CFA Exam Level II efficientlearning.

com/cfa

2017 CURRICULUM CHANGES

2016 2017
ETHICAL AND PROFESSIONAL STANDARDS NO CHANGES

Study Session 1 Study Session 1

Ethical and Professional Standards Ethical and Professional Standards
Reading 1: Code of Ethics and Standards of Professional Conduct Reading 1: Code of Ethics and Standards of Professional Conduct
Reading 2: Guidance for Standards IVII Reading 2: Guidance for Standards IVII
Reading 3: CFA Institute Research Objectivity Standards Reading 3: CFA Institute Research Objectivity Standards
Study Session 2 Study Session 2
Ethical and Professional Standards: Application Ethical and Professional Standards: Application
Reading 4: The Glenarm Company Reading 4: The Glenarm Company
Reading 5: Preston Partners Reading 5: Preston Partners
Reading 6: Super Selection Reading 6: Super Selection
Reading 7: Trade Allocation: Fair Dealing and Disclosure Reading 7: Trade Allocation: Fair Dealing and Disclosure
Reading 8: Changing Investment Objectives Reading 8: Changing Investment Objectives

QUANTITATIVE METHODS NO CHANGES

Study Session 3 Study Session 3

Quantitative Methods for Valuation Quantitative Methods for Valuation
Reading 9: Correlation and Regression Reading 9: Correlation and Regression
Reading 10: Multiple Regression and Issues in Regression Analysis Reading 10: Multiple Regression and Issues in Regression Analysis
Reading 11: Time-Series Analysis Reading 11: Time-Series Analysis
Reading 12: Excerpt from Probabilistic Approaches: Scenario Reading 12: Excerpt from Probabilistic Approaches: Scenario
Analysis, Decision Trees, and Simulations Analysis, Decision Trees, and Simulations

ECONOMICS NO CHANGES

Study Session 4 Study Session 4

Economics for Valuation Economics for Valuation
Reading 13: Currency Exchange Rates: Determination Reading 13: Currency Exchange Rates: Determination
and Forecasting and Forecasting
Reading 14: Economic Growth and the Investment Decision Reading 14: Economic Growth and the Investment Decision
Reading 15: Economics of Regulation Reading 15: Economics of Regulation

FINANCIAL REPORTING AND ANALYSIS

Study Session 5 Study Session 5
Financial Reporting and Analysis: Inventories Financial Reporting and Analysis: Intercorporate
and Long-Lived Assets Investments, Post-Employment and Share-Based
Reading 16: Inventories: Implications for Financial Statements Compensation, and Multinational Operations
and Ratios Reading 16: Intercorporate Investments
Reading 17: Long-Lived Assets: Implications for Financial Reading 17: Employee Compensation: Post-Employment
Statements and Ratios and Share-Based
Study Session 6 Reading 18: Multinational Operations
Financial Reporting and Analysis: Intercorporate Study Session 6
Investments, Post-Employment and Share-Based Quality of Financial Reports and Financial
Compensation, and Multinational Operations Statement Analysis
Reading 18: Intercorporate Investments Reading 19: Evaluating Quality of Financial Reports
Reading 19: Employee Compensation: Post-Employment Reading 20: Integration of Financial Statement
and Share-Based Analysis Techniques
Reading 20: Multinational Operations
Study Session 7
Quality of Financial Reports and Financial
Statement Analysis
Reading 21: Evaluating Quality of Financial Reports
Reading 22: Integration of Financial Statement
Analysis Techniques

CORPORATE FINANCE
Study Session 8 Study Session 7
Corporate Finance Corporate Finance
Reading 23: Capital Budgeting Reading 21: Capital Budgeting
Reading 24: Capital Structure Reading 22: Capital Structure
Reading 25: Dividends and Share Repurchases: Analysis Reading 23: Dividends and Share Repurchases: Analysis
Study Session 9 Study Session 8
Corporate Finance: Financing and Control Issues Corporate Finance: Financing and Control Issues
Reading 26: Corporate Performance, Governance, Reading 24: Corporate Performance, Governance,
and Business Ethics and Business Ethics
Reading 27: Corporate Governance Reading 25: Corporate Governance
Reading 28: Mergers and Acquisitions Reading 26: Mergers and Acquisitions

