How many questions are on the CFA Level II exam?

88 multiple-choice questions in 22 item sets

What is a passing score on the CFA Level II?

CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.

What is the format of the CFA Level II exam?

22 item sets (vignettes) of 4 multiple-choice questions each, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; 20 item sets are scored and 2 are unscored trial sets

Are there prerequisites for the CFA Level II?

Passing the CFA Program Level I exam, and meeting the CFA Program enrollment requirements.

Who should take the CFA Level II?

Candidates who have passed Level I and are working toward the CFA charter, including analysts, portfolio managers and other investment professionals who apply valuation and analysis tools to investment cases.

Free CFA Level II Practice Exam

Updated Oct 23, 2026

The CFA Program Level II exam, administered by CFA Institute, is the second of three sequential exams required for the CFA charter and focuses on applying valuation tools in item sets.

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Work through exam-style questions for the CFA Program Level II Exam, one at a time, with an explanation after each answer. No account required — sign in only if you want your progress synced across devices.

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About the CFA Level II exam

Level: Level II of III sequential exams required for the CFA charter
Format: 22 item sets (vignettes) of 4 multiple-choice questions each, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; 20 item sets are scored and 2 are unscored trial sets
Passing score: CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.
Number of questions: 88 multiple-choice questions in 22 item sets
Prerequisites: Passing the CFA Program Level I exam, and meeting the CFA Program enrollment requirements.
Who it's for: Candidates who have passed Level I and are working toward the CFA charter, including analysts, portfolio managers and other investment professionals who apply valuation and analysis tools to investment cases.

View the official exam guide (CFA Institute) ↗

What’s on the CFA Level II

Quantitative Methods5-10%
- Quantitative Methods
  Multiple regression and model misspecification, time-series analysis, machine learning and big-data projects.
Economics5-10%
- Economics
  Currency exchange rates and equilibrium value, and economic growth.
Financial Statement Analysis10-15%
- Financial Statement Analysis
  Intercorporate investments, employee compensation, multinational operations, financial institutions and quality of financial reports.
Corporate Issuers5-10%
- Corporate Issuers
  Dividends and share repurchases, ESG considerations, cost of capital and corporate restructuring.
Equity Valuation10-15%
- Equity Valuation
  Discounted dividend, free cash flow, market-based and residual income valuation, and private company valuation.
Fixed Income10-15%
- Fixed Income
  Term structure and interest rate dynamics, arbitrage-free valuation, bonds with embedded options, credit analysis models and credit default swaps.
Derivatives5-10%
- Derivatives
  Pricing and valuation of forward commitments and of contingent claims.
Alternative Investments5-10%
- Alternative Investments
  Commodities, real estate and real estate securities, and hedge fund strategies.
Portfolio Management10-15%
- Portfolio Management
  Economics and investment markets, active portfolio management, ETFs, multifactor models, market risk measurement and backtesting.
Ethics10-15%
- Ethical and Professional Standards
  The Code and Standards of Professional Conduct and their application.

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Free CFA Level II sample questions with answers

How to study for the CFA Level II

CFA Level II exam FAQ

How many questions are on the CFA Level II exam?: 88 multiple-choice questions in 22 item sets
What is a passing score on the CFA Level II?: CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.
What is the format of the CFA Level II exam?: 22 item sets (vignettes) of 4 multiple-choice questions each, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; 20 item sets are scored and 2 are unscored trial sets
Are there prerequisites for the CFA Level II?: Passing the CFA Program Level I exam, and meeting the CFA Program enrollment requirements.
Who should take the CFA Level II?: Candidates who have passed Level I and are working toward the CFA charter, including analysts, portfolio managers and other investment professionals who apply valuation and analysis tools to investment cases.