The Structure of CFA Level 2 Exam

The CFA (Chartered Financial Analyst) program is a globally recognized professional certification for investment and financial professionals. It consists of three levels, with each level becoming increasingly challenging. Level II of the CFA exam is a multiple-choice exam, as is level I. However, the structure and content of the two exams differ significantly.

In this article, I will provide an expert's perspective on how the CFA Level 2 exam is structured and what candidates can expect from it.

Exam Format

The CFA Level 2 exam consists of multiple-choice questions divided into sets of elements. Each set contains 4 or 6 questions related to a single bullet point. The exam is divided equally into two sessions, with an optional break between sessions. This means that half of the series of questions will be evaluated in the morning and the other half in the afternoon. For each set of items, candidates are provided with information and are required to use that information to resolve the questions.

This format tests not only knowledge but also the ability to apply that knowledge to real-world scenarios.

CFA Level 2 Curriculum

By knowing the CFA Level 2 Curriculum, candidates can learn about the topics and subtopics covered in the exam. Unlike the Level I exam, where each question is independent, in Level II, candidates must consult the bullet point before answering each question. This means that points are not independent and require a deeper understanding of the material. In order to be eligible to take the CFA Level 2 exam, candidates must have a bachelor's degree or equivalent education and must have passed the CFA Level I exam.

Benefits of Passing the Exam

Passing the CFA Level 2 exam not only demonstrates a candidate's knowledge and understanding of the material but also their dedication to their career and learning. It can open up greater opportunities in their professional life and help them stand out in a competitive job market. The ITSM (Information Technology Service Management) manager oversees the level of prioritization of problems, critical incidents, and planned and proactive tasks.

This role requires a deep understanding of operations management and the ability to provide appropriate levels of resources for problem resolution.

Preparation Providers

CFA Institute preparation providers are prohibited from including simulated questions for the official CFA Institute exam or any other question other than the end-of-reading question. This ensures that candidates are not exposed to any material that may give them an unfair advantage on the exam. There are various preparation providers available for the CFA Level 2 exam, each with their own unique approach. UWorld's mock exams faithfully reproduce the real experience with CFA Level 2 exams, helping candidates prepare and increase their confidence on exam day. As a recognized leader in preparing for the CFA exams, Kaplan Schweser answers a wide variety of questions from candidates preparing for the CFA Level II exam. Candidates can also take the official CFA mock exams or solve practice questions asked in the CFA Level 2 exam to evaluate their strengths at the thematic level and identify areas where they can improve.

Exam Content

The CFA Level 2 exam covers a wide range of topics, including economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, alternative investments, portfolio management, and wealth planning.

However, it is not enough to simply understand these concepts; candidates must also be able to apply, analyze, and explain their findings.

Results and Next Steps

Like the CFA Level 1 exam, candidates can access their results after just two months of taking the CFA Level 2 exam. If they are successful, they can move on to the final level of the CFA program. If not, they can retake the exam in the following year.


The CFA Level 2 exam is a challenging but rewarding experience for candidates. It tests not only their knowledge but also their ability to apply that knowledge to real-world scenarios.

By understanding the structure and content of the exam, candidates can better prepare and increase their chances of success. Good luck to all those taking the CFA Level 2 exam!.

Serena Lubahn
Serena Lubahn

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