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The level II CFA exam is often regarded as the hardest among candidates and charterholders. The curriculum is much denser and answering 120 item setIn the CFA Level II Exam, the questions are asked in the form of item sets. First a short case or vignette is presented to the candidate followed by 6 Each item set on the CFA exam consists of a vignette followed by either 4 or 6 multiple-choice questions. There will be 44 multiple-choice questions in each of Sample Level II Item-Set Questions. Questions 1 through 6 relate to Ethical and Professional Standards. SMC Case Scenario. Ian Sherman, CFA, is a portfolio Level II of the CFA exam comprises of item set questions. Each item set consists of a case statement, also called a vignette, and four to six multiple-choice