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 Statement Analysis | 10 -15% | |
| Corporate Issuers | 5 - 10% | |
| Equity Investments | 10 -15% | Assets |
| Fixed Income | 10 -15% | |
| Derivatives | 5 - 10% | |
| Alternative Investments | 5 - 10% | |
| Portfolio Management | 10 -15% | Portfolio Management and Analysis |
| Ethical & 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%.
Level II Exam Dates
Aug 2026 Exam Period
-
25 - 29 Aug 2026CFA Exam Dates
Nov 2026 Exam Period
-
18 - 22 Nov 2026CFA Exam Dates
Frequently Asked Questions About CFA Level II Study Packages
What does a CFA Level 2 study package include?
A CFA Level II study package usually includes structured lessons, study materials, practice questions, mock exams, and progress tracking. KeyPoint package details vary by tier, so compare the options before choosing.
How much does a CFA Level 2 study package cost?
Pricing depends on the package you choose. See the price section above for the current options available. These cover your prep materials and are separate from the enrollment fees CFA Institute charges to sit the exam.
Does KeyPoint offer CFA Level 2 study materials?
Yes. KeyPoint Level II packages include study materials designed to help you review key concepts without jumping between scattered resources. Exact inclusions vary by package.
Is a CFA Level 2 prep course worth it?
It is worth considering if you want structure, realistic item set practice, mock exams, and progress tracking. If you already have a strong plan and prefer to study from the official curriculum alone, you may not need one.
Which CFA Level 2 package should I choose?
It depends on your exam date, your budget, your confidence with item sets, and how much support you want. Start with your exam date, budget, confidence with item sets, and the level of support you want. Then compare the package options side by side.
Which package includes mock exams?
Mock exam access depends on the package you choose. Check the package comparison table for the current mock exam inclusions.
Can I study for CFA Level 2 while working full time?
Yes. KeyPoint packages are built for candidates studying around a job or degree. The set study path, flexible access, and progress tracking are designed to make short, regular study sessions add up.
Is KeyPoint Learning endorsed by CFA Institute?
No. CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by KeyPoint Learning Inc. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.