CFA® Level 2 Exam
A Step Closer to the CFA Charter
Congratulations! You have passed the first phase of the CFA® exam and are now ready to begin preparing for the CFA® Level 2 exam. This second level builds on the concepts from Level 1, focusing on expanding and applying your knowledge. According to the CFA Institute (CFAI), the Level 2 exam was offered three times in 2024: in May, August, and November. We anticipate a similar schedule for 2025.
What Is the CFA Level 2 Exam Format, Structure, and Duration?
The CFA® 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 in between. The exam consists of 22 item sets, with 11 item sets per session. Twenty-one item sets are scored, while two are unscored trial questions.
Each item set includes four (4) multiple-choice questions based on an accompanying vignette. Unlike the CFA Level 1 exam, Level 2 questions are not standalone; you must refer to the vignette to answer each question. The CFA® Program curriculum topics for Level 2 are randomly distributed across the exam, and topics may appear in either or both sessions. Each item set vignette begins with a statement indicating the topic and the total point value.
CFA Level 2 Topics Overview
The CFA Level 2 exam extends the concepts studied in the Level 1 exam, allowing for a deeper understanding. 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 Issuers | 5-10% | 8-13 |
| 6 | Equity Investments | 10-15% | 17-24 |
| 7 | Fixed Income | 10-15% | 17-24 |
| 8 | Derivatives | 5-10% | 8-13 |
| 9 | Alternative Investments | 5-10% | 8-13 |
| 10 | Portfolio Management and Wealth Planning | 10-15% | 17-24 |
CFA Level 2 Exam Curriculum Updates for 2025
Like the Level 1 exam, the CFA Level 2 exam curriculum has remained unchanged since 2022. For 2024, some changes were made: Testing and Simulation were added back, Publicly Traded and Real Estate Securities were removed, and Trading Costs and Electronic Markets were moved to Level 3. Some new learning modules were also added. But for 2025, the changes are minimal.
Here are some CFA Level 2 curriculum changes for 2025:
| Topic | New Readings / Readings with Significant Changes |
|---|---|
| Financial Statement Analysis | Employee Compensation: Post-Employment and Share-Based |
| Equity Valuation | Private Company Valuation |
| Alternative Investments | Hedge Funds |
In 2024, the Level 2 curriculum saw the addition of practical skill readings as part of the newly introduced PSMs.
Level 2 candidates now have the following:
- Python Programming Fundamentals: A fundamentals course to demonstrate the basics of Python and how to use Jupyter Notebook for developing, presenting, and sharing data science projects related to finance. (if not taken at Level I)
- Analyst Skills: Focuses on the skills equity and credit analysts need using insights from hundreds of successful analysts.
- Python, Data Science & AI: Introduces candidates to machine learning, artificial intelligence, and data science to understand financial statements, reporting, and analysis using Python.
Note: The Practical Skills Modules (PSMs) content is not directly tested on the CFA exam. The PSMs are designed to help candidates develop practical skills in investment analysis, portfolio management, and ethics. The PSMs can be a valuable supplement to the CFA exam curriculum and may help candidates develop the practical skills and knowledge needed to succeed in the investment profession.
While the content of the PSMs is not tested on the CFA exam, the knowledge and skills gained from completing them can help prepare for the exam and perform well in the investment profession.
CFA Level 2 Exam Eligibility, Registration, and Scheduling
You must first pass the Level 1 exam to register for the CFA Level 2 exam. Beyond passing, the registration process and exam cost (no one-time fee) are consistent with Level 1.
Eligibility and Registration
The requirements for CFA Level 2 exam eligibility are similar to those for CFA Level 1 exam. The primary distinction is that Level 2 candidates must be within one year of completing a bachelor's degree.
Some basic eligibility requirements are:
- CFA exams are only administered in English. As a result, candidates must be fluent in English to read, comprehend, and respond to various complex financial scenarios.
- Candidates who do not have a valid international travel passport will be unable to register or sit for the CFA Level 2 exam.
- All candidates must attest to the "Professional Conduct Statement Form," which states that they comply with the requirements.
- Candidates must be within one year of attaining a Bachelor's degree from a recognized college or university.
Exam Fees
For the 2024 exams, the registration fees for the CFA Program exam were $940 for early registration and $1,250 for standard registration. The one-time enrollment fee is $350. We anticipate a slight fee increase to $990 for early registration and $1,290 for standard registration for 2025.
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 and an additional $250 fee per rescheduling. The entire process is aided by a dedicated platform known as ProScheduler.
In 2025, the CFA Level 2 exam will be administered thrice. It is important to note that registering for the exam is a two-step process. You must first register and then schedule your appointment. During registration, you will see test center options from 400+ locations, with confirmed available seating. If you are still waiting to see your preferred location listed, keep checking back because the CFAI regularly updates the appointment availability.
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 are still waiting to see your preferred location listed, try checking back since the CFAI updates the appointment availability routinely.
CFA Level 2 Exam-Day Requirements
For the CFA Level 2 exam, you may only bring the following items to the test center:
- An approved 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
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)
Practice Level 2 Exam with UWorld
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 CFA Level 2 mock exams consist of two 2-hour and 12-minute sessions, each with 44 multiple-choice questions, allowing you to identify your development areas and compare your relative ranking with other UWorld users. When you select CFA Mode, your screen will simulate the natural Prometric interface, preparing you for the actual test day environment.
Frequently Asked Questions
How long is the CFA Level 2 exam?
The CFA Level 2 exam is divided into two equal sessions, each lasting 2 hours and 12 minutes, plus an optional break.
How hard is the CFA Level 2 exam?
Are there any scholarships available for the CFA exam?
- Access Scholarship – Exam registration reduced to $300
- Women’s Scholarship – Exam registration reduced to $400
- Student Scholarship – Exam registration reduced to $400
- Professor Scholarship – Exam registration reduced to $400
- Regulator Scholarship – Exam registration reduced to $400
How many questions are on the CFA Level 2 exam?
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.