Introduction to CFA® Level II Exam

The CFA Level II exam is the second exam you need to pass to become a CFA charterholder. Once you pass the Level II exam, you will move on to the Level III exam.

What to expect for Level II

According to the CFA Institute, the 10-year average pass rate for the CFA Level II exam is 45%. In total, candidates report investing more than 300 hours into their studies for each level of the CFA exam.

Registration Opens: October 26, 2021

Registration Closes: May 3, 2022

CFA Exam Dates: August 30-September 3, 2022

Results are provided 6-8 weeks after exam

Exam Format

Exam Format

88 multiple choice questions

Evenly divided into 2 sessions

Approximately 132 minutes per session

Computer-based testing

Question format

Enroll Information

CFA Institute logo

Question Format

Vignette followed by 4 or 6 multiple-choice questions

Each vignette begins by stating the relevant topic and the item set's point value

Refer back to the vignette before answering a question

Exam Format

88 multiple choice questions

Evenly divided into 2 sessions

Approximately 132 minutes per session

Computer-based testing

Earn your CFA as a favor to your future self

Kevin Shires, CFP, ChFC, CFA, interviewed by Salt Solutions about the benefits of becoming a charterholder

Level II Topics and Weights

Study Tips From Our Coaches

Just Keep Moving

The vignettes will likely have a lot of extraneous information. Don't let that slow you down. Read the question first, so you know what you are looking for in the passage. That can save you time on the exam, and make it more likely you'll answer the questions correctly.

Mike Carmody  CFA, FSA, MAAA
Lead Instructor

Answer the Right Question

Be sure to answer the question that has actually been asked. Read the questions carefully all the way through. Don't just read a few words and assume that you know what's being asked because you answered a similar question when you were studying. The correct answer to a question that wasn't asked is an incorrect answer to the question that was asked.

Marc Coward  CFA, MBA, MPhil
Lead Content Manager

Invest the Time

Level II is a more computationally intensive CFA exam than Level I. The material is also more complex and requires more in-depth analysis than Level I. Thus, make sure to invest sufficient time learning, practicing, and reviewing the material. Be proficient with your calculator.

Tong Teh  CFA, FSA
Product Manager

Experience Level II for yourself with free, full access to Quantitative Methods