How to Create a CFA Level II Study Schedule: Foundational Steps
Calculating Your Total Available Study Hours
The CFA Institute suggests a minimum of 300 hours, but for Level II, many successful candidates report closer to 350 or 400 hours due to the complexity of Equity Valuation and Fixed Income. To calculate your personal requirement, start with 350 hours as a baseline and adjust upward if you lack a background in derivative pricing or financial statement analysis. Divide this total by the number of weeks remaining until your exam date. For a typical candidate, this results in CFA Level II weekly study hours ranging from 15 to 20. You must account for the "forgetting curve" by incorporating buffer time for re-reviewing early topics. A realistic calculation subtracts two weeks for unexpected life events and four weeks for the final review phase, meaning your primary learning must be compressed into a shorter window than the total time available.
Setting Realistic Milestones and Checkpoint Goals
Milestones prevent the curriculum from becoming an insurmountable wall of text. Divide your schedule into three distinct phases: the Learning Phase, the Application Phase, and the Revision Phase. A critical checkpoint is the completion of the Financial Reporting and Analysis (FRA) and Equity modules, which typically comprise a significant portion of the exam weight. Set a hard deadline to finish these "Big Two" topics by the end of your second month. Use the Learning Outcome Statements (LOS) as your metric for success; a milestone is not simply "reading the chapter," but being able to calculate the value of a firm using a multi-stage residual income model without referencing the text. Scoring above 70% on end-of-reading (EOR) questions serves as a quantitative gatekeeper before moving to the next module.
Choosing a Sequential vs. Strategic Topic Order
While the curriculum is organized numerically, a strategic order often yields better retention. Many candidates start with Quantitative Methods and Financial Statement Analysis because these provide the tools necessary for Equity and Corporate Issuers. Alternatively, some prefer to tackle the most difficult topics first—such as Derivatives or Fixed Income—while their motivation is highest. This "front-loading" strategy ensures that the heaviest conceptual lifting is completed months before the exam, leaving lighter topics like Ethics for the final weeks. This approach also allows more time for the complex mechanics of Black-Scholes-Merton models or binomial interest rate trees to move from short-term memory into long-term intuitive understanding through repeated exposure over several months.
A Detailed 6-Month Study Plan Template
Months 1-3: First Pass Through All Curriculum Topics
The goal of a CFA Level 2 6-month study plan during the first 90 days is comprehensive coverage. During this phase, you should focus on the underlying mechanics of each asset class. For example, when studying Fixed Income, do not just memorize the definitions of OAS (Option-Adjusted Spread); instead, practice the backward induction process used in valuing bonds with embedded options. Your daily routine should involve reading the core curriculum or prep provider notes and immediately attempting the In-Text Examples (Blue Box questions). These examples are crucial as they mirror the complexity of the actual exam vignettes. By the end of month three, you should have a high-level understanding of all ten topic areas, even if your recall of specific formulas remains imperfect.
Months 4-5: Integrated Practice & Topic Review Phase
In months four and five, the focus shifts from passive intake to active application. This is where you begin to bridge the gap between individual concepts and the vignette format. You must practice identifying which pieces of information in a long narrative are relevant to a specific question—a key skill for Level II. During this phase, go back through the curriculum and focus on Inter-corporate Investments and Pension Accounting, as these areas often require multiple passes to master. Use this time to refine your adjusting study plan for weak topic areas by analyzing your performance on the CFA Institute's online learning ecosystem. If your scores in Portfolio Management are lagging, allocate an extra four hours of focused drilling on the Black-Litterman model and active share calculations.
The final 30 days are the most critical for exam success. This period must be dedicated to Mock Exams and high-intensity review. Aim to take at least four to six full-length mocks under timed conditions to build the necessary mental endurance. After each mock, spend twice as much time reviewing the solutions as you did taking the test. Use a Formula Sheet to drill the quantitative requirements of the exam, such as the various forms of the Grinold-Kroner model or the calculation of currency cross-rates with bid-ask spreads. This month is not for learning new concepts but for sharpening your ability to execute under pressure and ensuring that Ethics—a topic with high weight and unique nuances at Level II—is fresh in your mind.
