CFA Level 2 Examination Paper

The Level II exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.

The Level II exam consists of 120 questions formatted as item sets, which are essentially a case or vignette (between one and two pages long) followed by six multiple-choice questions relating to that vignette. The exam is administered in two three-hour sessions, one in the morning, followed by a lunch break, and then a second three-hour session in the afternoon. Each session consists of ten item sets for a total of 60 multiple-choice questions. The broad topic areas covered in the afternoon session will generally be the same ones covered in the morning, with one or two item set exceptions. At Level II, you will have approximately three minutes on average to answer each multiple-choice question, including reading the vignette. Each session is self-contained: questions answered in the morning session cannot be revisited in the afternoon session.

an approximate breakdown of the relative importance of the different topic areas for the Level II exam is as follows:

Ethical and Professional Standards, 5-15 percent

Investment Tools, 35-45 percent

-Quantitative Analysis, 0-10 percent
-Economics, 0-10 percent
-Financial Statement Analysis, 15-25 percent
-Corporate Finance, 5-15 percent

Asset Valuation, 35-45 percent

-Equity Investments, 20-30 percent
-Fixed Income Investments, 5-15 percent
-Derivatives, 0-10 percent

Portfolio Management, 5-15 percent