CFA Level II Study Notes
Use this library to study or review the CFA® Level II curriculum one concept at a time. The free notes are organized across all ten topic areas, so you can search for a specific method, browse the topic you are working through, or return to a concept that caused trouble in an item set.
Each note helps you identify the relevant information, choose an appropriate method, complete the analysis, and interpret the result within the scenario. Worked applications, assumption checks, common exam traps, and practice questions are included where they make the concept easier to use.
Browse CFA Level II Study Notes by Topic
Level II develops your ability to apply finance concepts within detailed scenarios. Choose the topic connected to the material you are studying, or use the library to review the method, input, or interpretation behind a missed item-set question.
Alternative Investments
Commodities and commodity derivatives, private and publicly traded real estate, REIT valuation, and hedge fund strategies. These notes explain how assumptions, market structure, and return sources affect the analysis.
Find a CFA Level II Study Note
Search the full Level II library by concept or filter the notes by topic. Results appear in curriculum order by default, keeping connected methods and readings together as you move through the material.
Study Level II Concepts in an Item-Set Context
Level II questions place concepts inside business, security, and portfolio scenarios. The notes help you connect the facts in the vignette with the method and interpretation the question requires.
Identify the Relevant Information
A vignette may include company data, market assumptions, management comments, and details from several time periods. Each note explains which facts affect the analysis and how those facts guide your choice of inputs.
Apply the Appropriate Method
The setup often determines whether your calculation is useful. Notes walk through the assumptions, inputs, and steps behind the method, helping you understand why it fits the scenario and how to apply it accurately.
Interpret the Result
Level II questions often continue beyond the calculation. The notes explain what the output suggests about a company, security, portfolio, model, or investment decision so you can connect the number with its financial meaning.
Want a More Structured Way to Prepare for Level II?
Free CFA Level II study notes are useful when you need to learn or review a specific concept.
A KeyPoint Level II study package adds structured lessons, more practice questions, mock exams, and progress tracking, helping you work through the curriculum with a clearer study plan.
More CFA Level II Study Resources
Use these resources alongside the study notes when you need formula review, calculator guidance, additional questions, or a more structured preparation plan. Only live destinations should appear.
Browse Free CFA Level II Resources