CFA Level II

What is CFA Level II?

CFA Level II is the second exam in the CFA Program. It tests how well you can use your knowledge of finance and investments to analyse different situations.

The exam gives you real-life situations and asks you to analyse them and choose the best answer.

For example: You may be given information about a company. After studying the company and its financial performance, you have to decide whether you should buy its shares or not.

Conducted by: CFA Institute.

📌 Quick Facts

Who Can Apply: Candidates who have passed the CFA Level I exam and meet CFA Institute requirements.

Mode: Computer-Based Test (CBT)

Duration: 4.5 Hours

Total Questions: 88 Multiple Choice Questions (MCQs)

Frequency: Three times a year (usually in May, August and November)

  • Level I: You must pass the CFA Level I exam before taking Level II.
  • Practical Skills Module: You must complete the required Practical Skills Module for Level I before you can move on to Level II.
  • Practical Skills Module (PSM): A Practical Skills Module (PSM) is a short, practical course that teaches you how to use what you learn in the CFA Program in real-world situations.
  • Registration: You must meet CFA Institute's requirements and register for the Level II exam.

Mode: Computer-Based Test (CBT)

Duration: 4.5 Hours

Total Questions: 88 Multiple Choice Questions (MCQs)

Sessions: 2 Sessions of 132 Minutes Each

Questions per Session: 44 Questions

Question Format: Questions are based on case studies and real-life situations.

Negative Marking: No Negative Marking

Practical Skills Module (PSM):

  • A Practical Skills Module (PSM) is a short, practical course that teaches you how to use what you learn in the CFA Program in real-world situations.

The CFA Level II exam covers the following subjects:

  • 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: 10–15%

🌐 Official Website