Finance Exams
CFA Level 2 Exam Prep — 495 Vignette Cards + Free Mock
495 vignette-depth cards across all 10 CFA Level 2 topics — plus a 60-question / 120-minute mock (free 25-question version) and the matching formula PDF. Not a Level 1 leftover dump.
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110 people have purchased this deck. Recent UniPrep2Go checkout activity — not an official exam board figure.
Exam version & sources
CFA Level 2— what this product is (and isn't)
- Exam version
- 2026 Level II topic outline (CFA Institute)
- Official source
- CFA Level II exam overview
- Last reviewed
- October 4, 2026
- What this covers
- 495 cards — 10 CFA Level 2 topic areas
- Does not replace
- Independent study aid — it does not replace CFA Institute curriculum, practice questions, and mock exams in the Learning Ecosystem.
Free practice test
CFA Level 2 Practice Exam | 25Q Free, 60Q Timed
CFA Level 2 knowledge diagnostic — 60-question timed check (free 25-question version) with topic scoring and a readiness report before you buy the deck. It checks what you know; it is not a copy of the official exam format.
Take the free 25-question diagnosticSample cards
How do you value a 2-year 3% annual-pay bond on a tree with r₀ = 2% and year-1 rates of 3.375% and 2.5%?
Use backward induction: at each node, value = average of the two next-period values plus the coupon, discounted at that node's one-period rate. Start at maturity (100 + coupon) and step back one period at a time. Year-1 values are 99.64 (upper) and 100.49 (lower); today's value is about 101.04. Embedded options are handled by adjusting node values (min for calls, max for puts) in the same pass.
How do you apply both a DLOC and a DLOM to value a minority stake in a private company?
Apply them multiplicatively and in sequence: start from the controlling, marketable value, apply DLOC to get a minority marketable value, then DLOM to reflect that the shares cannot be sold quickly. Total discount = 1 − (1 − DLOC)(1 − DLOM). The discounts are not additive. Apply DLOC only if the base value is on a controlling basis.
How does standardized unexpected earnings work as a momentum indicator, and why scale the surprise?
SUE = (reported EPS − expected EPS) / standard deviation of past forecast errors. Scaling makes surprises comparable across firms: a $0.10 surprise is large for a stable firm but noise for a volatile one. High positive SUE has been associated with continued positive drift. Related momentum indicators: earnings surprise vs consensus and relative strength (price vs index).
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Get 495-Card CFA Level 2 Deck — $19 USDPairs with
CFA Level 2 Formula Reference
51-page printable formula reference for the 2026 cycle — 281 typeset formulas with when to use each and the exam trap, all 22 Standards, 80-question recall drill, plus 60Q timed mock (free 25-question version).
Product facts
- Cards
- 495
- Coverage
- 10 CFA Level 2 topic areas
- Format
- .apkg
- Price
- $19 USD
- Checkout
- Gumroad
- Exam cycle
- 2026 preparation cycle
- Delivery
- Digital download through Gumroad
Coverage by exam topic
| Topic | Exam weight | Cards |
|---|---|---|
| Financial Statement Analysis | 10-15% | 66 |
| Equity Valuation | 10-15% | 66 |
| Quantitative Methods | 5-10% | 63 |
| Fixed Income | 10-15% | 62 |
| Portfolio Management | 10-15% | 62 |
| Ethical and Professional Standards | 10-15% | 40 |
| Corporate Issuers | 5-10% | 40 |
| Derivatives | 5-10% | 38 |
| Alternative Investments | 5-10% | 36 |
| Economics | 5-10% | 22 |
Exam facts
CFA Level 2
The CFA Level 2 exam uses vignette-based item sets for investment professionals who passed Level 1. This page summarizes exam structure, topic weights, and independent UniPrep2Go study products (not official CFA Institute material).
- Questions
- 88 multiple-choice questions in 22 vignette-based item sets (11 item sets per session, 4 questions each)
- Time
- 4 hours 24 minutes total (two 132-minute sessions with an optional break)
- Passing score
- No fixed passing score published; CFA Institute sets the MPS each cycle
- Delivery
- Computer-based at Prometric test centers
- Administered by
- CFA Institute
Knowledge domains and weights
| Domain | Official weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Finance | 5–10% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Construction | 10–15% |
High-yield facts (commonly tested)
- Level 2 tests application in vignettes — formulas must be tied to a short case, not recalled in isolation.
- FCFF = NI + NCC + Int(1 − t) − FCInv − WCInv; FCFE = NI + NCC − FCInv − WCInv + Net Borrowing.
- Pension accounting (IFRS vs U.S. GAAP) and intercorporate investments are core FSA vignette topics.
- Arbitrage-free fixed income valuation and binomial trees appear frequently in fixed income item sets.
- Ethics at Level 2 emphasizes the Code and Standards applied to portfolio management and research conflicts.
