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CFA® Program
Chartered Financial Analyst® Program

Level 2

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.

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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 15% - 20%
Corporate Finance 5% - 15%
Equity Investments 15% - 25%
Fixed Income 10% - 20%
Derivative Instruments - Valuation and Strategies 5% - 15%
Alternative Investments 5% - 10%
Portfolio Management and Wealth Planning 5% - 10%

 

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.
Register your interest

 

For more information, please visit the CFA Institute website.

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

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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.

£2,780.00
(£2,365.00
excl. VAT)
  • View course detail for Classroom Enhanced Most popular package keyboard_arrow_up keyboard_arrow_down

    Tuition

    • Work your way through the curriculum with face-to-face classroom tuition.
    • Tuition is spread across 6 days during weekdays or weekends or 14 evenings.

    Revision

    • In addition to face-to-face classroom revision, get exam confident with testing at every stage of your studies.
    • You’ll have access to 1000s of practice questions and marked mock exams that look like the real exams.

    Schweser Mock Exam 1 (Post or Online) plus online mock debrief

    • This is as close as you can get to the actual CFA exam in difficulty, and length.
    • The mock includes online scoring and performance tracking by topic area with a comparison with every other candidate who has taken the mock.
    • At the end of the exam we also provide full solutions that reference learning outcome statements and CFA curriculum page references for every question.

    Our Guarantee

    The CFA exams can be tough, but if you don’t pass, everything’s not lost. With Kaplan’s Lifetime Pass Guarantee, you can attend our weekday revision course for free until you pass your exam. T&C’s apply. And with the Schweser Commitment, you may be eligible to receive the same material package at the next exam sitting for free.


    Optional Extras

    We also offer a range of optional extras to assist you in preparing for your exam, these range from additional elements, invigilated mock exams, 1-2-1 tutor sessions, additional support books and the Secret Sauce! These are the only items that would add cost to your package but they are great value for money.

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Blended Enhanced

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

£2,218.00
(£1,950.00
excl. VAT)
  • View course detail for Blended Enhanced keyboard_arrow_up keyboard_arrow_down

    Tuition

    • Work your way through the curriculum with live online tuition.
    • Tuition is spread across 15 evenings.

    Revision

    • In addition to face-to-face classroom revision, get exam confident with testing at every stage of your studies.
    • You’ll have access to 1000s of practice questions and marked mock exams that look like the real exams.

    Schweser Mock Exam 1 (Post or Online) plus online mock debrief

    • This is as close as you can get to the actual CFA exam in difficulty, and length.
    • The mock includes online scoring and performance tracking by topic area with a comparison with every other candidate who has taken the mock.
    • At the end of the exam we also provide full solutions that reference learning outcome statements and CFA curriculum page references for every question.

    Our Guarantee

    The CFA exams can be tough, but if you don’t pass, everything’s not lost. With Kaplan’s Lifetime Pass Guarantee, you can attend our weekday revision course for free until you pass your exam. T&C’s apply. And with the Schweser Commitment, you may be eligible to receive the same material package at the next exam sitting for free.


    Optional Extras

    We also offer a range of optional extras to assist you in preparing for your exam, these range from additional elements, invigilated mock exams, 1-2-1 tutor sessions, additional support books and the Secret Sauce! These are the only items that would add cost to your package but they are great value for money.

people
Tuition Plus

Classroom tuition course and Kaplan Schweser study materials.

£1,865.00
(£1,650.00
excl. VAT)
  • View course detail for Classroom Tuition keyboard_arrow_up keyboard_arrow_down

    Tuition

    • Work your way through the curriculum with face-to-face classroom tuition.
    • Tuition is spread across 6 days during weekdays or weekends (or 14 evenings if studying from October for the June exam sitting).

    Our Guarantee

    The CFA exams can be tough, but if you don’t pass, everything’s not lost. With the Schweser Commitment, you may be eligible to receive the same material package at the next exam sitting for free. You’ll also be entitled to Pass assurance and benefit from receiving 50% off a Tuition and/or Revision course.


    Optional Extras

    We also offer a range of optional extras to assist you in preparing for your exam, these range from additional elements, invigilated mock exams, 1-2-1 tutor sessions, additional support books and the Secret Sauce! These are the only items that would add cost to your package but they are great value for money.

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Distance Learning

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.

£1,095.00
(VAT not applicable)
  • View course detail for Distance Learning keyboard_arrow_up keyboard_arrow_down

    Tuition

    • Work your way through the curriculum with live online tuition.
    • Tuition is spread across 15 evenings.

    Revision

    • In addition to live online classes, make the most of the 3 day online revision workshop.
    • You’ll have access to 1000s of practice questions and marked mock exams that look like the real exams.

    Schweser Mock Exam 1 (Post or Online) plus online mock debrief

    • This is as close as you can get to the actual CFA exam in format, difficulty, and length.
    • The mock includes online scoring and performance tracking by topic area with a comparison with every other candidate who has taken the mock.
    • At the end of the exam we also provide full solutions that reference learning outcome statements and CFA curriculum page references for every question.

    Our Guarantee

    The CFA exams can be tough, but if you don’t pass, everything’s not lost. With the Schweser Commitment, you may be eligible to receive the same material package at the next exam sitting for free.


    Optional Extras

    We also offer a range of optional extras to assist you in preparing for your exam, these range from additional elements, invigilated mock exams, 1-2-1 tutor sessions, additional support books and the Secret Sauce! These are the only items that would add cost to your package but they are great value for money.

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

people
Tuition only

Classroom tuition without the Kaplan Schweser study materials.

£1,360.00
(£1,150.00
excl. VAT)
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 2

A fully 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.

