CFA Level 2 Exam Format 2026: Sessions, Item Sets, CBT

Format at a glance

Level 2 is a computer-based exam delivered in sessions with vignette-based item sets (multiple questions per case). Exact question counts and timing are set by CFA Institute for each cycle — always verify on the official exam details page before you schedule.

Practice should feel like CBT: flagging, review screens, and sustained reading under a clock. Paper PDF drills alone under-train navigation and eye fatigue.

What transfers from Level 1

Approved calculator habits, Ethics careful reading, and session stamina transfer. What does not transfer is standalone stem pacing — Level 2 needs case reuse discipline. See Level 1 vs Level 2.

How we mirror practice

Our Level 2 mocks use 23 item sets / 92 questions per form with CBT-style tools and post-mock topic bars. Unlock via Level 2 lifetime or monthly access. Not affiliated with CFA Institute.

Frequently asked questions

Is Level 2 still multiple choice?

Yes — questions are multiple choice, but they are tied to vignettes (item sets) rather than mostly standalone stems.

How should I practice the CBT format?

Sit full timed digital mocks with flagging and review. Treat navigation as part of the skill, not an afterthought.

Where do I confirm official 2026 format details?

On CFA Institute’s exam and curriculum pages for Level 2. Third-party sites can summarize but are not authoritative.

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