CFA Level II — Free Online Mock Test
Item-set format: ~88 MCQ across vignettes. Two sessions. · Official language: English.
CFA Level II exam at a glance
CFA Level II full-length mock tests
Attempt 50 full-length CFA Level II mock tests, each a distinct question set built on the real 88-question, 264-minute pattern — with instant scoring and section-wise analysis. The first 3 are free.
CFA Level II key facts & eligibility
| Conducting body | CFA Institute. |
|---|---|
| Official website | cfainstitute.org ↗ |
| Mode | A computer-based exam of 88 item-set (vignette) questions in two sessions of 2 hours 12 minutes (about 4.5 hours total). |
| Frequency | Multiple windows a year — typically May, August and November. |
| Scoring & marking | 88 multiple-choice questions organised into 22 item sets — each a shared vignette with 4–6 questions — across the ten topic areas, with heavier weight on asset valuation. 20 item sets are scored and 2 are unscored trials. The result is pass/fail against a Board-set minimum passing score. |
| Score validity | A pass is permanent; you progress to Level III. |
| Language | English. |
Who is eligible for CFA Level II?
Open to candidates who have passed CFA Level I; the same degree/experience rules and a valid international passport apply.
Last verified July 2026 against CFA Institute — Level II exam. Always confirm current details on the official website before you register.
CFA Level II section breakdown
The CFA Level II mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. Inter-section breaks are enforced.
-
Session 1 (44 Q)
-
Session 2 (44 Q)
CFA Level II scoring & marking scheme
Strategy: CFA Level II has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: CFA Level II (pass/fail).
How CFA Level II is conducted
- Mode
- Test format
- Backtracking
- Mark for review
Tools available during the CFA Level II exam
-
Calculator
Wrexa Edge renders these tools inside the mock test exactly as they appear on the real CFA Level II exam — same shortcuts, same behaviour.
CFA Level II time strategy
With 88 questions in 264 minutes, you have about 180 seconds per question on average. Successful candidates aim for the following pacing on each section:
- Session 1 (44 Q)
- Session 2 (44 Q)
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
CFA Level II topics covered
Across the 50 Wrexa Edge variants of CFA Level II, the following topics appear most often (sample distribution from one variant):
Session 1 (44 Q)
- Market Risk — Greeks · 4
- Market Risk — Expected Shortfall · 2
- Market Risk — Backtesting · 2
- Market Risk — Stress Testing · 2
- Market Risk — Convexity · 2
- Credit Risk — Expected Loss · 2
- Credit Risk — Counterparty · 2
- Credit Risk — Structured Products · 2
Session 2 (44 Q)
- Market Risk — VaR · 6
- Market Risk — Greeks · 4
- Market Risk — Expected Shortfall · 3
- Market Risk — Backtesting · 2
- Market Risk — Stress Testing · 2
- Market Risk — Convexity · 2
- Derivatives: Swaps · 1
- Alternatives: Real Estate · 1
CFA Level II difficulty calibration
Elite tier. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months.
Item-set format: ~88 MCQ across vignettes. Two sessions. · Official language: English.
Verified content — Wrexa Edge's CFA Level II bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for CFA Level II
- Real test-day interface
- 50 distinct variants
- Detailed analytics
- Spaced repetition (Notebook)
- Optional proctoring
- Free to start
Expert take: what CFA Level II really tests
CFA Level II is where the program changes character: gone are the free-standing questions of Level I, replaced by 88 item-set questions built on 22 vignettes, each demanding that you extract the right data before you calculate. The depth jump is steep and the weight tilts toward asset valuation, so candidates who merely re-read Level I material tend to underestimate it. Success is really about vignette technique — reading the questions first, then mining the case.
Preparation tips
- Master the vignette format — read the questions, then extract exactly what you need from the case.
- Prioritise valuation (equity, fixed income, derivatives) and Financial Statement Analysis, where marks concentrate.
- Take full item-set mocks under time; Level II punishes weak pacing across long vignettes.
Common mistakes to avoid
- Treating Level II like a deeper Level I and under-practising the item-set format.
- Neglecting Ethics, which still carries weight and can decide borderline results.
