CFA Institute Prep Provider

Free CFA Level II Diagnostic Quiz

Take this free 12-question CFA Level II sample quiz to benchmark your readiness. You get an instant readiness score and a weak-topic breakdown, like a mini practice test. No signup to start, no credit card.

12 questions 5-10 min Instant score 2026 syllabus
Your diagnostic

What the questions look like

Every question in the free CFA Level II bank carries a full worked solution. Here is one from the pool:

Question 1 Medium
The clean surplus relation requires that:
Solution
A is correct.

The clean surplus relation states:
Bt=Bt−1+Et−DtB_t = B_{t-1} + E_t - D_t

where BB is book value, EE is earnings (net income), and DD is dividends. This means all changes in book value other than ownership transactions 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.

Guides & Articles

Free CFA Level II Question Bank 2026: 2,337 Practice Questions CFA vs FRM: Equity Research vs Risk Management (2026 Comparison) Best Calculators for Finance Exams (2026): Every Credential's List How to Pass CFA Level II: 2026 Study Guide

Frequently Asked Questions

Is the CFA Level II diagnostic quiz free?
Yes. The CFA Level II diagnostic is a free 12-question sample quiz with instant scoring. You can take it with no signup and no credit card. Creating a free account lets you keep practicing with worked solutions and preview a study plan aimed at your weak topics.
How long is the CFA Level II diagnostic quiz?
The diagnostic is 12 questions and takes about 5 to 10 minutes. You get instant feedback on each question, then a readiness score with a topic-by-topic breakdown at the end.
Does the CFA Level II diagnostic predict whether I will pass?
It gives you a starting readiness estimate and shows your weakest topics. It is a benchmark to focus your studying, not a pass guarantee. The readiness score sharpens as you practice more of the free CFA Level II question bank.
What is the difference between the diagnostic quiz and a full practice test?
The diagnostic is a short 12-question sample quiz that maps your strengths and weaknesses quickly. For full-length practice, FreeFellow has the entire CFA Level II question bank free, plus timed mock exams in the Fellow tier.

About FreeFellow

Jeffrey Ting, founder of FreeFellow
Jeffrey Ting
FSA, CFA · Founder

FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who has passed thirteen of the hardest exams in finance, all on his first attempt. He paid four-figure prep fees along the way.

So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 exams with more than 45,000 original practice questions. FreeFellow LLC is a CFA Institute Prep Provider. Its CFA® exam materials are validated by CFA Institute for substantial curriculum coverage and updated annually.

01
Cost shouldn't decide who gets in.

A CFA charter, a CPA license, an actuarial credential. Each opens a real career, but prep fees add to the cost of getting there. FreeFellow keeps its original question bank and written lessons free so you can study even if a paid course is out of reach.

02
Free should mean free.

The original question bank, the worked solutions, the topic lessons, mixed practice, and your readiness score stay free, forever. Full access needs a free account, and practice usage limits apply. Fellow adds AI grading on supported exams, spaced-repetition flashcards, full-length mock exams, analytics, and a study plan that adapts to your progress.

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