Free CFA Level II Lessons

All 49 CFA Level II lessons are free to read, each with worked examples, audio narration, and per-topic practice. No signup required.

FreeFellow LLC is a CFA Institute Prep Provider.

Quantitative Methods

• Big Data Projects (13 min)
• Extensions of Regression (12 min)
• Machine Learning (12 min)
• Model Misspecification (13 min)
• Multiple Regression Basics (12 min)
• Regression Model Fit (12 min)
• Time-Series Analysis (13 min)

Economics

• Currency Exchange Rate Determination (13 min)
• Economic Growth and Investment Decisions (13 min)

Financial Statement Analysis

• Employee Compensation (13 min)
• Analysis of Financial Institutions (11 min)
• Integration of Financial Statement Analysis Techniques (12 min)
• Intercorporate Investments (13 min)
• Multinational Operations (11 min)
• Evaluating Quality of Financial Reports (11 min)

Corporate Issuers

• Corporate Restructuring (14 min)
• Cost of Capital (12 min)
• Dividends and Share Repurchases (12 min)
• ESG Considerations (12 min)

Equity Valuation

• Equity Valuation: Applications and Processes (9 min)
• Discounted Dividend Valuation (14 min)
• Free Cash Flow Valuation (12 min)
• Market-Based Valuation: Price and Enterprise Value Multiples (13 min)
• Private Company Valuation (10 min)
• Residual Income Valuation (14 min)

Fixed Income

• Arbitrage-Free Valuation Framework (11 min)
• Credit Analysis Models (12 min)
• Credit Default Swaps (10 min)
• Valuation and Analysis of Bonds with Embedded Options (12 min)
• The Term Structure and Interest Rate Dynamics (12 min)

Derivatives

• Binomial Option Pricing Model (20 min)
• Contingent Claims: Option Valuation and Risk Management (21 min)
• Forward Commitments: Pricing, Valuation, and Applications (14 min)
• Interest Rate Options: Caps, Floors, and Swaptions (21 min)

Alternative Investments

• Commodities: Forwards, Futures, and Physical Markets (13 min)
• Hedge Fund Economics: Fees, Biases, and Due Diligence (14 min)
• Hedge Fund Strategies (14 min)
• Publicly Traded Real Estate Securities (13 min)
• Real Estate Investment: Overview (12 min)

Portfolio Management

• Active Portfolio Management (12 min)
• Backtesting and Simulation (14 min)
• Economics and Investment Markets (12 min)
• ETF Mechanics and Strategies (13 min)
• Market Risk (12 min)
• Multifactor Models (11 min)

Ethical and Professional Standards

• Application of Standards at Level II (13 min)
• CFA Institute Code of Ethics (12 min)
• Guidance for Standards I-III (15 min)
• Guidance for Standards IV-VII (15 min)