Finance credentials · timed practice test · free 25-question / 50-minute diagnostic · CFA Institute
Free CFA Level 2 Readiness Check
Free 25-question diagnostic, then $5 for 5 full attempts · no signup
UniPrep2Go's free CFA Level 2 practice test is a 25-question, 50-minute timed diagnostic with a free topic report and answer review — no email, no account. The full mock is 60 questions / 120 minutes on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
This free CFA Level 2 readiness check is built for candidates who already cleared Level 1 and now need vignette-style application under time — Ethics, FSA, equity and fixed-income valuation, derivatives, and portfolio management. It is not a recycled Level 1 quiz: score by Level 2 topic weights, then repair weak item-set domains with the linked CFA Level 2 Anki deck before your next practice block.
Official-source aligned. Topic weights, timing, and pass rules follow published CFA Institute outlines. Questions are original UniPrep2Go study aids — not leaked official items. Verify on the official site ↗
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- Questions
- 25 free · 60 full
- Time
- 50 min free · 120 min full
- UniPrep2Go readiness target
- 70%
- Domains
- 10
- Exam body
- CFA Institute
- Status
- Live · free 25-question / 50-minute diagnostic
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 15, 2026
- What this covers
- 60-question timed diagnostic (120 min; free 25-question / 50-min version) across 10 topic areas, with topic scoring and answer review. Official form: 88 multiple-choice questions in 22 vignette-based item sets (11 item sets per session, 4 questions each).
- Pass rule
- Official exam: No fixed passing score published; CFA Institute sets the MPS each cycle. UniPrep2Go mock: 70% readiness target (not an official pass score).
- Does not replace
- Independent study aid — it does not replace CFA Institute curriculum, practice questions, and mock exams in the Learning Ecosystem.
Finance credentials · CFA Institute
CFA Level 2 practice test
Free 25-question diagnostic · 50 min · full 60Q on Mock Pass
Sample CFA L2 Readiness practice questions
These sample items mirror the domains in the timed CFA L2 Readiness mock. Correct answers and explanations unlock inside the practice session.
Sample 1
An analyst tests the residuals of a daily index return model for ARCH(1) and estimates ε̂²(t) = 0.40 + 0.30 ε̂²(t−1); the slope is statistically significant. Today's residual is 2.0. What is the predicted variance of tomorrow's error?
- A. 0.70
- B. 1.00
- C. 1.60
- D. 4.00
Sample 2
A dealer sold European calls on 2,000 shares of Lakeside Retail and delta-hedged the position with stock when the call delta was 0.40. After a rally the call delta is now 0.52. The dealer wants to restore a delta-neutral position using the stock. What trade should the dealer make?
- A. Sell 240 shares
- B. Buy 1,040 shares
- C. Sell 800 shares
- D. Buy 240 shares
Sample 3
An analyst compares an appraisal-based private real estate index with a REIT index over 20 years. Why does the appraisal-based index likely show lower volatility and lower correlation with equities?
- A. Appraisals lag and smooth market values, so measured risk is understated
- B. REIT indices hold only office buildings, which are more volatile
- C. Appraisals are made daily, which averages out short-term noise
- D. Private real estate is held without leverage, so its true economic risk is far lower
Sample 4
A one-year zero-coupon corporate bond has an annual default probability of 1.5% and an expected recovery rate of 40%. Ignoring risk premiums and taxes, what is the approximate credit spread over the risk-free rate?
- A. 0.09%
- B. 0.60%
- C. 0.90%
- D. 1.50%
Sample 5
A quant at Brightwater backtests a value strategy from 2006 to 2025. Each December 31 she ranks today's S&P 500 constituents on book-to-price using fiscal-year data dated December 31, although companies file those 10-Ks 60–90 days later. The backtest shows a 4% annual alpha. Which biases most likely inflate the result?
- A. Survivorship bias from current constituents and look-ahead bias from unfiled data
- B. Data-snooping bias from many trials and look-ahead bias from unfiled data
- C. Survivorship bias from current constituents and data-snooping bias from many trials
- D. Look-ahead bias from current constituents and survivorship bias from unfiled data
What is the CFA Level 2 exam?
