IFRS Foundation

Level II Exam

The FSA Level II exam is two hours long and consists of 53 multiple choice questions associated with 13 miniature case studies. The exam tests candidates’ ability to analyze a company’s sustainability performance using qualitative and quantitative ESG data, conduct comparative and fundamental analysis using ESG data, and conceptualize how sustainability performance can influence valuation model adjustments.

How to Prepare

After passing Level I, candidates are eligible to register for the FSA Level II exam with Pearson VUE. Upon registering, candidates receive a link to download the Level II study guide for self-study. The study guide contains the full body of testable material, defined by 10 Learning Objectives. The study guide also contains a set of practice questions with explanations of correct and incorrect answers. It is recommended that candidates spend about 30 hours preparing for the exam. For additional exam preparation support, explore our Approved Educational Providers program.

Download Sample Practice Questions

What You Will Learn

The Level II curriculum provides practical guidance on how to interpret material sustainability information to gain an enhanced understanding of a company’s performance and value. The curriculum consists of three parts:

Part I: Identifying Material Sustainability Issues

Defines the universe of sustainability issues; provides a systematic framework for assessing the relevance of sustainability issues to a company’s financial position and future performance, considering companies’ operating model and external environment.

Part II: Evaluating the Comparability of Sustainability Information

Equips candidates with the ability to assess the comparability of disclosed ESG data and, when necessary, to normalize ESG data using financial and activity metrics to drive insightful comparative analysis.

Part III: Connecting Sustainability Performance to Company Value

Equips candidates with the skills to link performance reported using SASB metrics to fundamental channels of financial impact, including revenues/expenses, assets/liabilities, and cost of capital; enables understanding of how sustainability performance can lead to adjustments to the assumptions and variables within various tools for valuation, including discounted cash flow (DCF) analysis and scenario analysis.

Download Curriculum Outline

*NOTE: The FSA Level II curriculum and exam was recently updated! All candidates who register to take the Level II exam on or after September 1, 2022, will receive and be tested on the updated study guide. Group candidates that have registered to take their exam before August 31, 2022, will be tested according to the previous version of the curriculum.

Study Guide

Registrants can download the study guide at any time. Simply enter the code received upon registration below.

Prepare for Exam Day

Confirm the exact time and location of your exam by referring to the registration confirmation email received upon payment and initial scheduling.

Requirements for exam day will vary depending on the type of exam (remote or in-person) and testing location. For guidance on what to expect from the registration process and testing environment, view this Testing Tips and How-To Guide.

FSA Level II Candidates will have access to a digital calculator and notepad provided by Pearson Vue during the exam. Physical, personal calculators, and scratch paper will not be allowed.

FAQs

The study guide will be automatically sent after registering in an email with the subject line “Confirmation of Pearson Exam Appointment.” Registrants can also download the study guide at any time using the code received upon registration.

On any day of the year, you may register for the FSA exams and choose an exam date within one of three exam periods: January-February, May-June, and September-October. Multiple test times are available on whatever exam day you choose.

For example, if a candidate wants to register for an exam on March 30th, they can choose to take the exam on any available day in May or June. If the candidate wants to register for an exam on May 15th, they can take the exam on any available day in the rest of May or in June. If the candidate wants to register on June 1, they can choose from test days in June or choose to take the test on any available day in September or October.

While it varies for each candidate, the Value Reporting Foundation recommends 30 hours of preparation for each of the FSA Credential exams. The Level I exam covers essential concepts and emerging practices and some of the content may be familiar to certain individuals, reducing their study time. Every candidate should review every section of the study guide. The Level II exam is closely tied to the study guide but does not require experience with a particular industry or industries.

The Pearson VUE testing network utilizes more than 5,000 testing centers in over 180 countries to securely proctor exams worldwide. For more details, please see the Candidate Handbook.

Yes. Both in-person and online exams are monitored by a Pearson Vue proctor. Each candidate must verify their identity and meet requirements to ensure the integrity and security of the testing experience.

Candidates can reschedule their exam with more than forty-eight (48) hours notice by logging in to the Pearson VUE online portal or by contacting Pearson VUE.

If exam rescheduling is not complete and confirmed with more than 48 hours of advanced notice, the candidate will face a reschedule fee of $60. If a candidate needs to reschedule within the 48 hours, they can do so by contacting Pearson VUE.

