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CFA® Level 2 Course Curriculum

Chapter - 1

Ethical and Professional Standards

CFA Institute Code of Ethics and Standards of Professional Conduct and Guidance for Standards I - VII

This topic is fundamentally similar to the standards studied in Level 1 itself. However, the complexity with regards to the questions in examination is obviously expected to be higher.

Application of the Code and Standards

Practical Case studies pertinent to the Codes and Standards discussed in the Reading 1 & 2 are discussed here.

Chapter - 2

Quantitative Methods

Introduction to Linear Regression

Linear Regression explains the change in one dependent variable in terms of the change in independent variable.

Multiple Regression

Multiple Regression refers to the regression analysis with more than one independent variable.

Time Series Analysis

Time Series is a set of data points indexed in a time order. Discussion around calculation of trend value , identifications of violations such as heteroskedasticity, nonstationarity and serial correlation.

Machine Learning

The statistician models discussed in the previous topics assume a set of assumptions about the distribution of the data points, whereas the ML is the process of preparing a computer system to identify patterns within a large database without relying on any complicated assumptions.

Big Data Projects

Big Data refers to the humongous volume of information available due to the modern technology. The topes focuses on the basic understanding the same including, terminology, processes and techniques.

Probabilistic Approaches: Scenario Analysis, Decision Tree, and Simulations

Discussion about the utility of simulations as a risk assessment tool.

Chapter - 3

Economics

Currency Exchange Rates: Understanding Equilibrium Values

Discussion about base currency and quote currency, bid-ask spread, international PPP etc. This is a very testable portion in exam involving a lot of number crunching.

Economic Growth and Investment Decisions

Economic growth is measured by growth in a country's GDP. This topic discusses around the factors promoting/curtailing growth and forecasting growth. Overall, its an important topic in order to develop an overall viewpoint on the economy.

Economics of Regulation

Regulations in an economy play a key role in the economic growth and valuation of an enterprise. This theoretical focuses on broad understanding of the types of regulations and its implications thereof.

Chapter - 4

Financial Reporting and Analysis

InterCorporate Investments

This chapter teaches us the accounting principles for holding, joint venture and associates.

Employee Compensation: Post Employment and Share Based

Post Employment Compensation refers to the super annuation benefits. Share based payments includes the SARs and ESOPs.

Multinational Operations

Discussion around local currency, functional currency and presentation currency and its relevance for multinational companies.

Analysis of Financial Institutions

Accounting / Valuation of Financial Institutions (Banks, NBFCs and Insurance Companies) is peculiar in nature. This topic focuses on the same.

Evaluating Quality of Financial Reports

CFA L2 curriculum focuses on the valuation aspect of the securities. If the quality of the financial reports are compromised, the end result would not be reliable either.

Integration of Financial Statement Techniques

This topic is a bridge between FRA and equity/corporate finance.

Chapter - 5

Corporate Finance

Capital Budgeting Decisions

Capital Budgeting Decisions involve decisions pertaining to the long term capital allocation of an entity. Coverage: Calculation of NPV, IRR, Decision, Scenario Analysis and Decision Making.

Capital Structure

This topic discusses various capital structure theories and its impact on the overall value of the firm.

Analysis of Dividends and Share Repurchases

Disbursement of the profits realized by an entity is a critical decision. This topic explores various theories of dividend policy and stock buybacks.

Corporate Governance and Other ESG Consideration in Investments

Corporate Governance is the first and foremost eligibility requirement for the security of a company to be investable Similarly, ESG (environmental, social and governance factors) also play a critical role in the analysis of the company.

Merger and Acquisitions (M&A)

This topic performs an in-depth review of the corporate finance piece of the M&As. Its important to understand the accounting piece of the events post M&A had already been discussed in the topic 13.

Chapter - 6

Equity

Equity Valuation: Applications and Processes

This chapter provides a glimpse into the "equity" portion of the CFA L2 Curriculum.

Return Concepts

Computation of the different types of return including HPR, returns based on CAPM, Fama Fench Model etc.

Industry and Company Analysis

This topic focuses on the qualitative aspects of valuation framework and lays the foundation for the number oriented topics ahead in the curriculum.

Discounted Dividend Valuation

Dividend Models utilize the forecasted dividends as an estimate of the cash flow to the shareholders. In this topic, we note various models around dividend decision of an entity.

