{"id":9287,"date":"2021-11-03T20:17:17","date_gmt":"2021-11-03T20:17:17","guid":{"rendered":"https:\/\/analystprep.com\/blog\/?p=9287"},"modified":"2025-12-10T18:01:12","modified_gmt":"2025-12-10T18:01:12","slug":"frequently-asked-questions-on-the-cfa-level-ii-exam","status":"publish","type":"post","link":"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/","title":{"rendered":"Frequently Asked Questions on the CFA\u00ae Level II Exam"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What are the differences between CFA level I and CFA level II exams?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The CFA Level I exam is built around individual multiple-choice questions that test basic knowledge and concepts, whereas the CFA Level II exam is vignette-based. In Level II, questions are grouped into case studies with several items tied to the same scenario, requiring deeper understanding, interpretation of data, and application of concepts.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"When are the CFA level II exam windows?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"CFA Level II exams are offered in specific testing windows during the year. Recent sittings have included May and August windows, with additional windows such as November announced by the CFA Institute based on the exam calendar for that year.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Is it possible to postpone the CFA level II exam after registration?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Yes, but only in limited circumstances. Postponing your Level II exam is called a deferral and is granted by the CFA Institute on a case-by-case basis for qualifying events such as serious illness, pregnancy, a death in the immediate family, mandatory military service, natural disasters, or certain travel restrictions. Otherwise, you may choose to withdraw and re-register for a future sitting.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What are the subjects and exam weights and pass rates for the CFA level II exam?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"CFA Level II covers ten core topics: Ethics, Quantitative Methods, Economics, Financial Reporting and Analysis, Corporate Finance, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management. Topic weights typically range from about 5% to 15% each and are updated periodically by the CFA Institute. Historical pass rates show that less than half of candidates pass Level II in a typical year, reflecting the exam\u2019s difficulty.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"How many hours should I study for the CFA level II exam?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Candidates are generally advised to devote at least 300 hours of study time for CFA Level II. This includes learning the curriculum, revising key concepts, and doing plenty of practice questions and mock exams to build speed and confidence with vignette-style items.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"How much is CFA level II registration?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"CFA Level II registration fees consist of a one-time enrollment fee if you have not paid it previously plus an exam registration fee. The exam fee is lower for early registration and higher for standard registration, with recent examples around $700 for early registration and $1,000 for standard registration, as set by the CFA Institute.\"\n      }\n    }\n  ]\n}\n<\/script>\n\n\n\n\n<p>Congratulations on passing the CFA\u00ae level I exam. As you work on the next milestone towards becoming a CFA charter holder, Analystprep.com has various study and exam preparation materials to help you pass your CFA level II exam.<\/p>\n\n\n\n<p>This article answers the most common questions candidates have about the CFA level II exam and gives you the information to pass your exam.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#What_are_the_differences_between_CFA_level_I_and_CFA_level_II_exams\" >What are the differences between CFA level I and CFA level II exams?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#When_are_the_CFA_level_II_exam_windows\" >When are the CFA level II exam windows?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#Is_it_possible_to_postpone_the_CFA_level_II_exam_after_registration\" >Is it possible to postpone the CFA level II exam after registration?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#What_are_the_subjects_and_exam_weights_and_pass_rates_for_the_CFA_level_II_exam\" >What are the subjects and exam weights and pass rates for the CFA level II exam?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#How_many_hours_should_I_study_for_the_CFA_level_II_exam\" >How many hours should I study for the CFA level II exam?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/analystprep.com\/blog\/frequently-asked-questions-on-the-cfa-level-ii-exam\/#How_much_is_CFA_level_II_registration\" >How much is CFA level II registration?<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_differences_between_CFA_level_I_and_CFA_level_II_exams\"><\/span>What are the differences between CFA level I and CFA level II exams?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the most common questions that CFA candidates have is the differences between the three levels of the course. If you have completed the CFA level I and preparing for the next level, let us explore what to expect on your exam day.<\/p>\n\n\n\n<p>The level I exam consists of individual questions, while level II includes vignettes. Vignettes are brief descriptions of business scenarios containing tables, texts, and sometimes financial statements. Vignettes have several questions that require the candidate to answer using information from the case study. As a CFA level II candidate, you should develop the skill to identify which information is relevant for each question.<\/p>\n\n\n\n<p>In addition, the CFA level I exam has 80 individual multiple-choice questions unrelated to each other. On the other hand, level II exams consist of four to six questions set up in sets based on a vignette. Each set of questions is based on a common topic making it essential to have in-depth knowledge of critical concepts. As a result, you should be more thorough when studying for CFA level II exams.