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.
- 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.
CFA Level II Exam Details
Registration and CFA Exam Dates
November 2021
Level II November Computer-Based Exam Dates:
- November 26 – 30, 2021
Registration and Scheduling Windows Open:
- February 2, 2021
Early Registration Deadline:
- May 4, 2021
Registration Closes:
- July 20, 2021
Scheduling Deadline:
- August 15, 2021
Rescheduling Deadline:
- October 26, 2021
Registration and CFA® Exam Dates
February 2022
Level II February Computer-Based Exam Dates:
- February 22–26, 2022
Registration and Scheduling Windows Open:
- May 13, 2021
Early Registration Deadline:
- August 10, 2021
Registration Closes:
- November 1, 2021
Scheduling Deadline:
- November 17, 2021
Rescheduling Deadline:
- January 22, 2022
Registration and CFA® Exam Dates
August 2022
CFA Institute® has not yet announced the August 2022 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 two Level II exam windows in each year; the first in February and the second in August. For 2021 only, the exam windows are May, August, and 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 approximately 2 hours and 15 minutes long
Our 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 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%
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:
- Approximately 8-10 weeks after the exam window has closed
November Exam:
- Approximately 8-10 weeks after the exam window has closed
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
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
To enter into the CFA Program, 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.
CFA Program exam fees range from $700 to $1,000, depending on your CFA Program exam level and when you register.
