CFA Level 2 Equity Valuation Mock Test 2026

Equity Valuation carries 10 to 15 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.

Equity valuation is the largest single area at Level 2 and the one most examiners lean on. Discounted dividend models, free cash flow to firm and to equity, residual income, market based multiples and private company valuation each appear, and vignettes frequently supply data for one approach while asking you to apply another.

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.