BERKELEY SCHOOL OF BUSINESS, ARTS & SCIENCES

Overview

The CFA Level 2 exam builds on the foundational knowledge from Level 1, focusing on the application of investment valuation and financial analysis. It consists of item set (vignette-style) questions covering topics such as equity valuation, fixed income, derivatives, alternative investments, corporate finance, portfolio management, and ethics. The exam emphasizes more in-depth analysis, real-world scenarios, and application of financial concepts, preparing candidates for advanced investment decision-making.

The Chartered Financial Analyst (CFA) certification is a globally recognized credential, designed for finance and investment professionals aspiring to excel in areas such as portfolio management, investment analysis, and wealth management. Regarded as the gold standard in the investment industry, the CFA program equips candidates with a comprehensive understanding of financial analysis, ethical standards, and global investment practices.

Offered by

Awarded by the CFA Institute.

Head office

Headquartered in Charlottesville, Virginia, USA.

Members

With over 200,000 members, CFA Institute is a leading global association for investment management professionals.

Founded in

The CFA Institute was founded in 1947 as the Financial Analysts Federation (FAF). It later merged with the Institute of Chartered Financial Analysts (ICFA) in 1990 to form what is now known as the CFA Institute. The organization has since grown into a globally recognized leader in advancing the investment management profession.

Vision & Mission

CFA Institute aims to be a global leader in advancing the investment profession by emphasizing ethical standards, quality education, and professional excellence to benefit society. It focuses on supporting investment professionals through initiatives that uphold ethical practices, provide access to top-tier educational resources, and build a global network dedicated to improving outcomes for investors and the industry.

What is the eligibility?

To sit for Level 2 of the CFA exam, you must have passed the CFA Level 1 exam. And candidates must meet the following criteria:

Education:

Have a bachelor's degree or equivalent, or
Be in the final year of their bachelor’s degree program at the time of registration, or
Have a combination of professional work experience and higher education totaling at least four years.

Work Experience:

If not meeting the educational criteria, candidates can qualify with a minimum of four years of professional work experience, which does not have to be investment-related but should involve decision-making and critical thinking skills.

Who can do?

Anyone who is interested to learn about following concepts can pursue CFA – Chartered Financial Analyst - Level 2:

Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management.

Individuals with the following designations:

Investment Banker, Investment Analyst, Investment Advisor, Investment Manager, Investment Counselor, Chief Investment Officer, Investment Firm Manager, Equity Analyst, Portfolio Manager, Fixed Income Analyst, Portfolio Strategist, Portfolio Manager, Research Analyst, Investment Banker, Investment Consultant, Risk Manager, Corporate Financial Analyst, Chief Executive Officer – CEO, Sales/Marketing Professional, C-suite, Credit Structurer, Managing Director, Senior Vice President.

Course structure

The CFA Level II curriculum emphasizes the application of financial tools and concepts to asset valuation and investment analysis.

CFA Level 2:

It builds on the foundational knowledge from Level I, diving deeper into topics such as Equity and Fixed Income Investments, Derivatives, Alternative Investments, and Portfolio Management. The curriculum features a case-based approach, with item set questions that test candidates' ability to analyze complex scenarios and apply concepts to real-world financial problems. Key focus areas include financial modeling, valuation techniques, and investment decision-making, providing a comprehensive framework for understanding how to evaluate assets in diverse market conditions.

✔ Ethical and Professional Standards (10–15%)
✔ Quantitative Methods (5–10%)
✔ Economics (5–10%)
✔ Financial Statement Analysis (10–15%)
✔ Corporate Issuers (5–10%)
✔ Equity Investments (10–15%)
✔ Fixed Income (10–15%)
✔ Derivatives (5–10%)
✔ Alternative Investments (5–10%)
✔ Portfolio Management (10–15%)

