Level 2 CFA® Exam Study Plan for May 2021 Candidates

CFA exam / Study plans / Level 2 May 2021, 4-month


Congrats on your passed level 1 exam! For all level 2 candidates who start their CFA exam prep in February 2021, 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 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.

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, FRA, Fixed Income, Ethics, and Portfolio Management: all with the topic weight of 10-15%. The other 5 topics, namely Derivatives, Corporate Finance, Quantitative Methods, Economics, and Alternative Investments, are given a weight of 5-10%.

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.

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 1 February 2021 and end it on 21 May 2021. 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.

START on 1 February 2021

1st Study Block (1 Feb – 19 Feb)

1st Study Block (1 Feb – 19 Feb)

  • Ethics
  • Equity Investments
  • EI Review

2nd Study Block (20 Feb – 7 March)

  • Fixed Income
  • Derivative Investments
  • FI+DI Review
  • EI Review

3rd Study Block (8 March – 28 March)

  • Financial Reporting & Analysis
  • Corporate Finance
  • FRA+CF Review
  • EI+FI+DI Review

4th Study Block (29 March – 18 Apr)

  • Quantitative Methods
  • Portfolio Management
  • QM+PM Review
  • EI+FI+DI+FRA+CF Review

5th Study Block (19 Apr – 2 May)

  • Economics
  • Alternative Investments
  • ECO+AI Review
  • Ethics Review

FINAL REVIEW (3 – 21 May)

END on 21 May 2021

NOTE: May 2021 level 2 exam window is from 25 May to 1 June. If you manage to finish everything as planned on 21 May, you'll still have some time to relax before your exam, as well as to do some final touches and reviews. Also, read more about May 2021 level 2 exam here .

Level 2 CFA Exam Study Schedule in 4 Months

Level 2 Topics May 2021 Exam Deadlines
Ethics 3 Feb 2021
Equity Investments 17 Feb 2021
EI Review 1 19 Feb 2021
Fixed Income 28 Feb 2021
Derivative Investments 5 March 2021
FI Review 7 March 2021
DI Review 7 March 2021
EI Review 2 7 March 2021
Financial Reporting and Analysis 17 March 2021
Corporate Finance 25 March 2021
FRA+CF Review 28 March 2021
EI+FI+DI Review 28 March 2021
Quantitative Methods 7 Apr 2021
Portfolio Management 14 Apr 2021
QM+PM Review 18 Apr 2021
EI+FI+DI+FRA+CF Review 18 Apr 2021
Economics 25 Apr 2021
Alternative Investments 30 Apr 2021
ECO+AI Review 2 May 2021
Ethics Summary 2 May 2021
Final Review 21 May 2021

This is a sample 4-month level 2 CFA exam study plan. But you can have your own personalized study schedule, available in both free and paid version:

Below you can see both All Weeks and Current Week views of your 4-month level 2 study plan:

CFA Level 2 Study Plan: All Weeks View

Level 2 CFA Exam Study Plan: All Weeks View That’s where you can view all the weeks of your CFA exam prep to see how much you’ve done and how much is still ahead of you.

Also, here you can customize the plan to your needs using the DRAG & DROP feature (the icon) to move the readings around.

Level 2 CFA Exam Study Plan: Current Week View

Level 2 CFA Exam Study Plan: Current Week View You will be asked to focus on your current week of studying. Each week you will find some useful practice tools & compact study materials. At the end of the week, your hard work will be evaluated (hit the SUM UP button).

Last Update: Nov 6, 2020

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