Level 2 CFA® Exam Study Plan for AUG 2022 Candidates

CFA exam / Study plans / Level 2 AUG 2022, 4-month


For all level 2 candidates who want to start their CFA exam prep in May 2022, here's our advice on the optimal 4-month level 2 CFA exam study plan and preparation.

CFA Exam: Level 2 is Different than Level 1


Before we proceed with the CFA exam study plan for level 2 candidates, first let us name 3 key issues that distinguish level 2 CFA exam from level 1 CFA exam:


The format of level 2 CFA exam is different compared to level 1 exam. No longer will you get a standard multiple-choice test. Level 2 exam consists of the so-called item sets (mini-cases). An item set includes a case statement called a vignette (it's like a short story description) and from 6 to 4 multiple-choice questions to match the description. What stays the same is that for every multiple-choice question 3 answers are provided and only one is correct.

What's the consequence of such a change in level 2 compared to level 1 exam format?

It's more difficult owing to the item set format but you have more time per question.

Approximately, it's 3 minutes to cope with one multiple-choice question (it was 1.5 minutes in your level 1 exam) it's about 12 to 18 minutes per one item set (recall: one vignette supports from 4 to 6 multiple-choice questions) you can expect 44 multiple-choice per exam session, i.e. 88 multiple-choice choice questions overall (here, you can find our prediction about the number of item sets in the level 2 exam).

Have a look at sample level 2 questions here


Even though you will be tested in the same 10 topics you studied during your level 1 exam, you need to be prepared to apply your knowledge more deeply this time.

The problems you will have to solve when taking your level 2 CFA exam are highly detailed problems. Based on the opinions of those who took the exam, you can expect practically anything from your level 2 Curriculum.

It means that you need to be more analytical while studying and pay more attention to detail.


In comparison with the level 1 exam, level 2 CFA exam topics have different weights. The topics with the highest weights are Equity, Financial Statement Analysis (aka. Financial Reporting & Analysis), Fixed Income, Ethics, and Portfolio Management: all with the topic weight of 10-15%. The other 5 topics, namely Derivatives, Corporate Issuers (aka. Corporate Finance), Quantitative Methods, Economics, and Alternative Investments, are given a weight of 5-10%.

As you can see, all the topic weights for level 2 are given in ranges, which means that the exact number of questions per topic is less predictable and may vary from exam to exam (to see our prediction, go here ).

Also, as of June 2019 exam, there's a change in topic weights. In the past, Equity was the most important topic with a weight of 15-25%, which had to be taken into account when planning the CFA exam prep. Now, as many as 5 topics are given the same importance ranging from 10 to 15%. This means you should devote a similar effort to all these topics because you may expect a similar number of questions for these 5 topics. However, the Equity topic in your level 2 Curriculum hasn't changed much, which makes it still quite lengthy and important.

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. Because the change is quite recent, we still use the well-known old names here.

Managing Level 2 CFA Exam Prep

Because of the crucial differences in both the FORMAT and the CONTENTS of level 2 vs level 1 exam, you should arrange your level 2 exam preparation accordingly.

First of all, you have to solve as many mini-cases as possible to get thoroughly familiar with the form of the exam.

Secondly, to get acquainted with all the required study content, we recommend that you generally use your level 2 Curriculum. To facilitate your studying process, however, you might want to use some complementary study materials like video lectures, tests, or formulas app. They can definitely be helpful in getting the big picture, revising the study content, and getting the necessary practice.

Thirdly, our advice is that you take the 4 most important level 2 topics seriously. We think that's the right way to go when you know you can expect the greatest number of questions on these 4 topics.

That's why we allowed for lots of Equity, Ethics, FRA, and FI in our free CFA Exam Study Planner for level 2 candidates:

If you go for the paid version, you will also get access to 50 exam-type item sets and tons of... videos, tests, and formulas!

Level 2 CFA Exam Study Plan: Assumptions & Timing

We begin our 4-month level 2 CFA exam study plan on 2 May 2022 and end it on 29 August 2022. The last three weeks are devoted to Final Revision when you should try to do as many mock exams as possible.

The study plan is divided into topics (5 Study Blocks) and we believe that the sequence is just optimal as it focuses on Ethics, Equity, Fixed Income, and FRA first. The time scheduled for each topic depends on its difficulty, the number of pages in the Curriculum and the number of questions devoted to the topic on the exam (here possible number of level 2 questions ).

START: 2 May 2022

1st Study Block (2/May – 24/May)

  • Equity Investments
  • Fixed Income
  • EI+FI Review

2nd Study Block (25/May – 13/June)

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

3rd Study Block (14/June – 4/July)

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

4th Study Block (5/July – 24/July)

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

5th Study Block (25/July – 7/Aug)

  • Alternative Investments
  • Ethics
  • AI+ETH Review

FINAL REVIEW (8–29 Aug 2022)

END on 29 August 2022

The AUG 2022 level 2 exam window lasts from 30 Aug to 3 Sept 2022. So, you can have from 3 to 4 weeks of – what we call – Final Review. Basically that's when you should do as many mock exams as possible!

Level 2 CFA Exam Study Schedule in 4 Months

Level 2 Topics AUG 2022 Exam Deadlines
Equity Investments 15 May 2022
Fixed Income 23 May 2022
EI+FI Review 24 May 2022
Financial Reporting and Analysis 5 June 2022
Derivative Investments 11 June 2022
FRA+DI Review 13 June 2022
EI+FI Review 13 June 2022
Quantitative Methods 24 June 2022
Corporate Finance 30 June 2022
QM+CF Review 4 July 2022
EI+FI+FRA+DI Review 4 July 2022
Portfolio Management 15 July 2022
Economics 20 July 2022
PM+ECO Review 24 July 2022
EI+FI+FRA+DI+QM+CF Review 24 July 2022
Alternative Investments 31 July 2022
Ethics 6 Aug 2022
AI+ETH Review 7 Aug 2022
Final Review 29 Aug 2022

This is a sample 4-month level 2 CFA exam study plan. But you can have your own personalized study schedule, available at pay-what-you-can prices:

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

CFA Exam Study Planner: PLAN VIEW

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 schedule using your Study Plan personalization options and the DRAG & DROP for both topics and study weeks.

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). Here, you'll also find your study lessons, including videos, tests, PDFs, etc. At the end of the week, your hard work will be evaluated (hit the SUM UP button).

CFA Exam Study Planner: PROGRESS View You will be able to see your progress by topics and weeks. Each week your Chance to Pass score will go up or down.

CFA Exam Study Planner: PROGRESS VIEW

CFA Exam Study Planner: REVIEW View To learn, you must review. Use the special view of your Study Planner to review your study lessons, rewatch videos, revise formulas, etc.

CFA Exam Study Planner: REVIEW VIEW

Last Update: Feb 23, 2022

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