Level II shifts from knowledge recall to applied analysis. You’ll analyze case studies, synthesize data across topics, and recommend solutions the way real analysts do.
The Licensed International Financial Analyst (LIFA™) Program’s Level II exam emphasizes application and analysis. You’ll be presented with realistic scenarios that require integrating ethics, accounting, economics, and quantitative methods into defensible recommendations.
LIFA exams are available for Levels I–III. Level II retakes require a 60-day wait and allow up to four attempts. There is no enrollment fee. You only pay the exam fee if you pass. Register on the secure registration page.
Level II uses case-based multiple-choice built from eleven Learning Modules. Items favor “show your work” reasoning: reading an exhibit, identifying the right inputs, and applying the appropriate model or framework.
| Subject | Weight |
|---|---|
| Ethics (applied) | 15% |
| Economics (macro/FX in practice) | 5% |
| Corporate Finance (capital decisions) | 7.5% |
| International Markets (market microstructure) | 5% |
| Quantitative Analysis (modeling & inference) | 10% |
| Financial Statement Analysis | 15% |
| Fixed-Income Investments | 15% |
| Equity Investments | 12.5% |
| Derivative Instruments | 7.5% |
| Alternative Investments | 2.5% |
| Portfolio Management | 5% |
Use practitioner texts and cases. Prior coursework is helpful, but Level II rewards hands-on practice: model files, statement footnotes, credit reports, and real yield curves.
Online proctored, multiple-choice, single 2-hour session. Items must be answered in sequence. Standardized administration applies globally.
Machine-scored with random hand audits. Results typically in seven days; reported pass/fail.
Expand a module to view its focus and applied tasks.
Apply standards to realistic scenarios with competing incentives, imperfect information, and cross-border issues.
Translate macro/FX views into positioning and inputs for valuation, credit, and risk models.
Analyze capital budgeting, financing mix, payout, and governance with real-world frictions and constraints.
Use trading mechanics, index construction, and liquidity concepts to execute and benchmark.
Estimate, test, and interpret models used across valuation, risk, and forecasting.
Mine the statements and footnotes to assess quality, comparability, and valuation inputs.
Price and risk-manage government, credit, and structured bonds using curves, spreads, and options.
Value businesses using DCF and multiples with attention to growth, risk, and competitive dynamics.
Use options, futures, forwards, and swaps to manage exposures and express views.
Assess private capital, hedge funds, real assets, and infrastructure within diversified portfolios.
Integrate views into policy, allocation, implementation, and performance evaluation.
These answers also power the structured data for richer search results.
Level II shifts from knowledge recall to applied analysis. Questions are built around short vignettes and exhibits, requiring cross-topic synthesis and real-world decision making.
Online, proctored, multiple-choice, single 2-hour session. Items are answered in sequence with standardized global administration.
Approximate weights: Ethics 15%, Economics 5%, Corporate Finance 7.5%, International Markets 5%, Quantitative Analysis 10%, Financial Statement Analysis 15%, Fixed-Income 15%, Equity 12.5%, Derivatives 7.5%, Alternatives 2.5%, Portfolio Management 5%.
There is no enrollment fee. You only pay the exam fee if you pass. Retakes require a 60-day wait, with up to four attempts allowed.
Results are typically available within seven days and are reported as pass/fail. Machine scoring is supplemented with random hand audits.