The second level of CFA exams is the next stage of “CFA charterholder” certificate. CFA program aims to train and testing specialists in the investment management and financial analysis. Level II exams are held once a year, in December, and pre-registration is required. Exams are held simultaneously in the whole world, in English only.

The exam consists of 120 multi-choice questions (20 sets and each of them includes 6 items). Each set length reaches 2.5 pages, the average length 1.5 pages. Every set is mini-case and dealing with the particular topic. The 6 hours are allocated for that: 3 in the morning and 3 in the afternoon, about 1 minute per 1 question. The morning session topics do not overlap with afternoon session ones.

Level I isn’t easy, but Level II and III are much tougher. There’s no an exam passing gradations, just “passed” and “not passed”. An average time for exam preparation is about 300 hours of active learning. An applicant can find out about test results in 60 days at the latest.