CFA® Level II syllabus, 2027

Every topic and learning outcome on the 2027 Level II curriculum, each with a plain-English note and its formulas.

Item sets: a short case, then four questions on it. The exam is 22 item sets in 4 hours 24 minutes of testing. 380+ learning outcomes · 760+ practice questions in the app · enough for 8 full-length mock papers before any question repeats.

Topics, by weight in the exam

Equities

10–15% of the exam · 75 learning outcomes

Ethical and Professional Standards

10–15% of the exam · 18 learning outcomes

Financial Statement Analysis

10–15% of the exam · 42 learning outcomes

Fixed Income

10–15% of the exam · 50 learning outcomes

Portfolio Construction

10–15% of the exam · 52 learning outcomes

Alternative Investments

5–10% of the exam · 29 learning outcomes

Corporate Finance

5–10% of the exam · 31 learning outcomes

Derivatives and Risk Management

5–10% of the exam · 21 learning outcomes

Economics

5–10% of the exam · 25 learning outcomes

Quantitative Methods

5–10% of the exam · 39 learning outcomes

Weights are CFA Institute’s published ranges for the 2027 exam. The learning outcomes are paraphrased; they are not CFA Institute’s wording.

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