2024/2025 Level 2 CFA® Exam Summary

CFA exam / Level 2

Level 2 CFA Exam
Is 3x a Year

Level 2 CFA exam is the second of the three levels of the CFA exam, a prestigious financial certification introduced and held worldwide by CFA Institute. The level 2 exam is organized 3 times a year, in May, August, and November. To take your level 2 exam, first you need to pass your level 1 CFA exam.

1. Level 2 CFA Exam Dates
2. 2024 Level 2 CFA Exam Dates
3. 2025 Level 2 CFA Exam Dates
4. How to Register for Level 2
5. CFA Exam Fees & Registration Deadlines
6. Scheduling & Rescheduling Deadlines
7. Level 2 Topics & Their Weights
8. Level 2 CFA Exam Study Plan
9. Free Study Materials
10. CFA Exam Day
11. CFA Exam Policies
12. Level 2 Pass Rates
13. Level 2 Results

Level 2 CFA Exam Dates

Some 2025 level 2 CFA exam dates (windows) are already available. You can register for the NOV 2024 level 2 CFA exam just until 7 August 2024.

Here are the nearest level 2 CFA exam dates:

20-24
Nov*

0 days until the exam

20-24 Nov*

0 days until the exam

21-25
May*

182 days until the exam

21-25 May*

182 days until the exam

27-31
Aug*

280 days until the exam

27-31 Aug*

280 days until the exam

* The dates indicate the exam window when you can self-schedule your level 2 exam. See how to schedule your CFA exam.

2024 Level 2 CFA Exam Dates

Here are all the 2024 level 2 CFA exam dates:

• MAY 2024 level 2 exam is from 22 to 26 May.
• AUGUST 2024 level 2 exam is from 27 to 31 Aug.
• NOVEMBER 2024 level 2 exam is from 20 to 24 Nov.

The length of the CFA exam window and seating availability may vary for different test centers and geographic regions.

The key 2024 CFA exam change for level 2 candidates involves the introduction of Practical Skills Modules (PSMs) beginning in May 2024.

2025 Level 2 CFA Exam Dates

Here are the already available 2025 level 2 CFA exam dates:

• MAY 2025 level 2 exam is from 21 to 25 May.
• AUGUST 2025 level 2 exam is from 27 to 31 Aug.

The length of the CFA exam window and seating availability may vary for different test centers and geographic regions.

• MAY 2025 level 2 CFA exam registration opens on 8 August 2024.
• AUG 2025 level 2 CFA exam registration opens on 6 November 2024.

How to Register for Level 2 CFA Exam?

Level 2 CFA exam registration follows the same rules that apply to the level 1 CFA exam. The only real difference is that you don't have to pay the enrollment fee anymore.

Here's how to register for the level 2 CFA exam step by step:

1. You already have your CFA Institute account, which is necessary to apply for a scholarship and register for your CFA exam.
2. If you’re eligible for a scholarship, apply for it before the scholarship application deadline and then wait for the official decision before you register for your level 2 exam [more about scholarships].
3. If you’re ineligible for a scholarship, register for your level 2 exam by paying relevant CFA exam registration fees (as we said, there's no enrollment fee for level 2 candidates).
4. After you register, you need to self-schedule your CFA exam date within your chosen exam window. The scheduling deadline is always a bit longer than the registration deadline and the rescheduling deadline is even longer.
5. Upon registration, you'll be asked to accept the Candidate Agreement.
6. Also, the Professional Conduct Statement needs to be submitted.

Level 2 CFA Exam Registration Fees & Deadlines

Each time you register to take and retake your level 2 CFA exam, you'll have to pay an exam registration fee. The amount of the fee depends on when you choose to register for the exam. Before you register, check if you're eligible for any of the CFA exam scholarships. CFA Program scholarships can reduce your exam cost substantially.

2024 Level 2 CFA Exam
Registration Fees & Deadlines

HIGHER 2024 CFA EXAM FEES!

The 2024 level 2 CFA exam fees increase compared to the 2023 fees. The higher 2024 CFA exam early registration fee is USD 940 (instead of USD 900) and the standard fee is as high as USD 1250 (instead of USD 1200).

The deadlines end at 11:59 p.m. ET.

2025 Level 2 CFA Exam
Registration Fees & Deadlines

EVEN HIGHER 2025 CFA EXAM FEES!

The 2025 level 2 CFA exam fees increase compared to the 2024 fees. The higher 2025 CFA exam early registration fee is USD 990 (instead of USD 940) and the standard fee is as high as USD 1290 (instead of USD 1250).

The deadlines end at 11:59 p.m. ET.

Level 2 CFA Exam Scheduling & Rescheduling

Don't forget to schedule your level 2 CFA exam after you register. Best do it asap 'cos CFA exam scheduling is done on a first-come first-served basis. CFA exam scheduling is free of any additional charge.

Mind that if you don't schedule your exam, you won't be allowed to take it and you'll forfeit your registration fee.

If your scheduled CFA exam date happens to be inconvenient, you can reschedule your level 2 exam if you pay USD 250 (per each re-appointment).

2024 Level 2 CFA Exam
Scheduling & Rescheduling Deadlines

The deadlines end at 11:59 p.m. ET.

2025 Level 2 CFA Exam
Scheduling & Rescheduling Deadlines

The deadlines end at 11:59 p.m. ET.

