Management, Law & CA · Updated October 2026
Chartered Financial Analyst (CFA) Level II
Conducted by CFA Institute, CFA Level II is the second exam of the CFA Program and focuses on applying investment tools to asset valuation. It consists of 22 case-based item sets (vignettes), each followed by four three-option multiple-choice questions, for 88 questions across two 2-hour 12-minute sessions, offered in May, August and November.
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CFA Level II is the second of three exams in the Chartered Financial Analyst programme run by CFA Institute. Where Level I tests knowledge, Level II tests application: every question sits inside a case vignette that asks you to value assets, analyse financial statements and judge investment decisions. It is widely seen as the most technically demanding level of the programme.
The examination process for CFA Level II comprises 2 stages: Session 1, followed by Session 2. The official syllabus tests candidates across 8 core areas — Ethical and Professional Standards (10-15%), Quantitative Methods and Economics (5-10% each), Financial Statement Analysis (10-15%), Corporate Finance (5-10%), Equities (10-15%), Fixed Income (10-15%), Derivatives and Alternative Investments (5-10% each), Portfolio Construction (10-15%) — focusing on conceptual clarity, speed, and accuracy. Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level III.
Complete snapshot of CFA Level II conducting authority, frequency, mode, stages, negative marking and official portal.
| Particulars | Details |
|---|---|
| Exam Name | CFA Level II — Chartered Financial Analyst (CFA) Level II |
| Conducting Body | CFA Institute |
| Exam Category | Management, Law & CA |
| Exam Level | National level |
| Exam Type & Purpose | Eligibility & certification (Eligibility & Fellowship Certification) |
| Exam Frequency | Three exam windows a year, in May, August and November |
| Usual Notification & Exam Window | Exam windows in May, August and November; register several months ahead for lower fees and seat choice |
| Mode of Application | Online through a CFA Institute account, then scheduling through Prometric |
| Mode of Examination | Computer-based at Prometric test centres |
| Medium / Exam Languages | English |
| Selection Stages | 2 Stages (2 Papers Total): Session 1 → Session 2 |
| Negative Marking | None |
| Selection / Merit Process | Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level III. |
| Educational Qualification | You must have passed Level I. If you registered for Level I as a student, you must have completed your bachelor's degree, or met the work-experience route, before registering for Level II |
| Age Limit | No age limit |
| Qualification & Fellowship Benefit | Progress toward the CFA charter, valued in equity research, credit analysis, valuation and portfolio management roles |
| Scorecard / Certificate Validity | A Level II pass does not expire while you remain in the programme |
| Competition Scale | Pass rates for Level II are typically well under half |
| Official Website | www.cfainstitute.org/programs/cfa-program |
Summary for orientation only, last reviewed October 2026. Check eligibility, dates and pattern in the official notification.
Standard annual cycle and application workflow for CFA Level II. Confirm exact notification and closing dates on the official Finance & Accounting website.
| Examination Event | Typical Calendar Window | Cycle / Mode |
|---|---|---|
| CFA Level II Official Notification & Information Bulletin | Exam windows in May, August and November; register several months ahead for lower fees and seat choice | Three exam windows a year, in May, August and November |
| Online Registration & Application Fee Window | Typically remains open for 21 to 30 days from the date of notification release | Online Portal |
| Application Form Correction / Edit Window | 2 to 5 days immediately following the close of the online registration window | As Notified |
| Exam City Intimation & Admit Card Release | City slip 10–15 days prior; Hall Ticket / E-Admit Card 4 to 10 days before the exam date | Via CFA Institute |
| CFA Level II — Session 1 | Exam windows in May, August and November; register several months ahead for lower fees and seat choice | Computer-based at Prometric test centres |
| CFA Level II — Session 2 | Typically 6 to 12 weeks after declaration of Stage 1 results | Shortlisted Candidates |
| Provisional Answer Key & Objection Representation Window | Within 3 to 10 days after completion of the objective examination shifts | Online Challenge |
| Final Answer Key, Normalized Result & Merit List / Scorecard | Typically 3 to 6 weeks after conclusion of the examination stage | Merit List PDF / Login |
One-Time Registration (OTR) & Portal Login
Visit www.cfainstitute.org/programs/cfa-program and complete your candidate registration using a valid email ID, active mobile number, and Aadhaar / government photo ID details. Online through a CFA Institute account, then scheduling through Prometric.
