How to Study for CFA Level II

• According to the CFA Institute, CFA Level II pass rates are currently at around 45%.
• CFA candidates can expect to study for over 300 hours over the course of six to nine months to prepare for the exam.
• The format of the Level II exam consists of item sets or mini-cases rather than individual multiple-choice questions found on the Level I exam.
• Investment Management and Portfolio Concepts and your ability to apply these concepts in real-life scenarios are a focal point of the Level II exam.

How Much to Study for CFA Exam Level II

Just like the Level I CFA exam, you can expect a lot of studying for Level II, and likely even more. Successful candidates report studying for over 320 hours to prepare for exam day, an amount that works out to over 13 hours per week if you begin exam prep six months before the actual exam. Make sure to leave the final month exclusively for practice and review.

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On top of reading your study materials, you must also watch lecture videos to make the most of your study time. Keep the exam topic weights in mind as well, and prioritize topic areas that are areas of weakness as you go.

The topic weights are a bit more evenly distributed at Level II, although these can change from year to year. Be sure to prioritize areas like Portfolio Management, Financial Reporting and Analysis, Equity, Fixed Income, and the always crucial Ethical and Professional Standards.

Learn more about CFA Level II Topic Weights.

Next, you’ll want to cover Derivatives, Economics, Alternative Investments, Corporate Finance, Valuation, and Quantitative Methods.

This stage provides a great opportunity to explore a study group. Study groups are a great way to interact with other CFA candidates that are on the same path, learn together, and offer and receive feedback. Groups can also help with motivation and discipline and can help you absorb materials better than when you study by yourself. Check out Wiley’s Study Groups page to connect with other CFA candidates.

Since questions are now part of a group, your time per question will decrease, and each question is worth more. With that being said, learning how to manage your time is more important than ever and you must avoid information overload.

During mock exams try peeking at the questions before reading the entire vignette, giving you a better idea of what to look for when you read them more thoroughly. Wiley’s popular CFA Test Bank was created by experts in the field, designed to give you the edge you need to pass.

Get Your CFA Level II Test Bank.

Wiley’s extensive archive of study materials is perfect for your exam prep as well, giving you everything you need to be ready on exam day.

The Level II exam can change from year to year but was most recently made up of item sets of vignettes with 88 multiple-choice questions. Time management is key, and keeping track of your pace can make a big difference when you take the actual exam.

As you prepare and drill with practice exams, you’ll want to set aside 12-18 minutes per vignette depending on the number of questions presented. With this in mind, you may want to consider implementing deadline times during your study sessions to keep yourself on track.

Wiley’s CFA Level II Review Courses cover each and every Learning Outcome Statement (LOS) in the CFA Program Curriculum and are designed to help you stay on track–telling you exactly where you need to focus so you study smarter, not harder.