CFA CFA Level 2 Level 2 exam timing discrepancy: 132 minutes or 135 minutes per session?

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Level 2 exam timing discrepancy: 132 minutes or 135 minutes per session?

  • This topic has 6 replies, 2 voices, and was last updated 1w by Zee Tan.
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      I’m seeing conflicting information in several parts of the CFA Institute website and materials, and wondering if someone could clarify how much time is given per section of the Level 2 exam?

      • This page says 135 minutes per session, meanwhile
      • This page says 132 minutes per session
      • The mock exam section of the CFAI Candidate Resources website gives two L2 mock exam sections, each of 135 minutes.

      Has anyone else noticed this discrepancy?

      3 minutes on each section isn’t a huge deal, but it does matter. If the MPS is 62.5%, then a candidate scoring at MPS would get 0.2083 questions correct per minute of the exam (55 correct / 264 minutes), assuming 132 min per section. Add 6 extra minutes and it’s an additional 1.25 questions correct over the course of the exam, or 1.4%. Again, not huge, but it would definitely be the difference between passing and failing for some candidates.

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      CFA Institute have responded on this:

      It’s officially 132 minutes.

      There you go! 😁

      Zee Tan voted up
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      One possibility is that the exam will include 45 questions per session, with one extra question being a ‘calibration’ question that doesn’t actually contribute to your score.

      Do the mocks on the CFAI Candidate Resources website show 45 questions, or 44?

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        The CFAI mocks have 44 questions each.

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          We’ll see what CFA Institute comes back with then. 😊

          Good catch though!

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            Thanks for looking into it Zee. I’ve also emailed CFA Institute.

            To be clear – I took the exam a few days before posting this. The actual time I was given was 132, which was a surprise to me when I saw it because I was expecting 135 based on the mocks and what I’d seen on their website (I hadn’t seen the page of their site saying 132, only the page saying 135).

            Hoping for some kind of explanation / consideration from CFA Institute regarding the discrepancy…

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      I’ve also reached out to CFA Institute and will update here if I hear back from them.

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