CFA Level 2 Exam Format: Item Sets Explained
The CFA Level 2 exam is 22 item sets, each built around a vignette, with 88 multiple-choice questions in total. You take it in two 132-minute sessions (4 hours and 24 minutes of testing), with 11 item sets in each session and an optional break in between. There is no penalty for incorrect answers, so you should answer everything.
If you passed Level 1, the format is the biggest change you'll face. Level 1 is 180 standalone questions; Level 2 asks fewer questions, but every one of them sits inside a case study you have to read first. Here's how it works and how to pace it. All of the format numbers below come from CFA Institute's official Level II exam page.
The structure at a glance
- Item sets: 22 total, 11 per session
- Questions: 88 multiple-choice questions, which works out to 4 per item set
- Sessions: two, each 132 minutes (2 hours 12 minutes)
- Break: optional, between sessions
- Penalty for wrong answers: none
CFA Institute also notes that a portion of the items on the exam are being trialed and don't count toward your score. You won't be told which ones, so treat every item set as real.
What an item set actually is
An item set is a vignette (a few paragraphs, often with tables or exhibits describing a company, a portfolio, a bond, or a client situation) followed by a small group of questions that all refer back to it. Each vignette is tagged with its topic, and CFA Institute's sample shows a total point value for the whole set. The questions test the same vignette from different angles: one might ask you to compute a ratio from the exhibits, another to judge whether an analyst's reasoning follows the Standards, a third to pick the right valuation approach.
That changes how you study. At Level 1 you can learn a formula and recognize it in a stem. At Level 2 you need to find the relevant numbers in a page of text, decide which concept applies, and then calculate or judge. Reading comprehension and exhibit navigation are part of the skill.
The pacing math
Two numbers are worth memorizing:
- 132 minutes ÷ 11 item sets = 12 minutes per item set. That includes reading the vignette.
- 132 minutes ÷ 44 questions = 3 minutes per question.
Compare that to Level 1's 90 seconds per question. You get twice as long per question, but a good chunk of every 12-minute window goes to reading. Candidates commonly lose time by reading the vignette slowly and in full before looking at any question. A tactic many people use is to skim the questions first, so you know what to hunt for when you read. Try both approaches on timed practice and see which one holds up for you. You can't know which works until you've rehearsed the clock.
Because each session is a fixed block, you can't borrow time from Session 2 to rescue Session 1. If you hit a brutal item set, make your best attempts, flag it if you like, and keep moving. With no wrong-answer penalty, leaving blanks is never the right call.
Topic weights
CFA Institute's Level II page lists these weight ranges:
| Topic | Weight |
|---|---|
| Financial Statement Analysis | 10–15% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Portfolio Construction | 10–15% |
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Corporate Finance | 5–10% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
Five topics sit in the top band, and together they make up the bulk of the exam. Ethics is still in that group, and since ethics item sets are often a mix of judgment calls rather than math, they reward candidates who've done a lot of practice questions. The page's table isn't labeled by exam year, and CFA Institute publishes separate topic outlines for each cycle, so check the outline for the year you're taking the exam before you finalize your study plan.
How the format changes your prep
Practice in item-set form. Drilling isolated flashcards and single questions won't prepare you for reading a long vignette under time pressure. Work through full item sets, and time yourself on them.
Take a full mock under real timing. A full-length mock is the only way to learn how 132 minutes feels. Our free full-length CFA mock exam needs no signup, and it's a good way to find out where your pacing breaks down.
Budget your hours realistically. Level 2 is dense; see how many hours to study for CFA Level 2 for a breakdown, and Level 2 vs. Level 1 difficulty for what actually gets harder. If you want context on how candidates fare, the CFA Level 2 pass rate post covers the published numbers.
Revisit Level 1 if it's fuzzy. If you're coming back after a break, our Level 1 exam format guide shows the contrast, and Level 2 assumes you still have the Level 1 foundations.
The short version
Level 2 gives you fewer questions and a lot more reading. Expect 22 vignette-based item sets, 88 questions, 12 minutes per set, and two 132-minute sessions. Practice the way you'll be tested.
If you want a low-cost way to rehearse, Certus is a Duolingo-style way to pass the CFA, starting at $9.58/mo billed yearly, and our CFA prep pricing breakdown shows how that compares to $350–$1,500 courses. Start by taking the free full-length CFA mock exam, no signup required.
Study smarter with Certus
Original readings, trap-aware practice questions, spaced-repetition flashcards, and timed mock exams — on an adaptive daily plan. Start free, no card needed.
Start free →