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Level II CFA® Exam

More insights. Clear direction. Better results.

Over the last 30 years, we’ve mastered how candidates earn the CFA® charter and have designed a program that works. No guessing where to begin, what to study next, or how you’re progressing. Let Schweser be your guide to passing the CFA exam.

 

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Level II Exam


August and November 2021

 

February 2022


Level II CFA Exam Detail 



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A Personalized Study Program That Fits Your Lifestyle.

No more guessing where to begin, what to study next, or how you’re progressing. Research shows it takes over 300 hours to properly prepare for the Level II CFA® exam, so you can’t afford to waste a minute.

A Complete Study Plan.

You don’t need to spend your valuable time searching for strategies on how to study. Over the last 30 years, we’ve mastered how candidates earn the CFA charter and have designed a program that works.

You’re in Control.

You set your study dates, and we’ll give you the study plan. Our adaptive Activity Feed breaks down your 300 hours into bite-sized weekly tasks.

Don’t Disrupt Your Daily Routine.

Maintain your life and still earn the CFA charter. With an assortment of print, online, and mobile study tools, you can seamlessly fit a study session into your daily routine.

A Partner You Can Trust.

With the largest network of CFA charterholders and content experts, you’re getting the guidance and support you need to pass.

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Frequently Asked Questions

The CFA exam as a whole is difficult by design. It’s an exclusive designation that truly demonstrates mastery. The Level II pass rate is 45%, and the average candidate spends 328 hours preparing.


CFA Institute recommends 300 hours of study, and our experience is that 300 hours is the minimum that most people need to be successful. The average Level II candidate spends 328 hours preparing.

How much you’ll pay to sit for the Level II exam depends on how early you register. You must pay an exam fee each time you register to sit for an exam. CFA Institute has early and standard registration deadline. The early registration fee is $700 USD, and the standard deadline fee is $1,000 USD.

The Level II exam topic weights are subject to change on a year-to-year basis, at the discretion of CFA Institute. For Level II of the CFA exams in 2021, the topics are weighted as follows:

  • Ethical and Professional Standards: 10–15%
  • Quantitative Methods: 5–10%
  • Economics: 5–10%
  • Financial Reporting and Analysis: 10–15%
  • Corporate Finance: 5–10%
  • Equity Investments: 10–15%
  • Fixed Income: 10–15%
  • Derivative Investments: 5–10%
  • Alternative Investments: 5–10%

  • Portfolio Management and Wealth Management: 5–15%

For Level II of the CFA exams in 2022, the topics are weighted as follows:

  • Quantitative Methods: 5–10%
  • Economics: 5–10%
  • Financial Reporting and Analysis: 10–15%
  • Corporate Issuers: 5–10%
  • Equity Valuation: 10–15%
  • Fixed Income: 10–15%
  • Derivatives: 5–10%
  • Alternative Investments: 5–10%
  • Portfolio Management : 10–15%
  • Ethical and Professional Standards: 10–15%

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The Minimum Passing Score (MPS) is the benchmark used to determine whether a candidate has passed or failed the exam, and it is different each year. The MPS for Level II is set about six weeks after the exam. CFA Institute does not release the MPS, although research indicates that it hovers between 60 and 70 percent.


Level II of the CFA exam was offered annually in June. Starting in 2021, CFA Institute is moving to computer-based testing with exam windows available in May and August.

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