CFA Level 2 Derivatives Mock Test 2026

Derivatives carries 5 to 10 percent of the CFA Level 2 examination. Level 2 is delivered entirely as item sets, so this area reaches you as vignettes with four questions each rather than as standalone problems, and the vignette will usually contain more information than any single question needs.

Level 2 derivatives is about pricing and valuation rather than description. Forwards, futures, swaps and options are each priced at initiation and then valued during their life, and the binomial model and the Black Scholes Merton model are both examinable, including the effect of each input on option value.

This free Set 1 paper is built as vignettes on the real Level 2 format, timed to the pace of the actual exam, with a full explanation on every answer and a report card showing which parts of the area are costing you marks.