CFA Level 2
Offered by CFA Institute
CFA Level II is the middle exam of the Chartered Financial Analyst Program. Instead of standalone questions, it uses item sets: a vignette with exhibits followed by multiple-choice questions that must be answered from that case.
EXAM AT A GLANCE
Format
22
Testing time
24
minutes
Sections
10
Delivery
Computer-based at Prometric test centers
Passing score
Varies
Cost
$1,140 (early) or $1,490 (standard) USD per registration
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What the exam covers
Ethical and Professional Standards
10–15%
Quantitative Methods
5–10%
Economics
5–10%
Financial Statement Analysis
10–15%
Corporate Issuers
5–10%
Equity Investments
10–15%
Fixed Income
10–15%
Derivatives
5–10%
Alternative Investments
5–10%
Portfolio Management
10–15%
About the CFA Level 2 certification
The 2026 exam is 22 item sets (88 questions); 20 sets are scored and two are unidentified trials. You must also complete a Practical Skills Module at this level (different from the module you used at Level I) before results are released.
Who it’s for
Candidates who have passed CFA Level I and are building valuation and analysis depth.
- Format
- 22 item sets (vignettes with 88 multiple-choice questions); 11 sets per session; 20 scored and 2 trial
- Testing time
- 4 hours 24 minutes (two 132-minute sessions with an optional break)
- Passing score
- Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed
- Validity
- Progress toward the charter does not expire; the charter requires all 3 levels + 4,000 hours of qualified work experience
- Prerequisites
- Passing CFA Level I
Official exam page· Details verified August 2026
Exam details can change. Always confirm current requirements, fees, and exam policies with the certification provider before registering.
How to prepare
01
Pass Level I first; Level II assumes that toolkit and goes much deeper on valuation.
02
Prioritize Ethics, FSA, Equity, Fixed Income, and Portfolio Management (each up to 15%).
03
Practice vignette reading: every item set starts with exhibits you must use.
04
Complete a Practical Skills Module you did not already use at Level I.
05
Plan 300+ study hours and sit full-length item-set mocks.
FAQ
How is Level II different from Level I?
Level I is 180 standalone multiple-choice questions. Level II is 22 vignette-based item sets (88 questions). You cannot answer from memory alone — you have to use the case facts.
How often is Level II offered?
Three windows a year in 2026: May, August, and November.
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