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CFA® Program
Chartered Financial Analyst® Program

Level 2

info_outline We are currently responding to the announcement made by CFA Institute (4th August) about additional sittings and changes of exam dates for Levels 2 and 3 in 2021. We are reviewing timetables and will keep you updated. Find out more ›

The CFA Program curriculum is focused on ten key topics which increase in complexity at each of the three levels: ethical and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, alternative investments, portfolio management and wealth planning.

At this second level, candidates are expected to demonstrate a greater depth of understanding of the tools and techniques that were introduced in the Level 1 with a focus on the valuation of all types of assets.

Total package (excluding exams): help_outline

£927- £2,559.60 (inc. VAT where applicable) £1,030- £2,844 (inc. VAT where applicable)

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1. Structure

The Level 2 exam has a total of 20 item sets or “mini cases”, with each item set containing 6 equally weighted multiple choice questions. The item sets are split equally among two three-hour sessions taking place on the same day.


Entry requirements

To register for your Level 2 exam, you need to have passed Level 1.


Syllabus

Below is a syllabus overview detailing each topic and their approximate exam weighting.

Level 2 topic Approximate exam weight
Ethical and Professional Standards 10% - 15%
Quantitative Methods for Valuation 5% - 10%
Economics for Valuation 5% - 10%
Financial Reporting and Analysis 10% - 15%
Corporate Finance 10%
Equity Investments 10% - 15%
Fixed Income 15%
Derivative Instruments - Valuation and Strategies 10%
Alternative Investments 5% - 10%
Portfolio Management and Wealth Planning 5% - 15%

 

Ethical and Professional Standards

Learn the ethical responsibilities required of CFA Institute members and candidates in the CFA Program by the Code and Standards and understand the objectives of the Research Objectivity Standards.

Following on from the previous session, you’ll use case studies to illustrate the practical application of the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards).

Quantitative Methods for Valuation

You’ll be introduced to correlation analysis, linear regression with one and multiple independent variables, and time-series analysis as tools for identifying relationships among variables.

Economics for Valuation

Explore currency exchange rates and understanding the equilibrium value, economic growth and the investment decision, and the economics of regulation.

Financial Reporting and Analysis
  • Intercorporate Investments, Post-Employment and ShareBased Compensation, and Multinational Operations: examine current and new reporting standards for investments in other companies, post-employment benefits, and foreign currency transactions.
  • Quality of Financial Reports and Financial Statement Analysis: focus on evaluating the quality of financial reports and applying financial analysis techniques to investment decisions.
Corporate Finance
  • Corporate Finance: covers the capital budgeting process and examines its principles and investment decision criteria. Project evaluation through the use of spreadsheet modeling is also presented.
  • Corporate Finance - Financing and Control Issues: two major organisational subjects of corporate finance are examined in detail. The first is corporate governance. The second is mergers, acquisitions, and corporate restructurings.
Equity Investments
  • Equity Valuation - Valuation Concepts: This session introduces essential equity valuation concepts. It discusses value and the application of equity valuation techniques to solve everyday problems and the return concepts.
  • Equity Valuation - Industry and Company Analysis and Discounted Dividend Valuation: focus on financial modeling including the development of forecast model inputs using available industry and corporate information.
  • Equity Valuation - Free Cash Flow and Other Valuation Models: explore additional valuation methods for estimating a company’s intrinsic value such as the free cash flow, relative valuation, residual income valuation, and the main approaches for valuing private company equity.
Fixed Income
  • Valuation Concepts: learn about the yield curve and key relationships underlying its composition, you’ll examine traditional and modern theories and models explaining the shape of the yield curve to demonstrate this.
  • Topics in Fixed-Income Analysis: this session uses the binomial valuation method to value bonds with embedded options. It discusses interest rate volatility, option-adjusted spreads and risky bonds. Credit assessment approaches and models are discussed with an introduction to the term structure of credit spreads.
Derivative Instruments - Valuation and Strategies

In this session you will be introduced to key valuation concepts and models for forward commitments (forwards, futures, swaps) and contingent claims (options).

Alternative Investments

You’ll learn about the following categories of alternative investments: real estate, private equity, and commodities.

Portfolio Management and Wealth Planning
  • Portfolio Management - Process, Asset Allocation, and Risk Management: learn about the portfolio management process and the investment policy statement, multifactor models and measuring and managing market risk.
  • Portfolio Management - Economic Analysis, Active Management, and Trading: examine the link between the economy and financial markets, describe and measure active portfolio management, algorithmic trading and high frequency trading.

