CFA Level 2 Practice Questions November 2025: Why Reading Isn't Enough (The Practice-First Method)
- Dimitri Dangeros, CFA, CAIA
- Oct 31
- 4 min read
Updated: Nov 12
If your exam is only weeks away, switching to a practice-first approach can make the difference. Level II is vignette-based and application-heavy; it rewards those who can use formulas and frameworks inside case narratives, not those who merely recognize them on a page. This guide explains why reading alone stalls, how to run a question-driven study loop, and how one candidate passed using almost nothing but CFA Level 2 Practice Questions November 2025.
Why reading underperforms at Level II
Vignette friction. Level II items are built around mini-cases. The skill is extracting relevant data, rejecting distractions, and sequencing calculations. Passive reading doesn’t build that muscle.
Transfer gap. You can “know” a formula yet miss a question because you didn’t map the text to the variables, chose the wrong convention, or misread a constraint (e.g., nominal vs. effective, inventory method, or whether cash flows are levered).
Time compression. You must synthesize several facts per item. Without reps, you’ll burn minutes hunting inside the vignette.
The Practice-First Method (PFM)
Anchor your final weeks to CFA Level 2 Practice Questions November 2025 and run a repeatable loop:
Attempt (under exam rules).Choose a 30–45 minute block (one or two vignettes). No notes, approved calculator only. Aim for steady pacing—not perfection.
Autopsy (assign one cause per miss).
Concept gap: didn’t know the principle.
Application gap: knew it, misread the vignette or sequence.
Formula/keystroke: wrong inputs, mode, sign, or rounding.
Time: ran out or over-invested.
Repair (tiny, surgical).
Concept: 10-minute refresh of that specific Learning Outcome + 5 fresh questions.
Application: write a 3-line solution path (“Identify → Choose method → Compute → Interpret”).
Formula: redo with unit checks and your calculator keystrokes written out.
Time: add a hard stop—if you’re not 70% set up by 60 seconds, mark and move.
Retest (48-hour echo).Re-do the same items from memory two days later. If you still miss them, the repair was wrong or too broad—sharpen it.
This loop converts mistakes into points fast.
What to practice (and how to chunk it)
Level II emphasizes integration across Equity, Fixed Income, FRA, Derivatives, Corp Fin, Quant, Portfolio, and Ethics. In the final stretch, bias toward items that generate repeatable wins:
Equity & FRA: residual income, FCFF/FCFE, multiples, clean surplus relations, pensions/leases, intercorporate investments, and translation. Practice mapping what’s given to which model.
Fixed Income: spot vs. forward rates, term-structure models, duration/convexity, credit migration/expected loss, callable/putable valuation. Get fluent with curve building and option-adjusted logic.
Derivatives: valuation of forwards/futures/swaps/options, cost of carry, Greeks intuition. Drill pricing first, then hedge ratios.
Quant & PM: multiple regression diagnostics, time-series traps (non-stationarity), performance attribution, active risk budgeting, factor exposures.
Ethics: case-based judgment. Apply the stricter rule (law vs. Code), and default to disclosure + consent + records.
Create topic sprints: one vignette each from Equity, FI, FRA, and Ethics, then rotate Derivatives/Quant/PM. That keeps all plates spinning.
The candidate who passed on practice
One November candidate with limited time flipped entirely to CFA Level 2 Practice Questions November 2025 after skimming the readings once. Her routine:
Daily: three 35-minute vignette blocks (Equity, FRA, FI) + one 20-minute Ethics set.
Log every error with the one-cause rule.
Micro-repairs during lunch (10–15 minutes each).
Weekends: one half-length mock, then a ruthless autopsy.
Her scores plateaued for a week, then climbed as repeats disappeared and timing stabilized. She sat two full mocks in the final 10 days; both landed in the low-70s—and she passed. The lesson: volume matters, but corrective cycles matter more.
Metrics that predict passing
Track these three numbers (not just overall score):
First-pass accuracy on fresh vignettes. Aim to push this into the mid-60s+.
Repair stick rate. Of the items you missed Monday and retested Wednesday, how many are now correct? Target 80%+.
Minutes per item. Stabilize near exam pace. If one topic consistently runs long, isolate why (usually search time inside the vignette or multi-step sequencing).
Mocks: how many and how to analyze
With weeks left, plan 2–3 full mocks plus several vignette blocks. After each mock:
Heat map by topic. Are misses concentrated (e.g., Equity/FRA translation) or scattered (process problem)?
Sequence errors. For every calculation miss, label which step failed (select model → set inputs → compute → interpret). Fix the failing step only.
Ethics review last. Ethics benefits most from short, daily case bursts rather than a single cram.
Calculator discipline that saves minutes
BA II Plus: clear TVM/CF worksheets, confirm P/Y=C/Y=1, mode END, DEC=4.
Write a tiny input frame beside each calc (variables + units); key once, not thrice.
For yield, growth, and multi-period valuations, pre-solve components you’ll reuse (e.g., curve spot rates, interim cash flows).
A 12-day sprint using CFA Level 2 Practice Questions November 2025
Days 1–3: Diagnostic blocks (6–8 vignettes). Build error log; start micro-repairs.
Days 5–7: Daily: 3 vignettes + Ethics set. Redo all “repaired” misses on a 48-hour cycle.
Day 8: Topic sprint on your two weakest domains (4 vignettes total).
Day 10: Mixed blocks (Equity/FRA/FI/Derivatives). Short Ethics burst.
Day 11: Light mini-mock; formula write-out from memory (10 minutes).
Day 12 (T-1): No full mock. Logistics, brief error-log skim, sleep.
Common mistakes (and the fix)
Reading until “ready.” You won’t feel ready; the vignette format teaches you what to study. Start questions now.
All at once. Six-hour marathons create sloppy habits. Use focused blocks with strict timing.
Over-fixing concepts. If a question failed at the interpretation step, don’t spend an hour re-reading the entire chapter. Fix the interpretation pattern.
Ignoring Ethics. Treat it like a daily gym set—short and consistent.
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