What is the format of the Level II CFA exam?
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2 Answers
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The entire Level ll CFA exam consists of MCQ questions. It is divided into two separate three-hour sessions with a total no. of 88 questions. There are sets which are based on a single vignette that provides a scenario or case study.
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CFA Level 2 format is unique as compared to other levels:
- CFA Level II has item sets, known as vignettes which checks students abilities to apply knowledge rather than just recall facts and definitions.
- Exam will be conducted in morning and afternoon sessions.
- Each session will be for 2 hours and 12 minutes, with an optional break.
- Each set will have 4 or 6 MCQs.
- Total duration will be 4 hours and 24 minutes
- Level II CFA exam includes 21 item sets in total.
- Level II exam builds upon knowledge tested in Level I. It focuses on application of that knowledge to specific real world scenarios
Similar Questions for you
Angoff Method is used by subject matter experts to decide probability of a student answering each question correctly in CFA exam. These probabilities range from 0 to 100 and are then averaged for each question. Then the averages are added to find the final cutoff or minimum passing score in CFA exams.
Name of Books | Authors |
|---|---|
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions | Pearl and Rosenbaum |
2021 CFA Level I | Kaplan Schweser |
Strategic Value Investing: Practical Techniques of Leading Value Investors | Stephen M. Horan, Robert R. Johnson and Thomas R. Robinson |
When Genius Failed: The Rise and Fall of Long-Term Capital Management | Roger Lowenstein |
The Cartoon Guide to Statistics | Larry Gonick and Woollcott Smith |
CFA Level I | Bhupesh Ananad |
The Handbook of Fixed Income Securities | Frank J. Fabozzi |
CFA programme is a rigorous one. Students should have a good preparation plan to clear CFA Level 2 exam. Students should devote at least 300 hours on an average for each level of the CFA exam
- Open CFA website
- Login to CFA account
- Select CFA program
- Proceed past initial scheduling tools
- Search by preferred city.
- Select a date range. Students should choose a wide date range
Following test locations for CFA exam were opened from November 2025 session:
- Addis Ababa, Ethiopia
- Rabat, Morocco
- Maputo, Mozambique
- Mbabane, Swaziland
- Gurgaon/Gurugram, Haryana, India
- Nashik, Maharashtra, India
- Manipal, Karnataka, India
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