The CFA Level II Exam Builds on the Fundamentals You Mastered in Level I.
Level I was a test of your knowledge of the ethical and professional standards of sound financial analysis. In the Level II CFA exam, you'll be tested on your ability to use that knowledge in realistic situations that analysts face.
Previous Knowledge
The knowledge you need prior to preparing for Level II is the knowledge you were tested on during your Level I exam. Your exam prep process for Level II will arm you with the skills to apply that knowledge to some of the work financial analysts are expected to perform.
How Long It Takes to Study
The general recommendation is that you spend roughly 300 hours preparing for each level of the CFA exam. According to a 2019 survey, Level II candidates spent an average of 328 hours preparing for the exam.
How to Study
We suggest that candidates employ The Kaplan Way, a three-phase learning strategy: Prepare • Practice • Perform®. This methodology is the foundation upon which Schweser’s CFA exam prep products are built.
- Online: All the quality of a live class, with convenient online delivery.
- Self-Study: Comprehensive, flexible, no-frills exam prep package.
Tips and Tools
Looking for additional tips to help you prepare for the Level II CFA exam?
Look no further.
- Start your exam prep early. Develop a routine and stick to it.
- The tools in your review package work best when used together as designed.
- Check out these free resources specifically designed for Level II candidates.
CFA Level II Exam Details
Registration and CFA® Exam Dates
November 2024
Level II November Exam Dates:
- November 20-24, 2024
Registration and Scheduling Windows Open:
- February 8, 2024
Early Registration Deadline:
- April 16, 2024
Registration Closes:
- August 7, 2024
Scheduling Deadline:
- August 13, 2024
Rescheduling Deadline:
- October 21, 2024
Registration and CFA® Exam Dates
May 2025
Level II May Exam Dates:
- May 21-25, 2025
Registration and Scheduling Windows Open:
- August 8, 2024
Early Registration Deadline:
- October 16, 2024
Registration Closes:
- February 6, 2025
Scheduling Deadline:
- February 11, 2025
Rescheduling Deadline:
- April 14, 2025
Registration and CFA® Exam Dates
August 2025
Level II August Exam Dates:
- August 27-31, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 28, 2025
Registration and CFA® Exam Dates
November 2025
Level II November Exam Dates:
- November 19-23, 2025
Registration and Scheduling Windows Open:
- February 12, 2025
Early Registration Deadline:
- April 9, 2025
Registration Closes:
- August 5, 2025
Scheduling Deadline:
- August 12, 2025
Rescheduling Deadline:
- November 8, 2025
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level II
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level II study package:
Exam Format
Level II
Each year, there are three Level II exam windows: the first in May, the second in August, and the third in November.
- Format: Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.
- Questions:
- 88 equally weighted multiple-choice questions
- Session 1: 44 multiple-choice questions
- Session 2: 44 multiple-choice questions
- Each session is 2 hours and 12 minutes long.
Our CFA Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level II
For the 2025 Level II exams, the topics are weighted as follows:
- 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%
These topic weights were used to develop a Level II study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Exam Results Available:
2024 Exam Results
MAY EXAM:
- July 2, 2024
AUGUST EXAM:
- October 10, 2024
NOVEMBER EXAM:
- January 16, 2025
CFA® Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