EQUITY VALUATION
Study Session 10 Study Session 9
Equity Valuation: Valuation Concepts Equity Valuation: Valuation Concepts
Reading 29: Equity Valuation: Applications and Processes Reading 27: Equity Valuation: Applications and Processes
Reading 30: Return Concepts Reading 28: Return Concepts
Study Session 11 Study Session 10
Equity Valuation: Industry and Company Analysis NEW Equity Valuation: Industry and Company Analysis
in a Global Context and Discounted Dividend Valuation
Reading 31: The Five Competitive Forces that Shape Strategy Reading 29: Industry and Company Analysis
Reading 32: Your Strategy Needs a Strategy Reading 30: Discounted Dividend Valuation
Reading 33: Industry and Company Analysis Study Session 11
Reading 34: Discounted Dividend Valuation NEW Equity Valuation: Free Cash Flow and Other
Study Session 12 Valuation Models
Equity Investments: Valuation Models Reading 31: Free Cash Flow Valuation
Reading 35: Free Cash Flow Valuation Reading 32: Market-Based Valuation: Price and Enterprise Value
Reading 36: Market-Based Valuation: Price and Enterprise Value Reading 33: Residual Income Valuation
Reading 37: Residual Income Valuation Reading 34: Private Company Valuation
Reading 38: Private Company Valuation

ALTERNATIVE INVESTMENTS FIXED INCOME

Study Session 13 Study Session 12
Alternative Investments Moves to 2017 Study Session 15 Fixed Income: Valuation Concepts
Reading 39: Private Real Estate Investments Reading 35: The Term Structure and Interest Rate Dynamics
Reading 40: Publicly Traded Real Estate Securities Reading 36: Arbitrage-Free Valuation Framework
Reading 41: Private Equity Valuation Standards Study Session 13
Reading 42: A Primer on Commodity Investing Fixed Income: Topics in Fixed Income Analysis
Reading 37: Valuation and Analysis: Bonds with
Embedded Options
Reading 38: Credit Analysis Models
Reading 39: Credit Default Swaps

FIXED INCOME DERIVATIVE INVESTMENT

Study Session 14 Study Session 14
Fixed Income: Valuation Concepts NEW Derivative Instruments: Valuation and Strategies
Reading 43: The Term Structure and Interest Rate Dynamics NEW Reading 40: Pricing and Valuation of Forward
Moves to 2017 Study Session 12 NEW Reading 41: Valuation of Contingent Claims
Reading 44: Arbitrage-Free Valuation Framework NEW Reading 42: Derivatives Strategies
Moves to 2017 Study Session 12
Reading 45: Valuation and Analysis: Bonds with Embedded Options
Moves to 2017 Study Session 13
Study Session 15
Fixed Income: Topics in Fixed Income Analysis
Reading 46: Credit Analysis Models Moves to 2017 Study Session 13

DERIVATIVE INVESTMENT ALTERNATIVE INVESTMENTS

Study Session 16 Study Session 15
Derivative Investments: Forwards and Futures Alternative Investments
Reading 47: Forward Markets and Contracts Reading 43: Private Real Estate Investments
Reading 48: Futures Markets and Contracts Reading 44: Publicly Traded Real Estate Securities
Study Session 17 Reading 45: Private Equity Valuation Standards
Derivative Investments: Options, Swaps, and Interest NEW Reading 46: Commodity and Commodity Derivatives
Rate Credit Derivatives
Reading 49: Option Markets and Contracts
Reading 50: Swap Markets and Contracts
Reading 51: Interest Rate Derivative Instruments
Reading 52: Credit Default Swaps Moves to 2017 Study Session 13

PORTFOLIO MANAGEMENT
Study Session 18 Study Session 16
Portfolio Management: Capital Market Theory NEW Portfolio Management: Process, Asset Allocation,
and the Portfolio Management Process and Risk Management
Reading 53: An Introduction to the Multifactor Models Reading 47: The Portfolio Management Process and the
Reading 54: Analysis of Active Portfolio Management Investment Policy Statement

Reading 55: Economics and Investment Markets Reading 48: An Introduction to the Multifactor Models
NEW Reading 49: Measuring and Managing Market Risk
Reading 56: The Portfolio Management Process and the
Investment Policy Statement Study Session 17
NEW Portfolio Management: Economic Analysis, Active
Management, and Trading
Reading 50: Economics and Investment Markets
Reading 51: Analysis of Active Portfolio Management
NEW Reading 52: Algorithmic Trading and High-Frequency Trading

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