CFA Level II study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
- Work the Level II curriculum topic by topic — the depth jumps sharply from Level I
- Prioritise Financial Statement Analysis, Equity and Fixed Income valuation
- Do end-of-reading questions and start light item-set (vignette) practice
- Practise full vignettes under time — every answer must trace back to the vignette
- Drill valuation (equity, fixed income, derivatives) where the marks concentrate
- Keep an error log and revisit Ethics, which still carries weight
- Take full-length official item-set mocks under timed conditions
- Analyse each mock by topic and re-drill your lowest areas
- Refine vignette technique: read the questions, then mine the vignette
Where CFA Level II can take you
A strong CFA Level II result opens up these careers and higher-study paths:
- Equity / credit analyst
- Portfolio management
- Investment banking / valuation
- Progress toward the charter
Best books & official prep for CFA Level II
- CFA Program Curriculum (Level II) — CFA Institute
- Kaplan Schweser Notes — Kaplan
- Wiley / UWorld CFA — Various
- CFA Institute mock exams — CFA Institute
Official practice: CFA Institute provides the official curriculum and mocks; Level II lives or dies on item-set (vignette) practice, especially valuation.
Previous-year papers: CFA Institute does not release past exams; official mocks and curriculum questions are the best practice.
Frequently asked questions
- What is the CFA Level II exam pattern?
- CFA Level II contains 88 questions across 2 sections: Session 1 (44 Q), Session 2 (44 Q). Total duration is 264 minutes (about 180 seconds per question).
- Does CFA Level II have negative marking?
- No — CFA Level II has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is CFA Level II scored?
- Scaled score range: 0 to 100. CFA Level II (pass/fail).
- How can I practise CFA Level II online for free?
- Wrexa Edge gives you 3 free full-length CFA Level II mock tests — with instant scoring, detailed explanations and analytics — plus 47 more with Pro. Start practising in under a minute, no card required.
- What is the difficulty level of CFA Level II?
- CFA Level II is rated Elite difficulty on Wrexa Edge. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months. Item-set format: ~88 MCQ across vignettes. Two sessions. · Official language: English.
- How long is the CFA Level II exam?
- CFA Level II runs for 264 minutes total across 2 sections. On Wrexa Edge the timer is enforced exactly as on the real exam — including mandatory inter-section breaks.
- What topics are covered in CFA Level II?
- CFA Level II is split into: Session 1 (44 Q), Session 2 (44 Q). Each section is timed and weighted separately. Item-set format: ~88 MCQ across vignettes. Two sessions. · Official language: English.
- What tools or aids are allowed during CFA Level II?
- On-screen scientific calculator (matches the real exam interface).
- Is the CFA Level II test adaptive?
- No — CFA Level II is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many CFA Level II mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct CFA Level II variants — each with different question content, not just shuffled options — the first 3 free for everyone and 47 more with Pro. That's 4400 unique practice questions in the real test-day interface.
- Is there a free CFA Level II test series 2026?
- Yes. The Wrexa Edge CFA Level II test series for 2026 gives you 3 free full-length mock tests (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are CFA Level II previous year question–style papers included?
- Every CFA Level II mock is modelled on the official exam pattern and the style of previous years' papers — the same 88-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free CFA Level II mock test online?
- Wrexa Edge's CFA Level II mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the CFA Level II mock test on mobile?
- Yes. CFA Level II mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the CFA Level II syllabus?
- The CFA Level II syllabus maps to its 2 sections: Session 1 (44 Q), Session 2 (44 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for CFA Level II?
- Open to candidates who have passed CFA Level I; the same degree/experience rules and a valid international passport apply. Wrexa Edge focuses on realistic CFA Level II practice: 3 free full-length mocks in the exact exam pattern, ready whenever you are.
- When is the CFA Level II exam and how should I prepare?
- Official CFA Level II exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you 3 free CFA Level II mocks with instant scoring so you can track your readiness week by week.
Related exams & practice tests
Candidates preparing for CFA Level II also practise these on Wrexa Edge:
Browse more: All Finance & Professional exams → · Full exam catalog →
Ready to ace CFA Level II?
Join thousands of candidates practising on Wrexa Edge. Free signup, 50 variants per exam, instant scoring.
Start practising free →