CFA Level II

CFA® Level II Study Materials and Question Bank


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Question Bank

AnalystPrep's CFA Level II QBank only include item sets – cases like you will see in the CFA L2 exam – with high-quality questions that replicate the difficulty of the exam you’re studying for.

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Mock Exams

Challenge yourself with our CFA Level II mock exams designed to mimic what you are going to face at the end of your marathon.

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The Level II CFA exam is the second of a series of three exams that must be sat and passed by everyone hoping to be awarded the prestigious CFA designation. To be eligible for the level II exam, a candidate must have passed the level I exam. It is offered every June at various test centers around the world. The language of instruction is English.

How is the Level II CFA exam Different from the Level I exam?

The level I exam tests your understanding of the basic investment concepts. The level II takes it a notch higher and tests your ability to apply knowledge in real life scenarios. You will be presented with practical quantitative and qualitative data concentrated around investment and portfolio management.

CFA L2 Exam Structure

The Level II exam has a total of 20 item set questions, equally split between the morning session and the afternoon session. Each item set consists of a case statement, also called a vignette, and six multiple choice questions. Thus, there’s a total of 120 items compared to 240 multiple choice items on the Level I exam.

Each item carries 3 points, making a total of 360 points, which also corresponds to the number of minutes on the exam.

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What Should You Expect from the CFA level 2 Exam?

The curriculum is divided into 10 broad topic areas and 17 study sessions.

Topic Exam Weight
Ethical and Professional Standards 10 – 15%
Quantitative Methods 5 – 10%
Economics 5 – 10%
Financial Reporting and Analysis 15 – 20%
Corporate Finance 5 – 15%
Equity Valuation 15 – 25%
Fixed Income 10 – 20%
Derivatives 5 – 15%
Alternative Investments 5 – 10%
Portfolio Management 5 – 10%

* The exam weights are subject to change on a year-to-year basis.

Item Set Format

The average length of a vignette is 1.5 pages. However, you might encounter much longer vignettes, especially the ones that include tables or financial statements.

The six multiple choice questions can only be answered based on the information outlined in the vignette. It’s imperative to read and internalize the vignette before attempting the accompanying questions.

Where Should I Focus my Attention?

As shown from the topic area weights given by the CFA Institute, Equity investments, Fixed income and Financial reporting and analysis represent 40-65% of the CFA level 2 exam. Therefore, CFA level 2 candidates should focus a large proportion of their efforts on these three chapters.

AnalystPrep’s CFA2 question bank has been designed by CFA members that understand exactly what the CFA level 2 exam is made of. Most item sets include calculation-based questions as well as descriptive questions that focus on the concepts that candidates are assumed to understand after having read in details the curriculum.

Why is AnalystPrep Popular among CFA level II Candidates?

Make no mistake! The level II CFA exam is unlike most of the exams you have sat in your life. Historical pass rates have hovered between 45% and 50%, which goes to show just how rigorous the exam can be. According to CFA Institute, only 20% of candidates who begin the program actually earn the charter. As such, success calls for sacrifice and intensive preparation.

Our level II question bank is designed to help you understand, retain, and master the curriculum, including the exam format. With hundreds of distilled item sets prepared by our staff of CFA charterholders and instructors, you can be assured of effective and proven study material rich in exam tips and tricks.

All our content is continually updated to reflect the current CFA curriculum.

Try out 10 free test item sets (60 CFA level 2 practice questions) by registering a free account. Then, let AnalystPrep’s popular advanced built-in analytics software take over. In your dashboard, you will be able to see your progress, analyze your results using a customizable timeline, and identify your strongest and weakest chapters. Plus, you will be able to compare your results with all other CFA level 2 candidates that use AnalystPrep’s platform.

There is no simple formula; the only way to pass the CFA level 2 exam is extensive practice. However, you can also greater your chances of passing the CFA level 2 exam by studying in a smart way and using all of the available tools to gain an edge over other candidates.

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CFA Level II
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  • 250 Item Sets
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  • 24/7 Customer Support
  • Performance Dashboard


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