Buy now

For more information, please visit the CFA Institute website launch.

2. Study methods

Do you prefer face-to-face classroom courses with a tutor, or studying using distance learning that fits around your work and home commitments?

Our study methods have been designed to maximise your time and help you pass your exam. Whichever study method you choose, you’ll receive high quality resources and continuous support right up to your exam.

To see which study method is best for you, please see our infographic.

Study methods available for this qualification

grid_on Study method comparison table

Includes 10% discount
people people
Classroom Enhanced

Our recommended and most popular package including classroom tuition and classroom revision integrated with Kaplan Schweser study materials. This package gives you a wide range of tools for exam success.

£2,559.60
(£2,181.60
excl. VAT)
Includes 10% discount
laptop people
Blended Enhanced

Package combining live online tuition and classroom revision study options with Kaplan Schweser study materials.

£2,049.30
(£1,808.10
excl. VAT)
Includes 10% discount
people
Tuition Plus

Classroom tuition course and Kaplan Schweser study materials.

£1,794.60
(£1,596.60
excl. VAT)
Includes 10% discount
laptop laptop
Distance Learning with Live Online Classes

Study at your own pace with live online tuition and revision classes. This package offers maximum flexibility for independent study and comes with integrated Kaplan Schweser study materials.

View Distance Learning 5 day trial ›
£927.00
(VAT not applicable)

Or you can choose an individual revision classroom course without the supporting Kaplan Schweser study materials.

people
Revision only

Classroom revision without the Kaplan Schweser study materials.

£1,440.00
(£1,200.00
excl. VAT)

Timetables - Classroom and Live Online

Classroom tuition courses take place over 6 days (from 9-5pm) or 14 evenings (from 6-9pm). Live online tuition classes take place over 15 sessions of 3 hours each. Classroom revision courses take place over 5 days (from 9-5pm) or 12 evenings (from 6-8:30pm).

We offer a wide variety of classroom tuition and revision dates covering weekday, evening and weekend options. You can also “mix and match” course dates between classroom groups if required, in order to avoid missing a classroom date due to an unexpected commitment.

date_rangeView timetables

Don’t forget, if you’re studying towards the June sitting and would like additional study time, you can choose our ’Early Start’ option. You’ll receive 9 months of study time and start 3 months sooner than most candidates. This will give you extra time to prepare for your exams and is ideal for anyone with busy schedules.

location_on Classroom location

We have classes in London and Edinburgh:

For further information on mainland European classes, see our partner website Top Finance.


Optional extras

We offer a number of optional extras that can be beneficial as part of your studies:

Optional
Schweser Mock Exam 1

The Online Schweser Mock Exam is as close as you can get to the actual CFA Program exam in format, difficulty, and length. The Mock Exam helps develop your test-taking skills and identify your weak areas. Afterward, you can view answer explanations and check your score compared to those of other candidates.

£65.00
VAT not applicable)
Optional
Schweser Mock Exam 2

We offer a fully remote or in person invigilated mock exam that helps you to replicate the exam hall experience, sitting with your peers. At the end of the process we provide full solutions to take away as well as online question and technique debriefs which then allow you to identify any last minute areas to focus on.

£78.00
(£65.00
excl. VAT)
Optional
1-2-1 tutor sessions

A one hour 1-2-1 meeting with your tutor, either at our training location or online, within the last two weeks leading up to your exam. You can get your final questions answered before the exam day.

£90.00
(£75.00
excl. VAT)
Optional
MindMap and Q&A Book

Revision tools including summaries of the whole curriculum plus an extensive question bank. (Already included for students who are attending a live revision course.)

£402.00
(£335.00
excl. VAT)

Inhouse training

Our public classroom courses run in central London and Edinburgh. Like many of our courses, we can also offer these courses inhouse for your team or organisation. Please contact us on 020 7920 3060 or email us at citybookings@kaplan.co.uk to find out more about how we can help train your team.

3. Exams, sittings and resits

Exams

Exams are offered annually in May and August. Please be aware, it's your responsibility to register with the CFA Institute® launch for exam entry with the cost of the exam depending on the date of registration.

Exam results are available within 60 days of the exam date. All candidates receive a “pass” or “did not pass” result as well as details as to performance per topic.

You’ll need to pass Level 1 of the CFA Program before registering for Level 2. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.

How long does it take to pass?

