CFA Level 2 Ethical and Professional Standards Mock Test 2026

Ethical and Professional Standards 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.

At Level 2 ethics stops being a recall test. The Code and Standards are the same words you learned at Level 1, but here they arrive wrapped in a vignette about an analyst who did four slightly questionable things, and you must decide which specific standard each one breached. Research objectivity, the treatment of material non public information, and the GIPS provisions on composite construction generate most of the difficulty.

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.