CFA Level II

Study materials and Question Bank for CFA Level II


Trusted by Thousands of Candidates each year

CFA L2 Question Bank

The AnalystPrep Level II CFA Question Bank includes items sets – mini cases of 4 to 6 questions like those you see in the L2 CFA exam – with high-quality questions that reflect the difficulty of the exam you are studying.

Unlimited Quizzes

Our quiz mode gives you the opportunity to personalize your study session and allows you to control your own learning experience.

Mock Exams

Take on the challenge with our CFA Level II practice exams designed to replicate what you will face at the end of your marathon.

Our platform


Thousands of candidates have leveraged our support to pass their Level II exam!

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.

Wave Wave

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.

1.5  Million
Questions Answered by our Users
25  Thousand
Satisfied Customers
84  %
Haven't claim their pass guarantee


Our CFA® Level II practice package starts as low as $129 with a 12-month access.

You can combine CFA® Level II & Level III to get unlimited ask-a-tutor questions via our live chat and lifetime access to your packages. The content will be updated each year to reflect the changes in the curriculums.

CFA Level II Practice Package
/ year
  • CFA Level 2 Question Bank (Item Sets)
  • Printable CFA Level 2 Mock Exams
  • Performance Tools
  • 5 Ask-A-Tutor Questions


“Thanks to your program I passed the first level of the CFA exam, as I got my results today. You guys are the best. I actually finished the exam with 45 minutes left in [the morning session] and 15 minutes left in [the afternoon session]… I couldn’t even finish with more than 10 minutes left in the AnalystPrep mock exams so your exams had the requisite difficulty level for the actual CFA exam.”

Slide Image
James B.

“I loved the up-to-date study materials and Question bank. If you wish to increase your chances of CFA Exam success on your first attempt, I strongly recommend AnalystPrep.”

Slide Image
Jose Gary

“Before I came across this website, I thought I could not manage to take the CFA paper alongside my busy schedule at work. But with the up-to-date study material, there is little to worry about. The Premium package is cheaper and the questions are well answered and explained. The question bank has a wide range of examinable questions extracted from across the whole syllabus. Thank you so much for helping me pass my first CFA papers.”

Slide Image
Brian Masibo

Good Day!

I cleared FRM -I (May-2018) with Thanks a lot to AnalystPrep and your support.


Slide Image
Aadhya Patel

@AnalystPrep provided me with the necessary volume of questions to insure I went into test day having in-depth knowledge of every topic I would see on the exams.”

Slide Image
Justin T.

“Great study materials and exam-standard questions. In addition, their customer service is excellent. I couldn’t have found a better CFA study partner.”

Slide Image
Joshua Brown

“I bought their frm part 1 package and passed the exam. Their customer support answered all of my questions when I had problems with what was written in the curriculum. I’m planning to use them also for the frm part 2 exam and CFA level 1.”

Slide Image
Zubair Jatoi

“I bought the FRM premium subscription about 2 weeks ago. Very good learning tool. I contacted support a few times for technical questions and Michael was very helpful.”

Slide Image
Jordan Davis