CFA Level 2

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...

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CFA Level 2 exam at a glance

Format

22 item sets (vignettes with 88 multiple-choice questions); 11 sets per session; 20 scored and 2 trial

Duration

4 hours 24 minutes (two 132-minute sessions with an optional break)

Delivery

Computer-based at Prometric test centers

Passing score

Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed

Exam cost

$1,140 (early) or $1,490 (standard) USD per registration

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

About the CFA Level 2 certification

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.

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.

Official exam page· Details verified 2026-08

What the CFA Level 2 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%
How to study for the CFA Level 2
  1. 1Pass Level I first; Level II assumes that toolkit and goes much deeper on valuation.
  2. 2Prioritize Ethics, FSA, Equity, Fixed Income, and Portfolio Management (each up to 15%).
  3. 3Practice vignette reading: every item set starts with exhibits you must use.
  4. 4Complete a Practical Skills Module you did not already use at Level I.
  5. 5Plan 300+ study hours and sit full-length item-set mocks.
CFA Level 2 — frequently asked questions

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.