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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—we take the guesswork out of passing the Level II exam. In fact, more CFA Level II candidates who used an exam prep provider used Kaplan Schweser than any other provider.     

 

Level II CFA Study Packages

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Level II Exam


 

May, August, & November 2023

 

 

 

Level II CFA Exam Detail 



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Proven Strategies for Each Stage of the Study Cycle

Find no surprises on exam day. Research shows it takes more than 300 hours to properly prepare for the Level II CFA® exam—partner with the provider who knows how to maximize every minute of your study time.

A Complete CFA Level II Study Plan

You don’t need to spend valuable time searching for CFA Level II study strategies. Over the last 30 years, we’ve mastered how candidates earn the charter and have designed a program that adapts to every learning style.

You’re in Control

You set your study dates. Our adaptive Activity Feed breaks down your 300 prep hours into bite-sized weekly tasks, while our Performance Tracker and Checkpoint Exams give you an in-depth analysis of where you stand. 

Don’t Disrupt Your Daily Routine

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

A Partner You Can Trust

With an extensive global network of CFA charterholders and content experts, you’ll get the guidance you need to pass. More CFA candidates consider Kaplan Schweser to be the most respected and trusted prep provider.

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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 46%, 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 $900 USD, and the standard deadline fee is $1,200 USD.

Topic Weights by Level

Level II

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

  • Ethical and Professional Standards: 10-15%
  • Quantitative Methods: 10-15%
  • Economics: 5-10%
  • Financial Statement Analysis: 10-15%
  • Corporate Issuers: 5-10%
  • Portfolio Management and Wealth Planning: 10-15%
  • Equity Investments: 10-15%
  • Fixed Income: 10-15%
  • Derivatives: 5-10%

  • Alternative Investments: 5-10%

These topic weights were used to develop a Level II study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.

Level II Study Packages

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.


In 2023, CFA Institute will administer Level II of the CFA eExam three times per year, with exam windows in May, August, and November.

 

Explore More CFA Insights

More Level II Candidates Use Kaplan Schweser:: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online, of which 151 CFA Level II candidates answered this question. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.

Most Respected and Trusted Provider: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online, of which 271 CFA candidates answered this question. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.