CFA® Level 2 Exam
A Step Closer to the CFA Charter

Congratulations! You have most likely passed the CFA® Level 1 exam and are now ready to begin studying for the CFA® Level 2 exam. The Level 2 exam, the second of the three levels of the CFA exam, expands on the concepts covered in Level 1, emphasizing analyzing and applying what you have learned so far. It consists of two sessions of 44 item-set style questions (multiple-choice) completed in 2 hours and 15 minutes each.

In 2022 and 2023, the CFA Level 2 exam will be administered three times a year.

Year Exam Window
2022 February August November
2023 May August November

What Is the CFA Level 2 Exam Format?

Level 2 is similar to Level 1 in time allotted and the number of sessions on exam day but differs in the number of questions and weighting for each of the topics. Level 2 offers a total of 88 questions organized into mini-cases known as item sets. Each item set consists of a case statement followed by four or six multiple-choice questions.

Candidates must use the information provided in the case statement to answer the questions. The Level 2 exam lasts 4 hours and 24 minutes, divided into two equal sessions of 2 hours and 12 minutes each, with an optional break.

SESSION 1: 2hours 12 minutes with 44 questions

SESSION 2: 2hours 12 minutes with 44 questions

CFA Level 2 Topics Overview

The CFA Level 2 exam is more or less an extension of the concepts studied in the Level 1 exam. For Level 2, the focus shifts more toward asset classes, although the investment tools are still weighted relatively high.

Topic Topic Name Weight Number of
Questions
1 Ethical and Professional Standards 10-15% 17-24
2 Quantitative Methods 5-10% 8-13
3 Economics 5-10% 8-13
4 Financial Statement Analysis 10-15% 17-24
5 Corporate Finance 5-10% 8-13
6 Portfolio Management 10-15% 17-24
7 Equity Investments 10-15% 17-24
8 Derivatives 5-10% 8-13
9 Alternative Investments 5-10% 8-13

For much more extensive information on these topics, refer to CFA Level 2 topics.

Registration, Scheduling, and Exam Requirements

You must first pass the CFA Level 1 exam to register for the CFA Level 2 exam. Beyond passing, the registration process and exam cost (no one-time fee) is consistent with Level 1.

2022 Registration Fees

  • Early Registration: $700
  • Standard Registration: $1000 (due by Aug 2022)

2023 Registration Fees

Beginning with the 2023 exam cycle, the price of the one-time enrollment fee will decrease from $450 to $350, while the cost to register for each exam will increase from $700 to $900 for early registration and from $1,000 to $1,200 for standard registration.

Type of Registration Feb 2023
Window
May 2023
Window
August 2023
Window
Registration
Fees
Early Registration Due Date Aug 2022 Nov 2022 Feb 2023 $900
Standard Registration Due Date Oct 2022 Feb 2023 May 2023 $1200

Scheduling and Rescheduling Your CFA Level 2 Exam

The CFA Level 1 and Level 2 exam scheduling and rescheduling processes are nearly identical, with Level 2 having a slightly more extended rescheduling period with an additional $250 fee per rescheduling. The entire process is aided by a dedicated platform known as ProScheduler.

It is important to note that registering for the exam is a two-step process. You must first register, then schedule your appointment. During the registration process, you will see test center options from among 400 locations, with confirmed available seating. If you don't see your preferred location listed, keep checking back because the CFAI regularly updates the appointment availability.

Scholarships

To give more people a chance to attempt the CFA exam and avoid candidates from dropping out due to the fee, CFAI has a list of scholarships that can be claimed (sic) to avail a considerable discount on the registration fee.

You can also apply for UWorld’s CFA® scholarship, which recognizes the deserving CFA candidates chosen based on merit and involvement. The scholarship covers everything you need to prepare for and take the exam. Each recipient will receive over $1,400 in tools and financial aid, including a full scholarship to UWorld's Elite-360 Course, CFAI one-time enrollment, and the CFAI exam fee for the period chosen by the candidate. Currently, the UWorld CFA Career Advancement Scholarship is available only for Level 1 candidates; Level 2 candidates can apply for the scholarship beginning in October 2022.

Here's a list of five scholarships the CFAI offers:

  1. Access Scholarship : $250
  2. Women's Scholarship: $350
  3. Student Scholarship: $350
  4. Professor Scholarship: $350
  5. Regulator Scholarship: $350

For much more detailed information on the scholarships, please have a look at the CFAI Scholarships page.

