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CFA® Program - Level II

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Curriculum Contents

The CFA Level II exam covers 10 topic areas:
Topic Weight Functional Area
Ethical & Professional Standards 10 - 15% Ethical & Professional Standards
Quantitative Methods 5 - 10% Tools
Economics 5 - 10%
Financial Statement Analysis 10 - 15%
Corporate Issuers 5 - 10% Portfolio Management & Analysis
Portfolio Management & Wealth Planning 10 - 15%
Equity Investments 10 - 15% Assets
Fixed Income 10 - 15%
Derivatives 5 - 10%
Alternative Investments 5 - 10%
Level II

Exam Dates

May 2023 - Level II

  • Registration and Scheduling Window Opens
    09 Aug 2022
  • Early Registration Deadline
    02 Nov 2022
  • Deadline to register with invoice payment option
    17 Dec 2022
  • Registration Closes
    31 Jan 2023
  • Scheduling Deadline
    15 Feb 2023
  • Rescheduling Deadline
    21 Apr 2023
  • CFA Exam Dates
    23 - 27 May 2023

Aug 2023 - Level II

  • Registration and Scheduling Window Opens
    14 Nov 2022
  • Early Registration Deadline
    01 Feb 2023
  • Deadline to register with invoice payment option
    25 Mar 2023
  • Registration Closes
    09 May 2023
  • Scheduling Deadline
    24 May 2023
  • Rescheduling Deadline
    28 Jul 2023
  • CFA Exam Dates
    29 Aug - 02 Sept 2023

November 2023 - Level II

  • Exam Dates Not Yet Released
Consult the CFA Institute for updates, registration and additional exam dates.
Level II

FAQ - Level II

The CFA Level II exam covers 10 topic areas:
Topic Weight Functional Area
Ethical & Professional Standards 10 - 15% Ethical & Professional Standards
Quantitative Methods 5 - 10% Tools
Economics 5 - 10%
Financial Statement Analysis 10 - 15%
Corporate Issuers 5 - 10% Portfolio Management & Analysis
Portfolio Management & Wealth Planning 10 - 15%
Equity Investments 10 - 15% Assets
Fixed Income 10 - 15%
Derivatives 5 - 10%
Alternative Investments 5 - 10%
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

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