CFA Level 2 Master Guide
Conquer the most challenging CFA level with our comprehensive guide to item sets, advanced analysis, and proven strategies from successful Level 2 candidates.
CFA Level 2 Exam Overview
Level 2 is considered the most challenging CFA exam, focusing on asset valuation and analysis.
Exam Format
Item set format: 22 item sets with 4-6 questions each
Total Questions
88 questions total across 4.5 hours
Pass Rate
~35-45% (lowest of all levels)
What Makes Level 2 Different
Understanding these key differences is crucial for Level 2 success.
Item Set Format
Unlike Level 1's standalone questions, Level 2 uses item sets - short case studies followed by 4-6 related questions. This tests your ability to apply concepts in realistic scenarios.
Deep Analysis Focus
Level 2 emphasizes valuation and analysis. You'll need to master complex calculations and understand how different inputs affect investment decisions.
Higher Difficulty
The material is more advanced and interconnected. Topics build on each other, requiring deeper understanding rather than memorization.
Level 2 Topic Areas
Focus areas with higher weights and increased complexity.
Financial Statement Analysis
15-20%Advanced FSA topics, quality analysis, international standards
Equity Investments
15-20%Valuation models, residual income, dividend discount models
Fixed Income
10-15%Advanced bond valuation, term structure, credit analysis
Master All Level 2 Topics
Get comprehensive coverage of all topic areas with practice item sets
Access Level 2 MaterialsLevel 2 Success Strategy
Key strategies that separate successful Level 2 candidates.
Essential Strategies ✓
- • Master item set time management (4-5 min per question)
- • Practice with real CFA item set format
- • Focus heavily on FSA and Equity (30-40% of exam)
- • Build strong foundation in quantitative methods
- • Review Level 1 ethics before the exam
Common Mistakes ✗
- • Spending too much time on one item set
- • Not practicing enough item sets
- • Neglecting lower-weight topics completely
- • Rushing through complex calculations
- • Not building on Level 1 knowledge
Ready to Conquer Level 2?
Join our Level 2 focused program with item set practice and advanced analytics.