CFA Level 2 Portfolio Management questions candidates ask most

CFA Level 2 Portfolio Management Mock Test 2026

Portfolio Management 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 portfolio management covers exchange traded funds, multifactor models including the Fama French and Carhart extensions, measuring and managing market risk, backtesting and simulation, and the relationship between economics and investment markets.

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.

Sno Exam Name Who Should Pass this Exam? Test Duration Fees (Rs) Maximum Marks No. of Questions Pass Mark (%) Negative Marks Cert. Validity (In years) Purchase
1
 CFA Level 2 Portfolio Management Set 1 CFA candidates preparing for the Level 2 examination. 120 Free 40 40 28 0 - Start Free
2
 CFA Level 2 Portfolio Management Set 2 - 120 49 40 40 28 0 - Add to cart
3
 CFA Level 2 Portfolio Management Set 3 - 120 49 40 40 28 0 - Add to cart
4
 CFA Level 2 Portfolio Management Set 4 - 120 49 40 40 28 0 - Add to cart
5
 CFA Level 2 Portfolio Management Set 5 - 120 49 40 40 28 0 - Add to cart
6
 CFA Level 2 Portfolio Management Set 6 - 120 49 40 40 28 0 - Add to cart
7
 CFA Level 2 Portfolio Management Set 7 - 120 49 40 40 28 0 - Add to cart
8
 CFA Level 2 Portfolio Management Set 8 - 120 49 40 40 28 0 - Add to cart
9
 CFA Level 2 Portfolio Management Set 9 - 120 49 40 40 28 0 - Add to cart
10
 CFA Level 2 Portfolio Management Set 10 - 120 49 40 40 28 0 - Add to cart
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You have seen what Set 1 looks like. Sets 2 to 10 are where the real preparation happens: 900 more CFA Level 2 Portfolio Management questions, every one with a worked explanation.

  • 900 additional questions covering every learning module
  • Each set timed at 3 hours so you practise without clock pressure
  • Topic wise score report that pinpoints your weak modules
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How to approach Portfolio Management at Level 2

Multifactor model questions look intimidating and are usually straightforward substitution once you identify which factors are given and which sensitivity applies to each. Keep the active return and active risk decomposition clearly separated in your working.

The general Level 2 discipline applies here too. Work the vignette before the questions, mark the data you will need, and resist answering from Level 1 memory, because Level 2 rewards application and frequently punishes the answer that would have been correct a year earlier.

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