£60.00
(£50.00
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)
Optional
Secret Sauce

A compact book providing insights and exam tips on how to effectively prepare and apply your knowledge on exam day (downloadable as eBooks as well as in print).

£95.00
(VAT not applicable)

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 and sittings

Exams

There are two exam sittings per year, in March and September. You'll need to register with the CAIA Association® for exam entry. You must pass Level 1 before you can register for the Level 2 exam. Exam results are graded either a pass or fail and you should receive results within six weeks of the last examination day.

You have unlimited time to pass the Level 2 exam after passing Level 1 to qualify for the CAIA Charter.

Please be aware, it's your responsibility to register with the CAIA Association® for exam entry, before you book a course with us.

How long does it take to pass?

It’s possible to complete the full CAIA designation within one year, as the exams are held in March and September. The examining body recommends spending a minimum of 200 hours of study time for each level.

What are pass rates like?

Exam pass rate percentages are fluid and change from sitting to sitting. Pass marks are initially set at 70% but may be adjusted downwards depending on the average score in a particular sitting. You must therefore aim to score over 70% to be sure of success.

Can Kaplan help if I fail an exam?

We do all we can to help you to pass the exam. However, if you don't pass first time then don't worry. There are a lots of ways we can support you. What you will be entitled to will depend on the last study package you purchased with us.

What CAIA resits are available

Below is a table showing you what resit support you will be entitled to depending on what package you purchased from us in the first place.

Package Resit support
  Lifetime Pass Guarantee Schweser Commitment Pass Assurance
Classroom Enhanced check check  
Blended Enhanced check check  
Tuition Plus   check check
Distance Learning   check  
Tuition only     check
Revision only     check

You can access your resit support by filling in the resit enrolment form.

Resit enrolment form


Lifetime Pass Guarantee

Lifetime pass guarantee is applicable to Classroom Enhanced and Blended Enhanced packages. Depending on your study option, you may qualify for unlimited weekday revision for free. You'll be able to make the most of our guarantee, right up until you pass the exam... however many times it may take. However, if you don't meet the criteria, then you may be entitled to Pass Assurance.

Terms and conditions – You'll need to have attended both the live or online tuition course and the live revision course in the same sitting with Kaplan. An attendance record of at least 90% is needed. This will be based on your signature given at class registers and/or the time you logged into online classes when using the online study portal. The Lifetime Pass Guarantee will expire if you do not attend 100% of the free weekday revision course or if an exam sitting is missed.


The Schweser Commitment

Schweser Commitment is applicable to Classroom Enhanced, Blended Enhanced, Distance Learning and Tuition Plus. Should you need a second chance, you may be eligible to receive the same material package at the next exam sitting for free. However, if you don't meet the criteria, then you may be entitled to PassProtection™ which entitles you to 50% off from your same-part purchases for the next exam sitting.

Terms and conditions – Available for 2019 purchasers of Complete Enhanced, Blended Enhanced, Tuition Plus, Distance Learning, Essential, Premium, or PremiumPlus™ packages. You must answer at least 50% of the available online questions from your QBank and Practice Exams. Your Performance Tracker dashboard will turn from red to green when your Questions Used shows at least 50%. If you meet the criteria, you will receive the same study package (eBook and hardcopy) FREE of charge for the 2020 exam sitting. Please note this does not include the delivery fee of £80 but you can opt to select just the ebooks which would not include the delivery fee.

If you don't meet the criteria, you can still receive PassProtection™.

If you purchased our 2018 packages, you are also eligible for the Schweser Commitment although terms and conditions differ. Please contact us for further details.


Pass Assurance

Pass assurance is applicable to Tuition Plus, Tuition Only and Revision Only. If you failed your exam then you can benefit from receiving 15% off a Tuition and/or Revision course.

Terms and conditions – You should have taken a Tuition/Revision course with Kaplan.

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.

All course 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

  • 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).

  • Schweser 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 inc.full mock exam
    • Schweser Mock Exam 1 (Post or Online) plus online mock debrief
    • Live Online pre exam masterclasses
  • Blended Enhanced keyboard_arrow_up keyboard_arrow_down
    • Live Online Tuition Slide Pack
    • Online Revision Workbooks
    • Classroom Materials - MindMap and Q&A Book inc. full mock exam
    • Schweser Mock Exam 1 (Post or Online) plus online mock debrief
    • Live Online pre exam masterclasses
  • Tuition Plus keyboard_arrow_up keyboard_arrow_down
    • Classroom Tuition Slide Pack
  • Distance Learning keyboard_arrow_up keyboard_arrow_down
    • Live Online Tuition Slide Pack
    • Online Revision Workshops
    • Schweser Mock Exam 1 (Post or Online) plus online mock debrief

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
    Live Online Weekly Classes - 15 sessions of 3 hours each. Watch at your own convenience either live or recorded.
  • check
    SchweserNotes (including module quizzes and topic assessments) - 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
    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
    Three Day Online Revision Workshop - This workshop includes a final review of topics and the Secret Sauce® eBook.
  • check
    Schweser Mock Exam 1 and 2 - These are as close to the actual exam in format, difficulty, and length as possible and will help develop your test-taking skills, identify your weak areas, and demonstrate your mastery of the curriculum.

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

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 £2,365 £2,838
Blended Enhanced £1,950 £2,340
Tuition Plus £1,650 £1,980
Distance Learning £1,095 (VAT not applicable)
Tuition only £1,150 £1,360
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.

Apprenticeships ›

You may eligible for an Apprenticeship through your employer, depending on your circumstances. Speak to your employer to find out more.

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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