Level II CFA Exam Study Plan

• In order to take the Level II CFA exam, you must have a bachelor’s degree or equivalent education and have passed the CFA Level I exam.
• The latest Level II CFA exam pass rates are around 40%.
• The CFA Level II exam consists of item sets made up of vignettes with 88 multiple-choice questions split evenly between the morning and afternoon sessions.
• Investment Management and Portfolio Concepts and your ability to apply these concepts in real-life scenarios become more important on the Level II exam.
• Wiley’s Level II CFA Program Study Guide will help you understand the material, retain your knowledge, and earn a passing score on exam day.

Creating your Level II CFA exam study schedule is a vital step as you move closer to earning your chartered financial analyst designation. Adopt some of the daily and weekly study plans that helped you succeed during your Level I sessions and be sure to pace yourself throughout the process.

Level II CFA Exam Prep Routine

Again, the lessons that got you through the Level I exam will help you as you create your Level II CFA exam prep routine. Remember what worked well and what did not, with a focus on organization and pacing. Starting your prep with six months or more means at least 11 hours per week will be required to reach the average study time successful candidates have employed. The earlier you get started, the less potential stress you’ll have to deal with as your exam date nears.

Consistency with your schedule is vital, whether you’re taking time to study daily or doing weekend intensives. If you can, stick to the same days and times of day as you prepare. And keep your mental and physical health in mind throughout the process, with a group of family and friends around you that are aware of your plan and that can support you each step of the way.

Boost your review with our Level 2 Study Guide that helps you identify and master specific topics that you may need additional reinforcement on to pass the first time.

A 2019 survey showed that Level II candidates spent an average of 328 hours studying for the Level II exam. You’ll need to allot anywhere from 6-9 months for preparation.

• With 9 months to prepare, you should aim for just over 9 hours of study per week
• With 6 months to prepare, you should aim for about 14 hours of study per week

Customize those hours to best fit your schedule—plan an hour or more of study time each day or map out longer weekend sessions if finding time during the workweek is difficult.

And if you’re choosing to start studying closer to the exam date, it’s wise to plan a series of 3- to 4-hour sessions to help you reach your goal without burning out. No matter what path you choose, Wiley’s CFA Level II Study Guides are a trusted resource worth exploring.

Below is a sample study planner timeline for your Level II CFA exam. Customize this study plan timeline based on your own personal strengths and weaknesses. Remember to review each topic area thoroughly.

Month 1: Focus on Equity Investments and Fixed Income and review both thoroughly.
Month 2: Focus on Financial Reporting & Analysis (FRA) and Derivative Investments and do a review of both.
Month 3: Focus on Quantitative Methods and Corporate Finance and review both thoroughly.
Month 4: Focus on Portfolio Management and Economics and review both thoroughly.
Month 5: Focus on Alternative Investments and Ethics and review both thoroughly.
Month 6: Even more review of all the material along with as many practice questions and mock exams as possible.

4-6 Months Before Taking CFA Level II Exam

As you step back into study mode, remember what worked well and what didn’t work as you prepared for the first CFA exam. Remember that consistency is a major factor in your success and that the healthy rhythms that helped you pass the CFA Level I are a foundation to work from as you prepare for the CFA Level II exam. You’ll be focusing on some important subjects like Equity Investments, Fixed Income, and FRA. And once you’ve covered each subject, you’ll need to make sure you’re constantly reviewing the materials with plenty of practice questions to stay sharp.

Want to be prepared for all types of questions on the Level 2 CFA exam? Study with our popular Level 2 CFA Test Bank to ensure you’re ready on exam day.

2-3 Months Before Taking CFA Level 2 Exam

You’re in the zone now. The healthy habits that carried you through the first exam are solidified and study sessions are as familiar as eating and sleeping at this point. The exam topics are familiar thanks to your dedication to the review plan and your confidence is growing. Quantitative Methods and Corporate Finance draw your focus, along with Portfolio Management and Economics. Wiley’s Level II CFA Program study materials are as important as ever during this stage, so be sure to take full advantage of all they have to offer.

Month Before Taking CFA Level 2 Exam

With an exam date nearing, you’re entering a vital part of the study process. With only weeks before the big day, it’s time to take things up a notch. Prioritize Ethics and Alternative Investments and continue to do tons of review on what you’ve already learned.

While you’re allotted around 3 minutes per question, take into account the time it will take to read each 1- to 2-page vignette as well. Continue to emphasize keywords and make summary notes as well, ensuring that you’re as ready as possible for the CFA Level II exam.

How to Study for the CFA Level 2 Exam in 9-12 months

If six months of preparation time doesn’t seem like enough to get ready for the Level II CFA exam, there are plenty of ways to pace yourself over a longer period. After all, many consider the Level II exam to be the most difficult, so a longer prep period might make the most sense. Wiley’s 2022 study materials are an invaluable resource, but be aware that you can over-prepare and run the risk of burning out before you make it to exam day.

