Chartered Financial Analyst Certification

CFA Level II

Prepare for the CFA Level II exam with vignette-based practice questions, comprehensive domain coverage, and AI-powered explanations. Master asset valuation, portfolio management, and ethical standards.

Start Free Practice TestView Pricing Plans

Duration

4 hours 24 minutes (two 2 hour 12 minute sessions)

Questions

88 multiple-choice questions (20 item sets scored, 2 trial questions)

Cost

Varies by registration window. See cfainstitute.org for current fees.
Where to register
CFA Institute

Issued by CFA Institute. Delivered via Prometric. Requires prior completion of CFA Level I exam. Register early for preferred exam window.

Register on cfainstitute.org
01·Overview

Certification overview

The format, prerequisites, and what to expect on exam day.

Exam details

  • Duration

    4 hours 24 minutes (two 2 hour 12 minute sessions)

  • Questions

    88 multiple-choice questions (20 item sets scored, 2 trial questions)

  • Format

    Vignette-based item sets with multiple-choice questions

  • Passing Score

    Minimum Passing Score (MPS) not disclosed

  • Cost

    Varies by registration window. See cfainstitute.org for current fees.

  • Validity

    Lifetime (must complete all three levels)

  • Languages

    English; additional languages available in select regions

Prerequisites
  • Completion of CFA Level I exam
  • Passing the Level I Practical Skills Module (PSM)
  • Understanding of financial analysis fundamentals
  • Knowledge of accounting, economics, and financial concepts
  • Strong foundation in equity and fixed income investments
  • Willingness to invest 300+ hours of study
02·Domains

Exam domains

Topics on the official blueprint, with their relative weight.

01
Ethical and Professional Standards
10-15%
  • Code of Ethics and Standards of Professional Conduct
  • Professional responsibilities and conduct
  • Conflicts of interest management
  • Market manipulation and insider trading
02
Quantitative Methods
5-10%
  • Time value of money and discounted cash flow
  • Probability concepts and distributions
  • Hypothesis testing and correlation
  • Regression analysis and forecasting
03
Financial Statement Analysis
10-15%
  • Intercorporate investments and consolidation
  • Deferred income taxes
  • Employee compensation accounting
  • Financial statement quality assessment
04
Equity Investments
10-15%
  • Industry and competitive analysis
  • Equity valuation models and approaches
  • Dividend discount models
  • Free cash flow valuation methods
05
Fixed Income
10-15%
  • Bond characteristics, risks, and valuation
  • Term structure of interest rates
  • Credit analysis and bond spreads
  • Yield curve and duration management
06
Derivatives
5-10%
  • Forward and futures contracts
  • Option mechanics and pricing
  • Swaps and their applications
  • Risk management strategies
07
Alternative Investments
5-10%
  • Real estate investments and analysis
  • Private equity and venture capital
  • Hedge funds and fund of funds
  • Commodity investments
08
Portfolio Management
10-15%
  • Portfolio theory and capital allocation
  • Risk management and monitoring
  • Asset allocation models
  • Rebalancing and performance measurement
09
Corporate Issuers
5-10%
  • Capital structure and the cost of capital
  • Dividend policy and share repurchases
  • Corporate governance frameworks
  • Mergers, acquisitions, and corporate restructuring
10
Economics
5-10%
  • Aggregate output and business cycles
  • Monetary and fiscal policy
  • Currency exchange and international trade
  • Economic growth and analysis
03·Study tips

How to actually pass it

Practical strategies for the weeks before, and the morning of.

Preparation strategy
  • Master vignette reading and question interpretation
  • Use CFA Institute Learning Ecosystem and curriculum resources
  • Practice with mock exams and sample vignettes
  • Review prior Level I material to build upon foundations
  • Study in item set format to simulate exam experience
  • Focus on integrated concepts across multiple topics
  • Track weak areas and allocate study time proportionally to domain weights
Exam day
  • Read vignettes carefully before moving to questions
  • Allocate time proportionally across the two sessions (approximately 6.6 minutes per item set)
  • Answer all questions; no penalties for guessing
  • Reference Financial Statement Analysis IFRS conventions unless noted otherwise
  • Build in time for checking calculations on financial metrics
  • Manage clock carefully to avoid rushing on the second session
  • Stay focused through both sessions despite exam length

Vignettes require a different approach. Master the format.

Item set training grounded in real CFA curriculum, with AI-powered analysis of your vignette reading strategy. Start free, no card required.

Start Free Practice TestView Plans
CFA Level II Practice Tests | ExamCoachAI | ExamCoachAI