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_are_the_CFA_level_II_exam_windows\"><\/span>When are the CFA level II exam windows? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As a result of the postponed 2020 exam postponements, the CFA Institute announced that CFA level II exams are available three times in 202. However, the exams are available twice a year.<\/p>\n\n\n\n<p>The new CFA level II exam windows are;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>May exam window dates are May 25<sup>th<\/sup> to June 1<sup>st,<\/sup> 2021<\/li>\n\n\n\n<li>August exam window dates are August 31<sup>st<\/sup> to September 4<sup>th,<\/sup> 2021.<\/li>\n\n\n\n<li>The CFA Institute will announce the November exam window dates soon<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_it_possible_to_postpone_the_CFA_level_II_exam_after_registration\"><\/span>Is it possible to postpone the CFA level II exam after registration?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You need to fulfill specific criteria and appeal directly to the CFA Institute to postpone your level II CFA exam. Postponing an individual exam is referred to as a deferral and is only allowed in specific circumstances.<\/p>\n\n\n\n<p>You should submit a deferral request to the CFA Institute before or within ten U.S. business days after the exam window. The CFA Institute reviews your deferral request, and they decide on a case-to-case basis.<\/p>\n\n\n\n<p>The exceptional circumstances that may allow a deferral include;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your government, employer, or university impose travel restrictions that prevent you from accessing the testing center.<\/li>\n\n\n\n<li>You or an immediate member of your family have a very serious or life-threatening disease.<\/li>\n\n\n\n<li>You are pregnant.<\/li>\n\n\n\n<li>There is a sudden death of one of your immediate family members.<\/li>\n\n\n\n<li>You are obligated to mandatory military service on the date of the test.<\/li>\n\n\n\n<li>There is a natural disaster affecting your local area.<\/li>\n<\/ul>\n\n\n\n<p>You should notify the CFA Institute through email about your request to defer your examination. If your case meets the criteria, you will get a qualified deferral, but you will forfeit the paid payments. However, the CFA Institute will defer your enrollment to the next scheduled sitting.<\/p>\n\n\n\n<p>If you fail to qualify for a deferral, you can withdraw from the CFA exam. If the CFA Institute rejected your deferral request, you could choose to withdraw from the CFA exam up to five days before the set test date. You will not have to take the exam, but you will have to register to take it at the next sitting.<\/p>\n\n\n\n<p>According to the CFA Institute policies on exam withdrawal, you will get a full refund of your registration and exam fees if you withdraw within the first three days after you registered. If more than three days have passed after you registered, you will have to forfeit all the fees paid.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_subjects_and_exam_weights_and_pass_rates_for_the_CFA_level_II_exam\"><\/span>What are the subjects and exam weights and pass rates for the CFA level II exam?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are ten core topics you should master in the CFA level II. However, the exam weights for each topic are subject to change each year. The exam topics and weights for CFA level II in 2022 are;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Derivative investments \u2013 5-10%<\/li>\n\n\n\n<li>Financial reporting and analysis \u2013 10-15%<\/li>\n\n\n\n<li>Equity investments &#8211; 10-15%<\/li>\n\n\n\n<li>Alternative investments \u2013 5-10%<\/li>\n\n\n\n<li>Ethics \u2013 10 -15%<\/li>\n\n\n\n<li>Economics \u2013 5-10%<\/li>\n\n\n\n<li>Quantitative methods \u2013 5-10%<\/li>\n\n\n\n<li>Corporate finance \u2013 5-10%<\/li>\n\n\n\n<li>Fixed income \u2013 10-15%<\/li>\n\n\n\n<li>Portfolio management 10 -15%<\/li>\n<\/ul>\n\n\n\n<p>According to the CFA Institute, the Level II pass rate was 44% in 2019.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_many_hours_should_I_study_for_the_CFA_level_II_exam\"><\/span>How many hours should I study for the CFA level II exam?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The CFA level II exam tests your mastery of financial knowledge. Consequently, you should dedicate at least 300 study hours and practice taking the exam to pass.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_is_CFA_level_II_registration\"><\/span>How much is CFA level II registration?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you enroll for early registration, you will pay $700, and on the other hand, standard registration is $1,000.<\/p>\n\n\n\n<p>Early registration for the exam gives you enough time to study and prepare for your exam. Enroll in <a href=\"https:\/\/analystprep.com\/\">Analystprep.com<\/a> study packages and gain access to additional revision materials. Our vast library of practice questions will help you practice for the exam and pass it on the first try.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations on passing the CFA\u00ae level I exam. As you work on the next milestone towards becoming a CFA charter holder, Analystprep.com has various study and exam preparation materials to help you pass your CFA level II exam. This article&#8230;<\/p>\n","protected":false},"author":4,"featured_media":9301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70,73],"tags":[118,192],"class_list":["post-9287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfa","category-study-tips","tag-cfa-program-2","tag-faq","blog-post","animate"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/comments?post=9287"}],"version-history":[{"count":3,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9287\/revisions"}],"predecessor-version":[{"id":13528,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/9287\/revisions\/13528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media\/9301"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media?parent=9287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/categories?post=9287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/tags?post=9287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}