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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.

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Curriculum Contents

The CFA Level II exam covers 10 topic areas:
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
Level II

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.

Computer-Based Testing (CBT)

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%.

Level II Exam Dates

May 2024 Exam Period


22 - 26 May 2024
CFA Exam Dates
Exam Dates
  • 15 Aug 2023
    Registration & Scheduling Opens
  • 12 Oct 2023
    Early Registration Deadline
  • 28 Dec 2023
    Deadline to Register with Invoice Payment Option
  • 06 Feb 2024
    Registration Closes
  • 14 Feb 2024
    Scheduling Deadline
  • 22 Apr 2024
    Rescheduling Deadline
  • 22 - 26 May 2024
    CFA Exam Dates

Aug 2024 Exam Period


14 May 2024
Registration Closes
Key Date
21 May 2024
Scheduling Deadline
Key Date
27 - 31 Aug 2024
CFA Exam Dates
Exam Dates
  • 11 Nov 2023
    Registration & Scheduling Opens
  • 23 Jan 2024
    Early Registration Deadline
  • 04 Apr 2024
    Deadline to Register with Invoice Payment Option
  • 14 May 2024
    Registration Closes
  • 21 May 2024
    Scheduling Deadline
  • 29 Jul 2024
    Rescheduling Deadline
  • 27 - 31 Aug 2024
    CFA Exam Dates

Nov 2024 Exam Period


07 Aug 2024
Registration Closes
Key Date
13 Aug 2024
Scheduling Deadline
Key Date
20 - 24 Nov 2024
CFA Exam Dates
Exam Dates
  • 08 Feb 2024
    Registration & Scheduling Opens
  • 16 Apr 2024
    Early Registration Deadline
  • 28 Jun 2024
    Deadline to Register with Invoice Payment Option
  • 07 Aug 2024
    Registration Closes
  • 13 Aug 2024
    Scheduling Deadline
  • 17 Oct 2024
    Rescheduling Deadline
  • 20 - 24 Nov 2024
    CFA Exam Dates
Level II
Dates are subject to change. Consult the CFA Institute for latest updates, registration and additional exam dates.

FAQ - Level II

The CFA Level II exam covers 10 topic areas:
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
Level II
300 hours recommended

According to a recent survey conducted by the CFA Institute the average study hours of CFA Level II candidates was 328 hours.

Level II

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.

Level II
The CFA Level II exam is conducted twice a year, during the following months:
  • May
  • August
  • November

For additional Level II exam dates see here or refer directly to the institute website: CFA Institute

Level II

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

Level II
To enroll for the Level II exam, the following is required:
  • Pass Level I CFA exam
Level II

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