FreeFellow's CFA Level II bank has 2,337 original practice questions across all ten topics, each with a worked solution. The sample questions above are standalone concept drills, open without signup. The full bank, which also has vignette questions closer to the real exam, is free with an account. I sat all three CFA levels while working full time as an actuary, and Level II was the hardest adjustment of the three.
How Level II differs from Level I
Level II has 88 multiple-choice questions in 22 item sets of four, split across two 132-minute sessions. Each set starts with a vignette (a written case, often with exhibits), and all four questions refer back to it. The case gives you the facts and numbers, but you have to know which model applies, how the accounting works and which exhibit figure is the right input. The ten topics are the same as Level I, tested in more depth. Financial Statement Analysis, for example, moves from ratio recall at Level I to intercorporate investments, pension accounting and multinational operations.
Topic weights for the 2026 curriculum (CFA Institute):
| Topic | Weight |
|---|---|
| Ethical and Professional Standards | 10 to 15% |
| Quantitative Methods | 5 to 10% |
| Economics | 5 to 10% |
| Financial Statement Analysis | 10 to 15% |
| Corporate Issuers | 5 to 10% |
| Equity Investments | 10 to 15% |
| Fixed Income | 10 to 15% |
| Derivatives | 5 to 10% |
| Alternative Investments | 5 to 10% |
| Portfolio Management | 10 to 15% |
The 2027 outline, first tested in May 2027, keeps the same ranges.
How to practice item sets
Each session has 11 item sets in 132 minutes, about 12 minutes per set, so time your vignette practice against that from the start. One way to split it is 4 minutes to map the case and 2 per question. Read the question stems first, then read the vignette once and note where each exhibit and figure sits.
When you review a set, check each miss in two steps. Did you pull the right figure from the right exhibit? If you did, where did the calculation go wrong? Also track your accuracy by topic. Fellow analytics for the Level II question bank do this for you.
The bank's standalone questions are concept drills. They're good for checking a topic right after you study it, but they don't build vignette pacing, so switch to the vignette questions once it's covered. In the last four to six weeks, sit full 44-question sessions under exam timing so the length isn't new on exam day.
Past papers, PDFs, and what's free on FreeFellow
CFA Institute doesn't release CFA Level 2 past papers, and its practice questions and mocks come with registration. FreeFellow's question bank isn't a downloadable PDF.
FreeFellow is a CFA Institute Prep Provider, independent of CFA Institute, and does not promise a passing score. The free CFA Level II question bank has 2,337 original questions, each with a step-by-step solution. More than a third come with a vignette case, and the rest are standalone concept questions. All of them apply to both the 2026 curriculum and the 2027 one, which is first tested in May 2027. You also get 52 lessons, three difficulty levels and a formula sheet. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free.
The free Level II diagnostic is a 12-question check with an instant readiness read and no signup. The optional Fellow tier adds six full timed mocks, each two 44-question sessions on the exam's 132-minute clock, plus spaced-repetition flashcards, topic-level drilling and analytics.