CFA Level II: fees, requirements and exam format

What is CFA Level II?

CFA Level II is the middle exam of the CFA Program, run by CFA Institute. Passing all three levels, together with the other charter requirements, leads to the CFA charter; passing Level II on its own is a step, not a separate cert or designation.

CFA Institute labels Level II “Analyze and evaluate”. Where Level I tests knowledge with standalone questions, the Level II exam uses vignettes — short case studies — and asks you to analyse situations and propose solutions. The CFA curriculum page puts the study load at 300 hours per level.

Source: CFA Institute — CFA exam. Checked 10 October 2026.

How much does CFA Level II cost?

CFA Institute charges a registration fee for each exam, and the amount depends on when you register. For exams from February 2026 onward, the Level II fee is USD 1,140 in the early registration period and USD 1,490 in the standard period. The one-time enrollment fee, USD 350 until 2025, was set to zero for exams from February 2026.

CFA Institute’s Dates & fees page confirms the range: exams start from USD 1,140, and completing all three levels costs USD 3,520 to 4,570 in exam fees. Rescheduling within your window costs USD 250. The fees exclude local taxes, and registering early saves USD 350 on Level II.

• Early registration: USD 1,140
• Standard registration: USD 1,490
• Enrollment fee: none for exams from February 2026
• Rescheduling within the window: USD 250

Source: CFA Institute — Pricing changes for the CFA Program and Dates & fees. Checked 10 October 2026.

CFA Level 2 requirements

There is one requirement specific to this level: you must have passed the Level I exam. On top of that, you must still meet the CFA Program enrollment requirements, which apply to all levels.

Those enrollment requirements, according to CFA Institute’s policies, are a completed bachelor’s programme or equivalent, or a combination of 4,000 hours of work experience and/or higher education, and a valid international travel passport. Undergraduate students may enrol before graduating, but the policies add a rule for this level: to sit Level II, you must be within 11 months of graduation.

The requirements for CFA Level 2 also include limits on attempts. CFA Institute allows a maximum of six attempts per level, and no more than two per calendar year — never in consecutive windows or windows less than six months apart.

• Passed the CFA Level I exam
• Bachelor’s degree or equivalent, or 4,000 hours of work experience and/or higher education
• Undergraduates: within 11 months of graduation to sit Level II
• A valid international travel passport

Source: CFA Institute — CFA Program policies. Checked 10 October 2026.

CFA Level II exam format

The CFA Level II exam consists of 22 item sets. Each item set is a vignette followed by four multiple-choice questions, for 88 questions in total. Twenty item sets are scored; two are being trialled and do not count, and you cannot tell which.

The exam lasts 4 hours 24 minutes, split into two equal sessions of 2 hours 12 minutes with an optional break between them. Topics are placed randomly, so a topic can appear in either session. Each vignette tells you its topic and point value. Financial statement analysis questions follow IFRS unless a question says it uses US GAAP.

There is no penalty for wrong answers, so answer every question. A blank answer can only cost you points.

Source: CFA Institute — Level II exam. Checked 10 October 2026.

Pass mark CFA Level 2: is there a published minimum?

No. CFA Institute uses a minimum passing score, or MPS, but does not publish it as a number. Its exam results page explains that the Board of Governors sets the MPS for each level after an exam administration when the curriculum or candidate population changes significantly, and otherwise maintains it from one administration to the next by equating.

Any percentage quoted elsewhere as the CFA Level 2 pass mark is an estimate, not a CFA Institute figure. What CFA Institute does publish is the pass rate: a ten-year average of 45% for Level II. In August 2026, 45% of the 10,004 candidates who sat Level II passed.

Source: CFA Institute — Exam results and pass rates. Checked 10 October 2026.

CFA Level 2 course outline and topic weights

The CFA Level 2 course outline — what many people call the syllabus — is published by CFA Institute as topic outlines with learning outcomes for each topic; the current document is the 2026 Level II Topic Outlines. The exam weights below show where the questions come from.

Five topics carry 10–15% each: financial statement analysis, equities, fixed income, portfolio construction and ethical and professional standards. The other five carry 5–10% each. No topic can be skipped, but the heavier five deserve the most study time.

