Careers360 Logo
How to Prepare for CFA Level 2 Exam 2024 - Preparation Tips & Study Plan

How to Prepare for CFA Level 2 Exam 2024 - Preparation Tips & Study Plan

Edited By Marar Sumeet Sudarshan | Updated on Apr 20, 2024 04:07 PM IST | #CFA Exam

Unlike its preceding level, CFA Level 2 preparation requires a change in strategy. The CFA level II syllabus mostly includes vignettes with follow-up questions that put to test the analytical skills of the candidate. Any candidate preparing for the CFA level 2 should consider factors such as exam pattern, syllabus, and difficulty level.

CFA level 2 is available for candidates who have cleared the CFA level I exam and fulfil the work and education requirements as laid out by the CFA institute. Find out in this article, how to prepare for CFA level 2 including important topics and quick preparation tips.

CFA level II Exam Preparation Study Plan

With a pass percentage of around 46%, less than half of the registered candidates clear the second level of the CFA exam. In a situation like this, building a proper CFA level 2 preparation strategy becomes important. It’s also important to make sure one fulfils the CFA level II eligibility requirements before sitting down to build a CFA Level 2 study plan.

Apply to Amity University | M.Com Admissions

Applications for Admissions are open.

Preparing a CFA level II study plan well in advance and giving adequate time for practice is very important in preparation. The CFA institute advises candidates to devote at least 300 hours towards CFA level 2 exam preparation. So ideally a candidate needs a CFA Level 2 preparation time of 5-6 months. The CFA level II exam is held three times a year in the months of May, August and November.

Birla Global University M.com Admissions 2024

Merit-Based Scholarships | 100 % Placement Assistance

O.P. Jindal Global University Admissions 2024

Ranked #1 Private University | Institute of Eminence | NAAC Accredited | AACSB & AIU member | Apply Now

CFA Level II Exam Preparation Syllabus

Candidates should fine-tune their CFA exam Level 2 preparation as per the CFA level II syllabus and the weightage allotted to each of the topics. Although the topics for the CFA level II are the same, the preparation for the second level of the CFA exam should take into account the difference in weightage given to each topic in the two levels.

CFA Level II Exam Topics and Weights

TopicsWeights

Ethical and Professional Standards

5-10

Economics

5-10

Financial Statement Analysis

10-15

Corporate Issuers

5-10

Equity Investments

10-15

Fixed Income

10-15

Derivatives

5-10

Alternative Investments

5-10

Portfolio Management and Wealth Planning

10-15

Also Read: How to Prepare for CFA Level I Exam 2024 - Preparation Tips and Tricks

CFA level II Exam Pattern

Imperative for the CFA level II exam preparation is understanding the exam pattern. The exam pattern of CFA level 2 differs significantly from CFA level I

Overview of the CFA level II exam pattern

Session

Vignettes Item Sets

Time

Total Number of Questions

1

11

2 Hours 12 Minutes

88 questions

2

11

2 Hours 12 Minutes

The CFA level II exam consists of two sessions to be completed in 132 minutes each with an optional break in between. In each of the sets, there will be 11 item sets of vignettes followed by multiple choice questions to be answered based on the set. The item sets include a case statement and around 4 questions that need to be answered by analysing the case statement.

There is no negative marking for wrong answers so candidates must try to answer all the questions to improve their chances of success. As part of their CFA level II exam preparation, candidates should solve as many CFA level II sample papers as possible and attempt mock exams which are made available by the CFA institute on its official website

CFA Level II Exam Preparation Quick Tips

Here are a few CFA level 2 tips that will help in CFA level II exam preparation.

  • The CFA institute provides a learning ecosystem for all the registered candidates to perform well in the second level of the CFA examination. This includes CFA level II curriculum and study material, CFA level II sample questions and mock tests. Any CFA level II preparation strategy must include these materials also.

  • Set a time table and stick to it. One must set specific goals and targets to finish a particular book or going through specific topics and materials. Consistent practice is what will get you through.

  • Know what material is important and which ones to discard. Not all books will be worthy of your time. So choose the materials wisely and allocate time for different resources accordingly.

  • Candidates are required to analyse situations and cases and perform calculations. Practising regularly with problems, puzzles and case studies will greatly enhance exam readiness. Greater the time spent on reading and practising, greater the level of comfort.

  • Reading through the vignettes can be time consuming so candidates must work on enhancing their reading speed. Apportion the overall time on each vignette depending on the paragraph length.

  • In order to save time, one can also first quickly go through the questions of a particular item set in order to grasp the core idea of the case statement.

  • As CFA level 2 is a slightly advanced level than CFA level I, one should make sure they have a solid understanding of the fundamentals and basic concepts. Revise and brush up on the basics to build upon existing knowledge.

  • Give time for leisure activities. An approach of all work and no play is unlikely to fetch dividends. So take time off in between study time and stay mentally refreshed.

