Course Overview
What is the CFA Programme?
CFA Level 2 is widely considered the most challenging of the three levels. It moves from knowledge recall to application — using item-set (vignette) questions that require you to analyse complex scenarios. The exam runs for 4 hours total, split into two sessions of 2 hours 12 minutes each, with an optional break.
CFA Level 2
CFA Level 2 exams are offered three times a year — in May, August, and November. Registration for each session opens well in advance. Results are published within 60 days of the exam date. The average pass rate over the last ten years has been approximately 45%.
Who Can Apply
Eligibility Requirements
Candidates must satisfy at least one of the following formal eligibility requirements as outlined by the CFA Institute:
- Must have passed CFA Level 1 before applying.
- Hold a bachelor's degree or equivalent from an accredited university or college.
- Have a minimum of 4,000 hours of relevant work experience and/or higher education.
- Possess a valid international passport.
- Have paid the CFA Level 1 enrollment fee previously.
How to Register for CFA Level 2
- 1Go to cfainstitute.org and navigate to Program → Register.
- 2Log in using your existing CFA Institute email and password.
- 3Select CFA Level 2 and complete the application form.
- 4Make the required registration payment online.
- 5Save your confirmation receipt for future reference.
Got Questions?
Frequently Asked Questions
What is the pass rate for CFA Level 2?
The average pass rate over the last decade has been approximately 45%, making Level 2 statistically the most difficult of the three levels.
When are CFA Level 2 results released?
Results are published on the CFA Institute's official website within 60 days of the exam date.
What is the exam rescheduling fee for CFA Level 2?
Candidates who need to change their exam date must pay a rescheduling fee of USD 250.