CFA Level II Preparation

• CFA Level II pass rates average around 45%.
• CFA candidates can expect to study for over 300 hours over the course of six to nine months to prepare for the exam.
• The format of the Level II exam consists of mini-sets of vignette-dependent question sets rather than independent multiple-choice questions found on the Level I exam.
• Start studying with our CFA Level II Test Banks.
• Financial Statement Analysis, Asset Valuation, Portfolio Management, and Ethics and your ability to apply these concepts in real-life scenarios are focal points of the Level II exam

Develop a Plan

You’ll be able to borrow from some of your Level I plan to develop a plan for the CFA Level II exam, but there are some significant differences. As was the case with the first exam, the earlier you can map out your plan, the better. Consider giving yourself at least six months and over 300 hours to prepare for exam day.

This will have you studying for at least 11 hours per week, a number that should be customized to fit your schedule. Stick to your schedule and be consistent by studying on the same days and times. And don’t forget to pace yourself throughout the process with plenty of time to rest and keep healthy habits.

Equip Yourself With Study Materials

Study guides and reading materials can be the key to achieving your goals. And not all guides and materials are the same. UWorld is a leader in the industry with a broad range of exam preparation materials that can be easily customized to fit your needs. UWorld’s materials convert thousands of pages of Level II study text into meaningful lessons and have helped students in over 100 countries pass the CFA Program exams.

Get your CFA Level II Mock Exam.

UWorld’s instructors have a knack for making the materials approachable and practical for CFA exam candidates, thanks in part to explanatory graphs, and a focus on each and every Learning Outcome Statement in the CFA Program curriculum.

Set a Minimum Score Goal for Yourself

The minimum score you’ll need to pass the CFA Level II exam is exam dependent and never disclosed by CFA Institute. So set a minimum score goal for yourself to go above and beyond. Shooting for nothing less than 80% on the exam is one option, giving you extra incentive as you go through each study session.

Familiarize Yourself With Your Calculator

Your calculator is an essential tool for the Level II exam. So be sure to find out from the CFA Institute which calculators are allowed and become as familiar as possible with the one you choose. Your calculator’s advanced functions will help you save time on exam day.

Join a Study Group

If you joined a study group during your Level I prep, you know how valuable it can be. If you chose not to join a group, doing so as you study for the Level II exam is a great option. Study groups can help with memorization, motivation, and discipline and can help you absorb materials better than when you study by yourself. Smaller groups are best, especially those that meet consistently and have similar goals.

As you prepare for the CFA Level II exam, you’ll want to be sure to know all the details about the format. This can change from year to year but currently consists of vignettes followed by vignette-dependent multiple-choice questions for a total of 88 exam questions.You’ll want to pull from your Level I experience with practice questions, but what you’ll face on this exam is a significant increase in difficulty. Questions are now part of a group and, although you have more time per question, each question is worth more. Take advantage of the help UWorld offers through an extensive archive of study materials to make sure you’re prepared for the CFA Level II format.

Review the Basics of CFA Exam Level I

The Level II exam is tougher, but there are some basics from Level I that can serve you well as you prepare. Take some time to refresh your memory as you approach the Level II material to make sure your foundation is strong.

How to Prepare for CFA Level II Vignettes

Instead of a giant exam of independent multiple-choice questions, the Level II exam is made up of vignettes followed by vignette-dependent sets of questions. This format change means you’ll need to think about your time per question differently as it will take time to read through each vignette before getting to the question.

One technique you can apply is to peek at the questions before reading the entire vignette, this allows you to have a better idea of what you are looking for when you read it more thoroughly.

Skip and Return to Questions

Although questions within a vignette depend on the material from the vignette, the answer to a question in the item sets does not depend on a previous answer. So, if you get stuck on a question, mark it for review and return to it at the end of the exam session. As with Level I, there are no point deductions for wrong answers, but you won’t get any points for an unanswered question.

Use our Level II Test Bank to identify your strengths and weaknesses and check that you can apply what you have learned with multiple choice questions that are close to those you will see on exam day.

Get access to our CFA Level II Test Banks.

The Level II CFA exam is made up of 10 topic areas with varying weights and how you prioritize them during your prep is important. The topic areas are not weighted exactly the same, but they are closest to each other on this exam compared to the other CFA exams.The four biggest areas you’ll want to focus on are Fixed Income, Portfolio Management, Equity, and Financial Reporting and Analysis (FRA). Ethics, Derivatives, and Corporate Finance can be focused on next, followed by Quantitative Methods, Alternative Investments, and Economics.

Learn more about the CFA Level II Topic Weights.

As you plan how to best spend your time preparing for the CFA Level II exam, take into account the format. With 88 multiple-choice questions organized into vignettes followed by item sets of 4-6 questions, you’ll want to set aside 12-18 minutes per vignette depending on the number of questions.This includes the time it takes to read each one as well. You’ll need to take a tougher approach for this exam and consider implementing deadline times for answering each question during your study sessions.

Practice can be the difference between success and failure on the Level II exam. And UWorld offers some of the best CFA Level II practice materials you’ll find. This includes practice problems, mock exams, and prep courses designed to help you each step of the way. The study materials are great for individual as well as group practice and review.

The final four weeks before your CFA Level II exam might be the most important stretch on your journey. You’ll want to continue to focus on practice questions and mock exams as well as topic areas that you’ve struggled with the most. And don’t overdo it. You want to be refreshed and ready on your exam date and walking in exhausted will not serve you well.

Some CFA charterholders consider the Level II exam to be the most challenging exam. With this in mind, it’s easy to let your preparation overtake your life. To avoid burnout, be sure to schedule plenty of breaks to ensure you’ve got the stamina to reach your goal.If you begin to feel overwhelmed, it can also be a good time to examine your pace and assess if you’re trying to do too much. UWorld’s materials are here for you throughout, and we even offer a Facebook group that can help with solidarity and support during your journey.

The key to passing the Level II exam and moving towards Level III is proper preparation. Start with a plan and stick to it with consistency and balance. UWorld’s study guides and reading materials are here to help.After all, two out of three candidates who’ve used a competitor’s product prefer UWorld. And even if you’re unable to reach your goal of passing the Level II exam the first time, you’ll have the option of re-taking the exam.