The examining body recommends around 300 hours of study for each level in the CFA charter, although some candidates will need more or less time, depending on their individual backgrounds and experience.

It is possible to complete the CFA Program in two years but with a recommended study time of 300 hours per level, it takes most people three to four years to complete the three three levels.

What are pass rates like?

Passing Level 2 takes dedication and commitment. Of those who took the exam in June 2019 the CFA Institute reported that the global pass rate was 44%. As a prep provider, we are not able to report our own pass rates in accordance with CFA Institute guidelines. 

What CFA resits are available?

We do all we can to help you to pass the exam. However, if you don't pass first time then there is no need to worry.

There are lots of ways we can support you which will depend on the last study package you purchased with us. Below we have outlined what you could be entitled to.

Not sure what package you studied? Here’s a reminder:

Classroom Enhanced and Blended Enhanced - Attended classroom/online tuition and classroom revision with Schweser study materials supplied from Kaplan

Tuition Plus - Attended classroom tuition and used Schweser study materials supplied from Kaplan

Distance Learning - Attended online tuition and online revision with Schweser study materials supplied from Kaplan

Tuition only and Revision only - Attended a classroom course but didn’t receive Schweser study materials supplied from Kaplan.

Simply select the package you studied to find out more.

  • Classroom Enhanced and Blended Enhanced keyboard_arrow_up keyboard_arrow_down
    Course resit
    Lifetime Pass Guarantee

    What you’re entitled to: A free weekday daytime revision course until you have passed your exam.


    Terms and Conditions:

    • Have an attendance record of at least 90% for both tuition and revision. This will be based on your signature on our class registers and/or the time you logged into online classes when using the online study portal
    • You’ll need to take your resit in the next available sitting
    • To be eligible, you’ll need to provide a copy of your failed result

    If you fail your resit then to qualify for the Lifetime Pass Guarantee again:

    • You’ll need an attendance record of 100% of the free resit revision course
    • An exam sitting can’t be missed. To be eligible, you’ll need to provide a copy of your failed result

    Please note, if you don’t meet our ‘Lifetime Pass Guarantee’ terms and conditions or you want to attend a weekend or evening revision course then you can receive the following under our Pass Assurance resit offer:

    • 50% off a revision course
    • 50% off a tuition course

    Terms and conditions of the Pass Assurance offer:

    • Offer can only be used once
    • To be eligible, you’ll need to provide a copy of your failed result
    Material resit
    The Schweser Commitment

    What you’re entitled to: The same online material package for the next exam sitting for free. Alternatively hard copy material is available however there is an additional charge for delivery.


    Terms and Conditions:

    • You’ll need to answer at least 50% of the available online questions from your QBank, Practice Exams, Topic Assessments and Checkpoint Exams. Your performance tracker dashboard will turn from red to green when your ‘Questions Used’ shows at least 50%
    • It’s only valid for the next available exam sitting
    • To be eligible, you’ll need to provide a copy of your failed result

    If you haven’t answered 50% of the available questions online then you can order the same material again at a 50% discount (prices are fixed to a sterling rate with the discount applied) for the next available exam sitting. Please refer to the resit enrolment form for prices.


    Resit enrolment form

  • Tuition Plus keyboard_arrow_up keyboard_arrow_down
    Course resit
    Pass Assurance

    What you’re entitled to: 50% off a tuition and/or revision course.


    Terms and Conditions:

    • The offer can only be used once
    • To be eligible, you’ll need to provide a copy of your failed result
    Material resit offerings
    The Schweser Commitment

    What you’re entitled to: The same online material package for the next exam sitting for free. Alternatively hard copy material is available however there is an additional charge for delivery.


    Terms and Conditions:

    • You’ll need to answer at least 50% of the available online questions from your QBank, Practice Exams, Topic Assessments and Checkpoint Exams. Your performance tracker dashboard will turn from red to green when your ‘Questions Used’ shows at least 50%
    • It’s only valid for the next available exam sitting
    • To be eligible, you’ll need to provide a copy of your failed result

    If you haven’t answered 50% of the available questions online then you can order the same material again at a 50% discount (prices are fixed to a sterling rate with the discount applied) for the next available exam sitting. Please refer to the resit enrolment form for prices.


    Resit enrolment form

  • Distance Learning keyboard_arrow_up keyboard_arrow_down
    The Schweser Commitment

    What you’re entitled to: The same online material package for the next exam sitting for free. Alternatively hard copy material is available however there is an additional charge for delivery.


