Level I was a test of your knowledge of the ethical and professional standards of sound financial analysis. In the Level II CFA® Program exam, you’ll be tested on your ability to use that knowledge in realistic situations that analysts face.
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.
The general recommendation is that you spend roughly 300 hours preparing for each level of the CFA Program exam. According to a 2019 survey, Level II candidates spent an average of 328 hours preparing for the exam.
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 Program exam prep products are built.
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Ready to Prepare for the Level II CFA® Exam?
All June 2020 Level II candidates have the option of registering for one of the next three exam administrations: December 2020, May 2021, or August 2021. You can re-register for your exam by following instructions per CFA Institute.
December 2020 CFA® Exam registration closes:
Re-registration closes for currently enrolled candidates:
December 2020 CFA® Examination day:
Level II May Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
Level II August Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
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 »
Level II
Beginning in 2021, there will be two Level II exam windows in each year; the first in May and the second in August. Additionally, all CFA® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.
Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level II
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.
December 2020 Exam:
May 2021 Exam:
August 2021 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time 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.
CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.