CFA Level 2 is the second exam in the CFA Program. After Level 1’s broad foundations, Level 2 emphasizes application and analysis through item-set (vignette) questions across ten topic areas — Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity, Fixed Income, Derivatives, Alternatives, and Portfolio Management. Candidates who treat it like another Level 1 recognition quiz usually underperform; Level 2 rewards reading a case, selecting the right valuation or accounting judgment, and managing time across sets.
Administered by: CFA Institute (computer-based testing at Prometric). Confirm current topic weights and session windows on cfainstitute.org — this UniPrep2Go page is independent practice, not CFA Institute material. (official site ↗)
Official format: Official Level 2 uses item-set / vignette-style questions across two sessions. This UniPrep2Go readiness check is a 60-question / 120-minute / 70% mini-vignette diagnostic (free 25-question version) with topic scoring — a baseline before full item-set blocks, not a substitute for CFA Institute mocks.
Official resources: CFA Level II exam overview · CFA Institute mock exam and practice questions
Who this exam is for
Candidates who passed Level 1 and need a timed Level 2 topic baseline; career switchers reviewing FSA/equity/fixed income under pressure; and learners pairing mocks with the CFA Level 2 Anki deck for spaced repetition of formulas and judgment frames.
How to prepare
1) Re-read Ethics and FSA early — they still swing band scores. 2) Drill equity and fixed-income valuation until you can apply a vignette without hunting formulas. 3) Take this 60-question / 120-minute check (free 25-question version) for topic diagnosis. 4) Repair weak domains with the linked CFA Level 2 Anki deck daily. 5) Move to full item-set mocks only after your readiness check clears weak pillars.
Confirm current fees, eligibility, and scheduling with CFA Institute before you book the real exam.
Topic outline
Core domains candidates usually study for CFA L2 Readiness: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternative Investments, Portfolio Management.
Ethical and Professional Standards
Level 2 Ethics tests the Code and Standards inside case facts (GIPS is not a Level II reading) — not memorising handbook titles alone.
Quantitative Methods
Economics
Financial Statement Analysis
Intercorporate investments, pensions, multinationals, and quality of earnings judgments inside vignettes.
Corporate Issuers
Equity Valuation
DDM, FCF, residual income, and market-based valuation applied to a company narrative.
Fixed Income
Term structure, valuation, credit, and securitized products under Level 2 item-set timing.
Derivatives
Pricing and risk of forwards, futures, options, and swaps in applied scenarios.
Alternative Investments
Portfolio Management
Portfolio construction, risk, and ETF/index applications that connect other Level 2 pillars.
About this free CFA Level 2 practice test
A timed 60-question / 120-minute CFA Level 2 readiness diagnostic with vignette-style application prompts across ethics, FSA, equity, fixed income, derivatives, and portfolio management — then drill weak topics in the linked 495-card Anki deck and Level 2 formula PDF. Official Level 2 is 88 vignette-linked multiple-choice items across two sessions (~4 hours 24 minutes total); this check is not a full-length item-set mock.
Built for: CFA Level 2 candidates who passed Level 1 and want a baseline before item-set practice blocks.
Topics on this practice test: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternative Investments, Portfolio Management.
- 60 timed multiple-choice questions
- 120-minute pacing target
- UniPrep2Go readiness target: 70% with topic breakdown
- Full answer review after you submit
Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. After your score, buy the linked Anki deck on Gumroad to drill weak topics with spaced repetition.
Buy CFA Level 2 Anki deck to drill weak topicsOfficial CFA Level 2 facts
Structure and domain weights candidates verify against the certifying body before exam day.
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.
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.
CFA Level 2 practice test — quick answers
What is the CFA Level 2 exam?
It is the second CFA Program exam. It focuses on applying Level 1 tools to analysis and valuation through vignette-style item sets across ten topic areas.
