Respective Conducting Body
CFA Level 2 Exam Pattern 2027 — Complete Question Paper Structure
Understand the marking scheme, section weights, question distribution and time strategy for CFA Level 2 Examination
Exam Pattern at a Glance
Exam Mode
Online (CBT)
Language
English & Hindi
Negative Marking
None
Sections
4
Section-wise Pattern
| Subject / Section | Questions | Marks per Q | Total Marks | Time (approx) |
|---|---|---|---|---|
| Subject Paper 1 | 22 | +1 | 22 | 68 min |
| Subject Paper 2 | 22 | +1 | 22 | 68 min |
| Subject Paper 3 | 22 | +1 | 22 | 68 min |
| Subject Paper 4 | 22 | +1 | 22 | 68 min |
| Total | 88 | — | 88 | 270 min |
Time is indicative. Candidates can attempt sections in any order in CBT mode.
Marking Scheme
Correct Answer
+1
marks
Wrong Answer
None
marks
Unattempted
0
marks
Marking Scheme
+1 / 0
Example Calculation:
If you attempt 53 questions, get 40 correct and 13 wrong:
Score = 40 × 1 = 40 marks
Skip questions you're unsure about — negative marking can reduce your score significantly.
Time Management Strategy
You have approximately 184.1 seconds per question on average.
| Phase | Time Budget | Target Questions |
|---|---|---|
| First pass (attempt easy Qs) | 162 min | 62 Qs |
| Second pass (attempt medium) | 81 min | 18 Qs |
| Review & guess | 27 min | Remaining |
Year-wise Pattern Changes
| Year | Questions | Duration | Key Change |
|---|---|---|---|
| 2025 | 88 | 270 min | Current pattern |
| 2024 | 88 | 270 min | No major change |
| 2023 | 85 | 270 min | Section added |
Pattern history is approximate. Always check official notification.
Difficulty Distribution
Approximate question count: ~35 Easy | ~40 Medium | ~13 Hard
Based on difficulty level: easy. Actual distribution may vary.
Frequently Asked Questions
Ready to Practice CFA Level 2?
Now that you know the pattern, test yourself with full-length mock tests, detailed syllabus, and previous year papers.