The full format
These figures are from CFA Institute's Level II exam page.
| Level II | |
|---|---|
| Total questions | 88 |
| Question type | 22 item sets of 4 |
| Sessions | 2, optional break between |
| Item sets per session | 11 |
| Questions per session | 44 |
| Time per session | 132 min |
| Total exam time | 4 h 24 min |
| Scored item sets | 20 of 22 |
| Penalty for a wrong answer | None |
Source: CFA Institute, Level II exam page.
How many questions are in each session?
44 questions per session: 11 item sets of four, in 132 minutes.
Topics land in random order and can show up in either session, or both. Each case opens with a header naming the topic and its point value, so you know the topic before you start reading.
Two of the 22 sets are trial sets that do not count. You will not know which two, so treat every set as real.
Practise full Level II item sets
Timed cases with worked explanations. Every miss goes into one review list.
How long do you get per question?
About 3 minutes per question, or 12 minutes per item set.
That is double the Level I budget, but you are not getting more thinking time. A chunk of every 12 minutes goes on reading the case and finding the right exhibit.
Common mistake: treating the first set like a Level I question and reading every line twice. Keep a clock in your head: 11 sets, 12 minutes each. At 14 minutes, guess what is left and move on. Halfway check: about 66 minutes in, you should be starting set 6. How to work a case is in the item set guide.
How many questions per topic?
CFA Institute gives a weight range per topic, not a fixed count.
At Level II five topics sit at 10 to 15% and five at 5 to 10%. In item-set terms, a heavy topic is roughly two or three cases and a light one is one or two. Anyone promising "exactly 3 Ethics sets" is making it up.
| Topic | Weight | About |
|---|---|---|
| Ethical and Professional Standards | 10 to 15% | 9 to 13 |
| Quantitative Methods | 5 to 10% | 4 to 9 |
| Economics | 5 to 10% | 4 to 9 |
| Financial Statement Analysis | 10 to 15% | 9 to 13 |
| Corporate Finance | 5 to 10% | 4 to 9 |
| Equities | 10 to 15% | 9 to 13 |
| Fixed Income | 10 to 15% | 9 to 13 |
| Derivatives and Risk Management | 5 to 10% | 4 to 9 |
| Alternative Investments | 5 to 10% | 4 to 9 |
| Portfolio Construction | 10 to 15% | 9 to 13 |
Source: CFA Institute, Level II exam page.
Is there a penalty for guessing?
No. A wrong answer and a blank score the same.
If a set gets away from you, still put an answer on all four questions before you leave it. Then sit at least one full 88-question mock in two timed blocks before exam day, so the clock is not a surprise.
How should you practise for it?
In full item sets, timed at 12 minutes. Not as loose questions.
The skill Level II tests is pulling the right number out of a two-page case under time pressure. You only build that by doing whole cases. Start with a free item set per topic, then read how to work a Level II item set.