Chartered Financial Analyst (CFA®) Program - Level II Exam

After gaining the basic knowledge of investment tools and portfolio management techniques in CFA® Level I, Level II exam focuses on the application of such tools and techniques, with the objective of learning how to value all types of investments. CFA® Level II focuses on:

  1. Valuation of Assets
  2. Application of various investment tools and techniques, to learn the valuation of all types of investments
  3. Research methods to conduct company analysis and industry-wide analysis
  4. CFA® Institute Code of Ethics and Standards of Professional Conduct (with Applications) and Research Objectivity Standards
CFA® Level II Exam Format:
  1. Instead of single questions on each topic, there are item sets in the CFA® Level II exam. The exam consists of 20 item-sets – split in 2 sessions.
  2. An item-set is a case study, approximate length being 1.5 pages.
  3. Each item-set has 6 multiple choice questions, totalling to 120 questions
  4. Morning Session (3 hours) and Afternoon Session (3 hours) – each consisting of 10 item-set questions. There are 18 minutes for one item-set.
  5. Level II exam is graded for 360 points, based on the number of minutes on the exam.

CFA® Level II Exam Topics and Weights


Topic Weight
Ethical & Professional Standards 10-15%
Quantitative Methods 5-10%
Economics 5-10%
Financial Reporting and Analysis 15-20%
Corporate Finance 5-15%
Equity Investments 15-25%
Derivative Investments 5-15%
Fixed Income Investments 10-20%
Alternative Investments 5-10%
Portfolio Management and Wealth Planning 5-10%
Total 100%

CFA® Level II Exam Fees and Deadlines


June, 2016 Exam

Payment Deadlines Exam Registration Fee
September 28, 2015 (Early Bird) $650
February 17, 2016 (Standard Fee) $860
March 16, 2016 (Late Fee) $1280