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Extensive work through practice analysis and curriculum development has resulted in significant revisions at Level II for 2023. These changes, coupled with the updates made for the 2022 cycle, aim to better equip candidates with the knowledge and skills that reflect current investment practice.
Highlights to changes for 2023 include revised Multiple Regression content, now divided into four, easier-to-consume learning modules. The Corporate Restructuring reading includes the expanded use of spreadsheet modeling, and the Real Estate readings have been subdivided into three readings with more streamlined content.
Refer to the key and tables below to learn what else has changed in Level II of the CFA Program curriculum for 2023.
Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
Cost of Capital: Advanced Topics
New reading that focuses on extensions and complexities in estimating required rates of return for equities and fixed income as well as issues in constructing weighted average cost of capital (WACC)
Corporate Restructuring (Previously Mergers and Acquisitions)
Completely rewritten reading
Mostly new content with broader focus on a variety of corporate restructuring events, their analysis, and incorporation into financial modeling for forecasting and valuation
Supporting spreadsheets introduced into LES
Content deleted or streamlined and moved to Level I