CFA® Level II prep, all in one place.

46 study chapters with formula sheets, 260 exam-style questions written as case-study item sets like the real exam, timed mock exams and an AI tutor beside every chapter.

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The Level II exam at a glance

Questions
88, in 22 case studies (item sets) of 4 questions
Options
Three per question
Time
Two sessions of 2 h 12 min
Windows
May, August and November
Study time
About 300 hours, per CFA Institute surveys
Calculator
TI BA II Plus or HP 12C families only

JephAi for CFA Level II

46study chapters, each with a summary, learning objectives and a formula sheet
260exam-style questions in case-study item sets, every option explained
2–4full timed mock exams a month, with flags and a question navigator
Jephthe AI tutor, beside every chapter (Advanced plan)

The topics

CFA Level II topics and exam weights

Level II weights are wider than Level I and the questions sit inside case studies, so each topic is tested through a scenario rather than one fact at a time.

TopicExam weightChapters on JephAi
Ethical and Professional Standards10–15%2
Financial Statement Analysis10–15%7
Equity Investments10–15%6
Fixed Income10–15%5
Portfolio Management10–15%6
Quantitative Methods5–10%7
Economics5–10%3
Corporate Issuers5–10%4
Derivatives5–10%2
Alternative Investments5–10%4

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Free CFA Level II practice questions

One full Level II case study with its four questions, as on the exam.

Case study

Mei Lin Chu's advisory practice

Mei Lin Chu, CFA, was a private wealth adviser at Granite Bank until March 2025. During her final two weeks at Granite, after telling her manager she would resign, she called several of her Granite clients to tell them about her new independent firm, and she copied her client contact list to a personal storage drive.

While still at Granite, Chu accepted a EUR 5,000 gift from a client, Mr Dorn, who was delighted with his portfolio's returns. The gift was conditional on his account continuing to beat its benchmark. Chu did not tell Granite about the arrangement.

At her new firm, one of Chu's clients is Ada Lenz, aged 72, who relies on her portfolio for living expenses. Lenz's investment policy statement sets a conservative income objective. Lenz now asks Chu to put 40% of her portfolio into a leveraged commodity fund she read about online.

In reviewing another client's documents, Chu discovers evidence that the client is hiding income in an undeclared offshore account. Local law requires financial advisers to report suspected tax evasion to the authorities, and Chu does so.

Question 1

Chu's actions during her final two weeks at Granite MOST likely:

Pick an answer to see the explanation.

Question 2

Chu's acceptance of Mr Dorn's gift MOST likely:

Pick an answer to see the explanation.

Question 3

In response to Lenz's request, Chu should MOST appropriately:

Pick an answer to see the explanation.

Question 4

Chu's report to the tax authorities MOST likely:

Pick an answer to see the explanation.

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CFA Level II questions

How is the CFA Level II exam structured?

88 multiple-choice questions grouped into 22 case studies (item sets) of four questions each. Each question has three options. The exam runs in two sessions of 2 hours 12 minutes.

When can I take CFA Level II?

Level II is offered in three windows a year: May, August and November.

How is Level II different from Level I?

Level I tests concepts one question at a time. Level II gives you a case of several paragraphs and asks four questions about it, so you have to find the relevant facts and apply the method under time pressure.

What does JephAi include for Level II?

46 study chapters with formula sheets, 260 questions written as case-study item sets, timed mock exams, notes, analytics and, on the Advanced plan, Jeph, the AI tutor.

Can I try it before paying?

Yes. Every plan starts with 7 days free, and Basic and Premium don’t need a card. You can also work through the sample case on this page without signing up.

CFA Level II guides

Career GuidanceCFA vs FRM: Which Should You Choose? Exams, Costs and Pass Rates (2026)Study GuidesHow to Build a CFA Study Schedule That Fits a Full-Time JobExam StrategyCFA Mock Exams: When to Start, How Many to Take and How to Review Them

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Exam format, topic weights and calculator policy: CFA Institute. JephAi is not affiliated with CFA Institute. CFA® and Chartered Financial Analyst® are trademarks of CFA Institute.