CFA Level II · exam guide

CFA Level II Rules and Regulations

Checked against CFA Institute's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Attempt limits, the Practical Skills Module requirement and professional conduct rules apply at every level.

• Each level can be attempted at most six times. Attempts under new accounts count, and a partially completed exam (for example, only one session) also counts.
• You can sit a CFA exam at most twice per calendar year, and not in consecutive windows or windows less than six months apart.
• Practical Skills Module: one PSM is required at each level to receive your result, and the same module cannot count at more than one level. Each PSM takes about 10-20 hours and can be done any time after registration, before results are released.
• Exam fees are non-refundable, non-deferrable and non-transferable if you miss your appointment or fail to schedule one.
• From the February 2027 exams, paid deferrals are no longer offered; a candidate who does not sit forfeits the fee and must re-register. Emergency deferrals remain available under the Deferral Policy.
• Candidates must follow the CFA Institute Code of Ethics and Standards of Professional Conduct and complete a Professional Conduct Inquiry (PCI) form each time they enroll for an exam; without it you cannot take the exam. Not disclosing a conduct issue is grounds for disciplinary action.