Preparing for the CFA^® Level II Exam

2025 Exam Dates

There are three CFA Level II exam windows each year: May, August, and November. Find out when you need to register to sit for your CFA Level II exam.

Register for the CFA Exam

Exam Format

Computer-based, multiple-choice questions using item sets or “mini-cases.” Each item set contains a vignette (with an average length of 1.5 pages). Each item set will be followed by 4 or 6 multiple-choice questions.

Exam Questions

88 equally weighted multiple-choice questions

• Session 1: 44 multiple-choice questions
• Session 2: 44 multiple-choice questions
• Each session is 2 hours and 12 minutes

Our Level II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

Body of Knowledge

The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

The Learning Outcome Statements and core concepts in the CFA Program are built on the Candidate Body of Knowledge (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.

Level II candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level I curriculum, in addition to applications in asset valuation within the context of the Code of Ethics and Standards of Professional Conduct.  Master these concepts with a Level II study package.

Topic Weights

For the 2025 and 2026 Level II exams, the topics are weighted as follows:

• Quantitative Methods: 5–10%
• Economics: 5–10%
• Financial Reporting and Analysis: 10–15%
• Corporate Issuers: 5–10%
• Equity Valuation: 10–15%
• Fixed Income: 10–15%
• Derivatives: 5–10%
• Alternative Investments: 5–10%
• Portfolio Management: 10–15%
• Ethical and Professional Standards: 10–15%

These topic weights were used to develop a study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level II study packages.

Level II Exam Results

2024 Exam Results

• May Exam: July 2, 2024
• August Exam: October 10, 2024
• November Exam: January 16, 2025

2025 Exam Results

• May Exam: July 1, 2025
• August Exam: To Be Announced
• November Exam: To Be Announced

Candidate Eligibility Requirements

To be eligible to enter the CFA Program, you must accomplish the following:

• Have a U.S. bachelor’s (or equivalent) degree
  • or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit for Level II.
  • or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
• Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
• Be prepared to take the exams in English
• Have a valid international travel passport (required for enrollment and exam registration)

Enrollment and Exam Registration Fees

• For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.

  2025 — Level II	Early Registration	Standard Registration
  Exam Registration Fee	$990	$1,290

• For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.

  2026 — Level II	Early Registration	Standard Registration
  Exam Registration Fee	$1,140	$1,490