum and exams are shaped by our practice analysis process, which gathers insights from top industry professionals to ensure that the content reflects current investment practices. This process directly influences the Candidate Body of Knowledge (CBOK), which outlines the essential competencies for success in the investment profession.
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