08/06/2023, 20:35 2022 CFA Curriculum Changes: Our Super Summary - 300Hours

These changes may have been done to discourage candidates from purely just
focusing on the (previously) big 5 topics of Level 2 (FRA, Corporate
Finance, Equity Investments, Fixed Income and Derivatives).

CFA Level 2 Topic Weights (Changes vs. Previous Years)

Topics /
2018 2019 2020 2021 2022
Weight

Quant
5-10% 5-10% 5-10% 5-10% 5-10%
Methods

Economics 5-10% 5-10% 5-10% 5-10% 5-10%

FRA 15-20% 10-15% 10-15% 10-15% 10-15%

Corp Fin /
5-15% 5-10% 5-10% 5-10% 5-10%
Issuers

Equity 15-25% 10-15% 10-15% 10-15% 10-15%

Fixed Income 10-20% 10-15% 10-15% 10-15% 10-15%

Derivatives 5-15% 5-10% 5-10% 5-10% 5-10%

Alt.
5-10% 5-10% 5-10% 5-10% 5-10%
Investments

Portfolio
5-10% 5-15% 5-15% 10-15% 10-15%
Mgmt.

Ethics 10-15% 10-15% 10-15% 10-15% 10-15%

CFA Level 2 Curriculum Changes

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08/06/2023, 20:35 2022 CFA Curriculum Changes: Our Super Summary - 300Hours

In short, Level 2’s curriculum experienced a relatively light update this year.
Some notable changes:

Machine Learning has been updated to apply several data cases to

investment problems.
In addition, a new Backtesting & Simulation reading provides an
accessible introduction to explain how these tools are used in evaluating
investment strategies and to compare their strengths and weaknesses.
Corporate Finance is renamed as Corporate Issuers, focusing on
understanding the motivations, interactions, and impacts on investors of
securities issued by corporations. Corporate Issuers brings together
foundation areas like economics and financial statement analysis to
provide a starting point for equity and fixed income valuation.
Fixed Income readings were revised across all levels to align for ease of
reading and consistency.
The Alternative Investments readings have been updated to include a
single reading on Real Estate and revisions to Private Equity.

There are 47 readings in 2022’s Level 2 Curriculum (vs. 48 in 2020/2021):

3 readings from 2020/2021 were removed:

Reading 9 – Excerpt from Probabilistic Approaches
Reading 22 – Corporate Governance & Other ESG Considerations in
Investment Analysis
Reading 40 – Publicly Traded Real Estate Securities

2 new readings were added:

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08/06/2023, 20:35 2022 CFA Curriculum Changes: Our Super Summary - 300Hours

Reading 17 – Environmental, Social, and Governance (ESG)

Considerations in Investment Analysis
Reading 41 – Backtesting and Simulation

14 readings were updated, mostly minor changes, except R33 Pricing

& Valuation of Forward Commitments (Derivatives), R18 Mergers and
Acquisitions (Corporate Issuers) and R35 Real Estate Investments – the
latter due to merging of 2 readings into one.

Overall, 2022 CFA Level 2’s curriculum experienced a lot of small updates,
with only Derivatives, Corporate Issuers and Alternative Investments
experiencing notable changes in some readings.

More details of the changes are shown in the table below, as well as a 1 pager
summary PDF you can download.​

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