How to Study for the CFA Level II

CFA Level II is 22 item sets of 4 questions each, so practice reading a vignette before its questions. Five topics carry 10 to 15% each. They are financial statement analysis, equity valuation, fixed income, portfolio management and ethics.

Start with the CFA Institute outline
- CFA Institute 2026 Level II Topic Outlines (learning outcomes) ↗
- CFA Institute exam details ↗
About the CFA Level II exam
- All CFA Level II practice exam details
Work through each section
10-15%10-15%10-15%10-15%10-15%
1. Quantitative Methods5-10%
2. Economics5-10%
3. Financial Statement Analysis10-15%
4. Corporate Issuers5-10%
5. Equity Valuation10-15%
6. Fixed Income10-15%
7. Derivatives5-10%
8. Alternative Investments5-10%
9. Portfolio Management10-15%
10. Ethics10-15%
- Quantitative Methods5-10%
  - Quantitative Methods
- Economics5-10%
  - Economics
- Financial Statement Analysis10-15%
  - Financial Statement Analysis
- Corporate Issuers5-10%
  - Corporate Issuers
- Equity Valuation10-15%
  - Equity Valuation
- Fixed Income10-15%
  - Fixed Income
- Derivatives5-10%
  - Derivatives
- Alternative Investments5-10%
  - Alternative Investments
- Portfolio Management10-15%
  - Portfolio Management
- Ethics10-15%
  - Ethical and Professional Standards
Practice by topic
Mix topics in one practice set
- CFA Level II practice questions with answers