Topic-area Level II guide built around current official CFA coverage boundaries and vignette-style application.
The CFA Level II guide on AnalystMastery is built for vignette reading, valuation judgment, and cross-reading application. Level II is where candidates stop getting credit for recognizing a term and start getting tested on whether they can connect the accounting, valuation, curve, spread, or portfolio implication hidden inside an item set.
As of April 7, 2026, the structure below follows the official 2026 CFA Program Level II topic areas published by CFA Institute. The official readings and learning outcomes still define the coverage boundary, but the public lessons group related material into stronger online sections instead of turning every small outcome into its own page.
Level II questions often feel harder because the exam hides the real task inside a plausible narrative. The stronger reader asks: which variable actually moved, which framework governs the comparison, and which detail is there only to distract me from the first-order decision?
| Official topic area | Public chapter root | What the chapter is for | Current status |
|---|---|---|---|
| Ethical and Professional Standards | Ethical and Professional Standards | Scenario judgment, research conduct, conflicts, and market-integrity pressure under vignette conditions. | Chapter root live |
| Quantitative Methods | Quantitative Methods | Regression, time-series interpretation, and evidence quality in investment settings. | Chapter root live |
| Economics | Economics | Currency logic, macro transmission, and economic signals that feed valuation and portfolio choices. | Chapter root live |
| Financial Statement Analysis | Financial Statement Analysis | Accounting treatments that alter valuation inputs, peer comparisons, and quality judgments. | Chapter root live |
| Corporate Issuers | Corporate Issuers | Capital allocation, governance, payout, and issuer decision logic. | Chapter root live |
| Equity Investments | Equity Investments | Company analysis and valuation frameworks that matter once assumptions start to interact. | Chapter root live |
| Fixed Income | Fixed Income | Term-structure reading, spread analysis, credit logic, and securitized-product interpretation. | First lesson batch live |
| Derivatives | Derivatives | Pricing logic, arbitrage relationships, and how derivative exposures alter risk or value. | Chapter root live |
| Alternative Investments | Alternative Investments | Private-market, hedge-fund, and real-asset structures viewed through analyst judgment. | Chapter root live |
| Portfolio Management and Wealth Planning | Portfolio Management and Wealth Planning | Factor thinking, active risk, implementation choices, and investor-specific portfolio interpretation. | Chapter root live |