Level II study guide (2027)
2027 orientation. Level II emphasizes analysis and evaluation through vignette-based item sets. The current public ranges below appear on the official Level II page that links the 2027 outline; verify again before an exam window.
| Topic | Published range | PureAlpha entry point |
|---|---|---|
| Quantitative Methods | 5–10% | Quantitative methods |
| Economics | 5–10% | Economics |
| Financial Statement Analysis | 10–15% | Financial statement analysis |
| Corporate Finance | 5–10% | Corporate finance |
| Equities | 10–15% | Equity investments |
| Fixed Income | 10–15% | Fixed income |
| Derivatives and Risk Management | 5–10% | Derivatives and risk management |
| Alternative Investments | 5–10% | Alternative investments |
| Portfolio Construction | 10–15% | Portfolio management |
| Ethical and Professional Standards | 10–15% | Ethics and professional practice |
Recommended loop
- Convert each vignette into facts, assumptions, required decision, and irrelevant information.
- Link every input to a valuation, risk, or reporting consequence.
- Recalculate independently and test sensitivity to the key assumption.
- Explain why rejected choices fail—not only why one answer works.
- Log recurring errors in the Study planner.
Official reference
CFA Institute: Level II exam (accessed 28 September 2026).