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Lecture plan

Week 1: Lectures - 8 Hours

Lecture 1: Ethics (1) −

✔Code of Ethics &
Standards,
Guidance for

Lecture 2: Ethics (1) −

✔Application of Code
and Standards

Week 2: Lectures - 8 Hours

Lecture 3: Quantitative Methods (1) −

✔Multiple Regression,
Model Assumptions

Lecture 4: Quantitative Methods (1) −

✔Time-Series
Analysis Basics

Week 3: Lectures - 8 Hours

Lecture 5: Economics (1) −

✔Currency Exchange
Rates

Lecture 6: Economics (1) −

✔Economic Growth

Week 4: Lectures - 8 Hours

Lecture 7: Financial Reporting (1) −

✔Intercorporate
Investments

Lecture 8: Financial Reporting (1) −

✔Multinational
Operations

Week 5: Lectures - 8 Hours

Lecture 9: Financial Reporting (1) −

✔Analysis of Financial
Institutions

Lecture 10: Financial Reporting (1) −

✔Evaluating Quality
of Financial Reports

Week 6: Lectures - 8 Hours

Lecture 11: Corporate Issuers (1) −

✔Dividend Policy,
Share Repurchases

Lecture 12: Corporate Issuers (1) −

✔Cost of Capital and
Corporate
Restructuring

Week 7: Lectures - 8 Hours

Lecture 13: Equity Valuation (1) −

✔Discounted
Dividend Valuation

Lecture 14: Equity Valuation (1) −

✔Free Cash Flow
Valuation

Week 8: Lectures - 8 Hours

Lecture 15: Equity Valuation (1) −

✔Market-Based
Valuation and
Multiples

Lecture 16: Equity Valuation (1) −

✔Residual Income
and Private
Company Valuation

Week 9: Lectures - 8 Hours

Lecture 17: Fixed Income (1) −

✔Term Structure and
Interest Rate
Dynamics

Lecture 18: Fixed Income (1) −

✔Valuation and
Bonds with
Embedded Options

Week 10: Lectures - 8 Hours

Lecture 19: Fixed Income (1) −

✔Arbitrage-Free
Valuation
Framework

Lecture 20: Fixed Income (1) −

✔Credit Analysis
Models and Credit
Default Swaps

Week 11: Lectures - 8 Hours

Lecture 21: Derivatives (1) −

✔Pricing and
Valuation of
Forward
Commitments

Lecture 22: Derivatives (1)

Week 12: Lectures - 8 Hours

Lecture 23: Alternative Investments (1) −

✔Commodities, Real
Estate

Lecture 24: Alternative Investments (1) −

✔Hedge Fund
Strategies

Week 13: Lectures - 8 Hours

Lecture 25: Portfolio Management (1) −

✔Economics &
Investment Markets,
Multifactor Models,
Active Portfolio
Management,
Measuring Market
Risk

Lecture 26: Portfolio Management (1) −

✔Backtesting,
Simulations, and
ETFs

Week 13: Lectures - 8 Hours

Lecture 25: Portfolio Management (1) −

✔Economics &
Investment Markets,
Multifactor Models,
Active Portfolio
Management,
Measuring Market
Risk

Lecture 26: Portfolio Management (1) −

✔Backtesting,
Simulations, and
ETFs

Week 15: Mock Exams (8 hours)

Mock Exam 3

Mock Exam 4

Learning Methodology

Berkeley offers expertly developed learning materials tailored to meet participants' needs, ensuring comprehensive coverage of the syllabus and optimal exam preparation.

► Tailored Material: Guides are designed to cover the entire syllabus, offering full preparation and deep understanding.
► In-Depth Content: Unlike superficial outlines, our materials provide fully developed theories and concepts, equipping participants with complete knowledge.
► Strategic Study: We help participants prioritize study time by indicating the weight of each topic, allowing efficient focus on crucial areas.
► Difficulty Levels: Topics are labeled as “Awareness” or “Proficiency,” guiding participants to allocate time based on the required depth of knowledge.
► Comprehensive Coverage: Our materials include detailed theory and a glossary of technical terms to clarify complex concepts.
► Effective Learning Techniques: Visual aids and memorization techniques ensure long-lasting retention, helping candidates succeed.

Berkeley’s methodologies equip participants with the essential knowledge and tools for both exams and future success.