Common CFA Level 2 questions
Straight answers to the questions candidates usually search before buying prep or booking the exam.
How many questions are on CFA Level 2?
88 multiple-choice questions in 22 vignette-based item sets — 11 item sets per session, 4 questions each. 20 item sets are scored; 2 are unscored trial sets.
How long is the CFA Level 2 exam?
Two 132-minute sessions (4 hours 24 minutes total), plus an optional break between sessions.
What format is CFA Level 2?
Vignette-based item sets — each mini-case has several linked multiple-choice questions; not standalone one-liners like Level 1.
What are the CFA Level 2 topic weights?
Ten topics; Financial Statement Analysis, Equities, Fixed Income, Portfolio Construction, and Ethical and Professional Standards are each 10–15%; Quantitative Methods, Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments are 5–10%.
Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam. Independent study aid — not official exam material.
More about CFA Level 2Study tips, positioning, and how this deck compares
CFA Level 2 exam prep
Level 2 is item-set, not Level 1 one-liners. Use 495 spaced-repetition cards for FCFF vs FCFE, FSA adjustments, and ethics under a short case — then sit the 60-question / 120-minute mock (free 25-question version) to pick weak topics before 22 official vignettes.
Built for: CFA Level 2 candidates who want structured recall practice for vignette-depth formulas, concepts, and application-level definitions.
Covers: 10 CFA Level 2 topic areas.
- Spaced-repetition flashcards
- 495 exam-focused flashcards
- Topic coverage table and samples on this page
- Linked 60-question practice test (free 25-question version)
How this deck compares
Level 2 punishes item-set misfires, not missing a random L1 definition. Four hundred ninety-five focused cards plus one 60-question / 120-minute diagnostic (free 25-question version) beat a mega-dump when you need FCFF vs FCFE and FSA adjustments before 22 official vignettes.
| Approach | Typical size | Tradeoffs |
|---|---|---|
| Free community decks | 1,000–3,000 |
|
| Budget mega-packs | 1,000+ |
|
| This deck | 495 exam-focused flashcards |
|
CFA Level 2 study guide
What is inside
495 cards across all ten CFA Level 2 topics (2026 weights 5–15%) — vignette-depth FSA, equity and fixed income valuation models, derivatives strategies, portfolio management, and ethics application. Prompts emphasize item-set logic: given a short case, which adjustment or valuation method applies?
Study plan with the free mock and formula reference
Weeks 1–2: 20 new cards/day across ethics and FSA. Week 3: Run the CFA Level 2 practice exam (25 free, then 60 vignette questions / 120 minutes). Week 4+: Drill only weak topics from the report; pair with the Level 2 formula reference PDF for printable recall tables.
Official CFA Level 2 is 88 item-set questions in 22 vignettes (4 hours 24 minutes; 20 scored sets + 2 trial) — this 60-question, 120-minute mock is a shorter diagnostic, not a CFA Institute mock.
Pitfalls this deck targets
Level 2 failures often come from mis-applying inventory and lease adjustments in FSA vignettes, confusing FCFF vs FCFE setups, and weak ethics judgment under time pressure. Mega L1 leftovers do not train that item-set logic.
CFA Level 2 & product FAQ
How many questions are on CFA Level 2?
88 multiple-choice questions in 22 vignette-based item sets — 11 item sets per session, 4 questions each. 20 item sets are scored; 2 are unscored trial sets.
How long is the CFA Level 2 exam?
Two 132-minute sessions (4 hours 24 minutes total), plus an optional break between sessions.
What format is CFA Level 2?
Vignette-based item sets — each mini-case has several linked multiple-choice questions; not standalone one-liners like Level 1.
What are the CFA Level 2 topic weights?
Ten topics; Financial Statement Analysis, Equities, Fixed Income, Portfolio Construction, and Ethical and Professional Standards are each 10–15%; Quantitative Methods, Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments are 5–10%.
What is included in the CFA Level 2 Anki deck?
The product includes 495 Anki flashcards covering CFA Level 2 concepts, formulas, vignette logic, and application-level definitions across all 10 topic areas.
Is this official CFA Institute material?
No. This is an independent study aid and is not endorsed, promoted, or warranted by CFA Institute.
More questions (2)
How do I import the deck into Anki?
Download the .apkg file from your Gumroad receipt, open the desktop Anki app, choose File then Import, select the .apkg file, and the deck appears in your deck list ready for study.
How does this compare with the official CFA Level 2 exam?
Official Level 2 is 88 vignette-based questions in 22 item sets (11 per session) over 4 hours 24 minutes; CFA Institute sets the MPS after each sitting. This deck is daily recall. The paired mock is 60 questions in 120 minutes (free 25-question version) with topic scores — a diagnostic, not a CFA Institute mock.
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