Finance credentials · free timed practice test · CFA Institute
Free CFA Level 2 Readiness Check
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 ↗
Loading timed practice test…
- Questions
- 60
- Time
- 90 min
- Pass target
- 70%
- Domains
- 10
- Exam body
- CFA Institute
- Status
- Live · free
Finance credentials · CFA Institute
CFA Level 2 practice test
60 Q · 90 min · 70% target
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
On the CFA L2 Readiness, when do NPV and IRR give conflicting rankings? Select the best answer.
- A. this concept always eliminates all investment, legal, and regulatory risk for every customer
- B. this concept has no application in US securities, insurance, or licensing markets
- C. For independent projects: both give same accept/reject decision
- D. this concept is identical to FDIC deposit insurance for every customer account
Sample 2
On the CFA L2 Readiness, what are the three sections of the cash flow statement? Select the best answer.
- A. this concept always eliminates all investment, legal, and regulatory risk for every customer
- B. this concept has no application in US securities, insurance, or licensing markets
- C. Operating: cash from core business operations
- D. this concept is identical to FDIC deposit insurance for every customer account
Sample 3
On the CFA L2 Readiness, when is diversification most effective? Select the best answer.
- A. this concept always eliminates all investment, legal, and regulatory risk for every customer
- B. this concept has no application in US securities, insurance, or licensing markets
- C. this concept is identical to FDIC deposit insurance for every customer account
- D. Diversification reduces portfolio risk whenever correlation < 1
Sample 4
On the CFA L2 Readiness, when is diversification most effective? Select the best answer.
- A. this concept always eliminates all investment, legal, and regulatory risk for every customer
- B. this concept has no application in US securities, insurance, or licensing markets
- C. this concept is identical to FDIC deposit insurance for every customer account
- D. Diversification reduces portfolio risk whenever correlation < 1
Sample 5
On the CFA L2 Readiness, what are the three main dividend policy theories? Select the best answer.
- A. this concept always eliminates all investment, legal, and regulatory risk for every customer
- B. this concept has no application in US securities, insurance, or licensing markets
- C. this concept is identical to FDIC deposit insurance for every customer account
- D. Dividend irrelevance (M&M): with perfect markets, dividend policy doesn't affect firm value
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 free 60-question / 90-minute / 70% diagnostic with topic scoring — a baseline before full item-set blocks, not a substitute for CFA Institute mocks.
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 free 60-question / 90-minute check 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 still tests GIPS and Standards application inside case facts — 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 CFA Level 2 readiness diagnostic with vignette-style application prompts across ethics, FSA, equity, fixed income, derivatives, and portfolio management.
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
- 90-minute pacing target
- 70% pass threshold with topic breakdown
- Full answer review after you submit
Free timed mock with full topic report — no signup. 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 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.
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.
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 free readiness diagnostic (60 questions, 90 minutes, 70% target) 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 — UniPrep2Go hosts a free online CFA Level 2 practice test with 60 timed questions, 90 minutes, a 70% pass target, topic scoring, and a full answer review report. Free timed practice test.
- How many questions are on this free CFA Level 2 practice test?
- This UniPrep2Go practice test has 60 multiple-choice questions timed against a 90-minute target. Readiness check sampled across CFA Level 2 topic weights with vignette-style application prompts. Not a full CFA Institute mock exam.
- 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.