    Terms and Conditions:

    • You’ll need to answer at least 50% of the available online questions from your QBank, Practice Exams, Topic Assessments and Checkpoint Exams. Your performance tracker dashboard will turn from red to green when your ‘Questions Used’ shows at least 50%
    • It’s only valid for the next available exam sitting
    • To be eligible, you’ll need to provide a copy of your failed result

    If you haven’t answered 50% of the available questions online then you can order the same material again at a 50% discount (prices are fixed to a sterling rate with the discount applied) for the next available exam sitting. Please refer to the resit enrolment form for prices.


    Resit enrolment form

  • Tuition only and Revision only keyboard_arrow_up keyboard_arrow_down
    Pass Assurance

    What you’re entitled to: 50% off a tuition and/or revision course.


    Terms and Conditions:

    • The offer can only be used once
    • To be eligible, you’ll need to provide a copy of your failed result

    Please refer to the resit enrolment form for prices.


    Resit enrolment form


Can Kaplan help if I fail an exam but studied with another provider?

If you have failed elsewhere with an approved prep provider, we'd like to help save you some money. We're pleased to be able to offer you 50% off our study packages. You'll just need to send us an invoice from your previous prep provider.

Register now for 50% off

4. Study Materials and Delivery Costs

We offer a comprehensive range of study materials to enhance your learning experience. They’ve been designed to keep you on track and stay motivated on your learning journey. These include hard copy books as well as online resources on Schweser’s study portal.

Classroom Enhanced, Blended Enhanced, Tuition Plus and Distance Learning packages come with core materials, including:

  • Getting Started Guide

    Explains how to use the resources effectively to maximise your chance of passing the exam.

  • Schweser Online Study Portal

    Includes dashboard with activity feed and performance metrics

  • Diagnostic Exam

    This early assessment will provide you with a detailed report that estimates your baseline knowledge for each topic area. This will help you to customize your learning plan based on your prior knowledge, exam weighting, and recommended study time

  • SchweserNotes

    Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print). These notes also include module quizzes and topic assessments which can demonstrate your level of mastery of a topic and where you need to focus additional attention.

  • Quicksheet

    A compact study tool summarising key formulae, definitions and concepts (available online, downloadable as an eBook as well as in print).

  • SchweserNotes Videos

    Reference videos to supplement the Schweser Study Notes. For every learning outcome statement there is a short video where a tutor guides a student through the content and explains how to solve the examples.

  • SchweserPro QBank

    Over 3,800 online practice questions designed to assess and adapt to your understanding of the curriculum.

  • Schweser Checkpoint Exams

    Three key tests that you will be prompted to work through online during your studies. These mimic the difficulty and format of the actual exam. Performance reports then highlight your understanding and weak areas where more review is needed.

  • Kaplan Schweser Practice Exams

    Four full-length practice exams to help you perform on exam day.

Additional materials come with the following packages:

  • Classroom Enhanced keyboard_arrow_up keyboard_arrow_down
    • Classroom Tuition - Slide Pack
    • Classroom Materials - Mindmap and Q&A Book
    • Secret Sauce
  • Blended Enhanced keyboard_arrow_up keyboard_arrow_down
    • Live Online Tuition Slide Pack
    • Online Revision Workbooks
    • Classroom Materials - MindMap and Q&A Book
    • Secret Sauce
  • Tuition Plus keyboard_arrow_up keyboard_arrow_down
    • Classroom Tuition Slide Pack
  • Distance Learning with Live Online Classes keyboard_arrow_up keyboard_arrow_down
    • Live Online Tuition Slide Pack
    • OnDemand Review Workshop
    • Secret Sauce


Delivery costs

Materials are delivered to the address you provide us (and must be signed for on delivery). Please note, our packages include European delivery in the price.

Outside of Europe, delivery costs start at £41.67 (excluding VAT) with £16.67 (excluding VAT) payable for each additional item added to your order.

5. Kaplan Schweser online study portal

Kaplan Schweser’s online portal provides access to a wide variety of resources to help you prepare for your exams. It also hosts all our Live Online tuition and revision classes.

