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Example Item Set from AnalystPrep's Question Bank ; Long-Term Debt, 15,000, 21,000 ; 21,000, 27,000 ; 66,000, 82,500 ; Shareholder's Equity. In 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 Sample Level II CFA Program. Item-Set Questions. TOPIC: ETHICAL AND PROFESSIONAL STANDARDS. TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS. 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 Hone your test-taking skills with CFA Level 2 mock exams from Kaplan Schweser. Start identifying areas of improvement with industry-leading practice examsStructure: The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions. Duration: The Level II exam Test Prep's CFA Level 2 actual exam material brought to you by ITExams group of certification experts. View all CFA Level 2 actual exam questions,