An independent, unofficial guide to the CFA Level II exam — not affiliated with, endorsed by, or reviewed by CFA Institute.
QM2ECON2FSA2CI2EQ2 FI2DER2AI2PM2ETH2
| Topic | Weight | Focus |
|---|---|---|
| QM2 — Quantitative Methods | 5–10% | Multiple regression, time-series analysis, simulation. |
| ECON2 — Economics | 5–10% | Currency exchange rate forecasting, economic growth, capital flows. |
| FSA2 — Financial Statement Analysis | 10–15% | Intercorporate investments, pensions, multinational operations, reporting quality. |
| CI2 — Corporate Issuers | 5–10% | Capital budgeting with real options, cost of capital, restructuring, LBOs. |
| EQ2 — Equity Valuation | 10–15% | FCFF/FCFE, residual income, private company valuation, comparables. |
| FI2 — Fixed Income | 10–15% | Term structure, credit spreads, embedded options, structured products. |
| DER2 — Derivatives | 5–10% | Forward/option pricing, swap valuation, Greeks, arbitrage. |
| AI2 — Alternative Investments | 5–10% | Real estate and PE/hedge fund valuation techniques. |
| PM2 — Portfolio Management | 10–15% | Multifactor models, risk budgeting, currency overlay, immunization. |
| ETH2 — Ethical & Professional Standards | 10–15% | The Code and Standards applied to research and institutional relationships. |
The real Level II exam presents item sets (vignettes) followed by several linked multiple-choice questions (3 options each) across two 2h12m sessions. This portal instead offers a focused, timed testlet per topic — pick one topic and work through every original question currently live for it, against a rough pacing clock (~1.5 min/question, matching real exam pacing). Each question here pairs one mini-scenario with one question, in the spirit of an item-set question pulled out of its larger vignette — not a literal replica of the multi-question vignette format.
CFA Institute does not publish numeric scores or the Minimum Passing Score (MPS) in advance — Level II is graded strictly pass/fail against an MPS set each cycle by a standard-setting panel, and that MPS is not a fixed percentage. The accuracy percentage shown after a mock testlet here is compared against an illustrative 65% self-check line only, not any official or predictive pass mark.