LAST UPDATED: May 19, 2020

Level 2 CFA® Exam

CFA exam / Level 2

IMPORTANT: Due to COVID pandemic, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration globally. Read more here

Level 2 exam is the second of the three levels of CFA exam, a prestigious financial certification introduced and held worldwide by CFA Institute. The level 2 exam is organized once a year, in June. In 2020 – it's on Saturday, June 6. To take your level 2 exam, first you need to pass your level 1 exam.

Nearest Level 2 CFA Exam Date

June 2020


June 2020


NOTE: June 2020 level 2 candidates may choose to take their postponed exam either in December 2020 or in June 2021. You can read more here

Level 2 CFA Exam Fees
& Registration Deadlines

Each time you register to take and retake your level 2 exam, you'll have to pay a specific 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 CFA Institute scholarships. They can reduce your exam cost substantially.

register before:
register before:
Feb 2020
register before:
March 2020
(in 0 days)

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

Higher Level 2 CFA Exam
Pass Rates?

It is safe to say that level 2 pass rates are fixed at around 45%, which is higher than for the level 1 exam with the average pass rate of 43% over the last years.

2019 44%
2018 45%
2017 47%

Level 2 CFA Exam Topics
& Their Weights

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.

In other words, level 2 candidates are tested in the same 10 topics they studied during their level 1 exam. However, you need to be prepared to apply the knowledge more deeply. In your 2020 CFA exam curriculum, you will find 48 readings and the topics will be covered in more detail compared to level 1 curriculum.

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


Min Topic Weight Max Topic Weight
Ethics 10% 15%
Quantitative Methods 5% 10%
Economics 5% 10%
Financial Reporting and Analysis 10% 15%
Corporate Finance 5% 10%
Equity Investments 10% 15%
Fixed Income Investments 10% 15%
Derivative Investments 5% 10%
Alternative Investments 5% 10%
Portfolio Management 10% 15%


Is Level 2 CFA Exam Day Different?

Level 2 CFA exam (like level 1) consists of two 3-hour sessions, morning and afternoon. But this is where similarities end as far as the exam goes. There are 120 (not 240) multiple-choice questions altogether, 60 per each exam session. Moreover, the format of the exam changes. Questions are arranged into the so-called item sets beginning with vignettes (short cases forming the basis for the multiple-choice questions). Different item sets may have different numbers of multiple-choice questions, most probably from 6 to 4, and you can expect a total of 20 to 30 item sets in your level 2 exam (10-15 per session).

CHECK-IN 8.00 a.m. 1.00 p.m.
DOORS CLOSED 8.30 a.m. 1.30 p.m.
CFA EXAM 9.00-12.00 2.00-5.00
NO. OF ITEM SETS 10-15 10-15

IN 2021?

Even though CFA Institute is planning to introduce computer-based testing for level 1 exam as of 2021, there are no such plans for level 2. It is still going to be a pencil-and-paper exam given every June in test centers located around the world (note: you can submit a center change request). The nearest possible date of moving level 2 exam to CBT is 2023 but it's just a tentative plan.

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 sample study schedules beginning either in January or in February. You'll find there level 2 topic deadlines timetabled but also recommended study blocks presented. Here are the two most popular level 2 study plans:

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 straight away? 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:

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 for the topic:

CFA Exam Rules

CFA Program policies are the same for level 1 and level 2 exams. Most probably, you know them just well but we've prepared a detailed summary if you want to recall them. Just set up a free study plan and get access to our free CFA Exam Policies PDF.

Level 2 CFA Exam Results

As a rule, level 2 results are released on the same day as the results for level 1 exam. Below, you can find our prediction for the nearest level 2 CFA exam held in June 2020:

CFA Institute postponed the June 2020 CFA Exam administration globally due to the COVID pandemic. Read more about postponed exams here

results expected on:
28* July 2020

* This is our educated guess based on how CFA Institute released exam results in the past. The usual pattern: your exam date + 7.5 weeks + it’s almost always been Tuesday.

As always, you’ll get your PASSED or DID NOT PASS result to your e-mail. For more detailed information, you should visit your CFA Institute website account. And if you want to read more about CFA exam format or what to do after you get your exam scores, go here