CFA Level 2 Fixed Income Mock Test 2026

Fixed Income 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.

Level 2 fixed income moves from describing bonds to valuing them under uncertainty. The term structure, arbitrage free valuation, binomial interest rate trees, valuation of bonds with embedded options, credit analysis models, credit default swaps and structured products including mortgage backed securities all feature.

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.