The CFA Level 2 Exam is widely regarded as the most difficult exam of the CFA Program. It builds on the foundational concepts from Level 1 while moving into advanced topics such as asset valuation, financial modeling, and portfolio management.
What is the CFA Level 2 Exam Format?
The CFA Level 2 Exam includes 88 multiple-choice questions across 22 item sets, 2 of which are unscored trial items. Each session features 11 item sets and lasts 2 hours and 12 minutes, with an optional break in between.
Topics are assigned randomly, so any subject may appear in either session — or both. The challenge is mastering and applying the material effectively under tight time constraints.
Question Format
Each item set begins with a vignette — a detailed scenario that provides context for 4 to 6 multiple-choice questions. These questions are directly tied to the vignette, requiring you to analyze the information provided within it. Unlike the CFA Level 1 exam, where questions are free-standing, item-set questions are interconnected and based solely on the vignette's content.
Each vignette includes a statement specifying the topic and the total point value for the item set. For example, a vignette might be labeled "Quantitative Methods" with a total value of 12 points.
Practical Skills Modules (PSM)
Practical Skills Modules (PSMs) are structured to develop hands-on, practical skills through videos, multiple-choice questions, guided practice, and case studies. While they are not part of the actual CFA Level 2 exam, completing 1 PSM per level is mandatory to receive your results.
Each module requires 10 to 20 hours to complete and can be started anytime after registration. For CFA Level 2, the available PSMs include:
- Analyst Skills
- Python, Data Science, and AI
- Python Programming Fundamentals
What are CFA Level 2 Exam Topics?
The CFA Level 2 Exam builds on the foundational concepts from Level 1, shifting the focus to applying these principles in complex scenarios and case studies. While Level 1 emphasizes understanding tools and concepts, Level 2 challenges you to analyze investments across asset classes and situations.
The even distribution of topics ensures that you engage with all topics and demonstrate your ability to integrate knowledge and make practical investment management decisions
| CFA Level 2 Topic Weights | |
|---|---|
| Topic Name | Weight |
| Ethical and Professional Standards | 10-15% |
| Quantitative Methods | 5-10% |
| Economics | 5-10% |
| Financial Statement Analysis | 10-15% |
| Corporate Issuers | 5-10% |
| Equity Investments | 10-15% |
| Fixed Income | 10-15% |
| Derivatives | 5-10% |
| Alternative Investments | 5-10% |
| Portfolio Management and Wealth Planning | 10-15% |
Learn more about the CFA Level 2 Topics.
CFA Level 2 Exam Requirements
To take the CFA Level 2 exam, you must:
- Pass the CFA Level 1 Exam.
- Have a bachelor’s degree, be within 11 months of graduating, or have 4,000 hours of work experience — or a mix of work and education over 3 years.
- Possess a valid international travel passport that matches the details in your CFA account.
- Demonstrate proficiency in English, as the exam is conducted entirely in English.
- Agree to and follow CFA Institute’s Code of Ethics and Standards of Professional Conduct.
- Comply with the Professional Conduct Program, which enforces ethical guidelines and investigates violations.
Residents of Cuba, North Korea, Syria, and Ukraine's Crimea region are ineligible to take the exam due to Office of Foreign Assets Control (OFAC) regulations.
Learn more about CFA Exam requirements.
CFA Level 2 Exam Dates, Deadlines, and Fees
The chart below outlines the 2026 CFA Level 2 exam windows. Registering early ensures lower fees and greater flexibility when choosing your preferred exam date and location.
2026 CFA Level 2 Exam Dates
| May 19–23, 2026 | Aug. 25 - 29, 2026 | Nov. 18–22, 2026 |
Learn more about CFA Exam dates, deadlines, and scheduling.
Exam Fees
The CFA Level 2 exam costs $1,140 if you register early or $1,490 if you register at the standard rate). The one-time $350 enrollment fee was eliminated on April 29, 2025.
| CFA Level 2 Exam Fees | |
|---|---|
| Early Registration Fee | $1140 |
| Standard Registration Fee | $1,490 |
Learn more about CFA Exam registration costs and fees.
CFA Level 2 Exam Scholarships
These scholarships and cost-saving options can significantly reduce the overall cost of taking the CFA Level 2 Exam:
- Access Scholarship: Reduces the registration fee to $400 for candidates with financial need. Available through CFA Institute's application process.
- Student Scholarship: Lowers the registration fee to $600 for full-time students at affiliated universities who have not registered for their next exam.
- Professor Scholarship: Offers educators a discounted registration fee of $600, supporting professional development and integration of CFA content in their courses.
- Regulatory Scholarship: Available to employees of financial regulatory bodies or institutions, lowering exam expenses.
- Work Sponsorship: Some employers may cover or subsidize CFA exam fees as part of professional development programs.
