CMT Level II exam guide: knowledge domains, format and study hours
Last checked October 16, 2026 · Sources: CMT Association knowledge domains, 2026 Program Guide (PDF) and registration page
The CMT Level II exam, “Application of Technical Analysis Methods,” measures whether you can apply the concepts, theory and techniques from the curriculum. It has 170 multiple-choice questions in 4 hours, and the CMT Association suggests 100 to 140 hours of study. Classical and advanced techniques each make up 40% of this second-level exam.
Level II knowledge domains
| Knowledge domain | Share of exam | Topics include |
|---|---|---|
| Classical Techniques | 40% | Chart types and construction, trend analysis, chart patterns, internal and external indicators, cycles |
| Advanced Techniques | 40% | Statistical analysis, volatility analysis, systematic trading, cross-asset analysis, risk management principles |
| Application of Technical Analysis | 10% | Using charts, patterns and indicators for entries and exits; risk plans; weighting assets by relative strength, trend or momentum |
| Theory and History | 7% | Key concepts and behavioral finance |
| Ethics | 3% | Code of Ethics and Standards of Professional Conduct |
Weights and topic examples from the CMT Association’s knowledge domains page, checked October 16, 2026.
How Level II differs from Level I
| Level I | Level II | |
|---|---|---|
| Focus | Terminology and tools | Applying concepts and techniques |
| Questions / time | 132 in 2 hours | 170 in 4 hours |
| Suggested study | 40 to 100 hours | 100 to 140 hours |
| Theory and history | 38% | 7% |
| Classical + advanced techniques | 59% | 80% |
| Application | None | 10% |
From the CMT Association’s Program Guide and knowledge domains page.
In short, Level II moves away from definitions and history and toward using classical and advanced techniques. Advanced techniques jump from 26% to 40%, so statistics, volatility and systematic trading need far more attention than they did at Level I.
Format, dates and fees
Level II is multiple choice: 170 questions in 4 hours. Exams run in June and December; for December 2026, Levels I and II run December 1 to 16 (Eastern Time), and you can take only one exam per window. Registration costs $875 early, $1,075 standard or $1,475 late, with the official curriculum included. Active CFA charterholders who waived Level I start here.
December 2026 late registration is open until November 4. Curriculum included.
Register on CMT AssociationHow to prepare for Level II
The 2026 Program Guide's Level II samples show the applied style, each with its curriculum source.
Classical and advanced techniques are 80% of the exam combined; budget most of your 100 to 140 hours there.
Use the included Optuma access to test indicators and systems on real data.
Four hours is long; take full-length timed practice before test day.
Common questions about the second CMT exam
How many questions are on CMT Level II?
170 multiple-choice questions in 4 hours, according to the CMT Association’s Program Guide.
What does CMT Level II cover?
Classical techniques (40%), advanced techniques (40%), application (10%), theory and history (7%) and ethics (3%).
How long should I study for Level II?
100 to 140 hours, as suggested by the CMT Association.
Do I have to pass Level I first?
Yes. You can take only one exam per window, and you take the levels in order.
See also CMT Level I, CMT Level III and our CMT study plan. MockTestPrep is independent and is not affiliated with the CMT Association.