FEB 2022 Level 2 CFA® Exam in 5 Months with Reliable Study Plan

CFA exam / Study plans / Level 2 FEB 2022, 5-month


5-Month Level 2 CFA Exam Study Plan: Intro

If you’re about to take your level 2 CFA exam in February 2022, it’s a perfect time to take up your preparation. Tempted to wait just a little bit longer, a week or a month perhaps? Naaah... Better pull up your sleeves and start right away. Especially that the level 2 exam can be a real tough one.

Below, you will find how to prepare for the level 2 exam using a reliable 5-month level 2 CFA exam study plan. Our preparation is divided into 5 Study Blocks, each ending with some topics revision. Spaced revision sessions allow to overcome the forgetting curve, which can be quite steep for such a voluminous study content.

Before you go to the details of this study plan, however, take your time to learn a few key issues about the level 2 preparation.

What Should I Know About Level 2 CFA Exam?

First of all – as of 2021 – level 2 CFA exam is transitioned to computer-based testing. It means that the exam will be delivered on computers in proctored test centers around the world.

Secondly, in some aspects the level 2 exam is more difficult compared to the level 1 exam. The level 2 CFA exam pays great attention to detail and requires analytical skills. Additionally, the format of the exam changes. For level 2, traditional multiple-choice questions are composed into the so-called item sets.

An item set consists of a vignette (approximately one-page long description) + 4 to 6 multiple-choice questions (related to the vignette). Every exam session includes 44 multiple-choice questions grouped into item sets (here, you can find our prediction about the number of item sets in the level 2 exam). You should still have around 12-18 minutes per one item set. It’s not much when you think of quite lengthy vignettes you must read in order to answer the questions. The vignettes will include tons of data, some of which may prove totally irrelevant.

Another unique thing about level 2 CFA exam prep is topics. There are still 10 topics for level 2 (like for level 1) but the topic weights ranges change. Equity, Fixed Income, Financial Statement Analysis (aka. Financial Reporting & Analysis), Portfolio Management, and Ethics have the greatest weight. For all level 2 topic weights, see the table further below.

What study materials should I use to prepare
for my level 2 CFA exam?

Because of the detailed nature of level 2 exam, it is believed that the CFA Program Curriculum is the best source of knowledge for level 2 candidates.

We also believe so, and this is why we encourage you to use your CFA Program Curriculum as much as possible, especially since you’re a 5-month study plan user and still have much preparation time at your disposal.

Still: Though the curriculum is the best source of knowledge, it doesn’t mean it’s best for knowledge retention. Particularly during the revision sessions, you should also depend on reliable complementary materials. Choose those presenting the curriculum in the most digestive and user-friendly way.

Will I find any interesting
level 2 study materials at Soleadea?

Sure you will, both free and paid.

First, check our CFA Exam Study Planner. Inside you will find some free level 2 videos and item sets.

If you like them, you’ll be able to purchase as many as 40+ hours of to-the-point L2 videos and 50 item sets.

Our videos are short but exhaustive and let the knowledge sink in. The item sets, which are constructed like exam-type questions (vignette + multiple-choice questions), make a perfect practice tool. We strongly believe that doing exam-type questions is a key to success. That’s why it’s important for the tests you do to have the right format.

How To Use CFA Program Curriculum?

CFA Program Curriculum presents the study material in diversified ways. Apart from the plain subject-related text, after most of the readings you will also find the so-called end-of-reading questions. Moreover, you can find numerous examples throughout the readings. These are perfect for practice and they should be duly analyzed.

Pay attention particularly to those questions that are constructed into item sets to get used to the exam format from the very beginning.

Learn formulas systematically. You can write down the CFA Program Curriculum formulas and repeat them often. You can also use the shortcut way and get the ready-made level 2 formulas e-book. Also inside our CFA Exam Study Planner, you will find a special Formulas App to practice the formulas on an everyday basis.

Like for level 1, follow the LOSes enumerated before every chapter. Also, make use of the bolded terms and concepts that indicate what you should know after each reading.

L1 vs L2:
Exam Prep Hints

You had your way of preparing for the level 1 CFA exam. If you feel it worked, follow the route.

First, however, apply some constructive criticism to your level 1 preparation. If after thorough analysis you find things you could do better, improve your studying strategy.

Level 2 CFA Exam Topic Characteristics

Level 2 CFA exam topic weights are given in ranges. The most important topics in the level 2 exam are Equity, FRA, and Fixed Income (plus, of course, Ethics). For these 4 topics, you can expect even up to 60% questions.

Note that in your 2022 CFA exam curriculum, you will find new names for 2 topics. Financial Reporting and Analysis, FRA for short, changes its name to Financial Statement Analysis and Corporate Finance to Corporate Issuers. Still, the topics cover the same substance. Because the change is quite recent, we still use the well-known old names here.

