Are you preparing for the CFA Level II exam in 2025? This stage is crucial for finance professionals aiming to advance their global investment careers. Unlike Level I, the CFA Level II exam focuses on applying concepts to real-world scenarios using vignette-based questions, testing your analytical and practical skills.
In this complete, SEO-optimized guide by Career Plan B, you’ll discover everything you need—from the exam format, syllabus, and topic weights to expert preparation tips and career outcomes. Whether you’re a working professional or a full-time candidate, this breakdown will help you approach the exam with confidence.
Table of Contents
What Is the CFA Level II Exam?
The Level II exam builds on concepts from Level I and emphasizes applying investment tools, complex analysis, and portfolio concepts to real-world scenarios. It’s designed to test your ability to synthesize and apply knowledge through case-based vignettes.
CFA Level II Exam Structure
Exam Parameters
Format | Computer-based; Item-set (vignette-based) multiple choice |
---|---|
Questions | 88 item-set questions (22 vignettes, 4 MCQs per vignette) |
Sessions | 2 (each 2 hours, 12 minutes), optional break in between |
Duration | Total 4 hours, 24 minutes |
Question Style | Application of concepts to scenarios, not just recall |
Testing Centers | Prometric test centers globally |
2025 CFA Level II Exam Dates
CFA Level II is offered three times each year:
Exam Windows (Verify latest on CFA Institute site):
- May 2025 (registration typically closes February 2025)
- August 2025 (registration closes May 2025)
- November 2025 (registration closes August 2025)
Results: Usually released 5–7 weeks after your exam window.
Curriculum & Topics Covered
Level II shifts focus from simple comprehension to in-depth understanding and application. The exam covers the following main topics, each anchored in ethical and professional standards:
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Issuers
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management & Wealth Planning
Each vignette presents a detailed scenario, requiring integrated analysis across multiple concepts, with all questions reflecting the latest International Financial Reporting Standards (IFRS) unless otherwise mentioned.
Eligibility & Registration
- Eligibility: Must have passed Level I and fulfilled the CFA Institute’s entry requirements.
- Registration Process:
- Log in to your CFA Institute account
- Select preferred window/location
- Provide required identification (passport)
- Complete payment
- Documents: Valid international passport (mandatory for admittance)
Fees (2025 Cycle)
- Registration Fee: USD940 (early); USD1,250 (standard). Registration window determines fee.
- Additional Costs: Print curriculum (optional, extra charge)
- Scholarships: Access, Student, and Professor Scholarships are available—each with specific eligibility and deadlines.
How to Prepare for CFA Level II
- Recommended Study Time: 300+ hours. CFA Institute recommends steady, long-term study over “cramming.”
- Official Resources:
- CFA Learning Ecosystem: updated e-curriculum, item-set questions, mock exams, study planner
- Printed materials can be purchased after registration.
- Exam Strategy:
- Practice analyzing vignettes for integrated scenario-based problem solving
- Use official mock exams to simulate exam day pacing
- Focus on high-weight topics and ethics
- Allowed Calculators: Only Texas Instruments BA II Plus or HP 12C
Exam Day Essentials
- Bring your valid international passport and approved calculator (BA II Plus or HP 12C)
- Arrive early and dress comfortably—testing centers are climate-controlled
- No personal items at the desk; secure storage provided by site
Frequently Asked Questions (FAQs): CFA Level II
1.How often is Level II offered?
Three times a year—typically May, August, and November.
2.What is the pass rate for Level II?
Historical pass rates range from around 40–50%, but may vary by year.
3.Can you retake Level II if you fail?
Yes, there is no limit to the number of retakes.
4.Do I get digital curriculum access?
Yes, you’ll receive full e-curriculum access after registration. Printed materials are optional with an extra charge.
5.How are Level II questions different from Level I?
Level II uses case-study vignettes, requiring more analysis, application, and integrated reasoning—not just recall of facts or formulas.
6.What if I miss the exam?
Refunds are generally not offered (see CFA Institute policy); you may re-register for a future window.
7.Are there scholarships?
Yes: Access, Student, and Professor Scholarships—check details and apply early.
Still Unsure About CFA or Finance Careers? Contact Career Plan B
If you’re confused about whether CFA is the right move or how to balance it with work or studies, Career Plan B can help.
Our expert finance career counselors will:
Guide you through the CFA registration process
Help you build a custom CFA study plan
Show you alternative or backup career options in finance, investment, or analytics
Assist with scholarship guidance if eligible
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For the latest details, always consult the official CFA Institute website. This guide is based exclusively on CFA Institute sources for accuracy and authenticity.