CFA® Level II: Item Set Format, Topics, Weights and Exam Strategy
CFA® Level II is the stage where candidates move more strongly from knowledge recall to analysis, evaluation and application. It is a pivotal level in the CFA journey, requiring you to process scenarios, read vignettes and answer a series of questions based on the same set of information.
This guide summarizes the most important information about CFA Level II: from exam structure, topic weights and item set format to practical tips that can help you perform more effectively on exam day.
22 item sets
Each item set includes a vignette and a series of multiple-choice questions, requiring strong reading comprehension and contextual analysis.
Exam Snapshot
Key facts about the CFA® Level II exam
If Level I focuses on conceptual foundations, Level II tests your ability to apply knowledge to specific situations. Candidates must read vignettes, identify important data and select accurate answers within a strict time limit.
Analysis and evaluation
Tests how you analyze scenarios, process data and propose solutions based on the knowledge you have accumulated.
Item set multiple choice
The exam includes 22 vignette-based item sets, with a total of 88 accompanying multiple-choice questions.
2 sessions, 132 minutes each
Each session has 11 item sets. There are 22 item sets in total, of which 20 are scored and 2 are trial item sets.
How long does it take to study for CFA® Level II?
The CFA Program allows candidates to adjust their preparation process according to personal circumstances, but successful candidates often report spending an average of more than 300 study hours for each level.
For Level II, the pressure comes not only from the volume of knowledge, but also from the ability to read vignettes, connect data points and maintain accuracy in questions that are significantly more application-oriented than Level I.
What to focus on when studying Level II
Level II is often considered the stage where many candidates truly feel the intensity of the CFA Program, because this is where knowledge must be understood deeply enough to be applied in analysis.
Read vignettes efficiently Filtering important information is a very different skill from answering standalone questions in Level I. Understand more than memorize Many questions require candidates to apply principles rather than simply recall formulas. Practice by item set You need to practice in the actual exam format to get used to moving from vignette to question sequence. Prioritize accuracy Because questions in the same item set share one context, misreading the setup may create a chain of errors. Curriculum & WeightingCFA® Level II curriculum topics and exam weights
The Level II curriculum continues to develop the core areas of the CFA Program, but goes deeper into valuation, financial reporting analysis, fixed income, portfolio management and professional ethics.
| Topic | Exam Weight |
|---|---|
| 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% |
CFA® Level II exam format
CFA Level II is still multiple choice, but the important difference is that questions are no longer standalone. Instead, candidates must rely on a vignette to answer a related set of questions.
Exam structure
The exam includes 22 item sets with a total of 88 multiple-choice questions accompanying short passages or vignettes.
Exam duration
The full exam lasts 4 hours and 24 minutes, divided into 2 equal sessions, each lasting 2 hours and 12 minutes, with an optional break.
Item set format
Each session contains 11 item sets. The full exam includes 22 item sets; 20 item sets are scored and 2 are trial item sets that are not scored.
Biggest difference from Level I
Questions in the same item set are not standalone. You must use the information in the vignette to answer a sequence of related questions.
Topics are randomly distributed
Topic areas in the CFA Level II curriculum may be randomly distributed into the first session, the second session, or both sessions. Therefore, candidates cannot predict in advance whether a session will be “lighter” or “heavier” in any topic group.
Each item set starts with information about the topic and the total point value of that item set, helping candidates establish the context before reading and answering.
Sample Level II item set format
THE TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
Examples of Level II Exam Questions (PDF) Exam TipsCFA® Level II exam tips
For Level II, the difference is not only in the knowledge itself, but also in how you read, filter data and maintain clarity through a highly connected exam format.
- Financial Reporting and Analysis: Questions in this topic are based on IFRS unless the question explicitly states that US GAAP is used.
- No penalty for guessing: There is no penalty for incorrect answers, so make sure you answer every question.
- Know your calculator well: Speed and familiarity with the calculator can save valuable minutes during the exam.
- Dress comfortably: Wearing layers can help you adjust to the test-room temperature and maintain better focus.
- Get familiar with testing hardware and software: Understanding the test-center experience in advance can help reduce uncertainty on exam day.
- Practice, practice, practice: Use mock exams and practice tools in the learning ecosystem to train in the correct item set format.
- If you need proctor assistance: If possible, continue working on other parts while waiting for assistance so you do not waste exam time.
Practical Skills Module (PSM) requirement
In addition to sitting for the exam, candidates need to complete one Practical Skills Module (PSM) at each level to receive their exam results.
You cannot complete the same module for multiple levels. For example, if you selected Python Programming Fundamentals at CFA Level I, then at Level II you need to complete another module such as Python, Data Science & AI, or Analytical Skills to satisfy the PSM requirement for this level.
This shows that CFA increasingly emphasizes not only theoretical knowledge, but also practical capability, especially as modern finance becomes more closely connected with data, technology and quantitative analysis.
Start preparing for CFA® Level II with Clever Academy
If you are preparing for Level II and want a clearer study roadmap, Clever Academy can support you in systemizing knowledge, practicing item sets, allocating time to high-weight topics and improving your vignette-processing skills.