CFA Level 2 Guide: Everything You Need to Know to Clear it!

If you have cleared CFA Level 1, you have already taken a big step forward towards your goal. The CFA exam has a total of 3 levels, but here we will focus on the CFA Level 2, which is considered tougher than Level 1. This level focuses more on application and not just theory. At this level, the students are tested on their abilities to apply their knowledge in various real-life situations related to assets and investment valuation. So, to understand more about this level, let’s go through this guide on CFA Level 2 to help students better prepare for this level.

Exam Dates 2025 for CFA Level 2

Knowing about the exam dates will help you to stay updated on the recent changes in CFA exam. Here are the exam dates for the upcoming CFA Level 2 examinations- 

May 21, 2025- May 25, 2025

August 27, 2025- September 31, 2025

November 19, 2025- November 23, 2025

Eligibility Criteria for CFA Level 2

It is important for applicants to fulfil certain eligibility criteria to sit for the exam. Listed below are the prerequisites to appear for the CFA Level 2 exam:

1. You must have passed the CFA Level 1 exam to register for the Level 2.

2. You should have an international travel passport as your official ID during exam registration.

3. To appear for the CFA Level 2, you must have a bachelor’s degree (or equivalent), or
Be in your final year of a bachelor’s program. Apart from that, work experience of 3 years is a must.

4. English Language Proficiency, as the CFA exams are conducted in English.

5. You must agree to follow the CFA Institute Code of Ethics and Standards of Professional Conduct during registration and follow all exam rules.

Exam Pattern for CFA Level 2

To ace any exam, it is important to be fully aware of the structure and pattern followed. Tabulated below is the framework of the CFA Level 2 exam 2025:

Feature	Details
Exam Format	Computer-based, item set questions
Total Questions	88 MCQs (44 per session)
Number of Sessions	2 (Morning & Afternoon)
Session Duration	2 hours 12 minutes each
Total Exam Time	4 hours 24 minutes
Question Type	Case-based MCQs (vignettes + 4 or 6 questions)
Marking Scheme	No negative marking
Result Timeline	Within 6–8 weeks after the exam

CFA Level 2 Exam Details

If you want to appear and complete the CFA Level 2 exam, you need to ensure you have a bachelor’s degree or any other type of relevant education. Without passing the CFA Level 1 exam, you cannot appear in the Level 2 exam. The candidates also need to have at least three years of work experience before appearing in the exam.

Candidates will have six hours to complete the CFA Level 2 exam. The cost of enrolment usually varies from one year to another. The results will be available 60 days after the exam.

CFA Level 2 Question Format

The exam format of CFA Level 2 includes a vignette followed by either 6 or 4 multiple-choice questions. There will be 44 multiple-choice questions in 2 sets, making a total of 88 questions for the entire exam. Each question would be of three points. To answer every question, it would be necessary for the applicants to refer to the given vignette before selecting the right answer. 

Important Topics for CFA Level 2

At the CFA Level 2 exam, the topics are primarily focused on investment tools, where the focus is less on portfolio management and asset valuation. However, when you’re planning to appear in the CFA Level 2 exam, the focus topic will shift more towards the different types of asset classes, despite the fact that the investment tools will still have a higher weightage. The CFA Level 2 exam is more focused on the application and analysis of the concepts.

The topics of the curriculum can be grouped into four different parts:

• Asset Classes
• Professional and Ethical Standards
• Investment Tools
• Portfolio Management and Wealth Planning

The syllabus of the CFA course is vast and in order to ace the exam, it is important to be well-versed in the topics that form an integral part of this exam. Given below are some of the topics and their weight in the CFA Level 2 exam:

SUBJECTS	WEIGHT
Ethical and Professional Standards	10-15%
Quantitative Methods	5-10%
Economics	5-10%
Financial and Reporting Analysis	10-15%
Corporate Finance	5-10%
Equity Investments	10-15%
Fixed Income	10-15%
Derivative Investments	5-10%
Alternative Investments	5-10%
Portfolio Management	5-15%

Also Read: courses for Commerce students 

CFA Level 2 Exam Fees and Registration

Prepare for the CFA Level 2 examination, applicants will be required to pay a specific amount of registration fee for each registration that they make. The amount of the registration fee deposit and exam fee depends on the dates you pick for the exam. Stated below are the exam fees and registration fees for CFA Level 2 2025.