Lectures

Practice Session

Mock Examination

Berkeley's performance standards

Evaluates and ensure the quality of the training program and all its deliverables. This is measured through the following indicators:

▸ Instructors' experience and style in presenting and explaining topics.
▸ Variety and balance of teaching methods (such as discussions, case studies, mock exams and videos) used in the course to ensure retention and to match the learning objectives.
▸ Level of interactivity.
▸ Feedback from program participants.
▸ Full compliance with Institute standards and guidelines for preparation and study requirements and methodology.
▸ Progress reports from the training program provider.

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What are the Exam Information?

Exam Format & Duration

* Computer-Based Exams

Part/Module	Exam format	Exam duration
CFA Level 2:	• 88 multiple-choice questions • Format: Item sets (vignette-based) Morning Session (Item Set Questions): 4–6 vignettes with 6 questions per vignette. Afternoon Session (Item Set Questions): 4–6 vignettes with 6 questions per vignette.	Each session lasts for 3 hours (total exam time is 6 hours)

Exam Dates

CFA Level 2: Offered in May, August & November

Passing Criteria

The CFA Level 2 exam passing criteria are determined by the CFA Institute and vary for each exam cycle. Key details include:

Minimum Passing Score (MPS): Set after each exam, typically around 65%–70%, but the exact score is not disclosed.

Ethics Adjustment: Candidates near the MPS may be impacted by their performance in the Ethics section.

Item Set Format: The exam consists of vignette-based multiple-choice questions, requiring a deeper understanding and application of concepts.

No Negative Marking: Only correct answers count toward the final score.

To improve passing chances, candidates should aim for 70% or higher across all topics.

Exam Locations

The CFA exams are held globally at more than 400 exam centers across various regions. Here is a breakdown of the global CFA exam locations and centers:

Success Stories

Read about our student's success stories as testimonials

Alumni Benefits

✔ Exclusive Networking Events: Access invitations to industry-leading events and thought-leadership gatherings featuring renowned speakers.
✔ Monthly Updates: Stay informed with a newsletter highlighting the latest research, events, and activities from the school.
✔ LinkedIn Community Access: Join the Executive Education LinkedIn group for networking and professional development opportunities.
✔ Educational Discounts: Enjoy a 20% discount on open-enrollment programs and access to workshops focused on emerging trends.
✔ Global Alumni Network: Connect with a diverse alumni community through the Berkeley School’s online network and engage in country and interest groups.

Is It Worth the Investment?

By Region

North America: Higher salaries, with senior roles often exceeding $200,000 annually, particularly in financial hubs like New York.

Europe: Competitive pay, with mid-to-senior roles earning $120,000–$250,000, higher in London.

Asia: Growing demand for CFAs; salaries range from $100,000 to $200,000 in cities like Hong Kong and Singapore.

Middle East: Attractive packages, often including bonuses, with senior roles reaching $150,000–$250,000.

By Experience

Entry-Level: Analysts typically earn $70,000–$100,000 annually.

Mid-Level: Roles like portfolio managers earn $120,000–$250,000.

Senior-Level: Executives, such as CIOs, often exceed $300,000 with bonuses.

What you earn

You will get a certificate of completion, which is highly reputed and accepted by employers.

In-depth Knowledge
Gain advanced knowledge in investment analysis, portfolio management, and financial markets.

Professional Network
Join a global network of investment professionals and access exclusive resources and events.

Global Credibility
Earn a globally recognized credential that enhances your professional reputation and career opportunities.

Career Advancement
Access high-level positions in finance and investment management with the CFA designation.

Ethical Standards
Adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct, ensuring professionalism and integrity.

CFA – Chartered Financial Analyst - Level 2

Overview

Offered by

Head office

Members

Founded in

Vision & Mission

What is the eligibility?

Who can do?

Course structure

Learn More

Lecture plan

Learning Methodology

Berkeley's performance standards

Learn More

What are the Exam Information?

Exam Format & Duration

Exam Dates

Passing Criteria

Exam Locations

Success Stories

Alumni Benefits

Is It Worth the Investment?

By Region

By Experience

What you earn

Contact Us