The CFA Level II Exam 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 a2019 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 thesefree resourcesspecifically designed for Level II candidates.
Ready to Prepare for the CFA® Level II Exam?
CFA Level II Exam Details
Registration and CFA®Exam Dates
November 2023
Level II NovemberExam Dates:
- November 18-22, 2023
Registration and Scheduling Windows Open:
- January 31, 2023
Early Registration Deadline:
- May 10, 2023
Registration Closes:
- August 8, 2023
Scheduling Deadline:
- August 16, 2023
Rescheduling Deadline:
- October 20, 2023
Registration and CFA®Exam Dates
May 2024
Level II MayExam Dates:
- May 22–26, 2024
Registration and Scheduling Windows Open:
- August 15, 2023
Early Registration Deadline:
- October 12, 2023
Registration Closes:
- February 6, 2024
Scheduling Deadline:
- February 14, 2024
Rescheduling Deadline:
- April 22, 2024
Registration and CFA®Exam Dates
August 2024
Level II AugustExam Dates:
- August 27-31, 2024
Registration and Scheduling Windows Open:
- November 14, 2023
Early Registration Deadline:
- January 23, 2024
Registration Closes:
- May 14, 2024
Scheduling Deadline:
- May 21, 2024
Rescheduling Deadline:
- July 29, 2024
Registration and CFA®Exam Dates
November 2024
Level II NovemberExam Dates:
- November 20-24, 2024
Registration and Scheduling Windows Open:
- February 8, 2024
Early Registration Deadline:
- April 16, 2024
Registration Closes:
- August 7, 2024
Scheduling Deadline:
- August 13, 2024
Rescheduling Deadline:
- October 17, 2024
Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA®Program are built on theCandidate 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
Each year, there are 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.
OurCFA Level II study packagesare 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, the topics are weighted as follows:
- Quantitative Methods: 5–10%
- Economics: 5–10%
- Financial Statement Analysis: 10–15%
- Corporate Issuers: 5–10%
- Equity Investments: 10–15%
- Fixed Income: 10–15%
- Derivatives: 5–10%
- Alternative Investments: 5–10%
- Portfolio Management and Wealth Planning: 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:
2023 Exam Results
May Exam:
- July 6, 2023
August Exam:
- October 5, 2023
November Exam:
- Approximately 5 to 8 weeks after the exam window has closed
2024 Exam Results
MAY EXAM:
- Approximately 5 to 8 weeks after the exam window has closed
AUGUST EXAM:
- Approximately 5 to 8 weeks after the exam window has closed
NOVEMBER EXAM:
- Approximately 5 to 8 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
- orselect an exam window that is 23 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.
- orhave 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 Registration Fees
For 2023 CFA exams, registration fees range from $900 to $1,200, depending on your exam level and when you register. Registration fees for 2024 CFA exams will range from $940 to $1,250.
To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