Integrating Practice and Question Banks into Your Timeline
Scheduling End-of-Reading Questions vs. Topic Tests
There is a functional difference between End-of-Reading (EOR) questions and Topic Tests. EOR questions should be completed immediately after finishing a reading to solidify the specific concepts just learned. They act as a diagnostic tool for immediate comprehension. In contrast, Topic Tests—often found in the CFA Institute's online candidate resources—should be scheduled roughly two to three weeks after you finish a topic. This delay tests your long-term retention and forces you to recall information without the benefit of recent exposure. If you find your accuracy dropping significantly between EORs and Topic Tests, it indicates that you are memorizing steps rather than understanding the underlying financial logic, necessitating a return to the core text.
When to Start the CFA Institute Online Question Bank
Candidates should begin utilizing the CFA Institute Online Question Bank (often referred to as the Ecosystem) no later than the start of the fourth month. This bank contains hundreds of vignette-style questions that are the closest representation of the actual exam's difficulty and formatting. Do not "save" these questions for the end; the Level II exam is as much about reading comprehension and data filtering as it is about finance. By starting early, you become accustomed to the Item Set format, where six questions are tied to a single case study. This practice helps you develop a system for scanning the vignette for keywords before reading the questions, which is a vital time-saving technique for the actual test day.
Creating a "Wrong Answer" Journal and Review Cycle
A "Wrong Answer" journal is a highly effective tool for Level II candidates. Whenever you miss a question in the question bank or a mock exam, document not just the correct answer, but the logic error you made. Was it a calculation error, a misinterpretation of the vignette, or a fundamental lack of knowledge? Categorize these errors by topic, such as Alternative Investments or Economics. Every Sunday, spend one hour reviewing this journal. This creates a feedback loop that prevents you from repeating the same mistakes. For instance, if you consistently struggle with the treatment of Unrealized Gains/Losses under different accounting methods (IFRS vs. GAAP), the journal will highlight this pattern, allowing you to target that specific weakness during your review sessions.
Adapting Your Schedule for Work and Life Commitments
Blocking Time and Protecting Your Study Sessions
Balancing work and CFA Level 2 study requires a non-negotiable approach to your calendar. Treat your study blocks like high-stakes client meetings. The most successful candidates often utilize "time blocking" by waking up two hours before work to study when their cognitive load is lowest. This ensures that even if a work crisis occurs in the afternoon, the day’s primary study goal has already been met. Use a digital calendar to mark these sessions and communicate your schedule to colleagues and family members. Protecting these windows is essential because the density of Level II material, such as Multinational Operations or Derivative Pricing, requires deep work and cannot be effectively learned in distracted, fragmented intervals.
Planning for Vacations, Work Crunches, and Sick Days
Your study plan must be a living document. A rigid schedule is a fragile schedule. When building your CFA study schedule template Excel, include "buffer days"—typically one every two weeks—where no new material is assigned. These days act as a pressure valve for when work projects overrun or you need a mental health break. If you have a planned vacation, do not attempt to study during it; instead, increase your daily hours in the two weeks leading up to the trip to stay ahead of the curve. If you fall behind due to illness, do not try to "catch up" by skipping the practice questions. Instead, extend your Learning Phase and shorten your initial review phase to ensure the core practice remains intact.
The Power of Micro-Sessions (30 Minutes) for Busy Weeks
During exceptionally busy work weeks, maintain momentum through micro-sessions. While deep topics like Valuing Contingent Claims require long blocks, many aspects of the CFA Level II curriculum can be reinforced in 20-30 minute bursts. Use these windows to review Ethics Standards, memorize formula flashcards, or read a single LOS in the Corporate Issuers section. These micro-sessions keep the material fresh in your mind and prevent the "restart friction" that occurs when you take several days off from studying. Consistency is the primary driver of success in the CFA program; even on your busiest day, spending 15 minutes reviewing the Put-Call Parity formula ensures the habit of daily engagement remains unbroken.
