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The Chartered Financial Analyst Level II exam is the second of three tests that CFA candidates must pass.

It contains multiple-choice questions that are grouped into 20 sets with one case statement and six questions each. 10 of the sets are taken in the morning, followed by the other 10 in the afternoon session.

The curriculum includes 10 topics that are grouped into four areas: ethical and professional standards, investment tools, asset classes and portfolio management and wealth planning.

Asset classes make up 35 to 75 percent of the test, and include topics such as alternative investments, derivatives, equity investments and fixed income.

Investment tools comprise 30 to 60 percent of the questions, including corporate finance, economics, financial reporting and analysis, and quantitative methods.

Ten percent of the exam covers ethical and professional standards, and the remaining 5 to 15 percent concerns portfolio management and wealth planning.

The exam asks candidates to apply concepts rather than just understand them. Candidates should take as many sample tests as possible to identify weak areas where they can improve.

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