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.

Level II Curriculum

The topics tested in Level II include:

  • Ethical and Professional Standards
  • Quantitative Methods
  • Economics
  • Financial Reporting and Analysis
  • Corporate Finance
  • Equity Valuation
  • Alternative Investments
  • Fixed Income
  • Derivative Investment
  • Portfolio Management

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 2016 survey, Level II candidates spent an average of 329 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.

  • In-Person: Attend live classes in select cities, led by CFA charterholders.
  • 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.