The final paper-based Level II exam will be held in December 2020. The paper-based exam is 6 hours long, split into a morning and afternoon paper. At Level II the exam uses “item sets”: each three-hour paper contains ten vignettes, which consist of some case study information followed by six multiple choice questions. The candidate has an average of 18 minutes per six-question set, with 120 questions in total over the six hours.
From 2021, the Level II exam will move to computer-based testing with two exam windows each year. Initially, in 2021 only, these will be in May and August. From 2022 onwards, the two exam windows will be February and August. The duration of the exam will be approximately 4.5 hours, split into two sessions with an optional break if candidates so wish. Each session will contain a mix of four and six part “item-sets” and will be scored in proportion to their length. The exam will cover all ten topics in the Level II curriculum.
There are test centres in more than 170 cities around the world: for further information see the CFA Institute website for details.
Level II builds on the foundations you have learnt at the previous level.
The focus now lies on asset valuation, as well as a deeper analysis of information you are provided with.
The topic areas remain the same as at Level I:
- Ethical And Professional Standards
- Quantitative Methods
- Financial Reporting & Analysis
- Corporate Finance
- Equity Investments
- Fixed Income
- Alternative Investments
- Portfolio Management
The benefits to continuing your progression through the CFA Program are potentially enormous. These include:
- Gaining a deeper understanding of finance
- Providing you with advanced financial analysis skills
- Boosting your career prospects
- Highlighting your commitment to high ethical standards
- Being part of a globally recognised community of investment professionals
- Providing networking opportunities through your local CFA society.
In order to enrol for Level II you need to:
- have passed Level I
- hold a bachelor degree (or equivalent) if you were still in your final year when sitting Level I
- be in possession of a valid international passport
- sign the statement of professional conduct and pay exam fees to CFA Institute