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According to the CFA Institute, CFA Level II pass rates are currently at around 45%. CFA candidates can expect to study for over 300 hours over the course of six to nine months to prepare for the exam. The format of the Level II exam consists of item sets or mini-cases rather than individual multiple-choice questions found on the Level I exam.
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The Level 2 exam, the second of the three levels of the CFA exam, expands on the concepts covered previously, emphasizing analyzing and applying what you have learned so far. According to the CFA Institute (CFAI), Level 2 will occur three times in 2024: May, August and November. What Is the CFA Level 2 Exam Format, Structure, and Duration?
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