Arif Irfanullah
New member
- Jun 18, 2026
- 0
- 0
By Lakshmi Nagarajan and Arif Irfanullah, CFA
In this post, we will walk you through the Level II exam and how to use the curriculum.
The curriculum from CFA Institute is organized into six volumes covering the 10 topics. Each topic is further divided into study sessions, and each study session into several readings. There are 56 readings in all for the June 2016 Level II exam spanning thousands of pages. Each reading consists of multiple learning outcomes (LOs).
Exam Structure:
There is a significant shift in how the Level II exam is structured as compared to the Level I exam. Like the Level I exam, the Level II exam has two sessions held on the same day. But, instead of individual multiple choice questions, there are a total of 20 item set questions split equally between the morning and afternoon sessions. Each item set question in turn has 6 multiple choice questions based on the vignette.
Morning session: held between 9 a.m. and noon; consists of 10 item set questions.
Afternoon session: held between 2 p.m. and 5 p.m.; consists of 10 item set questions.
Unlike the Level I exam that has questions from all topics in both the sessions, in Level II, some topics are covered in one session, while other topics are covered in both sessions. There are a total of 120 questions across both sessions.
The Level II curriculum is vast and a significant leap compared to Level I in terms of breadth of topics covered and its difficulty. The new exam format combined with vignette style questions puts the spotlight on your skill to read and comprehend quickly, understand the question and find the relevant information from vignette.
Using a prep provider’s material is especially useful to quickly cover the curriculum, and focus on what is important.
How to use the curriculum:
Having emphasized the need for prep providers, remember that it is necessary to refer the curriculum at various stages when preparing for the exam. Relying solely on prep provider material may have passed you through Level I, but definitely not Level II and Level III. Here are some useful guidelines on how and when to refer the curriculum:
· Go through the learning outcomes at the beginning of every reading. This will give you a fair understanding of the effort involved. The keywords in the learning outcome are an indicator of what is expected. Words such as calculate or evaluate imply there is a formula involved.
· Work through the blue box examples in between the readings.
· Sift through the summary at the end of every reading. The summaries in the curriculum are the best you will find as they cover the learning outcomes.
· After completing a reading, work through the end of reading examples.
·
How to Study using for Level II
For every reading:
· Watch the video lectures first. It is highly recommended that you make this process ‘active’ rather than ‘passive’. For this we advise that you download and print the lecture slides and as you watch the reading video lecture you follow on the printed slides and take your own notes if it helps you.
· Next, read your notes and refer to the curriculum wherever necessary.
· Do the curriculum (blue box) examples within a reading.
· Do the curriculum practice questions at the end of the reading. Make a note of the questions you did not get right or understand. Ensure you do these again before the exam.
· Post questions you need clarification for in the open LinkedIn forum and premium student forum.
At the end of every topic such as FRA or Derivatives:
· Do the CFA Institute assessments.
· Do a quiz for the topic.
· Post questions you need clarification for.
In the final weeks, before the exam:
· Use your time wisely to review and revise. Go through your hand written notes.
· Go over the formulas for reinforcement.
· Work through several full-length mock exams. Assess your areas of weakness and revise them again.
One last word of advice. There is no such thing as too much practice, and this is especially true for Level II. The more you practice, the better you are prepared for what to expect, how much time to spend reading a question, and how to approach a question.
If you have any questions I will be happy to entertain them. Good Luck!
In this post, we will walk you through the Level II exam and how to use the curriculum.
The curriculum from CFA Institute is organized into six volumes covering the 10 topics. Each topic is further divided into study sessions, and each study session into several readings. There are 56 readings in all for the June 2016 Level II exam spanning thousands of pages. Each reading consists of multiple learning outcomes (LOs).
Exam Structure:
There is a significant shift in how the Level II exam is structured as compared to the Level I exam. Like the Level I exam, the Level II exam has two sessions held on the same day. But, instead of individual multiple choice questions, there are a total of 20 item set questions split equally between the morning and afternoon sessions. Each item set question in turn has 6 multiple choice questions based on the vignette.
Morning session: held between 9 a.m. and noon; consists of 10 item set questions.
Afternoon session: held between 2 p.m. and 5 p.m.; consists of 10 item set questions.
Unlike the Level I exam that has questions from all topics in both the sessions, in Level II, some topics are covered in one session, while other topics are covered in both sessions. There are a total of 120 questions across both sessions.
The Level II curriculum is vast and a significant leap compared to Level I in terms of breadth of topics covered and its difficulty. The new exam format combined with vignette style questions puts the spotlight on your skill to read and comprehend quickly, understand the question and find the relevant information from vignette.
Using a prep provider’s material is especially useful to quickly cover the curriculum, and focus on what is important.
How to use the curriculum:
Having emphasized the need for prep providers, remember that it is necessary to refer the curriculum at various stages when preparing for the exam. Relying solely on prep provider material may have passed you through Level I, but definitely not Level II and Level III. Here are some useful guidelines on how and when to refer the curriculum:
· Go through the learning outcomes at the beginning of every reading. This will give you a fair understanding of the effort involved. The keywords in the learning outcome are an indicator of what is expected. Words such as calculate or evaluate imply there is a formula involved.
· Work through the blue box examples in between the readings.
· Sift through the summary at the end of every reading. The summaries in the curriculum are the best you will find as they cover the learning outcomes.
· After completing a reading, work through the end of reading examples.
·
How to Study using for Level II
For every reading:
· Watch the video lectures first. It is highly recommended that you make this process ‘active’ rather than ‘passive’. For this we advise that you download and print the lecture slides and as you watch the reading video lecture you follow on the printed slides and take your own notes if it helps you.
· Next, read your notes and refer to the curriculum wherever necessary.
· Do the curriculum (blue box) examples within a reading.
· Do the curriculum practice questions at the end of the reading. Make a note of the questions you did not get right or understand. Ensure you do these again before the exam.
· Post questions you need clarification for in the open LinkedIn forum and premium student forum.
At the end of every topic such as FRA or Derivatives:
· Do the CFA Institute assessments.
· Do a quiz for the topic.
· Post questions you need clarification for.
In the final weeks, before the exam:
· Use your time wisely to review and revise. Go through your hand written notes.
· Go over the formulas for reinforcement.
· Work through several full-length mock exams. Assess your areas of weakness and revise them again.
One last word of advice. There is no such thing as too much practice, and this is especially true for Level II. The more you practice, the better you are prepared for what to expect, how much time to spend reading a question, and how to approach a question.
If you have any questions I will be happy to entertain them. Good Luck!