CFA Level II

It consists of 22 item sets, each built around a vignette, with 88 multiple-choice questions in total. The exam is split into two 132-minute sessions of 11 item sets each, with an optional break in between, for a total exam duration of 4 hours and 24 minutes.

No. Twenty of the item sets are scored, and two are being trialed and will not be scored. Because you cannot tell which sets are unscored, treat every item set as if it counts and answer all questions within it.

The multiple-choice questions in each item set must be answered based on the information in the accompanying vignette, so the items are not free-standing as they are at Level I. You need to read and refer to the vignette before answering each item, which shifts the test from recall toward analysis and application.

CFA Institute publishes ranges, not fixed points: Quantitative Methods, Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments at 5–10% each; Financial Statement Analysis, Equities, Fixed Income, Portfolio Construction, and Ethical and Professional Standards at 10–15% each. Plan coverage across all ten, not a point-weighted allocation.

You cannot predict it. The curriculum topic areas are randomly placed, and all topics may be covered in the first session, the second session, or both. Each item set vignette opens with a statement of the topic and the total point value of that question set.

CFA Institute notes that successful candidates report studying on average over 300 hours for each level of the CFA exam, and the program is designed so candidates can customize preparation to their own circumstances. Use that as a benchmark, not a guarantee - prior background and the number of topics needing review drive the real number.

No. CFA Institute states there is no penalty for incorrect answers, so be sure to answer every question. If you run short of time, fill in a response for every remaining item rather than leaving blanks.

Questions on this topic are based on International Financial Reporting Standards (IFRS) unless otherwise noted. If a question references U.S. GAAP, that will be explicitly stated in the question.

Yes. You must complete one Practical Skills Module at each level in order to receive your exam result, and the same module cannot be completed at multiple levels. If you completed an earlier module at Level I, you must choose a different one at Level II.

Work through the learning modules topic by topic, then shift the bulk of your time to full vignette sets under timed conditions, since the item-set format is where most candidates lose points. Take a mock exam in the Learning Ecosystem and make sure you are fluent with your calculator before exam day.