The format side by side
| Level I | Level II | |
|---|---|---|
| Questions | 180 standalone | 88 in 22 item sets |
| Sessions | 2 × 135 min | 2 × 132 min |
| Time per question | About 90 seconds | About 3 minutes |
| Penalty for guessing | None | None |
Source: CFA Institute, Level I exam page, Level II exam page.
What changes in depth
Level I checks you know the tool. Level II checks you can use it on a case.
CFA Institute describes Level II as analysing situations and providing solutions. In practice that means valuation, adjustments and choosing between methods, with the numbers buried in a vignette instead of handed to you.
The surprise for most: FSA and Equities stop being about definitions and become about adjusting statements and valuing a company end to end.
Practise full Level II item sets
Timed cases with worked explanations. Every miss goes into one review list.
Same ten topics, new weights
The ten topic areas are the same. The balance shifts.
At Level II, Ethics, FSA, Equities, Fixed Income and Portfolio Construction sit at 10 to 15%. Quant, Economics, Corporate, Derivatives and Alternatives sit at 5 to 10%. Full table in how many questions are on Level II.
Study hours and pass rates
Same 300-hour guidance. Similar pass rate, a smaller and stronger group.
CFA Institute says successful candidates report over 300 hours per level, Level II included. In August 2026, 43% of 28,145 passed Level I and 45% of 10,004 passed Level II. Everyone in that Level II room had already passed Level I.
| Level I | Level II | |
|---|---|---|
| Candidates | 28,145 | 10,004 |
| Pass rate | 43% | 45% |
| First-time candidates | 49% | 52% |
| After at least one deferral | 29% | 30% |
Source: CFA Institute, Level I results Aug 2026, Level II results Aug 2026.
How to switch your study
Stop drilling single questions. Start timing whole cases.
Read the curriculum once with a pencil, then move to item sets early. How to work an item set covers the 12-minute routine, and are you ready for Level II covers when to stop.