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CFA Level II

Welcome to the CFA Level II page.  From time to time I’ll post articles on items that I believe will be of particular help to Level II CFA candidates. If you’d like help on a topic that isn’t on the list, send me a comment (be sure to include that it’s for Level II) and I’ll get to it as soon as I can.

Level II Articles:

  • General
    • Amortization Tables
    • Arbitrage
    • Cash (Currency): the Wonky Commodity
    • How to Approach the Level II CFA Exam
    • Linear Interpolation/Extrapolation
    • Nominal vs. Effective Interest Rates
    • Sloppy Language, Sloppy Thinking: Don’t Try This at Home
  • Ethics
    • Ethics – a Quick (?) Overview
  • Quantitative Methods
    • Degrees of Freedom
    • Dummy Variables
    • Durbin-Watson Statistic (Test)
    • p vs. α
    • R² vs. Adjusted R²
  • Economics
    • Covered Interest Rate Parity (IRP) – Pricing Currency Forwards
    • Economic Growth Theories (Synopsis)
      • Classical Growth Theory
      • Endogenous Growth Theory
      • Neoclassical Growth Theory
    • Mark-to-Market Value of a Currency Forward Contract
    • Triangular Arbitrage
  • Financial Reporting and Analysis
    • Conservative Accounting Methods vs. Aggressive Accounting Methods
    • Current Rate vs. Temporal: Why Two Methods?
    • Inventory Methods: FIFO vs. LIFO vs. Average Cost vs. Specific Identification and Periodic vs. Perpetual
    • Investments in Financial Assets
    • Leases: General
      • Leases I: Criteria for Classification
      • Leases II: Calculations
      • Leases III: Effect on Financial Statements and Ratios
    • Pension Cost and Pension Expense
  • Corporate Finance
    • Modigliani & Miller
  • Portfolio Management
  • Equity Investments
    • FCFF vs. FCFE
    • Justified Ratios (Price Multiples)
    • Present Value of Growth Opportunities (PVGO)
  • Fixed Income Investments
    • Binomial Trees (for Fixed Income)
      • Creating a Binomial Interest Rate Tree
      • Option-Adjusted Spread (OAS)
      • Valuing Bonds with Embedded Options
      • Valuing Floating-Rate Bonds
    • CPR vs. SMM vs. PSA
    • Key Rate Duration
    • Par Curve, Spot Curve, and Forward Curve
  • Derivatives
    • Delta Hedging
    • Equivalence of Derivatives (Swaps, FRAs, and Interest Rate Options)
    • Interest Rate Caps and Floors
    • Option Strategies
      • Bear Spread
      • Box Spread
      • Bull Spread
      • Butterfly Spread
      • Collar
      • Straddle
      • Strangle
    • Pricing Derivatives
      • Binomial Pricing Trees (for Options)
      • Pricing Currency Forwards
      • Pricing Currency Swaps
      • Pricing Equity Swaps
      • Pricing Forwards and Futures
      • Pricing FRAs
      • Pricing Plain Vanilla Interest Rate Swaps
    • Roll Yield (Roll Return)
    • Valuing Derivatives
      • Valuing Currency Forwards
        • Valuing a Currency Forward: Whence Came That Formula?
      • Valuing Currency Swaps
      • Valuing Equity Swaps
      • Valuing Forwards and Futures
      • Valuing FRAs
      • Valuing Plain Vanilla Interest Rate Swaps
  • Alternative Investments
    • Roll Yield (Roll Return)
    • Venture Capital Method (Funding)
  • Proposed Articles

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