CFA Level 2

4 minute read
CFA Level 2

It takes months of hard work and dedication to clear the CFA Level 1 exam. But clearing the second level of the Chartered Financial Analyst program is an uphill battle that requires backbreaking work. In this level, the students are tested on the abilities to apply their knowledge in the various real-life situations related to the assets and investment valuation. Since this level is one of the most important components of becoming a certified CFA, we, in this blog, will discuss all the details pertaining to the CFA Level 2 exam. 

CFA Level 2 2021 Exam Dates 

Here are the exam dates for the upcoming CFA level 2 examinations- 

25th May- 1st June 2021
31st August- 4th September 2021
26th- 30th November 2021

CFA Level 2: Eligibility Criteria

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

  • The candidates must hold a Bachelors’s degree or equivalent from a recognized university or an Institute. 
  • The applicant should also have at least 4 years of work experience or a combination of both university and work experience which totals at least 4 years.

Exam Pattern

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 2021:

Mode of Exam Online(Computer based)
Medium of Exam English
Number of Questions 44-45 item set questions/ session (Tentative)
Number of Sessions 2 sessions (2.25 hours each)
Type of Questions Vignette based multiple-choice questions

CFA Level Question Format

Exam format of CFA level 2 includes vignette followed by either 6 or 4 multiple-choice questions. In total, 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. 

CFA Level 2: Topics

The syllabus of the CFA course is vast and in order to ace the exam, it is important to be well-versed with 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:

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 registration fee deposit as per the dates you pick up for the exam. Stated below are the registration fee for CFA level 2 2021- 

May 2021-

Early Fee: $700 (INR 52,800) Standard Fee: $1000 (INR 72,000)
Registration Begins: 20 August 2020 Registration Begins: 4th November 2020
Registration Ends: 3 November 2020 Registration Ends: 23rd November 2020

August 2021-

Early Fee: $700 (INR 52,800) Standard Fee: $1000 (INR 72,000)
Registration Begins: 20th August 2020 Registration Begins: 2nd February 2021
Registration Ends: 2nd February 2021 Registration Ends: 4th May 2020

November 2021-

Early Fee: $700 (INR 52,800) Standard Fee: $1000 (INR 72,000)
Registration Begins: 19th January 2021 Registration Begins: 5th May 2021
Registration Ends: 4th May 2021 Registration Ends: 10th May 2021

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 recommended number of hours that one must put 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.

Tips and Tricks

The CFA Level 2 is considered as one of the toughest levels of the certification program. The study plans used for the first level of CFA have to be revamped and has 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 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 the relevant points out.
  • Double the time you devoted to clear 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 having more weight.
  • Practice mock papers to increase speed and accuracy. 

CFA Level 2 Exam Day Insights 

Plenty of changes are made in the exams details of CFA Level 2 including the reduction of exam duration to approximately 4.5 hours.  For those who are looking forward to appear for the CFA level 2 examination, here are some of the important 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

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 colors. You can also book a free 30 minutes career counseling session with our mentors. Hurry up, book your slot now!

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