Get over the hump with the Level II CFA exam.
The Level II CFA exam is the second step toward the CFA charter. The exam consists of 120 multiple choice questions tested over 2 exam sessions (morning and afternoon). The Level II CFA exam covers the following topic areas, each having their own subcategory in this forum:
| Topic | Exam Weight | Study Session(s) |
|---|---|---|
| Ethics and Professional Standards | 10-15% | 1 |
| Quantitative Methods | 5-10% | 2,3 |
| Economics | 5-10% | 4 |
| Financial Reporting and Analysis (FRA) | 10-15% | 5,6 |
| Corporate Finance | 5-10% | 7,8 |
| Equity Valuation | 10-15% | 9,10,11 |
| Fixed Income | 10-15% | 12,13 |
| Derivatives | 5-10% | 14 |
| Alternative Investments | 5-10% | 15 |
| Portfolio Management | 5-15% | 16,17 |
Historical Pass Rates
| Year | Total | Pass | Fail | % Pass |
|---|---|---|---|---|
| 1963 | - | - | - | - |
| 1964 | 302 | 283 | 19 | 94% |
| 1965 | 865 | 678 | 187 | 78% |
| 1966 | 708 | 469 | 239 | 66% |
| 1967 | 556 | 496 | 60 | 89% |
| 1968 | 447 | 334 | 113 | 75% |
| 1969 | 413 | 322 | 91 | 78% |
| 1970 | 372 | 285 | 87 | 77% |
| 1971 | 341 | 253 | 88 | 74% |
| 1972 | 461 | 354 | 107 | 77% |
| 1973 | 565 | 324 | 241 | 57% |
| 1974 | 511 | 377 | 134 | 74% |
| 1975 | 563 | 421 | 142 | 75% |
| 1976 | 641 | 477 | 164 | 74% |
| 1977 | 632 | 510 | 122 | 81% |
| 1978 | 444 | 379 | 65 | 85% |
| 1979 | 550 | 460 | 90 | 84% |
| 1980 | 528 | 407 | 121 | 77% |
| 1981 | 684 | 580 | 104 | 85% |
| 1982 | 714 | 489 | 225 | 68% |
| 1983 | 978 | 637 | 341 | 65% |
| 1984 | 1,147 | 701 | 446 | 61% |
| 1985 | 1,309 | 965 | 344 | 74% |
| 1986 | 1,379 | 884 | 495 | 64% |
| 1987 | 1,555 | 995 | 560 | 64% |
| 1988 | 1,946 | 1,163 | 783 | 60% |
| 1989 | 2,484 | 1,590 | 894 | 64% |
| 1990 | 2,522 | 1,594 | 928 | 63% |
| 1991 | 3,002 | 1,618 | 1,384 | 54% |
| 1992 | 3,503 | 2,258 | 1,245 | 64% |
| 1993 | 3,579 | 2,061 | 1,618 | 56% |
| 1994 | 4,418 | 2,109 | 2,309 | 48% |
| 1995 | 5,518 | 2,535 | 2,983 | 46% |
| 1996 | 7,098 | 4,596 | 2,502 | 65% |
| 1997 | 8,493 | 5,011 | 3,482 | 59% |
| 1998 | 10,295 | 6,433 | 3,862 | 62% |
| 1999 | 13,496 | 7,329 | 6,167 | 54% |
| 2000 | 16,036 | 8,636 | 7,500 | 54% |
| 2001 | 17,897 | 8,322 | 9,575 | 46% |
| 2002 | 22,163 | 11,418 | 11,745 | 47% |
| 2003 | 22,232 | 10,432 | 11,800 | 47% |
| 2004 | 23,896 | 7,649 | 16,247 | 32% |
| 2005 | 24,891 | 13,938 | 10,953 | 56% |
| 2006 | 20,499 | 9,751 | 10,748 | 48% |
| 2007 | 25,521 | 10,156 | 15,365 | 40% |
| 2008 | 33,449 | 15,243 | 18,206 | 46% |
| 2009 | 38,998 | 15,892 | 23,106 | 41% |
| 2010 | 43,406 | 16,995 | 26,411 | 39% |
| 2011 | 44,175 | 19,009 | 25,166 | 43% |
| 2012 | 45,247 | 19,194 | 26,053 | 42% |
| 2013 | 44,874 | 19,311 | 25,563 | 43% |
| 2014 | 44,796 | 20,644 | 24,152 | 46% |
| 2015 | 46,841 | 21,509 | 25,332 | 46% |
| 2016 | 50,230 | 23,321 | 26,909 | 46% |
| 2017 | 56,939 | 26,919 | 30,020 | 47% |
| 2018 | 64,216 | 28,872 | 35,344 | 45% |
| 2019 | 74,735 | 32,954 | 41,781 | 44% |