CFA Level 2 Exam Pattern 2019 - The Chartered Financial Analyst (CFA) Institute sets the CFA Level 2 2019 exam pattern for all the candidates attempting the June session. As per the CFA Level 2 exam pattern 2019, the exam will be conducted in two sessions- morning (9 AM- 12 PM) and afternoon (2 PM- 5 PM). This globally renowned exam will be conducted offline in 5 test centres (according to the current list) all over the world. The exam pattern of CFA Level 2 2019 suggests that the questions will be of MCQ type, with 60 questions in each session. Each question in the CFA Level 2 paper carries 3 marks. The CFA Level 2 2019 exam pattern does not include any penalty for incorrect responses. Moreover, the medium of exam will be English only.
It is necessary for all the candidates to go through the CFA Level 2 exam pattern 2019, before starting their preparation, to know what to expect on the exam day. The CFA Level 2 2019 exam pattern will inform the candidates with vital information about the type of questions, marking scheme, time duration etc., which will help them improve and gain confidence. To know more about the exam pattern of CFA Level 2 2019, read the article below.
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Candidates can check the CFA Level 2 2019 exam pattern below to familiarize themselves with the kind of questions that will be asked in the question paper. According to the exam pattern of CFA Level 2 2019, some topics are assessed in the morning session while the rest are included in the afternoon session.
Even though the type of questions is objective like those in Level 1, there is a vast difference between the two. As per the CFA Level 2 exam pattern 2019, there will be 120 ‘items’ (questions) with 60 in each session. Each ‘item-set’ is like a comprehension question wherein each ‘vignette’ (mini case study) will contain 6 ‘items’. Candidates will have to read the vignette thoroughly in order to answer the 6 multiple choice items. Each vignette will be 1-2.5 pages long. Read further to check examples of such questions.
Check the table below to know the complete CFA Level 2 2019 exam pattern
CFA Level 2 Exam Pattern 2019
Mode of exam
Pen and paper based
Medium of exam
Duration of Exam
6 hours altogether
Morning session- 3 hours
Afternoon session- 3 hours
Type of questions
Multiple Choice ‘Items’
Number of questions
120 (60 in each session)
+3 for every correct answer
No negative marking
Candidates are highly advised to check the sample questions of CFA Level 2 in order to fully understand the concept of ‘vignettes’ and ‘items’. Although each item in a vignette has no relation with each other, all of them must be answered according to the information provided in the vignette. Candidates must read the vignette thoroughly before proceeding to answer the items. They may have to refer to the vignette time and again to recheck the details. Candidates will also be allowed to mark or underline important details in a vignette and write down their equations on the exam booklet. However, only their final response on the OMR sheet will be referred to for grading.
Click here to check the CFA Level 2 Sample Questions
Question- Is the paper pattern of CFA Level 2 (June session) similar to the one of Level 1?
Answer- The type of questions are the same in both the levels i.e., multiple choice questions. However, the length of the one question will be longer and each question will have 6 parts which are to be answered according to the information provided in the ‘vignette’. Click on the link given above to understand what are ‘vignettes’ and ‘items’. Candidates are also advised to revise the questions of CFA Level 1 for more efficient preparation.
Question- Can I attend only one session of the CFA Level 2 2019 exam?
Answer- No. Both the sessions are compulsory. Candidates must not think that the two sessions of the CFA Level 2 exam are options. Rather the second session is a continuation of the first. Some topics will be covered in the morning session of CFA Level 2 while the rest will be covered in the afternoon session.
Question- Will there be any questions in CFA Level 2 2019 based on U.S. GAAP?
Answer- Most of the questions on Financial Reporting and Analysis (FRA) need to be answered keeping in mind the International Financial Reporting Standards (IFRS). However, in case of any questions on the basis of U.S. GAAP, it will be priorly stated.
Question- Are we allowed to do rough work on the question paper of CFA Level 2 2019?
Answer- Yes. There will be space given on the exam (question) booklet marked as ‘This Page is Intentionally Left Blank’. Candidates are also allowed to mark important points in the vignettes. Extra sheets for rough work are not to be carried by the candidates from home. The CFA Level 2 admission ticket 2019 must also not be used for the same purpose.
Question- Is there any minimum passing score set for CFA Level 2?
Answer- To ensure fairness and integrity to all the candidates over a period of time, the CFA Institute Board of Governors change the minimum passing score (MPS) of the CFA (all levels) exam each year and hence, do not release it. As the difficulty level of the question paper varies each year, it a sensible practice of changing the MPS accordingly.
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