CFA Level 1 vs Level 2
Level I tests foundational knowledge in standalone questions. Level II applies that knowledge to vignette-based valuation and analysis. The main study change is learning to select evidence and models inside a case.
CFA Level I vs Level II
| Dimension | Level I | Level II |
|---|---|---|
| Format | 180 standalone MCQs | 22 item sets / 88 MCQs |
| Time | Two 135-minute sessions | Two 132-minute sessions |
| Main task | Learn and describe | Analyze and evaluate |
| Practice habit | Retrieve a rule and calculate | Locate evidence, choose a model, then calculate |
Official sources checked 8 October 2026: Level I exam · Level II exam
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CFA Level II: 20 practice MCQs
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Compare one task at both levels
A company reports revenue of 105 and cash collected from customers of 96. Receivables increased by 9.
Level I task
Identify why revenue exceeds cash collected.
Direct response: Accrual revenue includes 9 not yet collected in cash.
This is an original teaching example, not an official exam item or a prediction of exam content.
Three checks before you act
Open the free sampleCHECK 01
Keep the foundation
Level II builds on prior knowledge. Keep formula recall and definitions available, but retrieve them inside a case rather than as isolated facts.
Verify the fact ↗CHECK 02
Read for deciding facts
Level II uses vignette-supported multiple-choice questions. Mark the fact that selects the model, adjustment or conclusion before touching the calculator.
Verify the fact ↗CHECK 03
Review the whole case
When one answer is wrong, inspect the evidence chain across the vignette. A calculation can be correct even when the selected input or method is not.
Verify the fact ↗
Sources
Programs, prices and wage datasets can change; verify the current first-party source before acting.
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