The table below presents the most crucial information on level 2 topics:

Number of pages in Curriculum Minimum topic weight Maximum topic weight No. of questions per topic* Topic efficiency
Ethics 231 10% 15% 10-12 6.5
Quantitative Methods 375 5% 10% 6-8 2.4
Economics 195 5% 10% 6-8 4.6
Financial Reporting and Analysis 400 10% 15% 10-12 4.0
Corporate Finance 287 5% 10% 6-8 3.1
Equity Investments 605 10% 15% 10-12 2.6
Fixed Income Investments 309 10% 15% 10-12 4.9
Derivative Investments 140 5% 10% 6-8 7.1
Alternative Investments 245 5% 10% 6-8 3.7
Portfolio Management 342 10% 15% 10-12 3.5

* estimated based on the minimum and maximus level 2 CFA exam topic weights and knowledge of exam format

The first four columns need no explanation. The last column concerns topic efficiency, which is defined as the number of questions in the exam per 100 pages of the CFA Program Curriculum:

\(\text{E}=\frac{\text{Q}}{\text{N}}\times\text{100 pages}\)


  • E – topic efficiency,
  • Q – estimated average number of questions for a topic,
  • N – number of pages on a topic in the CFA Program Curriculum.

For example, if the efficiency for FRA is 4, it means that in the exam you will find about 4 questions per every 100 pages on FRA in the Curriculum.

Taking this criterion into consideration, we can divide the topics into 3 groups:

  • High topic efficiency: DI, ETH, FI
  • Moderate topic efficiency: ECO, FRA, AI, PM
  • Low topic efficiency: CF, EI, QM

The topic efficiency criterion may come in handy if you run out of time and need to reconsider how much you’re going to spend on each topic. Of course, some other variables, like e.g. topic weights, need to be accounted for then as well.

How to Prepare for Level 2 CFA Exam?
5-Month Study Plan Detailed

We begin this 5-month level 2 CFA exam preparation on 13 Sept 2021 and end on 21 Feb 2022. Meanwhile, there's a weekly pause in studying whose date you can personalize if you indeed opt for a short holiday. The whole preparation period is divided into 5 Study Blocks, each ending with some topic review sessions:

START on 13 Sept 2021

1st Study Block (13/Sept – 15/Oct)

  • Equity Investments
  • Fixed Income
  • EI+FI Review

2nd Study Block (16/Oct – 7/Nov)

  • Financial Reporting & Analysis
  • Derivative Investments
  • FRA+DI Review
  • EI+FI Review

suggested dates: 8 – 14 Nov

3rd Study Block (15/Nov – 11/Dec)

  • Quantitative Methods
  • Corporate Finance
  • QM+CF Review
  • EI+FI+FRA+DI Review

4th Study Block (12/Dec – 6/Jan)

  • Portfolio Management
  • Economics
  • PM+ECO Review
  • EI+FI+FRA+DI+QM+CF Review

5th Study Block (7/Jan – 23/Jan)

  • Alternative Investments
  • Ethics
  • AI+ETH Review

FINAL REVIEW (24 Jan – 21 Feb 2022)

END on 21 Feb 2022

The February 2022 level 2 exam window lasts from 22 to 26 February 2022. So, you can have from 4 to 5 weeks of – what we call – Final Review. Basically that's when you should do as many mock exams as possible!

Note that while using our CFA Exam Study Planner you can easily choose your own the topics sequence – there's drag&drop for topics in your study plan options when you go to the PLAN view of your study schedule.

With 5 months to your exam, we think you can surely afford 1 week off studying (when exactly is your choice!). Such a break has 2 functions. On the one hand, it allows you to recharge batteries in the middle of your exam preparation. On the other hand, it motivates you to work hard on the first few topics. It’s like an award for those who follow the plan!

5-Month Level 2 CFA Exam Study Schedule: Topic Deadlines

Your level 2 CFA exam study schedule + 1 week off studying has been timetabled below. Deadlines are given for all 10 level 2 topics and your topic review sessions:

Level 2 Topics FEB 2022 Exam Deadlines
Equity Investments 1 Oct 2021
Fixed Income 11 Oct 2021
EI+FI Review 15 Oct 2021
Financial Reporting and Analysis 26 Oct 2021
Derivative Investments 3 Nov 2021
FRA+DI Review 7 Nov 2021
EI+FI Review 7 Nov 2021
*HOLIDAYS* 14 Nov 2021
Quantitative Methods 20 Nov 2021
Corporate Finance 5 Dec 2021
QM+CF Review 11 Dec 2021
EI+FI+FRA+DI Review 11 Dec 2021
Portfolio Management 22 Dec 2021
Economics 30 Dec 2021
PM+ECO Review 6 Jan 2022
EI+FI+FRA+DI+QM+CF Review 6 Jan 2022
Alternative Investments 12 Jan 2022
Ethics 21 Jan 2022
AI+ETH Review 23 Jan 2022
Final Review 21 Feb 2022

*suggested dates*

NOTE: If you set up your personalized study plan,
the deadlines will get adjusted.

Here’s a sample CFA exam study schedule as displayed in our new Study Planner 4.0:

CFA Exam Study Planner: PLAN VIEW

You will find your Study Plan in the PLAN tab View all the weeks of your CFA exam prep, see how much you’ve done and how much is still ahead of you, as well as customize your plan using both your Study Plan personalization options and the DRAG & DROP feature.

CFA Exam Study Planner: STUDY VIEW

CFA Exam Study Planner: STUDY View You will be asked to focus on your current week of studying. You will know what to study (left-hand menu) and how much to study (benchmark study times). At the end of the week, your hard work will be evaluated (hit the SUM UP button).

Updated: Sept 8, 2021

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