Your Step-by-Step CFA® Level 2 Study Plan to Conquer the 2025 Exam

Let’s be honest. Passing CFA Level 1 was an accomplishment worth celebrating. But now that you have your eye on the CFA Level 2 exam, you can already sense this is an entirely different game. The CFA Level 2 curriculum goes deeper; the questions get trickier and your ability to apply knowledge in realistic scenarios becomes the real test.

At this point, you might be asking: How do I structure my CFA Level 2 study plan so that I keep pace, keep calm and actually pass? How should I decide on a CFA Level 2 study order? Which CFA Level 2 topics deserve the most time? And what exactly does it mean to “apply” rather than memorize?

That is why we’re here.

This guide is not just a generic CFA Level 2 study guide. It is a candid conversation between you and someone who understands what it feels like to stare at those CFA Level 2 books and wonder where to start. Together, we will talk through the CFA Level 2 syllabus, topic weights, study materials, CFA Level 2 mock exams, time management and practical strategies that actually fit your life.

By the end, you will have a practical, realistic CFA Level 2 study schedule tailored to the 2025 exam. Ready? Let’s get started.

Why CFA Level 2 Matters More Than You Think

Passing CFA Level 2 is not just ticking another box. It is the pivot point where you prove you can move beyond memorizing formulas and definitions. Instead, the CFA Level 2 exam tests whether you can analyze real-world financial data and make judgments under time pressure.

The average global pass rate hovers around 45 percent, which is lower than Level 1. Most successful candidates invest at least 300 to 350 hours into CFA Level 2 preparation. But it is not just about hours. The CFA Level 2 exam structure, with its item sets and vignettes, means you need to train your mind to think in context. This is why a smart CFA Level 2 study plan matters so much.

Your goal should not be to cover every line in every CFA Level 2 reading. Your goal should be to focus on the high-weighted CFA Level 2 topics, build genuine understanding, and then practice until applying that knowledge feels almost natural.

How CFA Level 2 Differs from Level 1

If you took CFA Level 1, you know it was all about breadth. The exam covered many topics but at a surface level. The CFA Level 2 curriculum is different. Here, it is about depth and application.

The CFA Level 2 exam structure is built around item sets. Each item set starts with a vignette, often a page-long scenario, followed by four multiple-choice questions. You need to read carefully, connect details, and avoid rushing. This means your CFA Level 2 study guide must train you to think slowly and critically, rather than memorize and move on.

Topic weights shift too.

According to the CFA Level 2 syllabus and exam weights, areas like Financial Statement Analysis, Equity Investments, Fixed Income, Portfolio Management, and Ethics often carry the most weight, each around 10 to 15 percent. Topics like Derivatives, Alternative Investments, and Quantitative Methods usually carry smaller weights but remain important.

These changes mean your CFA Level 2 study plan cannot look the same as Level 1. Instead, you will need to rethink your CFA Level 2 study order, commit to practice questions earlier, and focus on application over memorization.

Building Your CFA Level 2 Study Plan Step by Step

Now, let’s build a CFA Level 2 study plan that fits your real life. This is not about filling a calendar with unrealistic goals. It is about balancing CFA Level 2 readings, practice, and reviews in a way that feels sustainable and effective.

Step 1: Know the CFA Level 2 Curriculum and Topic Weights

Start by reviewing the CFA Level 2 syllabus and topic weights. Focus your time on the CFA Level 2 topics that carry the most weight:

• Ethics: 10 to 15 percent
• Financial Statement Analysis: 10 to 15 percent
• Equity Investments: 10 to 15 percent
• Fixed Income: 10 to 15 percent
• Portfolio Management: 10 to 15 percent
• Corporate Issuers, Derivatives, Alternative Investments, Quantitative Methods, and Economics: typically around 5 to 10 percent each

Your CFA Level 2 study guide should reflect these weights. Spending three weeks on Quantitative Methods while skipping over Fixed Income could backfire.

Step 2: Choose Your CFA Level 2 Study Order

Your CFA Level 2 study order matters because some topics build on others. Here is a realistic order many successful candidates use:

• Ethics and Quantitative Methods first. Starting with Ethics reminds you that judgment matters at every stage. Quantitative Methods early on helps, because the math comes back in Fixed Income and Derivatives.
• Move to Financial Statement Analysis and Corporate Issuers next. These topics often feel technical and benefit from early practice.
• Follow with Equity Investments, Fixed Income, and Derivatives. These are application-heavy CFA Level 2 topics, so starting earlier leaves more time to review.
• Finish content review with Alternative Investments and Portfolio Management. These often reinforce earlier topics.
• Save the last month for a CFA Level 2 final review, CFA Level 2 mock exams, and focused practice.

