How to Study for the CFA Level 2 Exam in 18 Months

CFA level 1

How to Study for the CFA Level 2 Exam in 18 Months

All CFA exams are computer-based, and candidates are permitted to take the exam three times per year.

  • 2022: Feb, Aug and Nov
  • 2023 onwards: May, Aug and Nov

CFA Level 2 covers the same topics of investment analysis and ethics as Level 1. The real challenge in Level 2 is being able to apply that knowledge more thoroughly and accurately under tight schedules.

CFA level 2 exam format

  • The CFA Level 2 format consists of short case studies that cover 88 multiple-choice questions in total. These are divided into 2 hours 15-minute exams with 44 questions each.
  • Each case study generally contains 4-6 questions. As a result, depending on the number of questions per case (3 minutes per question), you should give 12-18 minutes to each case study including reading time
  • There are no penalties or negative markings for incorrect answers, and all questions are equally weighted.

CFA level 2 exam topics

The most exciting thing about the recently changed CFA Level 2 topic weights is that the ten topics can be tested evenly at 10% weighting each, which was probably done to discourage candidates from passing topics.If you're thinking about studying with previous year's books, check out the latest CFA curriculum changes article to see how much the curriculum has changed over the year.

CFA Level 2 Topic Area Topic Weight in 2022
Ethics 10-15%​
Quantitative Methods 5-10%
Economics 5-10%
Financial Reporting & Analysis 10-15%
Corporate Finance 5-10%
Equity 10-15%
Fixed Income 10-15%
Derivatives 5-10%
Alternative Investments 5-10%
Portfolio Management 10-15%

The difficulty level (CFA level 1 vs. CFA level 2)

 The candidates who have cleared/appeared for all the three levels, report that level 2 is more difficult than level 1.  Both Level 1 and Level 2 have a similar page count, covering the same topics. The amount of depth and detail that Level 2 goes into is considerably greater.Candidates must become familiar with answering the multiple choice questions based on short case studies in Level 2. The candidates must understand how to efficiently answer various case studies, that can be up to two pages long. Passing CFA Level 2 is indeed a goal that you can achieve if you devote more study time to it than to Level 1, along with a concrete study plan and constant practice

Exam fees for CFA level 2 

CFA Level 2 exam fees range from US$700 to $1,050, depending on when you register. Other optional extra fees to consider involve physical copies of the CFA curriculum, a rescheduling fee, and third-party study materials.

Is self-study enough for preparing for CFA level 2?

Yes, it is certainly an option. Many candidates do self-study for all three levels of CFA exams; using a basic Kaplan Schweser study notes package and tonnes of practice papers. The level 2 candidate needs to have a good understanding of course material and schedule practice tests. Self-studying candidates must be disciplined to pass the Level 2 exam.

Study hours required for CFA level 2

According to CFA Institute's survey, candidates studied for 328 hours. Candidates are recommended to study for at least 350 hours over 4-6 months is common. If you are a fresher and you are planning to give the CFA exam, I have explained the preparation tips in the previous blog. Hope this article helped you in providing information for CFA level 2. If you need any further assistance for CFA training classes give a call on 9312311071.