How Hard Is the Level II CFA Exam?
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How Is the Level II CFA Exam Structured?
The CFA Level II exam involves 88 questions organized into 4- or 6-question item sets across two sessions, one in the morning and one in the afternoon. Each question in an item set draws information from a vignette describing various situations. Each vignette covers a specific topic area that will be examined randomly across the two sessions. Wiley offers an in-depth CFA Level II study guide and other resources to help you prepare.
Each section of the CFA Level II exam will have 44 questions, with each question worth 3 points.
For example:
TOPIC: QUANTITATIVE METHODS
TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
How Long Is the CFA Level II Exam?
The Level II exam is split into two halves of 2 hours and 12 minutes each, for a total testing time of 4 hours and 24 minutes. Each section consists of 44 questions.
Candidates may receive an optional 30-minute break between the two sections.
When Can I Take the Level II CFA Exam?
However, there are also registration deadlines, scheduling deadlines, and rescheduling deadlines beyond the exam date. As of today, the relevant dates for 2022 are as follows:
Level II Exam Date Window |
Registration Deadline |
Scheduling Deadline |
Rescheduling Deadline |
---|---|---|---|
Feb. 22–26, 2022 | NA | NA | NA |
Aug. 30–Sept. 3, 2022 | May 3, 2022 | May 25, 2022 | Jul. 30, 2022 |
Nov. 22–26, 2022 | Aug. 9, 2022 | Aug. 17, 2022 | Oct. 22, 2022 |
Learn more about the current CFA exam dates and schedule today.
Studying for the CFA Level II exam is self-paced, so candidates can prepare for the exam in a way that best matches their study methods and time constraints. While all levels of the CFA require hard work and adequate study time, setting a comfortable schedule can help ensure that first-time candidates successfully pass the CFA exams.
Since successful candidates from a 2019 survey spent an average of 328 hours studying for the exam, a similar amount is recommended for upcoming candidates. However, those 328 hours may be spread over two months of full-time study or a year of part-time study.
Create a CFA Level II exam study plan to ensure you can walk in confidently, ready to pass on exam day.
What Is the Pass Rate for the Level II CFA Exam?
Test results are available within 60 days of the exam window closing, which is the same for CFA Level I. Level III exam results are available within 90 days after the exam window closes.
Additionally, fewer candidates are sitting for the CFA exams in general. The CFA Institute puts much of the blame for recent down-trends on the disruption caused by the global pandemic.
CFA Level II vs. CFA Level III
All three levels of the CFA exam require precise time management skills.
CFA Level II exam difficulty is a good gauge for Level III difficulty. While the structure of the Level III exam includes both item-set questions and constructed-response questions, both have similar average pass rates.
The Level III exam requires candidates to apply skills previously demonstrated during the Level II exam. The CFA Level III exam also expects candidates to draw upon their judgment and writing abilities.
The knowledge required to pass the Level III exam is both broad and deep. This is the final exam, and candidates are expected to demonstrate and apply an impressive amount of knowledge.
The CFA Level III may also combine multiple topics within a single question, whereas Level II separates each topic into a separate item set.
The CFA Level III exam morning session involves vignette-supported essay sets with three different methods of entering a response for each item: essay, numerical entry, or multiple choice. The afternoon exam features multiple-choice items structured into 4- or 6-question sets specific to a vignette.
These essay questions are the most challenging part of the CFA Level III exam for many candidates.
Topic weights are also different on each level of the CFA exam. For example, the topic “Portfolio Management and Wealth Planning” is weighted particularly heavily on the Level III exam, so candidates should overweight their study of this topic area.
Where the CFA Level II exam tests 10 topic areas, the Level III exam tests only seven.
On the CFA Level III exam, the three eliminated topics are:
- Quantitative Methods
- Financial Statement Analysis
- Corporate Issuers
The 10-year average pass rate is significantly higher for the Level III exam compared to the Level II. The average pass rates for the Level II and Level III exams are 45% and 54%, respectively. These figures include the test results from the last 10 years up to the November 2021 test results.
CFA Level II vs. CFA Level I
While some topic areas may be unfamiliar to some candidates, the CFA Level I exam surveys concepts taught in undergraduate business school classes, such as introductory statistics, economics, finance, and accounting. The CFA Level I exam primarily requires candidates to recall basic information or interpret information in their own words or, to a lesser extent, apply or generalize knowledge to a new application.
The CFA Level II exam, however, contains more specialized content. Therefore, while undergraduate study alone may allow some candidates to pass the Level I exam, rigorous self-study is required to pass the Level II exam. The CFA Level II exam focuses more on application along with developing relationships among parts (analysis) and building relationships of parts into new situations (synthesis).
With both the CFA Level I exam and the CFA Level II exam, results are available within 60 days of sitting for the examination.
The 10-year average pass rates for the CFA Level I and Level II exams are relatively similar, with Level I having an average pass rate of 42%, compared to 45% for Level II. These figures include the test results from the past 10 years up to the November 2021 exam results.
Registration and Costs for the CFA Level II
Registration costs can vary depending on when you register for the exam.
Candidates who sign up within the early registration deadline receive a $300 discount off the standard registration fee of $1,000 and pay only $700.
Keeping track of the CFA exam schedule, exam dates, and registration deadlines can be tricky. Learn more about the CFA exam dates and schedule today.
Study Materials for the Level II CFA Exam
Wiley has the best preparatory course and study materials for the CFA exams. It offers numerous practice exams and mock exams for candidates to use. Its exam questions include mini-cases and cover all relevant topic areas, such as corporate finance and financial reporting and analysis. These practice questions help guarantee Wiley candidates are properly prepared on exam day.
Salary and Career Outlook for Level II CFA Exam Candidates
The average salary for a fresh CFA Level II graduate in the United States with no experience is around $45,000. CFA charterholders who also possess the MBA credential may also earn even higher salaries.
The more significant salary bump comes with experience and passing the final CFA Level III exam.
For example, a new CFA charterholder can expect an average salary of $47,000 to $52,000. Once that person accumulates two to three years of experience, they can expect to earn over $60,000. After gaining seven years of experience, that salary can quickly jump to six figures.
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