The final paper-based Level II exam will be held in December 2020 in some locations. This exam is six hours long, split into a morning and afternoon session. You will be given 120 multiple choice questions (3 answer choices). At Level II the exam uses “item sets” or vignette-style questions, in which you are given some case study information followed by four or six multiple choice questions. You then have an average of 18 minutes per six-question set, 12 minutes per four-question set, split across two sessions and covering all ten topics.
From 2021, the Level II exam will move to computer-based testing with two exam windows in each year. In 2021, these will be May and August. The duration of the exam will be approximately 4.5 hours, with up to 90 questions in item set format. The exam will be split across two sessions and will cover all ten topics.
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