Level II CFA® Exam Structure

Exam Structure and Timing

The Level II exam has a total of 21 item set questions:

  • Morning session: 10 item set questions
  • Afternoon session: 11 item set questions

On the Level II exam, you will have a total of 120 items (18 vignettes with 6 items each and 3 vignettes with 4 items each, for a total of 21 vignettes) compared to 240 multiple choice items on the Level I exam.

Item Set Format

Item sets are sometimes called “mini-cases.” Each item set on the CFA® exam consists of a vignette (or case statement) and either four or six multiple choice items (questions).

The length of a vignette ranges from about 1 page to 2.5 pages. The average length of the vignettes on the exam is about 1.5 pages. The longer vignettes are those that include several tables of information, such as for a financial statement analysis, statistics, or fixed-income item set.

About Finominal Education™ Training Course



Finominal Education™ CFA® Level 2 course section details are as per below


S. No Modules Class Hours
1 Ethical & Professional Standards 14
2 Quantitative Methods 16
3 Economics 12
4 Financial Reporting & Analysis 24
5 Corporate Finance 14
6 Equity Investments/Valuation 20
7 Fixed Income 16
8 Derivatives 14
9 Alternative Investments 12
10 Portfolio Management & Wealth Planning 18
11.                   Video Classes 100
  Total Hours 260

CFA® Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Finominal Education™. CFA® Institute, CFA® ® and Chartered Financial Analyst® are trademarks owned by CFA® Institute.