Level II Builds on the Fundamentals You Mastered in Level I.
Level I was a test of your knowledge of the ethical and professional standards of sound financial analysis. In the Level II CFA exam, you'll be tested on your ability to use that knowledge in realistic situations that analysts face.
Previous Knowledge
The knowledge you need prior to preparing for Level II is the knowledge you were tested on during your Level I exam. Your exam prep process for Level II will arm you with the skills to apply that knowledge to some of the work financial analysts are expected to perform.
How Long It Takes to Study
The general recommendation is that you spend roughly 300 hours preparing for each level of the CFA exam. According to a 2019 survey, Level II candidates spent an average of 328 hours preparing for the exam.
How to Study
We suggest that candidates employ The Kaplan Way, a three-phase learning strategy: Prepare • Practice • Perform®. This methodology is the foundation upon which Schweser’s CFA exam prep products are built.
- Online: All the quality of a live class, with convenient online delivery.
- Self-Study: Comprehensive, flexible, no-frills exam prep package.
Tips and Tools
Looking for additional tips to help you prepare for the Level II CFA exam?
Look no further.
- Start your exam prep early. Develop a routine and stick to it.
- The tools in your review package work best when used together as designed.
- Check out these free resources specifically designed for Level II candidates.
Taking the CFA exam in August or November 2023?
Study materials for your exam will be available to preorder soon. Meanwhile, visit our blog for expert advice and exam tips.
CFA Level II Exam Details
Registration and CFA® Exam Dates
August 2022
Level II August Exam Dates:
- August 30–September 3, 2022
Registration and Scheduling Windows Open:
- October 26, 2021
Early Registration Deadline:
- February 9, 2022
Registration Closes:
- May 3, 2022
Scheduling Deadline:
- May 25, 2022
Rescheduling Deadline:
- July 30, 2022
Registration and CFA® Exam Dates
November 2022
Level II November Exam Dates:
- November 22–26, 2022
Registration and Scheduling Windows Open:
- February 1, 2022
Early Registration Deadline:
- May 3, 2022
Registration Closes:
- August 9, 2022
Scheduling Deadline:
- August 17, 2022
Rescheduling Deadline:
- October 22, 2022
Registration and CFA® Exam Dates
May 2023
CFA Institute® has not yet announced the May 2023 registration and exam schedule. Please check back soon for the latest information.
Registration and CFA® Exam Dates
August 2023
CFA Institute® has not yet announced the August 2023 registration and exam schedule. Please check back soon for the latest information.
Registration and CFA® Exam Dates
November 2023
CFA Institute® has not yet announced the November 2023 registration and exam schedule. Please check back soon for the latest information.
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™ (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level II
Candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.
Master these concepts with a comprehensive Level II study package:
Exam Format
Level II
In 2022, there will be three CFA Level II exam windows: the first in February, the second in August, and the third in November.
In 2023, there will be three Level II exam windows: the first in May, the second in August, and the third in November.
- Format: Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.
- Questions:
- 88 equally weighted multiple-choice questions
- Session 1: 44 multiple-choice questions
- Session 2: 44 multiple-choice questions
- Each session is 2 hours and 12 minutes long.
Our CFA Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Topic Weights by Level
Level II
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%
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.
Exam Results Available:
2021 Exam Results
May Exam:
- August 3, 2021
August Exam:
- October 21, 2021
November Exam:
- January 19, 2022
2022 Exam Results
February Exam:
- Approximately 8-10 weeks after the exam window has closed
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
2023 Exam Results
February Exam:
- Approximately 8-10 weeks after the exam window has closed
August Exam:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
CFA® Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 11 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Fees
For 2022, CFA Program exam fees range from $700 to $1,000, depending on your exam level and when you register. To enter into the CFA Program, 2022 candidates must pay a one-time $450 registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
Beginning with the 2023 exam cycle, the cost of the one-time enrollment fee will decrease from $450 to $350. The cost to register for each individual exam will increase from $700 to $900 for early registration, and from $1,000 to $1,200 for standard registration.
Because these changes in pricing will be implemented beginning with the February 2023 exams, candidates sitting for exams in May, August, and November 2022 will not be affected by the new pricing.
