How to Prepare for CFA Level 2 Exam 2022 - Preparation Tips & Study Plan

How to Prepare for CFA Level 2 Exam 2023 - CFA level 2 is the second step towards completion of the Chartered Financial Analyst course. CFA level 2 exam mainly tests the candidates on their analytical skills and how they use their knowledge in realistic situations. The students should plan their CFA level 2 exam preparation according to the difficulty of exam, exam pattern and the new computer-based test format.

An average candidate spends around 6 months preparing well for the CFA level 2 exam. The CFA level 2 preparation time depends on factors like the CFA level 2 study material, time before the exam, candidate’s academic and professional background etc.

The main key to exam preparation for CFA level 2 is practice. Candidates are advised to refer and solve multiple practice questions and mock exams before appearing for the exam. For more information on tips to prepare well a study plan for CFA level 2 2023, check out the complete article given below:

CFA level 2 exam preparation Tip 1: Set aside appropriate time for preparation

It is imperative to set aside an appropriate preparation time for CFA level 2 exam preparation. Candidates should strategize their studies well before the CFA Level 2 Exam Date. On average, the candidates spend 300 hours studying for the CFA level 2 exam. The exam date for CFA level 2 is in May, August and November. As per the average time required to study for the exam, the candidates should start preparing according to this schedule:

CFA level 2 preparation time

CFA level 2 exam preparation Tip 2: Understand the Exam Format

CFA Institute has not given a clear indication of the number of questions for the CFA level 2 exam. But, the clear indication is related to the lower duration of the exam.

• The exam length is reduced to 4.5 hours (2.25 hours for each session).

• The candidates are advised to spend approximately 3 minutes per question.

The candidates should go through the exam format before the exam to understand what to expect in the main exam.

CFA level 2 exam preparation Tip 3: Understand the Question Format

The most important aspect of the CFA level 2 study plan 2023 is understanding the question format. While the Level 1 question comprises of multiple-choice based questions or sentence completions, level 2 comprises item sets.

The item sets consist of a case statement and four to six questions are based on the same. The answers are based on information provided in the case statement.

It is ideal to solve practise questions from sample papers of previous years as well as attempt mock exams available on the official CFA website.

Click here, to find the sample questions for the CFA level 2 exam.

CFA level 2 exam preparation Tip 4: Prepare well as per the topic-wise weightage of Level 2 curriculum

The CFA level 2 curriculum covers the same topics as the CFA level 1 but the topic-wise weightage differs. Candidates should spend more time on topics that hold a higher level of weightage. The table below defines the topic-wise weightage for CFA level 2 exam.

CFA® level 2 weights- Topic Wise

Material provided by the CFA Institute for CFA level 2 exam preparation

CFA Institute provides a learning ecosystem to provide study material for CFA level 2. Candidates should utilise these study material to prepare a CFA level 2 study plan 2023. The study materials are given below:

1. Detailed and comprehensive curriculum

2. Interactive planner to help students in monitoring their performance and understanding their weak and strong areas of study.

3. Topic-wise practise questions which the candidate can utilise after they complete a particular chapter.

4. Mock exams which are available two months before the exam. These exams can be utilised to simulate the test environment in the comfort of home.