CFA Level II 2027 Practice Test: Four-Question Vignettes
Prepare with 100 original CFA Level II cases and 400 attached questions for the 2027 curriculum, plus a free 22-case practice exam with explained answers.
Updates & Feedback — See practice improvements or report a case, calculation or explanation.
Use Finance Prep for CFA Program Level II practice for the 2027 curriculum. Work through shared investment-analysis cases, make four related decisions and review the reasoning for every answer choice. The public practice exam offers one fixed set; the app supports further interactive practice on web and mobile.
This is original independent Finance Prep practice. Mastery Exam Prep and Finance Prep are not affiliated with or endorsed by CFA Institute. The questions are not official CFA Institute questions, copied live-exam content or exam dumps.
Current Level II practice
The bank contains 100 cases with 400 attached questions. Each case has four single-answer questions with three choices, calculations or professional judgments where useful, and explanations for every option. An active Finance Prep subscription or access pass includes this bank and other Finance Prep banks during its access period. Public questions remain free to read; app preview limits are separate.
Sign in with the same Finance Prep account on web and mobile. Use support for access or sign-in help.
Exam format and practice scope
| Item | CFA Institute Level II exam | This practice |
|---|---|---|
| Curriculum | Use the year assigned to your sitting | 2027 Level II scope |
| Item sets | 22 sets and 88 questions, including unscored trial items | Four questions per original case |
| Choices | Three alternatives, one best answer | Three alternatives, one best answer |
| Working time | Two 132-minute sessions; 264 minutes total | Use the public set as a pacing and reasoning check |
The official exam includes 20 scored sets with 80 questions and two trial sets with eight questions. Independent practice scores do not establish an official passing prediction. Check current exam policies and the curriculum for your registration with CFA Institute.
What to practise across the ten topics
| Topic | Work to practise |
|---|---|
| Quantitative Methods | Interpret models, regression evidence and statistical conclusions. |
| Economics | Apply currency, growth and market relationships to investment decisions. |
| Financial Statement Analysis | Analyze reporting choices, business combinations and financial evidence. |
| Corporate Finance | Evaluate dividends and repurchases, financially material ESG risks, financing costs and corporate restructuring. |
| Equity Investments | Value businesses and assess assumptions behind equity estimates. |
| Fixed Income | Interpret curves, credit, securitized instruments and valuation. |
| Derivatives | Analyze derivative values, payoffs and hedging choices. |
| Alternative Investments | Evaluate real estate, private investments and hedge-fund exposures. |
| Portfolio Construction | Connect economic evidence, active management, ETFs and risk. |
| Ethical and Professional Standards | Apply professional duties to facts, permissions and conflicts. |
Use cases to find the next study task
Read the shared evidence before answering. Note the valuation date, units, accounting basis and any assumption that changes only for one question. Solve each question from the supplied evidence, then review correct guesses as well as mistakes.
After a set, separate calculation errors from missing concepts and missed case facts. Return to the applicable curriculum section, then try a fresh case in Finance Prep. The official curriculum and your candidate account remain the source for program requirements.
In this section
- CFA Level II 2027 Cheat Sheet: Valuation, Risk and Case ChecksReview Level II valuation formulas, model assumptions, accounting adjustments and case-reading traps across the 2027 CFA curriculum.
- CFA Level II 2027 Exam Blueprint: Topics, Weights and Case PracticeCheck CFA Level II topic-weight ranges, the 2027 curriculum scope and practical case-review tasks, with clear limits for independent vignette practice.
- Free CFA Level II Practice Exam for the 2027 CurriculumWork through 22 original CFA Level II cases with 88 attached three-choice questions, calculations and explanations for every answer.
- CFA Level II Practice Updates and FeedbackSee the release of Finance Prep’s 2027 CFA Level II cases and explained answers, and send private feedback about a case or question.
- Official CFA Level II 2027 Exam and Curriculum ResourcesFind CFA Institute’s Level II exam format, 2027 topic outline, curriculum errata and professional standards for your registered sitting.