CFA Level 2 Exam Fees for 2025

The examination fees for CFA Level 2 id divided into three parts. The table below will help you to understand these sections, along with the exam fee.

Fee Type	Amount (USD)	Details
Early Registration Fee	USD 940	Best value: Register early to save money
Standard Registration Fee	USD 1,250	Regular pricing for those who need more time
Rescheduling Fee	USD 250	Charged if you change your exam date or location

CFA Level 2 Registration Fees

There are three registration windows for the CFA Level 2 exam. The details about these registration windows are given below, along with the other crucial details:

Registration Type	Deadline	Key Info
Early Registration	Opens ~August	Cheapest option, best for early planners
Standard Registration	The last few months before the exam	More expensive, but still affordable
Final (Late) Registration	Midway through the cycle	Last few months before the exam

Hours Required to Complete CFA Level 2

Candidates are allowed to customise their profession and match their potential as per their own needs. To complete the CFA Level 2 examination, stated below are the recommended number of hours that one must stated in

• On average, candidates are advised to put in at least 328 hours of studying for this level.
• Since the CFA Level 2 exam is self-paced, the time spent on preparation can vary. However, candidates would have to spend about 27 hours per month if they are spending a year on preparation.

What to Bring to the CFA Exam 2025?

Keep in mind that not all materials are allowed to be used during the CFA exam 2023. If you don’t know much about the list of approved and non-approved materials, you might face problems during the exam.

Materials You Can Bring to the CFA Exam 2025

Here is the list of materials that you need to bring to your CFA exam 2025. Failing to produce these materials or documents might make you disqualified for the exam.

• International Passport: The most important document you need to carry during your CFA exam 2025. The passport will work as your identification.
• CFA Admission Ticket: The CFA Institute will inform you when the ticket is available. You need to download a copy and make a printout of the ticket.
• An Approved Calculator: Calculators are allowed in the CFA exam, but it has to be either Hewlett-Packard 12C or TI BAII Plus. Make sure you carry an extra pair of batteries.
• Pencils: Use #2 and sharp pencils. You also need to carry a sharpener as well as an eraser.
• Wristwatch: Wristwatches are allowed. But it has to be analogue and not digital. Smartwatches might disqualify you immediately.
• Jacket: It might get cold in the room, so make sure you carry a jacket.
• Earplugs: Consider bringing a pair of earplugs to avoid distractions.

Materials You Should Not Bring in CFA Exam

Now that you know the list of materials you need to bring to the CFA exam 2025, you also need to know the materials that you must not bring to the exam room. Such items are banned, and the exam invigilator might cause problems.

• Food
• Phone
• Drinks
• Unapproved calculators
• Smartwatches
• Tablets
• Highlighters
• Computers
• Scratch paper
• Rulers

Tips and Tricks to Excel in CFA Level 2

The CFA Level 2 is considered one of the toughest levels of the certification program. The study plans used for the first level of CFA have to be revamped and have to align with the requirements of the second level. Listed below are some of the tips and tricks you can follow to ace the exam:

• Since the difficulty level of the examination is different from CFA Level 1, it is important to practice the difficult questions first. 
• Speedy reading is essential. The case studies can be 1 or 2 pages long. So you might not get enough time to read the whole passage and sort out the relevant points.
• Double the time you devoted to clearing your CFA Level 1 examination. For example, if you used to study 2 to 3 hours a day, double your study time to at least 4 to 6 hours a day. 
• Know the weight of each topic/subject for the second level. Focus on the topics that have more weight.
• Practice mock papers to increase speed and accuracy. 

CFA Level 2 Exam Day Insights 

Plenty of changes have been made in the exam details of CFA Level 2, including the reduction of exam duration to approximately 4.5 hours.  For those who are looking forward to appearing for the CFA Level 2 examination, here are some of the essential insights of the exam day- 

Duration for Pledge, Tutorial and Survey	30 mins
Session 1	135 mins
Optional Break	30 mins
Session 2	135 mins
Total Duration	4.5 hours
Whole Exam Day Duration	5.5 hours average

FAQs

Related Reads:

Short-Term Courses in Finance	CMA Course
Highest Salary Jobs for Commerce Students	CFA Course

Hopefully, you are now familiar with the CFA Level 2 exam. If you are preparing for competitive exams but are not sure about how to get started with it then the experts at Leverage Edu will guide you in devising the strategy that can help you ace the exam with flying colours. You can also book a free 30-minute career counselling session with our mentors. Hurry up, book your slot now!