Practice Exam for FINANCIAL ANALYST Level II 2026

Overview of Level 2 ExamThe Level 2 exam requires a deeper understanding of investment management and portfolio theory. You will be challenged with real-world scenarios that test your knowledge. It is crucial to thoroughly comprehend the topics covered in Level 2, as it is closer to the charter.2026 Level II curriculum topics and weightsQuantitative Methods 5–10%Economics 5–10%Financial Reporting and Analysis 10–15%Corporate Issuers 5–10%Equity Valuation 10–15%Fixed Income 10–15%Derivatives 5–10%Alternative Investments 5–10%Portfolio Management 10–15%Ethical and Professional Standards 10–15%Level II exam formatThe Level II exam consists of multiple-choice questions. Familiarizing yourself with the format will help you approach the exam efficiently, manage your time effectively, and avoid common pitfalls to maximize your performance.Exam structureThe Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.Exam durationThe Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.Question formatThe Level II exam is standardized with 11 item sets for each session, for a total of 22 on the exam. Twenty of these items are scored, and two are being trialed and will not be scored.Multiple-choice questions in each item set must be answered based on the information in the vignette. Hence, the items are not free-standing, as in the Level I exam. You'll need to refer to the vignette before answering each item.The Program curriculum topic areas for Level II will be randomly placed on the exam. All topics may be covered in either the first or secon