About the Level II CFA Exam

Discussion of 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%