Free Cash Flow Valuation

Residual cash in the business in the hands of firm (bondholders and equityholders) is termed as FCFF. Similarly, residual cash is the hands of the equityholders is termed as FCFE. FCF is the single most important factor in computing the intrinsic value of an enterprise.

Market Based Valuation: Price and Enterprise Based Value Multiples

Multiple Based valuation relies on the comparable (either price or transaction) to identify the value of the enterprise in question.

Residual Income Valuation

This is yet another methodology to perform the valuation of an enterprise - although, the practical utility is industry is quite limited, but the testability from exam perspective is pretty relevant.

Private Company Valuation

Broad discussion on the adjustments required in the methodologies discussed thus far to suit the needs of valuing a private company.

Chapter - 7

Fixed Income

The Term Structure and Interest Rate Dynamics

This topic lays the foundation for the fixed income subject. 1. Basics of interest rate term structure and its effect on the bond prices. 2. Discussion on forward rates, duration. 3. Discussion on Spreads.

Arbitrage Free Valuation Framework (AFV Framework)

AFV method value the securities in such a manner that the possibility of riskless profits is negated.

Valuation and Analysis of Bond with Embedded Options

Embedded Options would include call options, put options. The candidates are expected to understand the impact of options on bond's duration and convexity.

Credit Analysis Models

Credit Risk refers to the risk of default and deterioration in the credit quality (in case default does not occur) of the security.

Credit Default Swaps

CDS is an insurance contract wherein the protection buyer is compensated by the protection seller in case of an credit event. This topic details the pricing and valuation of CDS along with utility of CDS in managing the credit exposure.

Chapter - 8

Derivatives

Pricing and Valuation of Forward Commitments

Forward Commitments refer to Forwards, FRAs, and Swaps. This topic expects you to have a grip over the pricing and valuation of the mentioned instruments.

Pricing and Valuation of Forward Commitments

Contingent Claims refers to options. This topic expects you to have a grip over the pricing and valuation of the mentioned instruments.

Chapter - 9

Alternative Investments

Private Real Estate Investments

This topic focuses on the asset class of real estate and the nuances involved in the same.

Publicly Traded Real Estate Securities

Publicly traded Real Estate Securities include REITS, MBS and REOCs.

Private Equity Valuation

This topic review assesses the perspective of both, the private equity firm and its investors. It discusses pre-money and post-money valuation of the investee company.

Introduction to Commodities and Commodity Derivatives

In this topic, a broad understanding of commodity market is provided to the reader along with the applicability of the overall learning and adjustments thereof with respect to the commodity market.

Chapter - 10

Portfolio Management

Exchange Traded Funds: Mechanics & Applications

ETFs represent securities in a benchmark portfolio that trades on secondary market. The discussion is basic in nature involving portfolio perspective on ETFs.

Using Multifactor Models

This topic extends form the CFA L1 & CFA L2 discussion on multifactor models and its implications on an overall portfolio level.

Measuring and Managing Market Risk

The different approaches to measuring risk includes VaR, sensitivity risk and scenario risk and its applicability on a portfolio.

Economics and Investment Markets

Discussion around business cycles, sector rotations, business cycles, and cyclical effects on valuation multiples.

Analysis of Active Portfolio Management

This topic explores an overall review of the portfolio management including active return including its bifurcation, Information ratio, Sharpe ratio etc.

Trading Costs and Electronic Markets

In this topic, execution piece of an investment is focused upon.

CFA® Level 2 Online Course Trainers

Our CFA® online classes are conducted by experts who themselves understand the nuances of this exam and give their full time dedication to our institute.

CA Vikas Vohra

Ex - Bajaj Finserv, EY, ICRA
Corporate trainer and former Investment Banker (Real estate and Defense)
Trained 3,000+ CFA students
With 80% Passing Rate

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CA Karan Singh

Ex - Infosys, ARC Finance
CFA Trainer and Investment Banker
Visiting faculty at ICAI & MBA Colleges
Delegate, Harvard Manage Mentor Program

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CFA® Level 2 Online Classes Duration


The program is meant for all candidates seeking to appear for CFA Level 2 exams conducted by the CFA® Institute in the current or next year.

Duration & Fees

Duration

Video Validity till clearing your CFA® Exam

Hours

120+ hours of training

Timing

Accessible anytime

Fees

₹31,000 Onwards.

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