Most Frequently Asked Questions About Level II of the CFA® Exam
You’ve reached your first milestone on the way to becoming a CFA® charterholder by passing the CFA Level I exam. So, next up is Level II. As a recognized leader in CFA exam prep, Kaplan Schweser fields a wide variety of questions from candidates preparing for the CFA Level II exam. Here, we compiled those questions (and answers) into one simple place for Level II candidates to get the information they need.
What is the Difference Between Level II of the CFA® Exam and Level I?
Level I tests your understanding of the basics of investment valuation. Level II begins to test your ability to put that understanding to practical use. You will be presented with real-life scenarios and be asked to put your knowledge of investment management and portfolio concepts to the test.
Top 10 Differences Between Level I & Level II >>
What To Expect on the CFA Level II Exam?
Candidates should expect the CFA Level II exam to test their curriculum knowledge in more depth than Level I. Candidates can count on facing new question types called vignettes and will have 4 hours and 24 minutes to finish the exam
What is the Date for Level II of the CFA exam?
Level II of the CFA exam will be offered three times a year. To learn the dates, read this article, which breaks the changes to the Level II exam dates and provides information on Levels II and III also.
Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.
Can I Postpone My CFA Exam After I’ve Registered?
You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register.
What is the Format of Level II of the CFA® Exam?
Level II of the CFA exam is a multiple-choice exam, like Level I. These questions are divided into question sets, and you will be tested on half of the item sets in the morning and a half in the afternoon. For each item set, you will be provided information, and the questions will require you to use the information provided to solve them.
What Subjects Are Tested on Level II?
When sitting for Level II of the CFA exam, you will be tested on the following topics:
- Quantitative Methods
- Economics
- Financial Reporting and Analysis
- Corporate Issuers
- Equity Valuation
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management
- Ethical and Professional Standards
Sign up for our question of the day and get a Level II CFA question sent directly to your inbox every day to help you prepare.
What are the Level II Topic Weights?
The Level II exam topic weights are subject to change yearly at the discretion of CFA Institute. Currently, for Level II of the CFA exam, the syllabus topics are weighted as follows:
| Topic | Exam Weight |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Reporting and Analysis | 10–15% |
| Corporate Issuers | 5–10% |
| Equity Valuation | 10–15% |
| Fixed Income | 10–15% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Management | 10–15% |
| Ethical and Professional Standards | 10–15% |
How Much Time Do I Need to Dedicate to Studying For Level II?
The general consensus is that you should dedicate a minimum of 300 hours to studying for Level II. In a recent Kaplan Schweser CFA Program Survey, we saw the number of hours spent preparing for exams increase after Level I. 73% of those who most recently passed the CFA Level II exam said they spent more than 300 hours preparing.
Typically, candidates will spread that time over a 6-month period, which averages out to about 12.5 hours per week. However, some candidates do not begin studying as early and compress their study time into a shorter window. How intense your study schedule depends on how early you begin preparing.
What Mock Exam Score Should I Strive for in Level II?
Level II candidates should try to score 70% or higher when taking mock exams. If your score remains below 70%, analyze your performance in each topic to pinpoint where adjustments are needed, and enhance your study plan accordingly.
How Hard is the Level II Exam?
Don’t let anyone tell you any level of the CFA exam is easy. They all require focused study and preparation. That’s because the CFA charter is an exclusive designation, designed to truly demonstrate mastery.
Explore Fellow Candidate's Views On CFA Level II Exam Difficulty
How is the Level II Exam Graded?
CFA exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam. Our article on how the CFA exam is graded has all the details.
What is the Level II CFA Exam Pass Rate?
The 10-year average pass rate for the Level II CFA Exam is 45% but some recent CFA pass rates have been lower. According to CFA Institute, only 20% of candidates who begin the program actually earn the charter. Preparation is critical to reaching the finish line. We’ve outlined other candidate experiences and some of the common pitfalls people encounter to help you along the way.
How Much Does It Cost To Sit For Level II of the CFA Exam?
The Level II CFA exam is not free and there are multiple components that determine the total cost of the Level II exam such as:
- Registration costs
- Prep materials
Depending on when you register for the Level II exam and how much you pay for CFA prep, expect to pay around $1,000 - 2,500 USD for the Level II exam, including prep materials.
We suggest registering during the early period for two reasons. First, you will save $300, which you can put toward a CFA exam prep course. Second, the earlier you commit to sitting for the exam, the sooner you can begin preparing.
When Do Practical Skill Modules (PSMs) start for Level II CFA Candidates?
Starting with the May 2024 cohort, Level II CFA candidates need to complete an additional education requirement called Practical Skill Modules (PSMs).
They need to be finished before exam results are released and should take about 10-15 hours to complete. PSMs are a requirement to receive CFA Level II exam results and are available to Level II candidates in CFAI's Learning Ecosystem.
CFA Program Practical Skills Modules Guide >>
Contact Kaplan Schweser
If you have additional questions, feel free to reach out to the Kaplan Schweser Student Support team for the answers you need to take this next step in your career.
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