Tracking Progress and Knowing When to Pivot
Key Metrics to Monitor: Accuracy Rates and Speed
To gauge your readiness, you must track more than just the number of hours spent. Your accuracy rate on first-pass vignette questions should ideally be above 65%, with a goal of reaching 75% by the final month. However, speed is equally important. In the Level II exam, you have approximately 12 minutes per vignette (including reading time). If you are consistently taking 20 minutes to solve a vignette on Inter-corporate Investments, you need to improve your recognition of financial statement patterns. Use a stopwatch during your practice sessions to monitor your "seconds per question." If your accuracy is high but your speed is low, focus on drill-based practice; if your speed is high but accuracy is low, return to the conceptual foundations in the curriculum.
Signs You Need to Adjust Your Schedule or Methods
If you find yourself failing the same Topic Test multiple times, your current study method is likely insufficient for that specific subject. This is a clear sign to adjust your study plan for weak topic areas. For example, if reading the text on Pension Accounting isn't clicking, pivot to a video lecture or a different prep provider’s summary. Another warning sign is "study burnout," characterized by an inability to retain information despite putting in the hours. If this occurs, reduce your volume for three days and focus exclusively on light review. It is better to lose three days of progress than to spend three weeks studying inefficiently due to cognitive exhaustion. Flexibility in your methodology is just as important as discipline in your schedule.
Salvaging a Plan After a Major Setback
If a significant life event or work crisis costs you two or more weeks of study time, you must triage the curriculum. Focus on the high-weight areas: FRA, Equity, Fixed Income, and Ethics. These four topics can comprise up to 50-60% of the exam. You may need to "skim" lower-weighted areas like Economics or Alternative Investments, focusing only on the high-level concepts and the most likely-to-be-tested formulas. The most common mistake candidates make after a setback is trying to rush through everything. Instead, it is more effective to master 80% of the material than to have a 50% understanding of 100% of the material. Protect your final mock exam window at all costs, as this is where the most significant score gains occur.
Sample Weekly Schedules for Different Candidate Profiles
Schedule for the Full-Time Working Professional
A working professional must maximize the utility of their weekends while maintaining a steady pace during the week. A typical week might involve 90 minutes of study before work (6:30 AM – 8:00 AM) from Monday to Thursday, focusing on new readings. Friday should be a "rest" day with only 30 minutes of light review to prevent burnout before the weekend. Saturday and Sunday are the "heavy lift" days, with 4-5 hours of study each, dedicated to intensive practice questions and tackling the most mathematically rigorous sections like Fixed Income valuation. This structure totals approximately 15-18 hours per week, allowing for a steady progression through the 6-month timeline without sacrificing professional performance.
Schedule for a Retake Candidate with Identified Weaknesses
A retake candidate has the advantage of existing knowledge but must avoid the trap of overconfidence. Their schedule should be "diagnostic-led." Start by taking a half-mock exam to identify specific areas of failure from the previous attempt. If the Minimum Passing Score (MPS) was missed due to poor performance in Derivatives and Portfolio Management, the first two months of the new schedule should be dedicated almost exclusively to these topics. A retake candidate’s weekly schedule should prioritize "active recall" over reading. Instead of re-reading the Equity chapter, they should start with the Topic Tests and only return to the text when a specific knowledge gap is identified. This targeted approach ensures that study time is spent where it will have the greatest impact on the final score.
Intensive Schedule for Candidates Starting Late
For those starting with only four months remaining, the schedule must be aggressive and highly prioritized. This requires a commitment of 20-25 CFA Level II weekly study hours. The "Learning Phase" must be condensed into eight weeks, necessitating the use of condensed prep notes rather than the full CFA Institute curriculum for every topic. This candidate should focus on the "Big Four" topics immediately and integrate Ethics throughout the entire period rather than leaving it for the end. The final six weeks must still be reserved for practice and mocks. While this pace is grueling, it is possible by eliminating all non-essential activities and utilizing every available window, including lunch breaks and commutes, for active learning. Success in a compressed timeframe depends entirely on the ability to distinguish between "nice to know" and "must know" information based on the Learning Outcome Statements.