CFA Level II 2027 Exam Blueprint: Topics, Weights and Case Practice
Check CFA Level II topic-weight ranges, the 2027 curriculum scope and practical case-review tasks, with clear limits for independent vignette practice.
Use this scope map to decide what to revisit after a case. Finance Prep targets the 2027 CFA Level II curriculum. Confirm the curriculum year assigned to your registered sitting; a familiar topic name does not establish that older notes cover the current learning outcomes.
This is an independent preparation checklist, not an official CFA Institute blueprint. The detailed authority is the 2027 Level II topic outline . Keep it beside your assigned curriculum and current errata .
Official topic weights
CFA Institute’s Level II exam page publishes these ranges. They are exam-weight ranges, not fixed question counts for your sitting or percentages of this website’s public questions.
| Topic | Published exam-weight range |
|---|---|
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Finance | 5–10% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Construction | 10–15% |
| Ethical and Professional Standards | 10–15% |
Ranges are not a fixed allocation or study-hours prescription. Review all topics and prioritize your own demonstrated gaps.
A practical scope checklist
Use a fresh case to check each task, then record the gap and the curriculum section to revisit. This selective checklist does not replace the detailed learning outcomes.
| Area | A useful task to demonstrate |
|---|---|
| Quantitative Methods | Diagnose regression assumptions; distinguish forecast performance from fit and prevent validation leakage. |
| Economics | Resolve currency quote conventions and explain how growth assumptions affect the investment decision. |
| Financial Statement Analysis | Reconcile investment accounting, compensation, translation and reporting-quality effects before comparing entities. |
| Corporate Finance | Evaluate payouts, material ESG risks, financing costs and restructuring beyond their headline ratios. |
| Equities | Match cash flows, discount rates and valuation assumptions to the ownership claim being valued. |
| Fixed Income | Separate curve, embedded-option and credit effects using the appropriate valuation framework. |
| Derivatives and Risk Management | Value the stated position and explain which risk a hedge leaves behind. |
| Alternative Investments | Compare commodity, property and hedge-fund exposures after financing, costs and liquidity differences. |
| Portfolio Construction | Interpret active risk, factor inputs, ETF mechanics and estimation limits in portfolio decisions. |
| Ethics | Identify the duty, authorization and conflict; distinguish disclosure from permitted conduct. |
For accounting cases, the official default is IFRS unless U.S. GAAP is specified. Use the current Code and Standards for professional duties. The Cheat Sheet provides selective formulas and assumption checks.
Exam structure and case practice
The official assessment has 22 item sets and 88 questions, split between two 132-minute sessions. Twenty sets are scored; two are trial sets. Topics can appear in either session. Refer to the shared vignette for each question rather than treating the questions as unrelated recall items. CFA Institute exam format .
Our free practice exam contains 22 original cases with 88 attached questions. Its published topic table is an editorial practice mix, separate from the official ranges above. It is a fixed educational set, not official exam content or a reproduction of trial-item scoring, validated difficulty or the test-center interface. Finance Prep currently offers 100 cases and 400 attached questions, including topic and timed mixed practice; neither resource promises that every learning outcome has a published case.
For a useful review, retain your original working. Classify a miss as missing knowledge, incorrect setup, a missed case fact or execution error. Reattempt the method on different evidence; remembering the displayed answer is not the same as resolving the gap. Use the Cheat Sheet for a reminder and the assigned curriculum for fuller explanation.
Keep the 2027 basis current
This page does not claim an exhaustive year-over-year change list. The year-labelled outline controls detailed scope, and the October 2026 errata corrects examples and explanations within the 2027 material. Recheck both before relying on a disputed calculation or older summary. A curriculum correction is not automatically a new exam structure or a new topic weighting.
Independent practice also does not complete any assigned Practical Skills Module or other CFA Program requirement. Use your candidate account and Official Resources for those requirements.
Sources checked October 18, 2026. Finance Prep and Mastery Exam Prep are independent from CFA Institute.