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Home› CFA›Level 2
The Level Most Candidates Underestimate

Level 2 Is Where
Most Candidates Stall.

Level 1 tests whether you know the material. Level 2 tests application at depth, reading a vignette and valuing an asset. Different exam, different preparation. Our Level 2 batches are built around item-set technique, not content recall.

22 Vignettes
88 Questions Total
Valuation
The Core of Level 2
2 Centres
+ Live Online
Enquire About CFA Level 2
Free counselling call with our expert
Free counselling · No advance payment required
88
Questions in the Exam
22
Vignette Item Sets
3
Exam Windows a Year
60
Days to Results
Level 1 vs Level 2

What Actually Changes at Level 2

The syllabus looks familiar. The same ten topic areas carry over. What changes is what the exam asks you to do with them. Candidates who prepare for Level 2 the way they prepared for Level 1 are the ones who struggle.

Standalone questions
Vignettes, 4 to 6 questions from one case
Recall and recognition
Application and analysis
Know the formula
Pick the right one from a messy case
Breadth across topics
Depth in asset valuation
Level 2 Class Photo
Recommended: 600 × 420px
Our Level 2 Approach

Built for the Item-Set Format

Level 2 rewards technique as much as knowledge. Here is what we drill.

Vignette Reading Technique
How to scan a case quickly for things that matter from the 1.5-2 pages of content, which can help you save substantial time.
Valuation Depth
Equity, fixed income and derivatives valuation carry the heaviest weight at Level 2. We spend proportionally more class time here.
Timed Item-Set Drills
Full 22-vignette mocks under exam timing. Most Level 2 failures are pacing failures, not knowledge failures.
Ethics Applied to Cases
Ethics at Level 2 is scenario-based and often decides borderline results. We teach it through cases, not standards recitation.
1-on-1 Weak Area Review
After each mock we map your topic-level performance and build a personal revision plan around the gaps.
Placement Support Continues
Level 2 candidates are highly employable in equity research and credit roles. Our placement network stays open to you throughout.
Exam Weightings

Where the Marks Are

Official CFA Institute topic weights for Level 2. Our class hours follow these proportions.

Ethical & Professional Standards
10 to 15%
Financial Statement Analysis
10 to 15%
Equity Investments
10 to 15%
Fixed Income
10 to 15%
Portfolio Management
10 to 15%
Quantitative Methods
5 to 10%
Economics
5 to 10%
Corporate Issuers
5 to 10%
Derivatives
5 to 10%
Alternative Investments
5 to 10%

Weightings are set by CFA Institute and may vary slightly between exam windows.

Exam Format

Level 2 At a Glance

Structure
22 vignettes, each followed by 4 multiple-choice questions. 88 questions in total, split across two sessions.
Duration
Roughly 4 hours 24 minutes of exam time, split into two equal sessions with an optional break between them.
Exam Windows
Offered three times a year, typically May, August and November. We help you pick the window that fits your prep runway.
Prerequisite
You must have passed CFA Level 1 before registering for Level 2.
Results
Released within approximately 60 days of your exam date, with topic-level performance bands.
CFA Institute Fees
Early registration around $1,140 and standard registration around $1,490. Separate from SkilledGrad coaching fees.

Exam logistics and fees are set by CFA Institute and change periodically. Please confirm current details on cfainstitute.org before registering.

Core Faculty

Taught by People Who Sat These Exams

Level 2 is the level most candidates underestimate. Both founders teach on every batch. Kamal has cleared Level 2 himself, and between them they bring 15+ years inside investment banking and equity research.

Kamal Kishore G, co-founder of SkilledGrad
Kamal Kishore G
CA | CIMA AdvDip | CFA Level 2 Cleared
Co-Founder, SkilledGrad
15+ years in Investment Banking, Product Control and training. Worked at Standard Chartered and Barclays in Investment Banking divisions.
Associate Manager, Product Control
Standard Chartered Bank
Oct 2010, Jul 2014
AVP, Product Control
Barclays
Jul 2014, Aug 2017
Co-Founder
SkilledGrad
Jan 2024, Present
Yogesh Sakunia, co-founder of SkilledGrad
Yogesh Sakunia
CA | IIM-C Alumni | CIMA AdvDip | CFA Level 1
Co-Founder, SkilledGrad
15+ years in Investment Banking, Equity Research and Product Management. Started career in equity research at CRISIL.
Senior Research Analyst
CRISIL
Aug 2008, Jul 2014
Financial Consultant & Trainer
Freelance / Own Firm
Aug 2014, Jun 2020
Co-Founder
SkilledGrad
Jan 2024, Present

Every course is led by Kamal and Yogesh, supported by specialist faculty where a topic calls for it.

Upcoming Batches

Upcoming CFA Level 2 Batches

Batch start dates, timings and centres for CFA Level 2. Seats are capped so every student gets attention.

CFA Level 2
1Nov 2026
Sat and Sun
10:00 AM to 1:00 PM
Purasaiwakkam
Classroom and Live Online
Upcoming Sessions and Events
4Oct
Free Career Counselling Session
11:00 AM to 12:30 PM · Classroom and Live Online · Purasaiwakkam
Walk through CFA, ACCA and Financial Modelling & Valuation and which fits your background.
19Oct
CFA Level 1 Exam Strategy Webinar
6:30 PM to 8:00 PM · Live Online · Purasaiwakkam and Tambaram
Level 2 FAQs
Questions About Level 2
Our counsellors have taken these exams themselves. Ask anything.
Ask on WhatsApp
Is Level 2 really harder than Level 1?
Most candidates find it harder, though the reason is often misunderstood. The content breadth is lower than Level 1, but significantly deeper. Vignettes require you to extract relevant data from a case under time pressure, and they push you to know the content at depth and link topics together. SkilledGrad's Level 2 batches in Chennai are built around that shift rather than content revision alone.
How long should I prepare for Level 2?
CFA Institute suggests around 300 hours. In SkilledGrad's experience, candidates who cleared Level 1 recently and study consistently need roughly 5 to 6 months at 12 to 15 hours a week. If you are working full time or returning after a gap, plan closer to 7 to 8 months.
Can I join if I am attempting Level 2 again?
Yes, and repeat candidates often benefit most. SkilledGrad starts by reviewing your previous topic level performance bands to identify exactly where marks were lost, then builds a targeted plan rather than restarting the syllabus from scratch.
Which topics should I prioritise?
Ethics, Financial Statement Analysis, Equity Investments, Fixed Income and Portfolio Management each carry 10 to 15%, so together they account for the majority of the paper. That said, the smaller topics are where candidates often lose easy marks through neglect. SkilledGrad's schedule covers all ten areas proportionally.
Do you cover Financial Modelling & Valuation alongside Level 2?
Financial Modelling & Valuation is a separate course, but many Level 2 candidates take it in parallel. The valuation work at Level 2 maps closely onto what you build in a model, and employers hiring for equity research generally want both. SkilledGrad counsellors in Chennai can advise whether to run them together or sequentially based on your timeline. Those who pursued Level 1 with us will already have learnt financial modelling.
Can I get placed with Level 2 cleared but not the charter?
Yes. Level 2 cleared is a meaningful signal to employers in equity research, credit research and asset management, and several SkilledGrad students in Chennai were hired at that stage. The charter requires work experience anyway, so many candidates complete it while already employed.
Next Level 2 Batch
Clear Level 2 on the Next Attempt

Book a free counselling call. We will look at your Level 1 result, your available study hours and pick the right exam window with you.