Finance Exams
CFA Level 2 Exam Prep — 495 Flashcards + Free Mock
A vignette-depth Anki deck for CFA Level 2 candidates using spaced repetition.
Instant .apkg download · Gumroad secure checkout
Free practice test
Free CFA Level 2 Mock Exam 2026 | 60 Questions
Same CFA Level 2 exam — run the linked 60-question timed check for topic scoring and a pass/no-pass report before you buy the deck.
Take free 60-question CFA Level 2 practice testSample cards
What is free cash flow to the firm (FCFF)?
Cash available to all capital providers after operating expenses, taxes, reinvestment, and working capital needs. FCFF = NI + NCC + Int(1 − t) − FCInv − WCInv. Common mistake: forgetting to tax-adjust interest when starting from NI.
What is free cash flow to equity (FCFE)?
Cash available to equity holders after all expenses, reinvestment, debt flows, and preferred dividends. FCFE = NI + NCC − FCInv − WCInv + Net Borrowing. Common mistake: using FCFF discounted at cost of equity.
How do you compute FCFF from CFO?
Start with CFO, add back after-tax interest, subtract net investment in fixed and working capital. FCFF = CFO + Int(1 − t) − FCInv − WCInv. Common mistake: subtracting interest from CFO without tax adjustment.
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Get 495-Card CFA Level 2 Deck — $13 USDPairs with
CFA Level 2 Formula Reference
60-page printable formula quick reference for the 2026 cycle — 219 typeset formulas, 276 examiner-style definitions, and an 80-question recall drill.
Product facts
- Cards
- 495
- Coverage
- 10 CFA Level 2 topic areas
- Format
- .apkg
- Price
- $13 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 vignette-linked multiple-choice (22 item sets × 4 questions per session; 2 sessions)
- Time
- 4 hours 24 minutes total (two 132-minute sessions with 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 | Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement 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% |
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 grouped into 44 vignette item sets (22 per session, typically 4 questions per vignette).
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, Equity, Fixed Income, Portfolio Management, and Ethics are each 10–15%; Quant, Economics, Corporate Issuers, Derivatives, and Alternatives are 5–10%.
Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exams. Independent study aid — not official exam material.
More about CFA Level 2Study tips, positioning, and how this deck compares
CFA Level 2 exam prep
CFA Level 2 candidates use spaced-repetition flashcards to retain vignette-depth formulas and application logic across all ten equally weighted curriculum topics — run the free readiness check before item-set practice blocks.
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 free 60-question practice test
How this deck compares
495 cards for CFA Level 2 matches the 2026 10 cfa level 2 topic areas in the coverage table — sized for daily review, not maximum download size. Start with the free 60-question CFA Level 2 practice test, then drill weak rows from the table.
| 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 equally weighted CFA Level 2 topics — 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 [free 60-question CFA Level 2 mock](/mock-exams/cfa-level-2-readiness-check). **Week 4+:** Drill only weak topics from the report; pair with the [Level 2 formula reference PDF](/decks/cfa-level-2-formula-reference-2026) for printable recall tables.
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.
CFA Level 2 & product FAQ
How many questions are on CFA Level 2?
88 multiple-choice questions grouped into 44 vignette item sets (22 per session, typically 4 questions per vignette).
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, Equity, Fixed Income, Portfolio Management, and Ethics are each 10–15%; Quant, Economics, Corporate Issuers, Derivatives, and Alternatives 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 (1)
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.
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Last updated 2026-06-13.