What is an item set?
An item set is built on a vignette, a short case: a company's statements, a portfolio, an analyst's notes, a client conversation. Four multiple-choice questions follow, and each can only be answered by reading the case. You are no longer asked "what is the formula?" but "given this company, which value is right, and why?"
According to CFA Institute's Level II page:
- 22 item sets with 88 multiple-choice questions.
- Two 132-minute sessions of 11 item sets each, about 4.5 hours of exam time in total.
- Twenty item sets are scored and two are not, and nothing on the screen tells you which.
- No penalty for guessing, and Financial Statement Analysis follows IFRS unless a question says US GAAP.
Which topics does Level II cover?
The same ten areas as Level I, studied in more depth. The outline on CFA Institute's Level II page (read in October 2026) gives these weights:
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10-15% |
| Financial Statement Analysis | 10-15% |
| Equities | 10-15% |
| Fixed Income | 10-15% |
| Portfolio Construction | 10-15% |
| Quantitative Methods | 5-10% |
| Economics | 5-10% |
| Corporate Finance | 5-10% |
| Derivatives and Risk Management | 5-10% |
| Alternative Investments | 5-10% |
CFA Institute also links separate 2026 and 2027 topic outlines; check the one for your window.
Who can sit Level II?
You must have passed Level I and still meet the enrollment requirements. If you enrolled as an undergraduate, CFA Institute requires you to be within 11 months of graduation to sit Level II.
When is Level II offered, and what does it cost?
Level II has no February window. From CFA Institute's dates tool (read on 19 October 2026):
- May 2027: exam 18 to 22 May; registration closes 10 February 2027.
- August 2027: exam 23 to 27 August; early registration until 20 January 2027; registration closes 29 April 2027.
- November 2027: exam 20 to 24 November; registration dates not yet published.
The fee is USD 1,140 early and USD 1,490 standard, before local tax. See CFA exam dates and CFA exam fees and registration.
How hard is Level II?
CFA Institute's historical results table shows Level II pass rates of 54% (May 2025), 44% (August 2025), 42% (November 2025), 43% (May 2026) and 45% (August 2026). The ten-year figure for 2017 to 2026 is 45%.
The difficulty changes shape from Level I. The candidates are stronger, since all of them passed Level I, and the questions are slower: you read a case, find the two numbers that matter, and apply a method under time pressure. Valuation (equity, fixed income, derivatives) and financial statement analysis carry a lot of the work.
How should you prepare for item sets?
CFA Institute says successful candidates report over 300 hours of study per level. Three habits help most at Level II:
- Practise in sets, not single questions. Reading a case and keeping its details in mind is a skill of its own.
- Time yourself by set. 132 minutes for 11 sets is 12 minutes per set, including reading.
- Review the case, not just the answer. When you miss a question, find the line in the case that held the answer.
What comes after Level II?
Results come within weeks (CFA Institute gives 5 to 7 weeks after the exam and your Practical Skills Module). A pass lets you register for Level III, where you also choose a pathway.
See EduFite's CFA Level II prep, or start from CFA Level I explained if you are earlier in the program.
Frequently asked questions
How many questions are on CFA Level II?
88 multiple-choice questions in 22 item sets of four questions each, split over two 132-minute sessions.
Is every item set on CFA Level II scored?
No. CFA Institute says twenty item sets are scored and two are not. You cannot tell which two, so treat every set as scored.
What is the CFA Level II pass rate?
CFA Institute's historical results show 45% in August 2026 and 43% in May 2026. The ten-year figure for 2017 to 2026 is 45%.
Can I take CFA Level II in February?
No. In CFA Institute's current calendar Level II is offered in May, August and November.
Sources
- CFA Institute: CFA Program Level II exam
- CFA Institute: CFA Program exam information
- CFA Institute: CFA exam dates and fees
- CFA Institute: CFA Program policies (registration requirements)
- CFA Institute: CFA exam results 1963-2026 (PDF)
Figures that change by year were read from these pages on 19 October 2026. Fees, dates and rules can change: check the source before you register.