How is CFA Level 2 different from Level 1?
Level 1 stresses knowledge and comprehension with independent questions. Level 2 stresses application and analysis with item sets tied to a shared vignette — memorisation alone is rarely enough.
Is this UniPrep2Go check an official CFA Institute mock?
No. It is an independent readiness diagnostic (60 questions, 90 minutes, 70% target; free 25-question version) with topic scoring. Use CFA Institute materials and mocks for official format practice.
What score should I aim for on this readiness check?
Treat 70%+ with no catastrophic weak pillar as a readiness pass signal. Borderline scores mean repair Anki rows in Ethics, FSA, equity, or fixed income before another full block.
Which topics matter most on CFA Level 2?
Weights change by curriculum year, but Ethics, Financial Statement Analysis, Equity, and Fixed Income usually deserve early daily drill because they are both heavy and vignette-dense.
How should I use the linked CFA Level 2 Anki deck with this mock?
After the topic report, queue only failed domains into Anki for spaced repetition, then re-sit a shorter block on those pillars before returning to full-length item sets.
More FAQAdditional format, scoring, and disclaimer questions
- Is there a free CFA Level 2 practice test?
- Yes — your first UniPrep2Go attempt is free, and it can be this one: a 25-question / 50-minute timed diagnostic drawn by the same topic weights, a 70% readiness target, topic scoring, and a full answer review report. No signup, Exam or Learn mode. The full 60-question / 120-minute mock runs on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
- How many free attempts do I get on this CFA Level 2 practice test?
- One. Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. Every attempt ends with the full topic report and answer review — the report itself is never paywalled.
- How many questions are on this free CFA Level 2 practice test?
- This UniPrep2Go practice test has 60 multiple-choice questions timed against a 120-minute target. The free first attempt is a 25-question / 50-minute diagnostic with the same topic weights; the full session runs on Mock Pass. Readiness check with six mini-vignette questions in each of the ten 2026 CFA Level II topics (2 minutes per question), drawn from a 120-question bank (12 per topic) so retakes see new cases. Official exam: 88 item-set questions in 22 vignettes across two 132-minute sessions (4h24 total); topic weights run 5-15%; CFA Institute sets the minimum passing score (MPS) after each administration. UniPrep2Go readiness target: 70%. Not a full CFA Institute mock exam.
- Why is the free CFA Level 2 practice test 25 questions?
- It is a diagnostic: 25 questions drawn by the same topic weights as the full 60-question mock — enough to rank your weakest topics, short enough to finish in 50 minutes in one sitting. With 1–6 questions per topic it is a quick read, not a verdict; for a full-length timed score, run the 60-question / 120-minute mock.
- What do I get for $5?
- The UniPrep2Go Mock Pass: 5 full timed attempts on any UniPrep2Go mock, including the 60-question CFA L2 Readiness session, in Exam or Learn mode. It is a one-time Gumroad license key that works on any device — no subscription. Every attempt ends with the full topic report and answer review.
- What score do you need on this CFA Level 2 practice test?
- The pass target on this practice test is 70%. Your report also breaks down performance by topic so you can see weak areas before the real exam.
- Who should take this CFA Level 2 practice test?
- CFA Level 2 candidates who passed Level 1 and want a baseline before item-set practice blocks.
- Where can I take a CFA Level 2 practice test online?
- UniPrep2Go hosts the Free CFA Level 2 Readiness Check at https://uniprep2go.study/mock-exams/cfa-level-2-readiness-check with a timed runner and full readiness report.
- Is this official exam material?
- No. This is an independent readiness diagnostic. It is not official FINRA, CFA Institute, or GARP exam material and does not guarantee an exam result.
- What does the report show after the mock?
- Your report shows a pass/no-pass verdict with explanation, topic diagnosis, pacing notes, full question review with explanations, and a repair plan that links to the paid Anki deck on Gumroad for weak-topic drilling.
- Where do the questions come from?
- Questions are original UniPrep2Go practice items aligned to published topic outlines — not leaked official exam questions.