CFA Level II Prep: Format & Practice
CFA Level II shifts from knowledge to application and asset valuation. It uses an item-set (vignette) format — 22 vignettes of four questions each — across the same 10 topic areas as Level I. Here's how it's structured — with realistic COSMIQ practice.
COSMIQ prepares you for the CFA Level II and administers realistic full-length mock tests — it does not administer the real exam or issue the CFA charter.
Frequently asked
How is CFA Level II different from Level I?
Level II covers the same 10 topics but emphasizes application and valuation, and it uses vignette-based item sets (22 vignettes × 4 questions) rather than standalone multiple-choice.
How is CFA Level II structured?
Two sessions of vignette item sets — 88 questions total across roughly 135 minutes each — with the heaviest weight on valuation topics like equity and fixed income.