About Level II CFA® Exam

Our guide to your Level II journey, with essential information, tips, and stories.

Exam Overview

120 Questions

Multiple-Choice Test



6 Hour Exam Duration

3 Hour Morning & 3 Hour Afternoon Sessions

70% or Higher

Score to Aim For

Before the Exam

  • Recommended Courses

    Finance, Accounting. Level II presumes your knowledge in these areas and more since you Level I, but any additional background in these areas will help you with the exam. Our video lessons can help you learn the exam material efficiently.

  • Level II Offerings

    Level II is offered once per year in June.

  • Next Offering:

    June 15, 2019

    Registration Deadline:


  • How do I register?

    1. Register online at www.cfainstitute.org
    2. Pick an exam location.
    3. You’ll receive an admission ticket via email. Print it out–you will need it on exam day.
  • How much should I study?

    We highly recommend dedicating 4-6 months of dedicated studying to prepare for Level II. Start by learning and reviewing the material, then focus on practice exams. Our predictive analytics can help you measure your progress and assess your readiness for the real exam.

  • Tricky Topics

    Accounting is difficult, and one of the most heavily tested topics. The concepts are more challenging on this exam than Level I, with more difficult calculations as well.

  • Coach Mike's Tip

    “Practice more item sets. Focus on how to quickly find the needed information in the passage.”

  • Coach Keith's Tip

    “Some of the readings are tricky. You need to understand concepts well in addition to knowing lots of material.”

Exam Day

  • What to Bring with you

    • Your admission ticket
    • Your passport
    • A CFA Institute-approved Calculator
      - BA II Plus
      - HP 12C
    • Pencils
    • Erasers
    • An extra layer of clothing (you never know what the temperature of the exam room will be, and this is a 6-hour exam!
  • Coach Marc's Tip

    “Much like Level I, it’s important to take your time understanding the questions. Studying for months to give the perfect response to a question that wasn’t actually being asked gets you as many marks as if you hadn't studied at all.”

  • Coach Keith's Story

    “I studied quite hard for Level II. On Exam Day, though, I wish I had memorized more equations. The exam wasn't very deep, but it covered lots of topics, and memorizing more equations would have helped.”

After the Exam

  • Getting Your Exam Results

    You’ll receive your exam results via email after all exams have been graded by CFA Institute. This process usually takes several weeks.

  • Next Steps

    Take some time to celebrate your victory! Then the final challenge begins: Level III.