CFA Level II Study Notes

Level II of the CFA exam is considered the most difficult of the three. In general, I did not find the material more complex but it did delve deeper into core concepts compared to Level I. The reason that level II is the most difficult is a function of both the material and the level of competition. All the candidates that take level II are obviously diligent, intelligent and understand the test conditions. So this time around you're studying against peers who didn't just sign up on a whim or cajoled by their firm.

The CFA institute now issues course materials along with optional sample exams. I still bought Schewser notes and I regretted it. If you are a disciplined individual who can self-study, I highly recommend just using the materials that the CFA insitute sends. The books and sample exams are great.

I studied from the beginning of February to June. At the time, I was working about 70 hours a week. When I wasn't working I was studying. If you're serious about passing this exam, I recommend you do the same.

1 - Statistics - Formula Sheet Mini Test Level II

2 - Economics - Formula Sheet Mini Test Level II

3 - Fin Stmt Analysis - Formula Sheet Mini Test Level II

4 - Corp Finance - Formula Sheet Mini Test Level II

5 - Equity Analysis - Formula Sheet Mini Test Level II

6 - Fixed Income - Formula Sheet Mini Test Level II

7 - Derivatives - Formula Sheet Mini Test Level II

8 - Portfolio Mgmt - Formula Sheet Mini Test Level II


Anonymous said...

Thanks, this is indeed very useful for me in preparing L2 in June 09. Any other study tips that you can share? Thanks, mo

Anonymous said...

Will you be doing one for Level 3?

Anonymous said...


Anonymous said...

Thanks for posting these. Do you also have "answer keys" with the formulas filled in? Sometimes you'll have several blank bullet-points under a particular formula, and I'm not sure what you were intending to be filled in there.

Thanks again.

Anonymous said...

is schwesser better than stalla?? heard that stalla lecture cd is better than scwessers.. m confused which one should i pick for level 2

cpacfa said...


Good question. With so much study material available, its important to pick the right one. I discuss your question in detail on the "03 - Study Guide" post. In summary though, the Stalla video lectures are best but the Schweser questions better resemble CFA questions. As an individual that used both, I prefer Schweser. However, it totally depends on your study style.


Anonymous said...

Thank you for publishing the notes online! Unfortunately all the formulas have disappeared on scribd, I guess it has something to do with the recent technical changes at scribd. I also tried to download the pdf and word files, but somehow the formulas are not included in those files either. Do you think you could upload the files at another place? Thank you so much!!

BEStud said...

I realize you haven't answered the previous question posted on this page regarding the missing formulas on your posted sheets. Exam's in 3-days and I'm just checking around to see different presentations of the same information. Is there any way you can post the formulas along with the headers, versus just the headers for each?

Thanks - b.