200+ Free CFA Level II Practice Questions
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Key Facts: CFA Level II Exam
44-46%
Historical Pass Rate
CFA Institute
88 Qs
Exam Questions
22 vignettes × 4 questions
300+ hrs
Recommended Study
CFA Institute
200K+
CFA Charterholders
Worldwide
$1,140-1,590
Exam Fee Range
Early/standard registration
3×/year
Exam Windows
May, Aug, Nov
The CFA Level II exam has a 44-46% pass rate, slightly higher than Level I but still very challenging. It features 22 vignettes (item sets) with 88 total questions across two 2-hour 12-minute sessions. Each vignette is followed by 4 multiple-choice questions. The exam is offered three times per year (May, August, November). Level II focuses on asset valuation and application, requiring deeper analytical skills than Level I.
About the CFA Level II Exam
The CFA Level II exam is the second of three levels required to earn the Chartered Financial Analyst designation. It focuses on asset valuation and application, testing your ability to analyze complex financial scenarios through vignette-based item sets. The exam covers all 10 topic areas with emphasis on applying concepts learned in Level I. The vignette format presents real-world scenarios followed by 4-6 related questions.
Questions
88 scored questions
Time Limit
4h 24m (2 sessions × 2h 12m)
Passing Score
~70% (scaled)
Exam Fee
$1,140-$1,590 (CFA Institute)
CFA Level II Exam Content Outline
Ethical and Professional Standards
Application of Code and Standards, GIPS, research objectivity, soft dollar arrangements
Quantitative Methods
Multiple regression, time series analysis, machine learning, big data
Economics
Currency exchange rates, economic growth, international trade, emerging markets
Financial Statement Analysis
Intercorporate investments, pension accounting, multinational operations, quality of earnings
Corporate Issuers
Capital budgeting, capital structure, dividend policy, corporate governance, M&A
Equity Valuation
DCF models, multiples, residual income, private company valuation, H-model
Fixed Income
Term structure, credit analysis, interest rate risk, MBS, ABS, credit derivatives
Derivatives
Forward/futures, options, swaps, derivatives valuation models
Alternative Investments
Private equity, real estate, hedge funds, commodities, infrastructure
Portfolio Management
Asset allocation, risk models, behavioral finance, wealth management
How to Pass the CFA Level II Exam
What You Need to Know
- Passing score: ~70% (scaled)
- Exam length: 88 questions
- Time limit: 4h 24m (2 sessions × 2h 12m)
- Exam fee: $1,140-$1,590
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
CFA Level II Study Tips from Top Performers
Frequently Asked Questions
What is the CFA Level II pass rate?
The CFA Level II pass rate historically averages 44-46%, slightly higher than Level I but still very challenging. The vignette format requires deeper analytical skills and the ability to extract relevant information from complex scenarios. Pass rates can fluctuate based on exam difficulty and candidate preparation.
How many questions are on the CFA Level II exam?
The CFA Level II exam has 88 multiple-choice questions organized into 22 vignettes (item sets). Each vignette presents a scenario followed by 4 questions. The exam is split into two sessions of 11 vignettes each (44 questions per session). Each session is 2 hours and 12 minutes.
How hard is the CFA Level II exam?
CFA Level II is considered very challenging with its 44-46% pass rate. The vignette format is different from Level I and requires strong reading comprehension and analytical skills. Many candidates find Level II more difficult than Level I due to the depth of analysis required. Time management is critical — you have 3 minutes per question.
What are the CFA Level II requirements?
To register for CFA Level II, you must have passed Level I. The same education/work experience requirements apply as Level I: (1) a bachelor's degree, or (2) 4,000 hours of professional work experience, or (3) a combination totaling 4,000 hours. You can register for Level II while awaiting Level I results.
How long should I study for CFA Level II?
CFA Institute recommends 300+ hours of study for Level II. Most successful candidates study 4-6 months, completing the curriculum and 1,500+ practice questions. Focus heavily on Equity Valuation (10-15%), Fixed Income (10-15%), Financial Statement Analysis (10-15%), and Ethics (10-15%). Practice extensively with vignette-style questions.
What topics are most heavily tested on CFA Level II?
The five largest sections are: Ethical and Professional Standards (10-15%), Financial Statement Analysis (10-15%), Equity Valuation (10-15%), Fixed Income (10-15%), and Portfolio Management (10-15%). These five topics comprise over 60% of the exam. Corporate Issuers, Derivatives, and Alternatives are typically smaller (5-10% each).