CFA Level II study plan

Map every Financial Statement Analysis reading to a one-page adjustment checklist (pensions, leases, inventory, capitalization, intercorporate investments, multinationals).

Compute the effect of capitalizing versus expensing an operating cost on net income, total assets, and both return ratios.

Re-derive the mechanics of translating a foreign subsidiary under the current-rate and temporal methods, and list which line items diverge.

Drill regression assumptions, heteroskedasticity, serial correlation, and multicollinearity by diagnosing a described dataset and naming the corrected technique.

Construct a three-stage dividend discount model and a justified price-to-book from residual income for the same hypothetical firm.

Reconcile enterprise value to equity value and move between FCFF and FCFE starting from net income.

Apply the appropriate multiples to a described peer set and defend the chosen multiple in two sentences.

Categorize a described acquisition as either a business combination or an equity-method investment and state the balance-sheet and income-statement consequences.

Derive spot, forward, and par rates from a supplied term structure and identify the arbitrage if a quoted forward rate is mispriced.

Compute the effective duration and convexity impact on a bond with an embedded call or put, and explain the resulting negative or positive convexity.

Decompose a corporate spread into credit, liquidity, and tax components, and assess relative value across two described issuers.

Evaluate a described capital structure decision against the pecking-order and static trade-off theories, and calculate the resulting WACC change.

Draft a complete investment policy statement from a described client profile, including return objective, risk tolerance, constraints, and rebalancing policy.

Compute and interpret the Sharpe, Treynor, information, and Sortino ratios for a described portfolio and benchmark, and state which is most appropriate for a poorly diversified portfolio.

Construct an asset allocation that satisfies stated constraints and justify it against the strategic policy weights.

Explain how a stated central-bank policy shift transmits through exchange rates to a described portfolio's foreign holdings.

Work through the Standards of Practice Handbook case-by-case and state, for each scenario, the governing standard and the required action.

Distinguish the Asset Manager Code requirements from the Standards of Professional Conduct, and apply the stricter rule where they overlap.

Price a forward and a plain-vanilla interest rate swap from supplied spot data, and explain how the swap value changes as rates move.

Compute the payoff and profit of a covered call and a protective put, and identify the replication portfolio for each.

Re-attempt every previously missed ethics vignette cold and confirm the governing standard without referring to notes.

Compute hedge fund return net of the two-and-twenty fee structure and the high-water-mark provision.

Compare the valuation approaches for private real estate and private equity, and select the appropriate discount rate given stated illiquidity and leverage.

Re-solve the quant error log problems and restate each fix in one sentence.

Timed-drill the three heaviest quantitative domains under exam pacing at 90 seconds per item.

Re-derive the five formulas most frequently missed in weeks 1-6 from a blank page.

Practice vignette triage: for a set of items, decide within 20 seconds whether to solve, defer, or guess.

Rebuild the FSA and fixed income cheat sheets from memory and diff them against the originals.

Retake a second full-length mock and improve the score over week 7.

Re-read only the highest-yield sections of the ethics material and re-answer all prior ethics misses.

Consolidate all cheat sheets into a single one-page pre-exam review sheet.

Confirm exam-day logistics and set a final-week schedule that protects sleep and avoids new material.