Exam Center Locations

CFA exams are administered in over 400 locations worldwide. Candidates will see test center options during the scheduling procedure with confirmed available seating. Remember that you must first register before scheduling your appointment. If you don't see your preferred location listed, try checking back since the CFAI updates the appointment availability routinely.

Exam-Day Requirements

For the CFA Level 2 exam, you may only bring the following items to the test center:

  • A CFA exam calculator (including the case and loose batteries)
  • A valid international travel passport
  • Eyeglasses (without the case)

Please note:

  • Additional personal items are allowed in the test center (if applicable), e.g., earplugs, medication, etc
  • Personal baggage and food items aren't allowed inside the test center

Read in detail about how to be prepared for the exam day.

Calculators used for the Level 2 exam

Only two calculator models are authorized for use during the tests:

  • Texas Instruments BA II Plus (including BA II Plus Professional)
  • Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th-anniversary edition, and HP 12C Prestige)
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CFA Level 2 Exam Curriculum Updates

Like the Level 1 exam, the CFA Level 2 exam curriculum hasn't changed much since 2021. The addition of Backtesting and Simulation and the removal of Publicly Traded and Real Estate Securities highlight just the few minor changes.

Here are some CFA curriculum changes (revisions, additions, and major updates) for Level 2:

Removed: Excerpt from "Probabilistic Approaches: Scenario Analysis, Decision Trees”, and Simulations, Publicly Traded Real Estate Securities

Added: Backtesting and Simulation

Major updates: Environmental, Social, and Governance (ESG) Considerations in Investment Analysis, Mergers and Acquisitions, Capital Budgeting, Real Estate Investments, Pricing and Valuation of Forward Commitments.

CFA Level 2 Mock Exam

In addition to the readings, a proper practice strategy replicating the actual exam is imperative to your success. UWorld's Mock Exams closely simulate the actual CFA Level 2 exam experience to help you prepare and boost your confidence on test day.

Like the actual exam, our mock exams consist of two 2-hour and 15-minute sessions, each with 44 multiple-choice questions, allowing you to identify your development areas and compare your relative ranking with other UWorld users. Plus, when you select CFA Mode, your screen will simulate the real Prometric interface, preparing you for the actual test day environment.

FAQs

The CFA Level 2 exam is divided into two equal sessions, each lasting 2 hours and 12 minutes, plus an optional break.
Since all levels of the CFA exams are difficult, determining which CFA exam is the hardest can be tricky. The CFA Level 2 exam is relatively challenging because it requires you to apply concepts rather than simply understand their basic meaning. To increase your proficiency, spend time practicing QBank questions and taking mock exams to identify and address weak areas that need additional preparation.
The CFA Level 2 exam consists of 88 multiple-choice questions—including vignette-based item sets—divided into two sessions of 44 multiple-choice questions (MCQs) each.
For the 2023 exams, the candidates will be charged $900 for early registration and $1,200 for standard registration. These prices do not include any preparatory materials or assets of any kind.
Candidates can take the exam a maximum of two times a year and six times in total (for each level). The CFA Level 2 exam is currently administered three times a year.
Much like the CFA Level 1 exam, candidates can access their results after just two months of the CFA Level 2 exam. Candidates will receive periodic messages to keep them up to date on the status of their CFA exam results, and new information will be added to the CFAI page as it becomes available.
The CFA Institute reports that 46% of Level 2 candidates passed in November 2021, up from 29% in August of the same year. This is slightly higher than the 10-year average pass rate for level 2, which is around 45 percent. The most recent results, with the advent of computer-based-testing and the pandemic, contrast with historically low CFA exam pass rates across all levels for the previous years.

Read More About the CFA Exam

Wondering what the requirements are to earn your CFA charter? Here’s a list of requirements and criteria that will help you out on your journey to becoming a CFA charterholder.
Is CFA affordable? Is it on the costlier end? Here are the answers to all your registration, cost, and fee-related questions to help you manage your payment process better.
Looking for all the important CFA exam-related dates and scheduling process? Here’s a consolidated list of important dates that can ensure a seamless process.
Planning to register for the CFA exam? Learn more about the eligibility, topic lists, exam structure, and everything else that can help you get familiar with the exam.
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