Fill Academic, Personal & Exam Centre Preferences
Log in to open the CFA Level II application form. Enter your qualifying degree/board details, category/reservation status, medium of examination (English), and choose 3 to 4 preferred test cities.
Upload Photograph, Signature & Category Certificates
Upload a recent passport-size photograph (in prescribed KB dimensions and light background), scanned running-hand signature, and valid SC/ST/OBC-NCL/EWS/PwBD/Domicile certificates where applicable.
Online Application Fee Payment & Confirmation Page
Pay the category-wise examination fee via UPI, Net Banking, Debit/Credit Card, or e-Challan before the closing deadline, then download and preserve the final CFA Level II Confirmation Page / Application PDF for admit card and verification stages.
Candidates applying for CFA Level II must fulfil the academic qualification, age limit, nationality and category reservation rules notified by Finance & Accounting.
You must have passed Level I. If you registered for Level I as a student, you must have completed your bachelor's degree, or met the work-experience route, before registering for Level II.
No age limit.
A maximum of six attempts per level.
Open to all nationalities, subject to CFA Institute's country restrictions.
A valid international travel passport is required. You must complete one Practical Skills Module at this level to receive your exam result.
| Category | Age Relaxation / Rule | Key Conditions & Documentation |
|---|---|---|
| Assistant Professor / Teaching Eligibility (All Categories) | No upper age limit for eligibility certification (unless specified for state cadre posts) | Minimum 55% Master's / 50% D.El.Ed or B.Ed marks for Unreserved; 5% marks relaxation for SC/ST/OBC-NCL/PwBD. |
| Junior Research Fellowship (JRF) — Unreserved / EWS | No age limit. | Applies only to candidates opting for JRF fellowship; Lectureship/TET generally carries no upper age cap. |
| OBC-NCL / SC / ST / PwBD / Third Gender & Women Candidates | Up to 5 years upper-age relaxation for JRF + 5% relaxation in minimum qualifying degree marks | Additional relaxation up to 5 years for candidates with LLM or documented research/armed forces experience where applicable. |
Negative Marking & Evaluation Rule: None. Selection & Merit Weightage: Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level III.
Computer-based • 1 Paper (Session 1) • Questions: 44 (11 item sets) • Duration: 2 hours 12 minutes • 11 item sets.
11 item sets. Each item set is a case vignette followed by four multiple-choice questions with three answer choices.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Session 1 | 44 (11 item sets) | Varies | 2 hours 12 minutes |
Computer-based • 1 Paper (Session 2) • Questions: 44 (11 item sets) • Duration: 2 hours 12 minutes • 11 more item sets in the same format.
11 more item sets in the same format. There is an optional break between sessions.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Session 2 | 44 (11 item sets) | Varies | 2 hours 12 minutes |
Official CFA Institute portal • Category-wise qualifying cut-off verification • Issuance of Eligibility / JRF / Scorecard Certificate
Candidates who equal or exceed the category-wise qualifying marks and aggregate cut-off receive the official digital eligibility certificate or scorecard (A Level II pass does not expire while you remain in the programme) after credential verification.
SmartRank organizes chapter-wise study notes for every subject below in 12 languages, with an AI Tutor on hand for doubts. Start exploring for free, and unlock the complete syllabus with Learn or SmartRank Pass.
Progress toward the CFA charter, valued in equity research, credit analysis, valuation and portfolio management roles. Clearing CFA Level II establishes statutory eligibility for teaching, research, or professional recruitment across India.
Progress toward the CFA charter, valued in equity research, credit analysis, valuation and portfolio management roles.
CFA Institute
A Level II pass does not expire while you remain in the programme
Central universities, KVS, NVS, EMRS, state education boards, colleges, and R&D institutions nationwide.
