How to pass CFA Level II
Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions. This pass plan ties weights, format, and failure modes into one weekly loop. You progress Level I → Level II → Level III. Use MiloPrep tools to plan hours for CFA alongside practice in the app.
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Duration
264 min
Questions
88
Sims / cases
—
Topics
10
Who this fits
Fits you if
- Analysts, portfolio managers, and career-switchers targeting investment management who can commit to a multi-year, three-level sequence.
Skip if
- Candidates who need a US CPA licence, or who only want alternatives depth - CAIA may be the better primary path.
- Also skip if you cannot protect hundreds of study hours across multiple exam windows.
Pass plan
Step 1
Lock the blueprint
List every Level II content area and its weight range before you open a course chapter. High-weight bands get calendar priority even when they feel familiar.
Step 2
Drill the format
Practise Item sets (vignette + multiple choice) under partial timing, then full sitting length near 264 minutes. Format skill is a separate skill from content recall.
Step 3
Lock Ethics and the heavy Level I weights first
Ethics and Financial Statement Analysis carry wide bands at Level I. Build those before you chase every Quant formula. Tie this stage to the published CFA weights before you expand reading. Watch for: Under-weighting Ethics and Financial Statement Analysis, then losing easy marks on formula-heavy Quantitative Methods under time pressure.
Step 4
Learn formulas with a one-line purpose
For each formula, write what decision it supports. Blind memorisation fails when the stem changes the inputs. Tie this stage to the published CFA weights before you expand reading. Watch for: Reading the vignette once and answering from memory instead of locating the facts that change each item-set question.
Step 5
Move to item-set reading discipline at Level II
Practise locating the fact that changes each question inside the vignette. Do not answer from topic memory alone. Tie this stage to the published CFA weights before you expand reading. Watch for: Writing constructed-response answers that restate theory without answering the command word, or ignoring the chosen pathway’s weight.
Step 6
Attack the known failure mode
Reading the vignette once and answering from memory instead of locating the facts that change each item-set question. Build two drills this week that force that exact miss pattern into the open.
Level II pass checklist
- Weights listed and calendarized
- Timed block near 264 minutes completed
- Error log has at least 10 recent misses with rules
- Failure mode addressed: Reading the vignette once and answering from memory instead of locating the fact…
- Retake rules checked only after a real readiness mock
CFA study-week checklist
- Open the CFA hub and mark which sittings you will book first.
- Spend at least one block on Level I high-weight topics.
- Run one mixed set, then log every stem you missed with the correct rule.
- Schedule one timed block near published sitting length this week.
- Revisit one troubleshooting symptom from the hub and apply the next step.
Ethics application, not slogan recall: Practise duty-of-care conflicts and disclosure timing. The stem usually turns on one missing disclosure.
Vignette fact locating (Level II): Underline only the numbers and constraints each item needs. Extra vignette colour is often a distractor.
If level i mocks stuck in the mid-50s, Reallocate the next two weeks to your lowest high-weight topics only.
If level ii vignettes feel endless, Build a three-line fact sheet per vignette before you open question 1.
| Approach | Best for | Watch-out |
|---|---|---|
| Part-by-part sprint | Candidates sitting one CFA part soon | Leaving neighbouring topics cold |
| Weight-first calendar | Working professionals with limited hours | Skipping format practice |
| Full mock weeks | Final 3–4 weeks before a sitting | Using mocks before a baseline exists |
Level II topic weights
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Finance | 5–10% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Construction | 10–15% |
Confirm numbers on official pages
Session lengths, question counts, and topic weight ranges come from CFA Institute candidate resources. Topic weights are published as ranges and can shift by year. Level III pathway weights apply within the chosen specialised pathway. MiloPrep does not list fees or historical pass rates on this page.
How we review structure facts
MiloPrep cites awarding-body materials for CFA. Fees and pass rates are excluded when they move too often to state as facts.
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Next steps
Level II hub
Format and topics for Level II.
Open hubLevel II practice
Blueprint explorer and sample question.
PracticeHow to study
Study approach for CFA.
Read guideCFA FAQs
- How many levels are in the CFA Program?
- Three: Level I, Level II, and Level III. You sit them in order.
- What is the Level I format?
- 180 stand-alone multiple-choice questions across two sessions of 135 minutes each, per CFA Institute candidate resources.
- How is Level III different?
- Level III mixes item sets with constructed-response sets and includes a specialised pathway that carries a large weight band. See the topic table on this page.
- Does MiloPrep include all three CFA levels?
- Yes. The all-access plan covers Level I, Level II, and Level III practice under one subscription.
- Where do these CFA format facts come from?
- From CFA Institute candidate resources linked in the official source callout. Topic weights are published as ranges and can change by year.
- How many sittings does the CFA exam include?
- CFA is structured as 3 levels. On this site we track 3 sittings: Level I, Level II, Level III. Confirm current windows on CFA Institute pages.
- What question format should I expect on CFA Level I?
- Level I uses Stand-alone multiple choice across about 180 scored items, with roughly 270 minutes of content time. Always re-check CFA Institute before you book.