We’re using cookies, but you can turn them off in Privacy Settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy.

Level II Curriculum Changes

We recommend you study the curriculum you receive when you register for an exam. Exam questions are based solely on the current curriculum year readings.

What's Different from the Level II 2020 Readings?

New Readings

  • Introduction to Linear Regression (L2V1R1; also in Level 1)
  • Real Estate Investments (L2V5R35; two previous readings combined and revised)*
  • Backtesting and Simulation (L2V1R41)

Dropped Readings

  • Excerpt from “Probabilistic Approaches”
  • Private Real Estate Investments *replaced by combined Real Estate Investment reading*
  • Publicly Traded Real Estate Securities *replaced by combined Real Estate Investment reading*


Data, exhibits, and examples were updated throughout Level II for 2022.

The Level II readings listed below are those where there were either LOS changes or significant content changes.

  • Multiple Regression (L2V1R2)
  • Time-Series Analysis (L2V1R3)
  • Machine Learning (L2V1R4)
  • Environmental, Social, and Governance (ESG) Considerations in Investment Analysis (L2V3R17)
  • The Term Structure and Interest Rate Dynamics (L2V4R28)
  • The Arbitrage-Free Valuation Framework (L2V4R29)
  • Valuation and Analysis of Bonds with Embedded Options (L2V4R30)
  • Credit Analysis Models (L2V4R31)
  • Credit Default Swaps (L2V4R32)
  • Exchange-Traded Funds: Mechanics and Applications (L2V5R38)
  • Using Multifactor Models (L2V5R39)
  • Application of the Code and Standards: Level II (L2V6R47)

End-of-Reading Practice Problems

End-of-reading questions were added to the following Level II readings:

  • Machine Learning (L2V1R4)
  • Return Concepts (L2V3R21)
  • Environmental, Social, and Governance (ESG) Considerations in Investment Analysis (L2V3R17)
  • Private Company Valuation (L2V4R27)
  • The Arbitrage-Free Valuation Framework (L2V5R29)
  • Pricing and Valuation of Forward Commitments (L2V5R33)

See all readings and exam topics in the the Level II Study Sessions