CFA Level 2 Syllabus 2025 - Check Subjects-wise Subjects, Pattern & Important Topics

CFA Level 2 Syllabus 2025 - Check Subjects-wise Subjects, Pattern & Important Topics

Edited By Mirza Farhan Baig | Updated on Dec 31, 2024 10:19 AM IST | #CFA Exam
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The Chartered Financial Analyst Institute provides information about the CFA Level 2 syllabus on its official website. Candidates preparing for CFA Level 2 should check the detailed CFA Level 2 subject-wise syllabus before commencing their preparation. CFA level 2 syllabus 2025 provides complete details about the topics and sub-topics covered in the paper.

This Story also Contains
  1. CFA Level 2 Syllabus
  2. CFA level 2 subjects 2025
  3. CFA Level 2 Exam Pattern
CFA Level 2 Syllabus 2025 - Check Subjects-wise Subjects, Pattern & Important Topics
CFA Level 2 Syllabus 2025 - Check Subjects-wise Subjects, Pattern & Important Topics

As per the syllabus of CFA level 2 exam 2025, there are 11 item sets for each session, a total of 22 for the full exam. The difficulty level will be on the higher side, compared to the CFA Level 1 exam. Read the complete article to have in-depth knowledge about the CFA Level 2 syllabus pdf.

CFA Level 2 Syllabus

While formulating a study plan for the CFA level 2 exam, candidates should first familiarize themselves with the syllabus. This will help them not only in understanding the topics and sub-topics covered but also the weight that each topic holds.

The level of difficulty increases, and the focus is more on the calculations and analytical aspects in the CFA Level 2 programme. The CFA Institute provides many learning resources to registered candidates, which include the official CFA Level 2 curriculum as well. Other study materials include study sessions for each level, custom study plans, mock exams and preparation tips. The Institute does not charge any additional CFA fee for providing CFA level 2 curriculum. Candidates only have to log in to their account and look for candidate resources section.

Check out the core CFA level 2 curriculum topics along with the weightage that each topic holds and the purpose of including the topics.

CFA Level 2 Curriculum 2025 PDF

CFA Level 2 Subjects

Topics

Weightage %

Quantitative Methods

  • Basics of Multiple Regression and Underlying Assumptions

  • Evaluating Regression Model Fit and Interpreting Model Results

  • Model Misspecification

  • Extensions of Multiple Regression

  • Time-Series Analysis

  • Machine Learning

  • Big Data Projects

5-10%

Economics

  • Currency Exchange Rates: Understanding Equilibrium Value

  • Economic Growth

5-10%

Financial Statement Analysis

  • Intercorporate Investments

  • Employee Compensation: Post-Employment and Share-Based

  • Multinational Operations

  • Analysis of Financial Institutions

  • Evaluating Quality of Financial Reports

  • Integration of Financial Statement Analysis Techniques

10-15%

Corporate Issuers

  • Analysis of Dividends and Share Repurchases

  • Environmental, Social, and Governance (ESG) Considerations in Investment Analysis

  • Cost of Capital: Advanced Topics

  • Corporate Restructuring

5-10%

Equity Valuation

  • Equity Valuation: Applications and Processes

  • Discounted Dividend Valuation

  • Free Cash Flow Valuation

  • Market-Based Valuation: Price and Enterprise Value Multiples

  • Residual Income Valuation

  • Private Company Valuation

10-15%

Fixed Income

  • The Term Structure and Interest Rate Dynamics

  • The Arbitrage-Free Valuation Framework

  • Valuation and Analysis of Bonds with Embedded Options

  • Credit Analysis Models

  • Credit Default Swaps

10-15%

Derivatives

  • Pricing and Valuation of Forward Commitments

  • Valuation of Contingent Claims

5-10%

Alternative Investments

  • Introduction to Commodities and Commodity Derivatives

  • Overview of Types of Real Estate Investment

  • Investments in Real Estate through Publicly Traded Securities

  • Hedge Fund Strategies

5-10%

Portfolio Management

  • Economics and Investment Markets

  • Analysis of Active Portfolio Management

  • Exchange-Traded Funds: Mechanics and Applications

  • Using Multifactor Models

  • Measuring and Managing Market Risk

  • Backtesting and Simulation

10-15%

Ethical and Professional Standards

  • Code of Ethics and Standards of Professional Conduct

  • Guidance for Standards I–VII

  • Application of the Code and Standards: Level II

10-15%

CFA level 2 subjects 2025

Subjects in CFA Level 2

Weight %
Quantitative Methods5-10%
Economics5-10%
Financial Reporting and Analysis
10-15%
Corporate Issuers
5-10%
Equity Valuation
10-15%
Fixed Income10-15%
Derivatives
5-10%
Alternative Investments
5-10%
Portfolio Management10-15%
Ethical and Professional Standards
10-15%

CFA Level 2 Exam Pattern

With the help of the exam pattern of CFA Level 2, candidates can understand the structure of the exam. Details like how many and what type of questions are asked, time allotted to solve the paper, marking scheme and related are included in the CFA level 2 exam pattern. By knowing these details, candidates can figure out their strengths and areas for improvement; thereby making a good study plan to secure good marks.

Since 2021 the CFA Level 2 exam is being held in online mode abandoning the earlier pen and paper mode. Candidates must ensure enough practice to get comfortable using the online infrastructure to attend the online exam.

Exam Pattern of CFA level 2

ParticularsDetails

Format of questions

Vignette-supported multiple choice questions

Total questions

88

Time duration of CFA Level 2 exam

4 hours and 24 minutes (divided in two equal sessions)

Each session time

2 hours and 12 minutes

Medium of exam

English

Marking scheme

3 points for each question

Negative marking

No

CFA level 2 syllabus 2025 - Item Set Format

As per the official website of the CFA Institute, each item set asked in CFA level 2 exam will consist of vignette followed by either 4 / 6 multiple-choice questions. Candidates should answer the MCQs on the basis of information given in the vignette. Each item set vignette MCQ will begin with two things - a statement of the topic and total point value.

Practice CFA Level 2 Mock Test Free

CFA Level 2 Recommended Study Hours

CFA Level 2 has been designed to enable candidates to customize their preparations to suit their individual needs and circumstances. Candidates who cleared CFA Level 2 reported studying over 300 hours for the CFA Level 2 exam. Furthermore, about half of the candidates who cleared the CFA Level 3 exam cleared all three levels in their first attempts, while the other half took four exams to clear all three levels of CFA.

Frequently Asked Questions (FAQs)

1. How many questions will be asked in CFA level 2 exam?

Candidates have to solve 88 question in total. These will be divided into two session.

2. How many hours should I dedicate to prepare for CFA® level 2 exam?

As per the previous record, an average successful candidate spends around 300 hours to prepare for CFA level 2 exams.

3. Where can i check the official syllabus for CFA level 2 exam?

The official syllabus is available on the CFA Institute website.

4. Are the questions in the CFA Level 2 exam objective or descriptive?

The exam pattern of CFA Level 2 consists of objective type questions.

5. What is the hardest subject in CFA Level 2?

Some of the hardest topics in CFA Level 2 are Financial Statement Analysis, Portfolio Management, Ethics and Derivatives.

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