This CFA Level 2 study plan lets you cycle back to difficult topics instead of seeing them only once.

Step 3: Combine Reading and Practice from Day One

One common mistake is reading every CFA Level 2 reading first and saving CFA Level 2 practice questions until the end. That rarely works. The better approach is to read, then practice, then review.

After each topic, do CFA Level 2 practice questions to test your understanding. Mark areas you struggled with, and revisit them weekly. By the time you reach your CFA Level 2 final review, these areas should feel familiar.

Managing Your Time

Let’s break it down. If you have five months to study, aiming for about 300 hours means around 15 hours per week. Some weeks may be more, some less, but try to keep the average.

Sample CFA Level 2 study schedule for five months:

• Month 1: Ethics and Quantitative Methods
• Month 2: Financial Statement Analysis and Corporate Issuers
• Month 3: Equity Investments, Fixed Income, Derivatives
• Month 4: Alternative Investments and Portfolio Management
• Month 5: CFA Level 2 final review, CFA Level 2 mock exams, and revisiting weak areas

During the final month, shift from new CFA Level 2 readings to practice exams and timed quizzes.

Choosing the Best CFA Level 2 Study Materials

Not all resources fit every style, but combining them helps:

• CFA Institute CFA Level 2 readings. Essential for core understanding.
• AnalystPrep CFA Level 2 study materials. Concise CFA Level 2 notes, video lessons, and practice questions built to mirror the CFA Level 2 exam format.
• Schweser CFA Level 2 and Kaplan CFA Level 2. Known for structured courses and summaries.
• Flashcards, apps, and summary sheets for quick daily review.

Your CFA Level 2 preparation is stronger when you mix detailed CFA Level 2 books with shorter CFA Level 2 notes and daily quizzes.

Why CFA Level 2 Mock Exams Matter More Than You Think

Imagine running a marathon without practice runs. That is what skipping CFA Level 2 mock exams looks like. The CFA Level 2 exam structure feels different under time pressure.

Plan to take at least three full CFA Level 2 mock exams. Ideally, five. After each, review mistakes carefully. Identify whether the problem was timing, misunderstanding, or careless errors. Then adapt your CFA Level 2 study plan.

AnalystPrep’s CFA Level 2 mock exams are built to reflect the real CFA Level 2 exam format, which helps train your brain to spot what matters in each vignette.

Mastering CFA Level 2 Ethics

Some candidates push Ethics to the end, but that rarely works. A smarter CFA Level 2 study plan includes Ethics early, plus a final review before exam day.

Practical tips:

• Read the CFA Institute Code and Standards carefully.
• Do Ethics practice questions regularly.
• During your CFA Level 2 final review, focus on judgment-based questions.

Ethics often becomes the tiebreaker. Starting early keeps it fresh.

The Final Month

In the last month, stop adding new CFA Level 2 readings. Instead, switch to:

• CFA Level 2 mock exams under timed conditions
• Revisiting high-weight CFA Level 2 topics like Financial Statement Analysis and Equity Investments
• Focused review of CFA Level 2 ethics questions
• Rest, balance, and keeping your routine steady

At this point, your CFA Level 2 study plan is about polishing, not learning everything new.

How to Pass CFA Level 2

Passing CFA Level 2 is about more than raw hours. It is about building a CFA Level 2 study plan anchored in the CFA Level 2 curriculum, topic weights and smart practice.

Key points to remember:

• Use CFA Level 2 topic weights to guide your schedule.
• Blend CFA Level 2 readings and practice from the start.
• Use at least three CFA Level 2 mock exams, preferably more.
• Treat Ethics as a continuous topic, not something you cram.
• Find the CFA Level 2 study materials that fit your style and keep you engaged.

Consistency beats intensity. Small, steady steps build real mastery.

Next Steps

Feeling ready? Map out your CFA Level 2 study order, gather your CFA Level 2 notes and books and mark your CFA Level 2 mock exams on the calendar.

And if you want structured support, AnalystPrep’s CFA Level 2 study materials, including concise CFA Level 2 notes, video lessons, and full-length mock exams, are built to keep you focused and confident.

With the right plan, the CFA Level 2 exam in 2025 will feel less like a mountain and more like your next milestone.

Further Reading

• Master Your CFA Exam Preparation with Effective Mock Exam Strategies
• 2025 CFA Level II Curriculum Changes & Ethics Update
• CFA Exam Prep Resources & Study Tools
• A Simple Step-by-Step Guide to Prepare for Your CFA Level II Exam