Within two years of passing the Level I exam, candidates must pass the Level II exam to earn the FSA Credential. If a candidate does not pass the Level II exam within two years, they must retake the Level I exam and then pass the Level II exam.

You can email us at [email protected] or call 424-261-9930 and we will get back to you as soon as possible.

Register Now

You must pass both exams to get a FSA Credential

You must pass both exams to earn the FSA Credential

Register Now

Level I Exam
Level II Exam
What’s covered?
Learn how sustainability factors impact enterprise value and investment performance
Gain skills to evaluate corporate performance on sustainability factors
Next testing window if you sign up today
September 1 - October 30, 2022
September 1 – October 30, 2022
Non-Members
$450
$650
Alliance Members
$400
$500
Prerequisite
None
Passing Level I
You can reschedule or cancel up to 48 hours before the exam via the Pearson Portal.


For more information about Alliance Membership, visit the IFRS Sustainability Alliance page.

What’s covered?Learn how sustainability factors impact enterprise value and investment performance
Next testing window if you sign up todaySeptember 1 - October 30, 2022
Non-Members$450
Alliance Members$400
PrerequisiteNone
You can reschedule or cancel up to 48 hours
before the exam via the Pearson Portal.

If you are looking for additional study support, you can sign up with one of our
Approved Education Providers
What’s covered?Gain skills to evaluate corporate performance on sustainability factors
Next testing window if you sign up todaySeptember 1 – October 30, 2022
Non-Members$650
Alliance Members$500
PrerequisitePassing Level I
You can reschedule or cancel up to 48 hours
before the exam via the Pearson Portal

If you are looking for additional study support, you can sign up with one of our
Approved Education Providers

Group Registration

Businesses can pre-purchase FSA registrations for a group of staff. Organizations that choose this path are eligible for discounts based on the number of employees registered (see below), gain access to an expanded testing calendar, and have the option to participate in a group Q&A session with a staff member. Please email [email protected] if you are interested in purchasing group registration for your organization.

Number of Candidates
Amount per person for Level I + Level II
Discount
5-29 candidates
$900 (Level I and II can be purchased separately: $400 and $500, respectively)
18%
30-49 candidates
$850 (combined price for Level I and II, purchased as package)
22%
50+ candidates
$800 (combined price for Level I and II, purchased as package)
27%

Group Registration

Businesses can pre-purchase FSA registrations for a group of staff. Organizations that choose this path are eligible for discounts based on the number of employees registered (see below), gain access to an expanded testing calendar and have the option to participate in a group Q&A session with a staff member. Please email [email protected] if you are interested in purchasing group registration for your organization.

Number of Candidates5-29 candidates
Amount per person for Level I + Level II$900 (Level I and II can be purchased separately: $400 and $500, respectively)
Discount18%
Number of Candidates30-49 candidates
Amount per person for Level I + Level II$850 (combined price for Level I and II, purchased as package)
Discount22%
Number of Candidates50+ candidates
Amount per person for Level I + Level II$800 (combined price for Level I and II, purchased as package)
Discount22%

Register Through an Approved Education Provider

Attend Live
On - Demand
Candidates can choose from a range of options for additional exam preparation support beyond self-study. Attend a self-paced online course, work with an instructor in real-time or earn the Credential as part of a degree or executive education track via the Approved Education Providers.

The exam registration fee is included in the price of each course. The Approved Education Provider will supply course details, additional study materials, and a voucher to register for the exam with Pearson VUE. Pricing, additional resources and time commitment vary by Provider.
Earth Academy

Open to all

Fordham University

For degree-seeking students

Course page coming soon!
Marquette University

For executive education students

ISOS Group

Open to all



Register Through an Approved Education Provider

Candidates can choose from a range of options for additional exam preparation support beyond self-study. Attend a self-paced online course, work with an instructor in real-time or earn the Credential as part of a degree or executive education track via the Approved Education Providers.

The exam registration fee is included in the price of each course. The Approved Education Provider will supply course details, additional study materials and a voucher to register for the exam with Pearson VUE. Pricing, additional resources and time commitment vary by Provider.

Attend Live
On - Demand
Earth Academy

Open to all

Fordham University

For degree-seeking students

Course page coming soon!
Marquette University

For executive education students

ISOS Group

Open to all

Course page coming soon!