Important Points to Remember for CFA level 2 Preparation

  • The CFA Institute recommends a preparation time of 300 hours for CFA Level 2. Considering a study time of 5 hours per day, it translates to 60 days or two months. However, candidates are advised keep adequate time for revision and consolidation and adjust their preparation as per their own learning pace and needs.
  • CFA level 2 is the intermediate level of the CFA coures. Preparing for CFA level 2 could be difficult. It requires altering one's earlier preparation strategy due to change of weights assigned to the topics contained in the CFA level II syllabus. With an appropriate CFA level 2 study plan, it might not be very difficult to clear CFA level II.
  • There is no one best way to prepare for CFA level 2. One can opt to study under a tutor or through self study mode. Candidates can also access preparatory materials from authorised providers. In addition, CFA makes available learning materials for registered candidates. There are many ways to prepare for CFA level 2. One can opt for what's best for oneself.
  • 300 hours is the time that the CFA Institute recommends to learners for CFA level II. But it is always advisable to start early and give oneself as much time as possible. The CFA level 2 study plan should allocate enough time for learning and understanding the concepts, practising with mock papers and final revision.
SASTRA Online MBA

Apply for Online MBA from SASTRA

Manipal University Online MBA

Apply for Online MBA from Manipal University

Frequently Asked Question (FAQs)

1. What is the ideal gap between CFA level I and CFA level II?

Since preparation for CFA level II requires a minimum time of 5-6 months, attempting the two exams should be spaced accordingly.

2. How do I start preparing for CFA level II?

One can start preparing for CFA level II by brushing up on the basic concepts. Further one must work on improving reading speed as CFA level II exam requires candidates to analyse case statements.

3. How many months for CFA Level 2?

The CFA institute recommends a study time of 300 hours so CFA level II exam preparation will require around 5-6 months of preparation time.

4. Is the CFA Level II exam difficult?

Less than half of the candidates are able to clear the exam as the 10 year pass rate stands at 45%. CFA level II exam preparation is more intense as it involves analysing a case in depth and applying concepts to find solutions to real life problem situations.

5. How many hours to study for CFA Level 2?

The CFA institute recommends a study time of 300 hours for CFA level 2

6. Best way to study for CFA level 2?

The best way to study for CFA level 2 is to start early, wisely choose materials, prepare a study plan and duly follow it. 

Articles

Upcoming Finance Exams

CMA Final

Exam Date:16 June,2024 - 16 June,2024

CS Executive Exam

Exam Date:21 December,2024 - 21 December,2024

Exam Date:21 December,2024 - 21 December,2024

View All Finance Exams

Certifications By Top Providers

Management of Commercial Banking
Via Indian Institute of Technology Kharagpur
Digital Banking Business Model
Via State Bank of India
Direct Tax Laws and Practice
Via Tezpur University, Tezpur
Principles of Finance
Via Saylor Academy
Risk Management in Financial Sector
Via TCS iON Digital Learning Hub
Udemy
 190 courses
Edx
 162 courses
Vskills
 52 courses
Coursera
 48 courses
Futurelearn
 38 courses

Explore Top Universities Across Globe

University of Essex, Colchester
 Wivenhoe Park Colchester CO4 3SQ
University College London, London
 Gower Street, London, WC1E 6BT
The University of Edinburgh, Edinburgh
 Old College, South Bridge, Edinburgh, Post Code EH8 9YL
University of Bristol, Bristol
 Beacon House, Queens Road, Bristol, BS8 1QU
University of Nottingham, Nottingham
 University Park, Nottingham NG7 2RD
Lancaster University, Lancaster
 Bailrigg, Lancaster LA1 4YW
Have a question related to CFA Exam ?
Budget Analyst

Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field. Knowledge of Financial Management is of prime importance in this career.

4 Jobs Available
Data Analyst

The invention of the database has given fresh breath to the people involved in the data analytics career path. Analysis refers to splitting up a whole into its individual components for individual analysis. Data analysis is a method through which raw data are processed and transformed into information that would be beneficial for user strategic thinking.

Data are collected and examined to respond to questions, evaluate hypotheses or contradict theories. It is a tool for analyzing, transforming, modeling, and arranging data with useful knowledge, to assist in decision-making and methods, encompassing various strategies, and is used in different fields of business, research, and social science.

3 Jobs Available
Underwriter

An underwriter is a person who assesses and evaluates the risk of insurance in his or her field like mortgage, loan, health policy, investment, and so on and so forth. The underwriter career path does involve risks as analysing the risks means finding out if there is a way for the insurance underwriter jobs to recover the money from its clients. If the risk turns out to be too much for the company then in the future it is an underwriter who will be held accountable for it. Therefore, one must carry out his or her job with a lot of attention and diligence.

3 Jobs Available
Finance Executive
3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
Operations Manager

Individuals in the operations manager jobs are responsible for ensuring the efficiency of each department to acquire its optimal goal. They plan the use of resources and distribution of materials. The operations manager's job description includes managing budgets, negotiating contracts, and performing administrative tasks.

3 Jobs Available
Stock Analyst

Individuals who opt for a career as a stock analyst examine the company's investments makes decisions and keep track of financial securities. The nature of such investments will differ from one business to the next. Individuals in the stock analyst career use data mining to forecast a company's profits and revenues, advise clients on whether to buy or sell, participate in seminars, and discussing financial matters with executives and evaluate annual reports.

2 Jobs Available
Researcher

A Researcher is a professional who is responsible for collecting data and information by reviewing the literature and conducting experiments and surveys. He or she uses various methodological processes to provide accurate data and information that is utilised by academicians and other industry professionals. Here, we will discuss what is a researcher, the researcher's salary, types of researchers.

2 Jobs Available
Welding Engineer

Welding Engineer Job Description: A Welding Engineer work involves managing welding projects and supervising welding teams. He or she is responsible for reviewing welding procedures, processes and documentation. A career as Welding Engineer involves conducting failure analyses and causes on welding issues. 

5 Jobs Available
QA Manager
4 Jobs Available
Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

3 Jobs Available
Production Manager
3 Jobs Available
Product Manager

A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

3 Jobs Available
QA Lead

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

2 Jobs Available
Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

2 Jobs Available
Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

2 Jobs Available
Back to top