CFA Level 2 study guide: practice questions, mock exams and a study plan

CFA Level 2 syllabus and study materials

The official CFA Level 2 syllabus is CFA Institute’s topic outlines — the current one is the 2026 Level II Topic Outlines — with learning outcomes for each reading, and the exam weights that go with them. Five topics carry 10–15% each: ethics, financial statement analysis, equities, fixed income and portfolio construction. The other five carry 5–10%.

The core CFA Level 2 study materials come with registration: CFA Institute’s curriculum is delivered through its Learning Ecosystem, the digital platform where you read, practise and track progress. Any other CFA Level 2 study material you add should follow the current topic outlines, because the curriculum is updated regularly.

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

How many questions in CFA Level 2?

The exam has 88 multiple-choice questions in 22 item sets. Each item set is a vignette with its questions, and 20 sets are scored while 2 are trial sets. So for anyone asking CFA Level 2 how many questions count: 80 of the 88.

That shapes how you practise. Questions on Level II are never standalone; you answer them from a vignette. CFA Level 2 questions in practice should therefore come in item sets too, not as isolated questions.

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

How long to study for CFA Level 2

CFA Institute’s curriculum page gives 300 hours per level as its guide. How you spread them is up to you: as an example, 300 hours over 20 weeks is 15 hours a week, and over 25 weeks it is 12 hours a week.

Plan backwards from your exam window. The two official mock exams arrive about 60 days before the window opens, so the reading should be mostly done by then.

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

A CFA Level 2 study plan and study schedule

The Learning Ecosystem includes a custom-designed study planner, which builds a CFA Level 2 study schedule around your exam date. If you prefer to make your own study plan for CFA Level 2, a simple structure works:

Whichever CFA Level 2 study planner you use, the point is the same: finish the reading before the mocks are released, so the last two months are for questions and review, not first reads.

• Phase 1: read the ten topics, heavier topics first, with practice questions after each reading
• Phase 2: item-set practice by topic, aiming for consistency rather than one good score
• Phase 3: the two official mock exams under exam conditions, with full review of every mistake
• Final weeks: weak topics, ethics review and timed item sets at 3 minutes per question

Source: CFA Institute — CFA Program Learning Ecosystem. Checked 10 October 2026.

CFA Level 2 practice questions and question bank

CFA Institute’s Learning Ecosystem contains more than 1,000 practice questions, included with registration. That is the official CFA Level 2 question bank, written to the current curriculum, and the right place to start for CFA Level 2 sample questions and example questions.

For more volume, CFA Institute’s Practice Pack adds 750 extra exam-style questions. Some candidates build a CFA Level 2 question of the day habit on top: one vignette every morning keeps topics fresh between study blocks, whichever question bank CFA Level 2 candidates choose.

Source: CFA Institute — CFA Program Learning Ecosystem. Checked 10 October 2026.

CFA Level 2 mock exams and practice exams

Registration includes two official CFA Level II mock exams, released about 60 days before each exam window in the Learning Ecosystem. Treat each one as a CFA Level 2 mock test of the real thing: two sessions of 2 hours 12 minutes, under exam conditions, then a full review.

Additional CFA Level 2 practice exams come with the Practice Pack: three extra mock exams and one mock in exam-day software that mimics the real interface. A CFA Level 2 practice test in that software is the closest you get to the exam before exam day.

Source: CFA Institute — CFA Program Learning Ecosystem. Checked 10 October 2026.

CFA Level 2 Practice Pack

The CFA Level 2 Practice Pack is CFA Institute’s optional add-on. For the May 2027 window it costs USD 299 and includes 750 extra questions, three extra mock exams and one mock exam in exam-day software. You must be an active Level II candidate to buy it, purchasing ends during the exam window, and access expires on your exam date.

Source: CFA Institute — Practice Pack, Level II May 2027. Checked 10 October 2026.

Is there a CFA Level 2 mock exam PDF?

CFA Institute delivers its official mock exams inside the Learning Ecosystem and, in the Practice Pack, in exam-day software. It does not present them as a downloadable CFA Level 2 mock exam PDF.

Be careful with files circulating as CFA Level 2 mock exams PDF downloads or a CFA Level II mock exam PDF. 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.

Source: CFA Institute — CFA exam misconduct and rules violations. Checked 10 October 2026.

CFA Level 2 prep: a short study guide

A practical CFA Level 2 study guide comes down to four rules. Study to the topic outlines and weights. Practise in item sets, never isolated questions. Sit both official mocks under time pressure. And answer every question on exam day, because CFA Institute applies no penalty for wrong answers.

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 study guide: questions people ask

How many questions on CFA Level 2?

88 multiple-choice questions in 22 vignette-based item sets; 20 sets are scored. Source: CFA Institute Level II exam page, checked 10 October 2026.

How long should I study for CFA Level 2?

CFA Institute’s guide is 300 hours per level. Source: CFA Institute curriculum page, checked 10 October 2026.

Are CFA Level II practice questions included with registration?

Yes. The Learning Ecosystem includes more than 1,000 practice questions and two official mock exams. Source: CFA Institute, checked 10 October 2026.

When are the official CFA Level II mock exams released?

About 60 days before each exam window. Source: CFA Institute Learning Ecosystem page, checked 10 October 2026.

What is in the CFA Level 2 Practice Pack?

750 extra questions, three extra mock exams and one mock in exam-day software, for USD 299. Source: CFA Institute, checked 10 October 2026.

How should I use a CFA Level 2 practice exam?

Sit it as one block of two 2-hour-12-minute sessions under exam conditions, then review every item set, including the ones you got right.

Where can I find the CFA Level 2 syllabus?

In CFA Institute’s Level II topic outlines, currently the 2026 Level II Topic Outlines, and the exam weights on its Level II page.

Does CFA Institute offer a study planner?

Yes, a custom-designed study planner in the Learning Ecosystem. Source: CFA Institute, checked 10 October 2026.