By now we know how renowned and significant the CFA designation is, and that is what has bought you here to this article. CFA is a highly respected designation worldwide. To obtain the Chartered Financial Analyst certification, a candidate needs to clear all the three Levels of CFA Program – Level I CFA, Level II CFA and Level III CFA. All the three Levels of CFA® Program – Level I CFA, Level II CFA and Level III CFA provide extensive knowledge on topics like quantitative methods, economics, financial reporting and analysis, tax analysis, equity investments, portfolio management, and performance measurements. The CFA course is designed in a way where the difficulty level for each subject increases as you progress to the next level. Thus, making Level II CFA more complex and difficult compared to the Level I CFA. All the levels test your expertise in the subject. According to the CFA Institute, a student takes:
- Over 4 years on an average to complete the CFA course
- Needs over 300 hours of study for each CFA level
- Minimum 6 months of preparation for each CFA level
What makes a candidate eligible for the Level II CFA® is having a bachelor’s degree and having cleared the Level I CFA exam. It takes a minimum of two years for any candidate to complete all the levels of CFA, provided they clear all the CFA levels in the first attempt and consecutively. One needs a minimum of 6 months to prepare for the Level II CFA®. A candidate can appear for the Level II CFA® exams in the month of June only, unlike for Level I where the exams are conducted twice a year, in June and in December. But to proceed to the next level, the previous level needs to be cleared first. The exams are in a Multiple Choice Questions format, and the candidate has to answer all the 120 multiple choice questions based on 20–30 vignettes. The exam is held in two sessions, the morning session, and the afternoon session. Both the sessions are 3 hours long and contain 60 questions each from 10–15 vignettes. All the questions, in both the sessions, are equally weighted and are based on all the ten topics. There are no penalties or negative marking for wrong answers in the exams. The Level II CFA® Pass rate for June 2019 was 44%, and the average Level II CFA® Pass rate for the past 10 years is 44%.
Level II CFA® Syllabus
The Level II CFA® course Syllabus consists of the following 10 key areas of study or subjects:
- Ethical and Professional Standards
- Quantitative Methods
- Financial Reporting and Analysis
- Corporate Finance
- Equity Investments
- Fixed Income
- Derivative Investments
- Alternative Investments
- Portfolio Management and Wealth Management
Level II CFA® Subjects weightage
Each of the Level II CFA® subjects has a different weightage in the exams as given below:
Level II CFA® Topics
|Ethical and Professional Standards||10–15%|
|Financial Reporting and Analysis||10–15%|
|Portfolio Management and Wealth Management||5–10%|
The candidate does not need to pay the one-time enrollment fee of USD 450 again, which was paid earlier while enrolling for the CFA course. The registration fees and registration dates are given below:
|Level II CFA® Registration||Level II CFA® Fee||June 2020 Deadline||December 2020 Deadline||June 2021 Deadline|
|Early Registration||USD 700||Not Applicable||Not Applicable||29 July 2020 – 23 September 2020|
|Standard Registration||USD 1000||Not Applicable||Not Applicable||17 February 2021|
|Late Registration||USD 1450||Not Applicable||Not Applicable||17 March 2021|
|Level II CFA® Exam Date||No exams will be conducted in June 2020||Exams are not conducted in December||5 June 2021|
Level II CFA® Exam dates are scheduled usually in the month of June. But owing to the current conditions due to the pandemic, there will be no exams held in June 2020. The June 2021 exams are scheduled to happen on 5 June 2021 in India, America, APAC, and EMEA countries. The Level II CFA® Results are declared within 60 days from the exam dates.
A candidate can avail of the Level II CFA® Study material as a digital version or the print version. The Print version includes a set of six volumes and can be availed by paying an additional fee of USD 150, which is non-refundable, plus the applicable shipping and customs fees. The digital version charges are covered in the Level II CFA® exam registration fee. For the latest updates on Level II CFA® registration and exam dates.
Edupristine provides experiential and practical CFA course training that helps you clear your CFA exams in the first attempt. For more details on Level II CFA Program Training.