Online features

Depending on the study package you choose, features can include the following:

  • check
    Dashboard (Activity Feed and Performance Metrics) - This provides an easy way to view task completion and performance metrics along with recommended activities to try next.
  • check
    Diagnostic Exam - This early assessment will provide you with a detailed report that estimates your baseline knowledge for each topic area. This will help you to customize your learning plan based on your prior knowledge, exam weighting, and recommended study time
  • check
    Live Online Weekly Classes - 15 sessions of 3 hours each. Watch at your own convenience either live or recorded.
  • check
    SchweserNotes (including module and topic quizzes) - Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print). These notes also include module quizzes and topic assessments which can demonstrate your level of mastery of a topic and where you need to focus additional attention.
  • check
    Quicksheet - A compact study tool summarising key formulae, definitions and concepts (available online, downloadable as an eBook as well as in print).
  • check
    SchweserPro™ QBank - Over 3,800 online practice questions designed to assess and adapt to your understanding of the curriculum.
  • check
    SchweserNotes Videos - Reference videos to supplement the Schweser Study Notes. For every learning outcome statement there is a short video where a tutor guides a student through the content and explains how to solve the examples.
  • check
    Three Schweser Checkpoint Exams - You will be prompted to undertake these during your revision. Questions will mimic the difficulty and format of the actual exam and your performance report will identify how well you understand the topics that have been covered and highlight weak areas where more revision is needed.
  • check
    Kaplan Schweser Practice Exams - Four full-length practice exams to help you perform on exam day.
  • check
    OnDemand Review workshop - After reviewing each topic of the curriculum, tutors use problems and exam-like questions to help reinforce your knowledge, practice your exam techniques, and improve your exam-taking skill and speed.

For more information on technical support available and minimum system requirements for Kaplan Schweser’s online portal, visit the Schweser portal technical support launch.

Access duration

You can access your content from 48 working hours of purchase (subject to availability) until your examination date.

6. Tutor support

We’ll support you every step of the way throughout your learning experience with us. You can contact a tutor and get the help you need within 48 working hours.

We are open weekdays (excluding bank holidays) 9:00am to 5:30pm. In addition, our classroom tutors will provide you with their personal contact details.

7. Testing and mocks

Vital to passing your exam will be attempting as many questions and mocks as possible. Depending on your chosen package, you will gain access to over 3000 questions in the SchweserPro™ Qbank, three checkpoint exams, four full exam standard practice exams, Schweser Mock exam 1, as well as an extensive Q&A Bank during revision.

In addition, we offer a separate invigilated Schweser Mock Exam 2, that helps you replicate the exam hall experience, sitting with your peers. This mock will:

  • Provide additional question practice using exam standard questions that are not replicated in any other products.
  • Highlight any weak points in your knowledge so you can focus on these areas pre exam day.
  • Provide final practise for your timings and techniques.

You will also be provided with fully worked solutions at the end of the mock session.

After the mock, many candidates also take the opportunity of a final 1-2-1 meeting with their tutor.

You can find information about our mocks and 1-2-1s in our comparison table.

8. Course pricing and funding options

Pricing structure

To keep decisions simple, we price per package including delivery fees (within Europe). The only additional decision is whether to purchase any optional extras.

You can find information about our packages and optional extras in our comparison table.

Package Price (excl. VAT) Price (incl. VAT)
Classroom Enhanced £2,424 £2,844
Blended Enhanced £2,009 £2,277
Tuition Plus £1,774 £1,994
Distance Learning £1,030 (VAT not applicable)
Revision only £1,200 £1,440

Funding options

Employer sponsored ›

Your employer may fund the costs of your studies if you’re already working in a related field and want to develop your learning. You’ll need to speak to them to see if you’re eligible and confirm that they’re happy to pay for your studies.

Payment plans ›

Our CFA packages are covered with our interest-free payment plan, providing the total cost is £500 minimum (including VAT). The plan lets you spread the cost of your studies over 12 months, with no extra costs.

 

How to enrol

The quickest way to enrol is to select your course online. You can also call us on 020 7920 3060 or enrol with form which you can download, fill out your details and email to citybookings@kaplan.co.uk.

Download enrolment form ›

Why study Level 2 with Kaplan?

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Over 25 years of experience

We have over 25 years of teaching experience with the largest global network of tutors who are CFA® Charterholders and know the syllabus inside out.

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Flexible study options

Our study tools are flexible enough to fit around your lifestyle. From online to classroom, we give you all the support and materials you need to succeed.

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Pass commitment assurance

We know the exams are tough but we’re here to help you every step of the way. Should you need a second chance we’ll put you back on track with our pass commitment.

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1000s of practice questions

Get exam confident with testing at every stage of your studies, including 1000s of practice questions and mock exams that will help you feel prepared for the real exam.

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*CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Financial. CFA Institute, CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

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