How to Study for the CFA Level 2 Exam in 3 Months

We don’t recommend you only take three months to prepare for the CFA Level II exam, but there are many who want to speed things up. If you’re choosing the fast track, be sure to not push yourself too hard, as this level of intensity can be all-consuming. And even though Wiley’s 2022 study guides are not specifically designed for short-term studying, they can still act as a valuable resource as you speed through the materials on your way to test day.

As you map out your order of study for the CFA Level II exam, it’s important to understand how to prioritize topic areas based on how they are weighted, as well as your own personal areas of strength and weakness.

The curriculum for Level II of the CFA exam covers 10 different topics. The topics and weights change regularly, and the CFA Institute recently shared the details of the 2022 curriculum to help you prioritize.

Understand the CFA Exam Level II Question Format

For the Level II exam, the question format is different from Level I. Rather than 188 multiple-choice questions, the Level II exam uses item sets made up of vignettes with 88 multiple-choice questions. Each set of questions in the vignette is based on the same topic area, making your in-depth knowledge of each topic essential.

CFA Level II Exam Curriculum 2022

The curriculum for Level II of the CFA exam covers 10 topics, each of which is weighted. The topics and weights change regularly, but these are the most recent topics and weights shared by CFA Institute in 2022:

• Ethical and Professional Standards: 10-15%
• Quantitative Methods: 5-10%
• Economics: 5-10%
• Financial Reporting & Analysis: 10-15%
• Corporate Issuers: 5-10%
• Equity Valuation: 10-15%
• Fixed Income: 10-15%
• Derivatives: 5-10%
• Alternative Investments: 5-10%
• Portfolio Management: 10-15%

The topics and weights change regularly, but Wiley always has the latest details of the 2022 Program Curriculum and topic weights to help you prioritize.

Prioritizing Topics Areas

The topics and weights listed above should help you prioritize your customized study plan for the CFA exam. You’ll notice they are more evenly weighted than the Level 1 exam. This can make prioritizing tougher, so in addition to prioritizing the heavier weighted subjects, you’ll also want to spend more time on the topics that have challenged you the most. Here’s one way to prioritize for the CFA Level II exam.

• Start with Financial Reporting & Analysis. This heavily-weighted topic can be difficult depending on your experience. There is a smaller range of topics to master, but you’ll need to go into more depth on each topic.
• Fixed Income can come next. It carries a 10-15% weight and explores the valuation of bonds using the binomial tree approach.
• Equity Valuation might be the best next topic to tackle. It’s also weighted heavily and covers the valuation of stocks. Some Level 1 experience should come in handy here.
• Take on Quantitative Methods next. It’s not as heavily weighted but will help set the stage to better understand some of the upcoming subjects. Linear Regression, Multiple Regression, and Time Series Analysis are a few of the topics you’ll cover.
• Portfolio Management is up next, with a focus on the Markowitz minimum variance model along with the calculation of portfolio risk.
• Derivatives could be the best next step. This section is broken down into Forwards and Futures, Options, and Swaps. You’ll also learn about “Greeks,” which measure the effects of small changes in underlying asset value on the derivative instrument, among other things. Many consider this section to be one of the most difficult in Level II.
• Corporate Issuers can be next in line. Environmental, social, and governance (ESG) considerations in investment analysis are covered, along with mergers, acquisitions, and corporate restructurings.
• Alternative Investments will help you understand real estate valuation and analyze the performance of private equity funds. Consider this 5-10% weighted topic next.
• Economics can come next with a focus on foreign exchange rates and long-term growth and its relationship to investment returns.
• We will save Ethical and Professional Standards for last. This essential topic is very similar to the material covered in Level 1 but with added reading on Research Objectivity Standards.

No matter how many hours you’ve committed to preparing for the Level II exam, if you aren’t regularly reviewing all of the material, you lessen your chances to succeed.

With over 5,000 exam-style practice questions and over 90 hours of lectures from some of the best professors on earth, Wiley’s Level II CFA Program 2022 Curriculum will ensure that you understand, retain, and earn a passing score on exam day. Our materials are proven with students in over 100 countries and include unique features like adaptive review that customizes your studies based on your question-answering performance.

There’s no better time than now to begin preparing for the Level II CFA exam. And there’s no better way to prepare than with Wiley. Our 2020 SIIA CODiE award-winning best-in-class platform is geared towards your learning style and helps you study and retain more in less time. We also have a team of world-renowned expert instructors who bring their subjects alive, inspiring you to not just learn but understand. You’ll even be able to identify the areas you need to study the most and gain confidence for exam day with our reliable predictive score range.

These are just some of the reasons why Wiley’s CFA Program Exam Review is preferred by two out of three CFA candidates.