• Ethical and Professional Standards — 10–15%
• Financial Statement Analysis — 10–15%
• Equities — 10–15%
• Fixed Income — 10–15%
• Portfolio Construction — 10–15%
• Quantitative Methods — 5–10%
• Economics — 5–10%
• Corporate Finance — 5–10%
• Derivatives and Risk Management — 5–10%
• Alternative Investments — 5–10%

Source: CFA Institute — 2026 Level II Topic Outlines. Checked 10 October 2026.

When can you take CFA Level II, and when do results come?

CFA Institute’s registration guide says Level II is offered three times a year, in May, August and November. Appointments are first come, first served, and you are only scheduled once you have a confirmed date and time.

Results arrive by email within 5 to 9 weeks after your exam window closes. There is one condition: you must complete a Practical Skills Module for Level II before you receive your result, and a module used at Level I cannot be reused.

Source: CFA Institute — Exam registration and scheduling guide. Checked 10 October 2026.

CFA Level 2 prep providers, courses and training

There is no official best CFA Level 2 prep provider: CFA Institute does not rank them. It runs a Prep Provider Program, which providers join voluntarily and subject to CFA Institute approval. Participants commit to best practices, including keeping material current with the curriculum and truthful, transparent and fair advertising. If you want a CFA Level 2 prep provider, that program is a reasonable first filter.

CFA Level 2 prep providers sell everything from self-paced courses to live training and intensive bootcamp formats. Whatever you choose, check it against the current topic outlines and weights. Registration with CFA Institute already includes its own learning materials, so outside prep is an addition, not a requirement.

One rule applies to every source. CFA Institute lists using unauthorized distributions of exam questions, with or without answers, as exam misconduct, which can lead to voided results and suspension or termination of your candidacy. Material that claims to contain real exam questions puts your candidacy at risk.

Source: CFA Institute — Prep provider program. Checked 10 October 2026.

CFA Level 2 salary: is passing Level II worth it?

CFA Institute does not publish a CFA Level 2 salary figure, and passing Level II does not award a designation on its own, so no salary number is given here.

Whether it is worth it depends on the goal. Level II is the step between Level I and Level III, and the charter needs all three. CFA Institute’s figures show what that step involves: about 300 hours of study, a USD 1,140–1,490 registration fee, and a 45% ten-year average pass rate.

Source: CFA Institute — CFA exam. Checked 10 October 2026.

CFA Level II practice questions

Certsqill’s CFA Level II practice questions are expert-developed in the vignette format: every question explains each answer option, and a readiness score for each topic shows whether the heavier topics, such as financial statement analysis and fixed income, are ready before your test date.

CFA Level II questions people ask

What are the CFA Level 2 requirements?

A pass in Level I, plus the CFA Program enrollment requirements: a bachelor’s degree or equivalent, or 4,000 hours of work experience and/or higher education, and an international travel passport. Source: CFA Institute, checked 10 October 2026.

How much does the CFA Level II exam cost?

USD 1,140 if you register early, USD 1,490 in the standard period, for exams from February 2026. Source: CFA Institute, checked 10 October 2026.

How many questions are on CFA Level II?

88 multiple-choice questions in 22 vignette-based item sets. Source: CFA Institute Level II exam page, checked 10 October 2026.

How long is the CFA Level II exam?

4 hours 24 minutes, in two sessions of 2 hours 12 minutes with an optional break. Source: CFA Institute, checked 10 October 2026.

What is the pass mark for CFA Level 2?

CFA Institute does not publish one. Its minimum passing score is set by the Board of Governors and maintained by equating. Checked 10 October 2026.

What is the CFA Level II pass rate?

A ten-year average of 45%; 45% in August 2026. Source: CFA Institute, checked 10 October 2026.

When is the CFA Level II exam held?

Three times a year, in May, August and November. Source: CFA Institute registration and scheduling guide, checked 10 October 2026.

Is there a penalty for wrong answers on Level II?

No. CFA Institute states there is no penalty for incorrect answers, so answer every question.

Do I need a prep course for CFA Level II?

No. Registration includes CFA Institute’s learning materials; a prep course or training is optional.

CFA Level II in detail

• CFA Level 2 exam: dates, format, passing score and pass rates →
• CFA Level 2 study guide: practice questions, mock exams and a study plan →