What is the CFA Level II Exam?

The Chartered Financial Analyst (CFA) Level II exam is the second of three exams administered by the CFA Institute as part of the CFA Program. It focuses on the application of investment tools and concepts, emphasizing asset valuation and industry analysis.

CFA Level II Exam Structure

The Level II exam is designed to assess a candidate's ability to apply financial concepts through vignette-supported multiple-choice questions. The exam is divided into two sessions, each lasting 2 hours and 12 minutes, with an optional break in between. The total testing time is approximately 4 hours and 24 minutes.

Each session consists of 11 item sets, totaling 22 item sets for the entire exam. Each item set includes a vignette (a detailed scenario) followed by multiple-choice questions related to the vignette.

CFA Level II Exam Topics and Weights

The CFA Level II curriculum covers 10 topic areas, each assigned a specific weight in the exam. The weights indicate the relative importance of each topic and guide candidates on how to allocate their study time effectively.

Topic Area	Exam Weight
Ethical and Professional Standards	10–15%
Quantitative Methods	5–10%
Economics	5–10%
Financial Statement Analysis	10–15%
Corporate Issuers	5–10%
Equity Investments	10–15%
Fixed Income	10–15%
Derivatives	5–10%
Alternative Investments	5–10%
Portfolio Management	10–15%

For a comprehensive overview of the exam topics and their weights, refer to the CFA Institute's exam overview.

CFA Level II Exam Dates and Registration

The CFA Level II exam is offered multiple times a year. For 2025, the exam windows are as follows:

May 21–25, 2025: Registration deadline is February 6, 2025.
August 27–31, 2025: Registration deadline is May 6, 2025.
November 19–23, 2025: Registration deadline is August 5, 2025.

To register for the exam, candidates must:

Enroll in the CFA Program: This includes paying a one-time enrollment fee.
Register for the Level II Exam: Select the desired exam window and complete the registration process.
Schedule the Exam Appointment: After registration, schedule the specific exam date and location within the chosen window.

For detailed registration instructions and deadlines, visit the CFA Institute's registration guide.

Preparing for the CFA Level II Exam

Success in the CFA Level II exam requires a disciplined study approach. Candidates are advised to:

Understand the Exam Format: Familiarize yourself with the vignette-supported multiple-choice question structure and the topics covered.
Create a Study Plan: Allocate study time according to the topic weights and your proficiency in each area.
Utilize Official Study Materials: Leverage the CFA Institute's curriculum and practice questions.
Practice Regularly: Engage in mock exams and practice questions to assess your readiness.

For additional study resources and practice questions, explore our CFA Level II question bank.

Prepare for the CFA Level II Exam with Practice Questions

Achieving a high score on the CFA Level II exam requires effective preparation and familiarity with the exam format. Start practicing today with our comprehensive CFA Level II question bank.