Learn more:
- CFA Exam Scholarships
- How to Get a CFA Scholarship
- How to Write Your CFA Exam Scholarship Essay
- How to Save Money on the CFA Exam
CFA Level 2 Exam Pass Rates and Grading
The CFA Level 2 Exam is graded on a pass/fail basis, with no numerical grades or percentiles disclosed. The overall pass rate for Level 2 is historically around 45%.
CFA Institute determines the minimum passing score by evaluating each question to estimate how many minimally qualified candidates would answer correctly. This benchmark score may vary for each exam, depending on its difficulty and overall candidate performance.
Learn more about CFA Exam pass rates, scores, and grading.
Tips for Passing the CFA Level 2 Exam
Getting ready for the CFA Level 2 Exam is all about planning wisely and sticking to good study habits. Here are some tips to increase your chances of success:
- Prioritize understanding key concepts across the syllabus rather than attempting to master every detail.
- Start studying at least 6 months in advance and create a structured study plan.
- Allocate around 350 hours of study time to thoroughly cover the material.
- Break study sessions into manageable chunks to maintain focus and avoid burnout.
- Practice with level 2 exam-like vignette questions to get comfortable with the format.
- Skim the questions in a vignette first to reduce unnecessary back-and-forth.
- Highlight keywords such as "except," "is not," or "most/least likely" to avoid common mistakes in interpreting questions.
- Manage time by allocating no more than 18 minutes per item set, including time to read the vignette.
- Make concise summary notes for difficult topics to aid memory and streamline revision closer to the exam.
- Familiarize yourself with your calculator and its features.
- Use level 2 mock exams to familiarize yourself with the exam format and build stamina.
- Use study tools such as spaced-repetition flashcards and video lectures.
- Join study groups or forums to stay motivated and gain insights from others.
- Get a free CFA Level 2 Study Schedule and read more tips from students who pass the exam.
Exam-Day Details
Here's what you need to know for the actual day you take the CFA Level 2 Exam:
- Arrival: Arrive at least 30 minutes early for check-in and ID verification.
- Identification: Bring a valid international passport that matches your CFA account details; no other form of ID is accepted.
- Permitted Items: Only approved calculators (TI BA II Plus or HP 12C), loose batteries, and eyeglasses (without cases) are allowed in the exam room.
- Prohibited Items: Food, drinks, mobile phones, smartwatches, study materials, and writing tools are not allowed in the test room.
- Personal Belongings: Lockers are available to store items not permitted in the exam room.
- Breaks: You may take unscheduled breaks, but the exam clock will not stop. You can access water, food, or medical items during breaks with proctor approval.
- Dress Code: There is no specific dress code, but wearing layers is recommended for comfort.
Learn about CFA Level 2 Exam day requirements.
Frequently Asked Questions (FAQs)
How many questions are on the CFA Level 2 Exam?
The CFA Level 2 exam contains 88 multiple-choice questions delivered as 22 item sets, each built around a vignette. The exam is split into two sessions of 11 item sets each. Every vignette requires careful reading and interpretation, making time management and analytical reasoning essential for strong performance.
How long is the CFA Level 2 Exam?
The exam lasts approximately 4 hours and 30 minutes, delivered in two sessions of 2 hours and 15 minutes each with an optional break in between. The total time at the test center may be longer due to check-in and security procedures, so candidates should arrive early to avoid delays.
When will I receive my CFA Level 2 Exam results?
CFA Level 2 results are typically released 5–8 weeks after the exam window closes. CFA Institute notifies candidates by email when results are available, and performance reports highlight areas of strength and weakness to help guide future study if a retake is needed.
Is the CFA Level 2 Exam harder than Level 1?
Yes. CFA Level 2 is widely considered more challenging than Level 1 because it emphasizes application and analysis instead of basic comprehension. The exam uses vignette-based item sets that require interpreting detailed scenarios, performing deeper calculations, and connecting multiple concepts across topics to evaluate investment decisions.
What if I fail the CFA Level 2 Exam?
If you fail the CFA Level 2 exam, you may register again for the next available exam window that fits your schedule. CFA Institute does not offer free retakes, so the full registration fee must be paid again. Many candidates use their results report to identify weak areas, refine their study plan, and improve performance before attempting the next cycle.
Can I postpone my CFA Level 2 Exam after I’ve registered?
Yes. You may request a deferral to a future exam window if you meet CFA Institute’s qualifying criteria, such as medical emergencies, serious illness, or significant life events. Approved deferrals allow you to move your exam without re-registering, although deferral fees may apply. Policies can change, so review the latest guidelines before applying.
How does the CFA Level 2 Exam differ from Levels 1 and 3?
The Level 2 exam focuses heavily on analyzing case-based scenarios using item sets, requiring deeper interpretation and more advanced calculations than Level 1. It bridges foundational knowledge and the application-heavy Level 3 exam, where candidates integrate investment concepts into portfolio management and answer constructed-response questions.
Read More About the CFA Exam
Looking to understand the CFA scoring process better? Here’s everything you need to know about CFA Level 2 scoring, pass rates, and the Minimum Passing Score (MPS).