CFA Level 2 Financial Statement Analysis Mock Test 2026

Financial Statement Analysis 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.

This is one of the heaviest areas at Level 2 and the one where Level 1 knowledge helps least. Intercorporate investments and the choice between consolidation, equity method and fair value, employee compensation and pension accounting, multinational operations and currency translation, and analysis of financial institutions each demand their own framework.

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.