Study Materials for 2023 CFA®, FRM®, Actuarial, GMAT® and EA® Exams

Level II of the
CFA® Exam

Study Materials and Question Bank offered by AnalystPrep


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Question Bank & Quizzes

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

Study Notes & Video Lessons

Our notes and video lectures for Level II of the CFA Exam give candidates the opportunity to retain the exam materials at a much faster pace than candidates who simply read and re-read the curriculum.

Mock Exams

Take on the challenge with AnalystPrep's Level II Practice Exams designed to replicate what you will face at the end of your marathon. Each mock exam come with detailed statistics so you know where you stand compared to other AnalystPrep candidates.

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

The Level II CFA exam is the second 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 Different from Level I?

The level I exam tests your understanding of the basic investment concepts. 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 on investment and portfolio management.

Level II Exam Structure

Level II of the CFA exam comprises of item set questions. Each item set consists of a case statement, also called a vignette, and four to six multiple-choice questions. Thus, there’s a total of 88 items multiple-choice items, equally split between the morning session and the afternoon session.

Wave Wave

What Should You Expect from the Level II CFA 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 10 – 15%
Corporate Finance 5 – 10%
Equity Valuation 10 – 15%
Fixed Income 10 – 25%
Derivatives 5 – 10%
Alternative Investments 5 – 10%
Portfolio Management 5 – 15%

* 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 those 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 CFA Institute, Equity investments, Fixed income, and Financial reporting and analysis represent 40-65% of the Level II CFA exam. Therefore, Level II CFA Program candidates should focus a large proportion of their efforts on these three chapters.

AnalystPrep’s Level II Question Bank has been designed by CFA charterholders that understand exactly what the Level II 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 detail the curriculum.

Why is AnalystPrep Popular among 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 Program curriculum.

Try out 10 free test item sets (60 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 Level II CFA Program candidates that use AnalystPrep’s platform.

There is no simple formula; the only way to pass the Level II CFA exam is through extensive practice. However, you can also greater your chances of passing the Level II CFA 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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Level II of the CFA® Exam

AnalystPrep’s practice packages for Level II of the CFA exam start as low as $249 with 12-month access.

You can add video lessons and study notes for an extra $150. The content will be updated each year to reflect the changes in the curriculums.

Level II of the CFA Exam - Practice Package by AnalystPrep
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  • Mock Exams
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