Level 2 CFA Exam Topics
& Their Weights

Level 2 CFA exam topics are the same 10 topics that you studied while preparing for your level 1 exam. In your level 2 CFA exam curriculum, the topics are covered in more detail compared to the level 1 curriculum.

In other words:

Level 2 CFA exam topics = level 1 topics but with different exam weights and exam focus, which moves from the general knowledge of investment tools to asset valuation.

All 10 level 2 topics are shown in the table below, with their exam weights given in ranges:

Level 2 CFA Exam Topics	Min Topic Weight	Max Topic Weight
Quantitative Methods	5%	10%
Economics	5%	10%
Financial Statement Analysis	10%	15%
Corporate Issuers	5%	10%
Equity Investments	10%	15%
Fixed Income	10%	15%
Derivatives	5%	10%
Alternative Investments	5%	10%
Portfolio Management	10%	15%
Ethics	10%	15%

The topic sequence given in the table is the same as in your level 2 CFA exam curriculum. However – in our Study Planner – we propose a better level 2 topics order where the 5-10% and 10-15% topics are coupled together and the similarity of concepts between the topics is often taken into consideration. Also, you can personalize the topic sequence even further if you wish!

Level 2 CFA Exam Study Plan

The majority of level 2 candidates start their CFA exam prep 5 or 4 months before the exam. That's why we prepared these blog posts with sample study schedules for level 2 candidates, where you'll find level 2 topic deadlines timetabled and the topics divided into recommended study blocks:

5-month Level 2 CFA Exam Study Plan

4-month Level 2 CFA Exam Study Plan

Want to create your personalized level 2 study plan now? Here:

Free Level 2 CFA Exam Study Questions & Videos

If you're looking for some free level 2 questions to help you prepare for your CFA exam, we've got some item set samples for you. Check them out and practice the characteristic level 2 exam format:

• FREE LEVEL 2 SAMPLE QUESTIONS
• LEVEL 2 MOCK EXAM

Also, try our free videos. We suggest you use them twice. First – to get familiar with the most important concepts before you dive into your books. Then, after you study your books – to revise & make sure you finally know everything there is to know about the topic:

• FREE LEVEL 2 VIDEOS

Level 2 CFA Exam in CBT Format

Ever since the CFA exam moved to computer-based testing, the level 2 CFA exam is approx. 4.5 hours long. Your exam will be divided into two sessions, 132 minutes each, with an optional break meanwhile. You can expect 11 item sets per exam session, which means 88 multiple-choice questions altogether (divided into the item sets).

CBT CFA Exam Day, Level 2
30 minutes allotted to pledge, tutorial, and survey
SESSION 1: 132 min	11 items sets, 44 questions
OPTIONAL BREAK: 30 min
SESSION 2: 132 min	11 items sets, 44 questions
TOTAL TESTING TIME: ca. 4.5 hrs
WHOLE EXAM DAY: MAX. 5.5 hrs

Level 2 CFA Exam Structure Explained

This is how the level 2 CFA exam is now structured:

• there's a total of 88 multiple-choice questions,
• every exam session has 44 multiple-choice questions, each worth 3 points,
• multiple-choice questions are formed into item sets topped by vignettes, i.e. case description to which the questions refer,
• there are 4 multiple-choice questions per item set,
• there are 22 item sets altogether, 11 item sets per session.

20 out of the 22 item sets are scored and the remaining two are expected to be trial questions. Topics may be placed randomly between the sessions. Also, each vignette will be topped with information about the TOPIC and the total number of points possible to score, e.g.:

• TOPIC: QUANTITATIVE METHODS
• TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS

CFA Exam Checklists & Policies

CFA Program policies are the same for all levels. In 2021, many new rules were introduced due to computer-based testing. Moreover, in 2023, some of the rules were made less strict with the COVID-19 pandemic in retreat.

Every CFA candidate should be familiar with the policies and rules that govern the CFA exam. That's why we've prepared:

• CFA exam rules summary,
• CFA exam day checklists.

Higher Level 2 CFA Exam
Pass Rates?

The average level 2 CFA exam pass rate is now 45%, which is higher than the average level 1 pass rate of 41%. Here are some most current level 2 pass rates:

Level 2 CFA Exam Pass Rates
May 2021	40%
Aug 2021	29%*
Nov 2021	46%
Feb 2022	44%
Aug 2022	40%
Nov 2022	44%
May 2023	52%
Aug 2023	44%
Nov 2023	44%
May 2024	59%
Aug 2024	47%

NOTE: In 2022, the level 2 CFA exam was held in Feb instead of May.
* See also why CFA exam pass rates were so low.

Level 2 CFA Exam Results

CFA Institute intends to release level 2 CFA exam results in 5-7 weeks after the exam window ends. In the past, CFA Institute had up to 60 days to announce level 2 scores but this changes due to computer-based testing.

Here's our most optimistic educated guess about when level 2 CFA exam results for the 2024/2025 CFA exams should be available:

* This educated guess is based on the information that CFA Institute intends to release level 2 CFA exam results in even 5 weeks after the close of the exam window + CFA exam results have usually been announced on Tuesday or Thursday.

As always, you’ll get your PASS or DID NOT PASS result by e-mail. For more detailed information, you should visit your CFA Institute website account. You can also read on our blog about what to do after you get your exam score .

Read Also:

• 2024+ CFA Program Changes
• Level 2 CFA Exam Topics
• Level 2 Sample Questions