CFA Level 2: 2023 Curriculum Changes (vs. 2022)
Summary:
- 2023 Readings are renamed as Learning Modules (LMs, bite-sized lessons)
New
Updated
- L2 2023 has 49 LMs. Some Quant and Alt Investment readings broken into LMs.
Removed
Moved
- Overall, not much changes vs. last year except Corp Issuers, Quant & Alt Inv.
Topic
Quantitative Methods
(QM)
Economics
Financial Reporting &
Analysis (FRA)
Corporate Issuers
Equity
Fixed Income
Derivatives
Alternative Investments
Portfolio Management
(PM)
Ethics
Learning Mod. #
Reading Name
1
Introduction to Linear Regression
Comments
2
Multiple Regression
Major update: divided into 4 Learning Modules
1
Basics of Multiple Regression and Underlying Assumptions
Updated content with new datasets, evaluation
2
Evaluating Regression Model Fit and Interpreting Model Results
of influential observations and outliers, and
3
Model Misspecification
logistic regression.
4
Extensions of Multiple Regression
35
Time-Series Analysis
46
Machine Learning
57
Big Data Projects
68
Currency Exchange Rates: Understanding Equilibrium Value
79
Economic Growth
8 10
Economics of Regulations
9 11
Intercorporate Investments
10 12
Employee Compensation: Post Employment and Share-based
11 13
Multinational Operations
12 14
Analysis of Financial Institutions
13 15
Evaluating Quality of Financial Reports
14 16
Integration of Financial Statement Analysis Techniques
17
Financial Statement Modeling
Reading updated & moved from Equity
15
Capital Structure
Moved to Level 1
16 18
Analysis of Dividends and Share Repurchases
17 19
Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
20
Cost of Capital: Advanced Topics
18
Mergers and Acquisitions
21
Corporate Restructuring
19
Capital Budgeting
20 22
Equity Valuation: Applications and Processes
21
Return Concepts
22
Industry and Company Analysis
23
Discounted Dividend Valuation
24
Free Cash Flow Valuation
25
Market-Based Valuation: Price and Enterprise Value Multiples
26
Residual Income Valuation
27
Private Company Valuation
28
The Term Structure & Interest Rate Dynamics
29
The Arbitrage Free Valuation Framework
30
Valuation & Analysis: Bonds with Embedded Options
31
Credit Analysis Models
32
Credit Default Swaps
33
Pricing & Valuation of Forward Commitments
34
Valuation of Contingent Claims
35
Real Estate Investments
Minor revision
Previously Mergers & Acquisition, major update
Divided into 3 Learning Modules
35
Overview of Types of Real Estate Investment
36
Investment in Real Estate Through Private Vehicles
37
Renamed and moved to FRA
Investments in Real Estate Through Publicly Traded Securities
36 38
Private Equity Investments
37 39
Introduction to Commodities & Commodity Derivatives
38 40
Exchange-Traded Funds: Mechanics & Applications
39 41
Using Multifactor Models
40 42
Measuring & Managing Market Risk
41 43
Backtesting and Simulation
42 44
Economies and Investment Markets
43 45
Analysis of Active Portfolio Management
44 46
Trading Costs and Electronic Markets
45 47
Code of Ethics and Standards of Professional Conduct
46 48
Guidance for Standards I-VII
47 49
Application of the Code and Standards: Level II
www.300Hours.com
Minor revision: new cases added