CFA Level 2
Syllabus
MODULE 1
Ethical and Professional Standards
| Chapter | Topics |
|---|---|
| 1 | Code of Ethics and Standards of Professional Conduct |
| 2 | Guidance for Standards I–VII |
| 3 | Application of the Code and Standards: Level II |
MODULE 2
Quantitative Methods
| Chapter | Topics |
|---|---|
| 1 | Basics of Multiple Regression and Underlying Assumptions |
| 2 | Evaluating Regression Model Fit and Interpreting Model Results |
| 3 | Model Misspecification |
| 4 | Extensions of Multiple Regression |
| 5 | Time-Series Analysis |
| 6 | Machine Learning |
| 7 | Big Data Projects |
MODULE 3
Economics
| Chapter | Topics |
|---|---|
| 1 | Currency Exchange Rates: Understanding Equilibrium Value |
| 2 | Economic Growth |
MODULE 4
Financial Statement Analysis
| Chapter | Topics |
|---|---|
| 1 | Intercorporate Investments |
| 2 | Employee Compensation: Post-Employment and Share-Based |
| 3 | Multinational Operations |
| 4 | Analysis of Financial Institutions |
| 5 | Evaluating Quality of Financial Reports |
| 6 | Integration of Financial Statement Analysis Techniques |
MODULE 5
Corporate Issuers
| Chapter | Topics |
|---|---|
| 1 | Analysis of Dividends and Share Repurchases |
| 2 | Environmental, Social, and Governance (ESG) Considerations in Investment Analysis |
| 3 | Cost of Capital: Advanced Topics |
| 4 | Corporate Restructuring |
MODULE 6
Equity Investments
| Chapter | Topics |
|---|---|
| 1 | Equity Valuation: Applications and Processes |
| 2 | Discounted Dividend Valuation |
| 3 | Free Cash Flow Valuation |
| 4 | Market-Based Valuation: Price and Enterprise Value Multiples |
| 5 | Residual Income Valuation |
| 6 | Private Company Valuation |
MODULE 7
Fixed Income
| Chapter | Topics |
|---|---|
| 1 | The Term Structure and Interest Rate Dynamics |
| 2 | The Arbitrage-Free Valuation Framework |
| 3 | Valuation and Analysis of Bonds with Embedded Options |
| 4 | Credit Analysis Models |
| 5 | Credit Default Swaps |
MODULE 8
Derivatives
| Chapter | Topics |
|---|---|
| 1 | Pricing and Valuation of Forward Commitments |
| 2 | Valuation of Contingent Claims |
MODULE 9
Alternative Investments
| Chapter | Topics |
|---|---|
| 1 | Introduction to Commodities and Commodity Derivatives |
| 2 | Overview of Types of Real Estate Investment |
| 3 | Investments in Real Estate through Publicly Traded Securities |
| 4 | Hedge Fund Strategies |
MODULE 10
Portfolio Management and Wealth Planning
| Chapter | Topics |
|---|---|
| 1 | Economics and Investment Markets |
| 2 | Analysis of Active Portfolio Management |
| 3 | Exchange-Traded Funds: Mechanics and Applications |
| 4 | Using Multifactor Models |
| 5 | Measuring and Managing Market Risk |
| 6 | Backtesting and Simulation |