CFA Program - Level II
The Level II curriculum has a greater focus on the depth of understanding and application of the tools and techniques that were covered in Level I, with an emphasis on asset valuation.
Curriculum Contents
| Topic | Weight | Functional Area |
|---|---|---|
| Quantitative Methods | 5 - 10% | Tools |
| Economics | 5 - 10% | |
| Financial Reporting & Analysis | 10 - 15% | |
| Corporate Issuers | 5 - 10% | Portfolio Management and Analysis |
| Portfolio Management | 10 - 15% | |
| Equity Valuation | 10 - 15% | Assets |
| Fixed Income | 10 - 15% | |
| Derivatives | 5 - 10% | |
| Alternative Investments | 5 - 10% | |
| Ethical and Professional Standards | 10 - 15% | Ethical and Professional Standards |
Exam Structure
The level II exam is 100% multiple choice (three answer choices) consisting of 22 item sets and 88 questions split between two sessions over 4 hours & 24 minutes.
Each item set is vignette based, followed by 4 - 6 corresponding multiple choice questions.
| Session | Duration | Questions | Topics |
|---|---|---|---|
| First Session | 2hrs, 12min | 11 item sets, 44 questions | Random |
| Second Session | 2hrs, 12min | 11 item sets, 44 questions | Random |
| Total | 4hrs, 24min | 22 item sets, 88 questions | 3 min / question |
From 2021, the CFA exam switched to computer-based testing (CBT) format for Level II. The exam format is the same as Level I but with the addition of case study vignettes which can be viewed as a popup or in an adjacent window for ease of readability.
Exam Results
- Exam results for Level II are provided via email approximately 7 - 10 weeks (~ 60 days) after the corresponding exam period.
- Results are designated as either "pass" or "fail". Included in the exam results email is a performance report outlining general results per topic.
- A minimum passing score (MPS) is implemented by the CFA Institute for each exam. The MPS is not made public before or after the exam. Although the MPS is not disclosed, it is estimated candidates should aim for a score of above 70%.
Note, the minimum passing score is not to grade the results on a curve, but rather to establish a minimum difficulty hurdle. - In recent years, the Level II exam's pass rates have been around 40%.
FAQ - Level II
| Topic | Weight | Functional Area |
|---|---|---|
| Quantitative Methods | 5 - 10% | Tools |
| Economics | 5 - 10% | |
| Financial Reporting & Analysis | 10 - 15% | |
| Corporate Issuers | 5 - 10% | Portfolio Management and Analysis |
| Portfolio Management | 10 - 15% | |
| Equity Valuation | 10 - 15% | Assets |
| Fixed Income | 10 - 15% | |
| Derivatives | 5 - 10% | |
| Alternative Investments | 5 - 10% | |
| Ethical and Professional Standards | 10 - 15% | Ethical and Professional Standards |
According to a recent survey conducted by the CFA Institute the average study hours of CFA Level II candidates was 328 hours.
The exam duration is 4 hours and 24 minutes, split into two equal 2 hour and 12 minutes sessions. There is an optional break between the sessions.
The exam contains 22 item sets that consist of vignettes (case type scenario) with 88 associated multiple-choice questions. The item sets are evenly split (11 each) between each session.
The topic coverage is randomly placed between either or both sessions.
The exam is conducted in english language only.
- May
- August
- November
For additional Level II exam dates see here or refer directly to the institute website: CFA Institute
The following outlines the registration deadlines for the scheduled upcoming CFA Level II exams:
| Exam Sitting | Registration Deadline | Exam Dates |
|---|---|---|
| May 2023 | Jan 31, 2023 | May 23 - 27, 2023 |
| Aug 2023 | May 9, 2023 | Aug 29 - Sep 02, 2023 |
| Nov 2023 | TBD | TBD |
For additional Level II exam dates see here or refer directly to the institute website: CFA Institute
- Pass Level I CFA exam