CFA Program Level II flashcards

5 decks · 371 cards · built into Willys · free samples below

Written against: CFA Program Level II curriculum topics (concepts and formulas; no figures that change yearly). Updated 2026-10-10.

What's in it

Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.

Learn · 4 decks · 301 cards

Concepts, mechanisms and the questions a course or exam asks about them.

FRA, Corporate Issuers and Quant Multiple regression and its violations, time series, machine learning, big data; intercorporate investments, pensions, FX translation, banks, earnings quality; cost of capital, payouts, ESG and corporate restructuring, with capital-structure theory, takeover defences and merger types as background. 10 free · 80 cards in the app Economics Currency exchange rates (quotes, cross rates and forward points, the parity conditions, carry trades, the balance of payments and policy) and economic growth (growth accounting, Solow and endogenous growth, convergence, and growth and asset returns). 10 free · 61 cards in the app Equity and Fixed Income Equity valuation (multistage DDM and H-model, FCFF and FCFE, multiples, residual income, private companies) and fixed income (term structure, binomial trees, embedded options, credit models, CDS). 10 free · 80 cards in the app Derivatives, Alternatives and Portfolio Forward, futures and swap pricing and valuation, binomial and BSM option valuation with the Greeks, real estate and commodities (private equity as background beyond the 2026 and 2027 curricula), multifactor models, the fundamental law, VaR, backtesting and ethics. 10 free · 80 cards in the app

Practice · 1 deck · 70 questions

Multiple-choice practice questions, one best answer each, with the reasoning.

Practice Questions Multiple-choice practice questions, one best answer each, on regression, FRA, equity and fixed income valuation, credit, derivatives pricing, alternatives, active management and ethics. 6 free · 70 questions in the app

Study guide

Topics covered

The decks follow the order of the course outline. Numbers are cards per topic.

Quantitative Methods 43
- Multiple Regression 6
- Regression Assumptions and Violations 6
- Model Misspecification 4
- Time-Series Analysis 8
- Machine Learning 6
- Big Data Projects 4
Financial Statement Analysis 38
- Intercorporate Investments 6
- Employee Compensation 6
- Multinational Operations 6
- Financial Institutions 5
- Earnings Quality 5
Corporate Issuers 22
- Capital Structure 4
- Dividends and Repurchases 7
- ESG Integration 3
- Corporate Restructuring 8
Economics 61
- Exchange Rate Quotes and Arbitrage 9
- Parity Conditions 10
- Carry Trade and Equilibrium 8
- Balance of Payments and Policy 11
- Growth Accounting 8
- Growth Theories and Convergence 12
- Growth and Investment Returns 3
Equity Valuation 51
- Valuation Concepts 3
- Dividend Discount Models 6
- Free Cash Flow Models 8
- Market Multiples 7
- Residual Income 8
- Private Company Valuation 6
Fixed Income 58
- Term Structure 8
- Arbitrage-Free Valuation 7
- Bonds with Embedded Options 10
- Credit Analysis Models 8
- Credit Default Swaps 9
Derivatives 39
- Forwards and Futures 8
- Swaps 7
- Option Valuation 14
Alternative Investments 24
- Real Estate 8
- Private Equity 6
- Commodities 5
- Hedge Fund Strategies 1
Portfolio Management 25
- Economics and Investment Markets 5
- Active Management 5
- Multifactor Models 5
- Market Risk 5
- Backtesting 3
Ethical and Professional Standards 10
- Duties to Clients and Employers 6
- Investment Analysis and Performance 2

A study plan

14 new cards a day covers everything in a month, leaving the last weeks for review.
7 new cards a day covers everything in two months, leaving the last weeks for review.
5 new cards a day covers everything in three months, leaving the last weeks for review.

Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.

How to get these decks

Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.

Every deck is built into Willys

All 5 CFA Program Level II decks (371 cards), with FSRS spaced repetition, quizzes and mock tests, on iPhone, iPad and Mac. 14-day free trial, then $14.99 a year.

Get the app

In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.

About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

CFA Program 2026 and 2027 Level II topic outlines (topic outline only; no text copied)
CFA Program 2026 and 2027 Level II topic outlines, Economics (topic outline only; no text copied)
Checked against standard texts in international economics and macroeconomics (reference only; no text copied).
CFA Program 2026 and 2027 Level II Topic Outlines (topic outline only; no text copied)

These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.

Not financial, tax or legal advice. These cards prepare you for an exam; rules and figures change, so check current standards before relying on any of it.

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