The entire CFA Level II question bank is free: 1,364 practice questions on asset valuation and financial analysis, with detailed step-by-step solutions and per-choice notes. From FreeFellow, a CFA Institute Prep Provider where 'free' is in the brand name. No trial period, no signup required to browse, no credit card.
FreeFellow LLC is a CFA Institute Prep Provider. Our materials are validated for substantial curriculum coverage.
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
An ETF's creation unit is typically:
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Correct Answer: C
Solution
C is correct.
A creation unit is a large, standardized block of ETF shares (typically 25,000 to 100,000 shares, though the exact size varies by ETF) that serves as the unit of exchange in the creation/redemption process. Only authorized participants (APs) — typically large broker-dealers or market makers — can create or redeem shares in creation unit increments by exchanging the underlying securities (or cash) with the ETF issuer.
Question 2
Medium
The clean surplus relation requires that:
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Correct Answer: B
Solution
B is correct.
The clean surplus relation states: Bt=Bt−1+Et−Dt
where B is book value, E is earnings (net income), and D is dividends. This means all changes in book value flow through the income statement — there are no 'dirty surplus' items that bypass income. The clean surplus relation requires that all changes in equity (other than transactions with owners like dividends) are captured in net income.
The ending reserve equals the beginning reserve because new claims roughly offset payments, and the favorable prior-year development offsets the net addition.
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Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your CFA Level II prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
What's Free, and What Fellow Unlocks
The 70% of CFA Level II prep you actually need to pass (questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
1,518 practice questions with detailed solutions
49 full lessons with AI-narrated audio
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Kaplan Schweser
$500–$1,200/level
Mark Meldrum
$200–$500/level
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
✓
1,518+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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49 Lessons + AI-Narrated AudioFREE
Every lesson ships with AI-narrated audio. Study while you commute or walk.
◎
Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
⦿
Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
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Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
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Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
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Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
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AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
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Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
How many free CFA Level II practice questions does FreeFellow have?
FreeFellow currently offers 1518 free CFA Level II practice questions across 10 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What CFA Level II topics are covered?
The questions cover 10 topics: Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Valuation, and 5 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Does FreeFellow have CFA Level II study lessons?
Yes. FreeFellow includes 49 comprehensive text lessons for CFA Level II, covering key concepts and worked examples for each topic. Lessons are free to read with a free account (no card) and are designed to complement question practice.
Is FreeFellow really free for CFA Level II prep, or is there a catch?
No catch. The 70% of CFA Level II prep you actually need to pass is free forever: the full question bank of 1518 practice questions, detailed solutions on every question, 49 lessons, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for CFA Level II?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Kaplan Schweser, Mark Meldrum, or Analystprep on price?
Traditional CFA Level II prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass CFA Level II entirely on the free tier.
How should I use FreeFellow to study for CFA Level II?
Start with the lessons to build your conceptual foundation, then move to topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the CFA Level II pass rate?
The CFA Level II pass rate is approximately 45% in recent sittings, based on CFA Institute data. CFA Institute publishes pass rates after each exam window. Note: CFA Institute does not endorse, promote, or warrant the accuracy of FreeFellow products.
What is FreeFellow's relationship with CFA Institute?
FreeFellow LLC is a CFA Institute Prep Provider. This means our materials are validated by CFA Institute for substantial curriculum coverage and are updated annually. However, CFA Institute does not endorse, promote, review, or warrant the accuracy or quality of our products and services.
What calculator is allowed on the CFA Level II exam?
CFA Institute permits only two calculator models: the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including the Platinum and Prestige editions). No other calculators are allowed.
How long should I study for CFA Level II?
CFA Institute reports that candidates spend an average of 300 hours preparing for each CFA exam level. Most successful candidates study for 4 to 6 months, dedicating 15 to 20 hours per week. Topic-specific practice combined with full-length mock exams is the most effective approach.
FreeFellow is a free exam prep library for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates. The entire question bank, written solutions, and lessons are free for every candidate, with no trial period and no credit card. Lessons include narrated audio, and every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback; Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass (question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking) is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan. FreeFellow LLC is a CFA Institute Prep Provider. Our CFA® exam materials are validated by CFA Institute for substantial curriculum coverage and updated annually.