CFA Level 2 exam: dates, format, passing score and pass rates

CFA Level 2 exam dates: the three windows

CFA Level II exam dates fall into windows, not single days. CFA Institute’s registration and scheduling guide lists three Level II windows a year: May, August and November. Within a window you book your own appointment, first come, first served; you are only scheduled once you have a confirmed date and time.

The exact first and last day of each CFA Level II exam date window, and the early and standard registration deadlines, are shown in the calendar on CFA Institute’s Dates & fees page. Check them there before you plan your study time, because the deadline decides whether you pay the early or the standard fee.

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

CFA Level 2 exam dates 2026 and 2027

For CFA Level 2 exam dates 2026, CFA Institute’s results record shows Level II sittings in February, May and August 2026, and its store currently offers Level II registration for the November 2026 window.

For CFA Level 2 exam dates 2027, the store already lists a May 2027 Level II window. Further 2027 CFA Level 2 test dates appear on the Dates & fees page as registration opens. Remember the attempt rule: no more than two attempts per calendar year, and not in consecutive windows or windows less than six months apart.

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

CFA Level 2 exam dates 2025

Looking back at the CFA Level 2 exam date 2025 schedule: CFA Institute’s historical results record shows Level II was administered in February, May, August and November 2025. Those windows are closed; for a new attempt, look at the current calendar.

Source: CFA Institute — Candidate examination results, 1963 to current. Checked 10 October 2026.

How long is the CFA Level 2 exam?

The exam itself lasts 4 hours 24 minutes, in two equal sessions of 2 hours 12 minutes, with an optional break between them. CFA Institute also allots time for a tutorial on the exam software, the break and a survey at the end, so the appointment is longer than the testing time.

Each session has 11 item sets — 44 questions — so you have exactly 3 minutes per question. That includes the time to read each vignette, which is where most candidates lose time.

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

CFA Level 2 exam format

The CFA Level 2 test format is the item set: a vignette, which is a short case with data, followed by multiple-choice questions you answer from that vignette. There are 22 item sets with 88 questions. Twenty sets are scored and two are trial sets that do not count.

Topics are placed randomly across the two sessions. Each vignette states its topic and point value. Financial statement analysis follows IFRS unless a question says otherwise. There is no penalty for wrong answers, so leaving a question blank never helps.

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

CFA Level 2 exam weights

CFA Institute publishes CFA Level II exam weights as ranges. Five topics carry 10–15% each and five carry 5–10% each. Ethics is in the heavier group, which matters because it appears in vignettes like every other topic.

• 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 — CFA Program curriculum. Checked 10 October 2026.

CFA Level 2 passing score: what CFA Institute says

CFA Institute does not publish a CFA Level 2 minimum passing score as a number. Its results page explains the method: the minimum passing score, or MPS, is the score needed to pass. The Board of Governors sets it for each level after an exam administration when there is significant curriculum or population change, and otherwise it is maintained from administration to administration through equating.

So a figure presented as the CFA Level 2 pass score — usually a percentage — does not come from CFA Institute. A minimum passing score CFA Level 2 candidates can rely on does not exist in public; aim to be solid across all ten topics instead.

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

CFA Level 2 pass rate

CFA Institute publishes the pass rate for every window. The ten-year average for Level II is 45%. Recent windows ranged from 42% to 54%. The CFA Level 2 pass rate in May 2026 was 43% of 18,111 candidates, the largest Level II sitting in the list below. In August 2026 it was 45% of 10,004.

• August 2026: 45% (10,004 candidates)
• May 2026: 43% (18,111 candidates)
• February 2026: 50% (11,269 candidates)
• November 2025: 42% (15,003 candidates)
• August 2025: 44% (9,898 candidates)
• May 2025: 54% (15,000 candidates)
• February 2025: 49% (11,131 candidates)
• Ten-year average (2017–2026): 45%

Source: CFA Institute — Candidate examination results, 1963 to current. Checked 10 October 2026.

CFA Level 2 exam results

CFA Level II exam results arrive by email: CFA Institute says that within 5 to 9 weeks after the close of your exam window, you receive a message that your official result is available. Level II candidates receive a score report, pass or fail.

There is one condition for seeing your CFA Level 2 test results: you must have completed a Practical Skills Module for Level II. A module you completed at Level I cannot be reused.

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

Preparing for the CFA Level 2 exam

Certsqill’s CFA Level II questions are expert-developed in the vignette format, with an explanation for every answer option and a readiness score per topic.

CFA Level II exam: questions people ask

When are the CFA Level 2 exams?

In three windows a year: May, August and November. Exact days are on CFA Institute’s Dates & fees calendar. Source: CFA Institute, checked 10 October 2026.

How long is the CFA Level 2 exam?

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

What is the CFA Level 2 passing score?

CFA Institute does not publish it. The minimum passing score is set by its Board of Governors and maintained by equating. Checked 10 October 2026.

What is the CFA Level II pass rate?

45% on ten-year average; 43% in May 2026 and 45% in August 2026. Source: CFA Institute, checked 10 October 2026.

CFA Level 2 pass rate, May 2026: what was it?

43%, of 18,111 candidates. Source: CFA Institute press release of 25 June 2026, checked 10 October 2026.

How many questions are on the CFA Level 2 exam?

88 multiple-choice questions in 22 item sets, of which 20 are scored. Source: CFA Institute, checked 10 October 2026.

When do CFA Level 2 results come out?

Within 5 to 9 weeks after the exam window closes, provided you have completed your Practical Skills Module. Source: CFA Institute, checked 10 October 2026.

How long is CFA Level 2 exam day in total?

Longer than the 4 hours 24 minutes of testing: CFA Institute also allots time for a software tutorial, the break and a closing survey. Source: CFA Institute CFA exam page, checked 10 October 2026.

Can I take Level II twice in one year?

At most twice per calendar year, but not in consecutive windows or windows less than six months apart. Source: CFA Institute registration guide, checked 10 October 2026.