CFA Level 2 study plan

A vignette-focused CFA Level 2 study plan for deeper application work

Built specifically for vignette-based testing: every block links syllabus readings to exam-style routines.

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Overview

Eligibility, exam structure, topic weights, and prep priorities for Level II.

Syllabus

Module-by-module chapter list for the Level II curriculum.

Study Plan

A vignette-focused weekly roadmap built for Level II preparation.

Dates & Deadlines

Exam windows, registration deadlines, and scheduling dates for CFA candidates.

CFA Level II Study Plan 2026

Built specifically for vignette-based testing: every block links syllabus readings to exam-style routines.

Overview
Instructor's Notes
Video Explanation

Overview
Instructor's Notes
Video Explanation

Level II is about analysis, not memorisation. Each study week blends two syllabus areas so you can practice connecting exhibits, ratios, and valuation models inside a single vignette. Expect to review material three times: learn, quiz, then run a timed item set.

Download the annotated reading tracker, customise the week counts to your exam window, and commit to at least five item sets per week once you enter the integration phase.

Need accountability? Join our Level II study groups and share progress every Sunday.

Topic Key (CFA Level II)

Codes used in the roadmap below follow the official CFA curriculum groupings.

ETH

Ethics & Professional Standards

QM

Quantitative Methods

ECO

Economics & FX

FRA

Financial Reporting & Analysis

CI

Corporate Issuers

EQ

Equity Investments

FI

Fixed Income

DER

Derivatives

AI

Alternative Investments

PM

Portfolio Management & Wealth

Week-by-week Roadmap

Pair every reading with a quiz on Day 3 and a timed vignette on Day 7.

Weeks 1-2

Build the item-set mindset

ETH + QM

Revisit Standards I-VII and rewrite each in your own words to sharpen judgement for subtle vignette wording.
Refresh multiple regression, time-series diagnostics, and machine-learning LOS. Summarise assumptions, test statistics, and use cases in a one-page sheet.
Solve at least two mixed item sets per session to practice scanning exhibits efficiently.

Weeks 3-4

Accounting depth with valuation context

FRA + CI

Master intercorporate investments, business combinations, pensions, and multinational operations. Prepare quick-reference entries for GAAP vs. IFRS differences.
Link corporate issuer topics such as capital structure, dividend policy, and working capital to valuation adjustments inside residual income and EVA models.
Complete blue-box examples from the curriculum, then replicate each on blank paper to make the process second nature.

Weeks 5-6

Macro + equity integration

ECO + EQ

Map currency forecast frameworks, parity conditions, and economics of growth to equity return drivers.
Practice top-down industry and company analysis: write short memos explaining your sector views, factor exposures, and multiples.
Build a table linking the required steps for residual income, FCFF/FCFE, and dividend discount approaches.

Weeks 7-8

Fixed income powerhouse

Deep dive term structure models, key rate duration, and curve strategies. Annotate when to use each point on the curve.
Work through credit analysis LOS: structural vs. reduced-form, high-yield modeling, distressed restructuring.
Create a workflow for valuing securitised products such as MBS/ABS, highlighting prepayment modelling and OAS interpretation.

Weeks 9-10

Derivatives and alternatives

DER + AI

Rebuild option valuation from first principles including binomial, BSM, and put-call parity, and memorise the hedge ratios needed for risk management LOS.
Practise swap valuation including currency, equity, and amortising swaps, plus forward rate agreements until you can solve without a calculator template.
For alternatives, summarise private equity waterfall structures, real asset valuation, and commodities term structure dynamics.

Weeks 11-12

Portfolio construction

Connect multi-factor models, performance attribution, and active portfolio management frameworks.
Translate investment policy statements into strategic and tactical asset allocation decisions.
Document risk management techniques that appear across topics such as tracking error, information ratio, and IC to reuse during mocks.

Weeks 13-14

Item-set bootcamp

Integration

Alternate morning and evening blocks between FRA/EQ and FI/DER sets to keep every formula fresh.
Time box each vignette to 18 minutes, log misses, and immediately classify whether failure was concept, process, or careless.
Rewrite condensed notes after each drill. Only keep information you would use in the final two weeks.

Weeks 15-16

Exam simulations

Mocks

Sit for at least four full-length mock exams, including two official and two provider mocks, under timed conditions.
Use post-mock reviews to update your error log and re-plan the final review days by weakest topic weight.
Refine calculator keystrokes, inventory formulas, and decide on exam-day break strategy.

Application Blocks

Item-set drill routine

Three nights a week, pick one high-weight topic and run a 30-minute vignette. Grade ruthlessly and rewrite any missed solution in your own words.

Formula compression

Build a single A4 sheet for each topic that includes formulas, triggers, and caveats. Recopy sheets every Sunday to reinforce memory.

Review loops

Use spaced repetition: Day 1 learn, Day 3 quick quiz, Day 7 full vignette. This rhythm keeps retention high without marathon sessions.

Book a strategy review

Unsure how to adjust the plan for your exam date? Book a 30-minute review with our mentors. We tailor the roadmap to your strengths, work schedule, and remaining study hours.

Talk to a Mentor