CFA Institute publishes category-wise qualifying marks and/or aggregate percentile cut-offs alongside the CFA Level II result. Candidates must secure both the minimum paper-wise qualifying percentage and the category merit threshold (where applicable for JRF or merit lists) to be declared qualified.
| Category | Qualifying Floor / Standard | Recommended Safe Target |
|---|---|---|
| General / Unreserved (UR) | 40% to 60% Aggregate (as per paper rules) | 65%+ Aggregate Marks for comfortable qualification / JRF contention |
| OBC (Non-Creamy Layer) & GEN-EWS | 35% to 55% Aggregate (5% relaxation) | 60%+ Aggregate Marks |
| Scheduled Caste (SC) / Scheduled Tribe (ST) / PwBD | 35% to 55% Aggregate (5% relaxation) | 55%+ Aggregate Marks |
When CFA Level II is conducted across multiple shifts or sessions, CFA Institute applies standard score normalization (Equi-Percentile or Mean-Standard Deviation method) to account for any variation in paper difficulty across shifts. Because raw marks are governed by none, maintaining high accuracy (85%+) significantly boosts your normalized score.
City slip 10–15 days prior • Admit Card 4–10 days before exam
CFA Institute releases the advance Exam City Intimation Slip followed by the official CFA Level II Hall Ticket / e-Admit Card on www.cfainstitute.org/programs/cfa-program. No hard copy is sent by post; candidates must log in with their Registration Number and Date of Birth / Password to download it.
Within 3–10 days after the examination
After conclusion of the objective test, CFA Institute uploads the candidate response sheet and Provisional Answer Key on www.cfainstitute.org/programs/cfa-program. Candidates can calculate their raw score and submit online representations against any ambiguous question or key discrepancy within the stipulated 48–72 hour window.
3–6 weeks after stage completion
CFA Institute declares the CFA Level II result as a stage-wise Merit List PDF (with roll numbers and category cut-offs) and individual Normalized Scorecards on www.cfainstitute.org/programs/cfa-program. Shortlisted candidates proceed to the next stage, Document Verification, or Centralised Counselling.
Practice in the official CFA Level II pattern on the Free plan, and unlock 10 full or sectional mocks every month, unlimited chapter and topic tests, and the CBT Exam Simulator with SmartRank Pass.
CFA Level II Full Mock Test 1
Session 1 · 44 (11 item sets) questions · 2 hours 12 minutes
CFA Level II Full Mock Test 2
Session 1 · 44 (11 item sets) questions · 2 hours 12 minutes
CFA Level II Full Mock Test 3
Session 1 · 44 (11 item sets) questions · 2 hours 12 minutes
CFA Level II Full Mock Test 4
Session 1 · 44 (11 item sets) questions · 2 hours 12 minutes
CFA Level II Full Mock Test 5
Session 1 · 44 (11 item sets) questions · 2 hours 12 minutes
Papers come with a solution for every question. Read them, or attempt them as timed tests. See all CFA Level II previous year papers by year
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Predicted questions for CFA Level II
High-probability questions and topics for your next exam
88 multiple-choice questions grouped into 22 item sets, with each item set made of a case vignette and four questions with three answer choices.
Two sessions of 2 hours 12 minutes each, with an optional break between them.
In three exam windows a year: May, August and November.
No. There is no penalty for wrong answers, so answer every question.
Yes. If you sat Level I as a student, you must have completed your bachelor's degree, or qualified through the work-experience route, before registering for Level II.
CFA Level II is conducted by CFA Institute across 2 stages: Session 1 → Session 2. Results are pass or fail against a minimum passing score set by CFA Institute after each exam, with a performance summary by topic. Passing allows you to register for Level III.
Educational Qualification: You must have passed Level I. If you registered for Level I as a student, you must have completed your bachelor's degree, or met the work-experience route, before registering for Level II. Age Limit: No age limit.
Progress toward the CFA charter, valued in equity research, credit analysis, valuation and portfolio management roles. Validity: A Level II pass does not expire while you remain in the programme.
CFA Level II is held three exam windows a year, in May, August and November (Exam windows in May, August and November; register several months ahead for lower fees and seat choice). Online through a CFA Institute account, then scheduling through Prometric.
Select CFA Level II as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering Ethical and Professional Standards (10-15%), Quantitative Methods and Economics (5-10% each), Financial Statement Analysis (10-15%), Corporate Finance (5-10%), solved previous year question papers, topic and full-length mock tests in the exact CFA Level II pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.
Select CFA Level II as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering Ethical and Professional Standards (10-15%), Quantitative Methods and Economics (5-10% each), Financial Statement Analysis (10-15%), Corporate Finance (5-10%), solved previous year question papers, topic and full-length mock tests in the exact CFA Level II pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.