A Smarter Way to Pass CFA® Level II

Vignette-based item sets with exhibits, plus timed mocks, flashcards, and readiness tracking for Level II, with Savvy, your AI study partner, built in.

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Everything You Need for CFA Level II

Organized by the Level II topics and their learning modules. Level II is about analysis, so practice reading vignettes and exhibits under time, then keep what you learn with spaced review.

ITEM SET · FIXED INCOME
Question 2 of 4
11:20
Anna Weber manages a bond portfolio for a pension client. She expects yields to fall 100 bps over the next month and wants to estimate the change in the portfolio's value.
EXHIBIT 1 · PORTFOLIO BONDS
Modified duration6.2
Convexity48.5
Market value$25.0m
Using Exhibit 1, the estimated change in the portfolio's value is closest to:
A+6.20%
B+6.44%
C+5.96%
Hint: start with duration, then add the convexity term.Why B? Duration gives 6.20%; convexity adds the rest.−6.2 × (−1%) + ½ × 48.5 × (1%)²≈ 6.44%
ITEM SET · FIXED INCOME
11:20
Anna Weber expects yields to fall 100 bps over the next month and wants to estimate the change in her bond portfolio's value.
EXHIBIT 1
Modified duration6.2
Convexity48.5
The estimated change in the portfolio's value is closest to:
A+6.20%
B+6.44%
C+5.96%
Hint: start with duration, then add the convexity term.Why B? Duration gives 6.20%; convexity adds the rest.

Item Sets

Vignette-based item sets with exhibits and the clock running, the format Level II is built on. Every answer is explained, right and wrong, so a miss still teaches you something.

Equity Valuation · FormulaQuestion
Value a share with the residual income model.
Tap to reveal
V₀ = B₀ + Σ RIₜ ÷ (1 + r)ᵗ
Book value, plus the value of earnings above the cost of equity.
FORGOTHARDGOODEASY
Next review in 4 days

Flashcards and Formula Visuals

Flashcards on spaced repetition for Level II valuation formulas, key terms, and the Ethics standards, plus visuals that show what a formula does before you memorize it.

Level II › Equity Valuation
Residual Income Valuation
Earnings above the cost of equity

Residual income is what a company earns above the cost of its equity capital, not just above zero.

Charge the book value of equity at the required return, and what is left is residual income:

RESIDUAL INCOME
RI₁ = E₁ − r × B₀
E₁$5.00r10%B₀$40.00→RI₁$1.00

Here $5.00 − 10% × $40.00 leaves residual income of $1.00 per share.

Positive residual income means the firm is adding value above its book value.

RESIDUAL INCOME
RI₁ = E₁ − r × B₀
E₁$5.00r10%B₀$40.00→RI₁$1.00

Interactive Lessons

Clear explanations, worked examples, and visuals for Level II's valuation-heavy readings, from equities and fixed income to derivatives.

Savvy, the Oncourse CFA study partner

Savvy: Your AI Study Partner

Savvy is your AI study partner for Level II. It's there whenever you need help, learns how you study, and helps you the way you learn best.

9:41
LEVEL II
12
M29
T30
W1
T2
F3
I've got today's plan ready for you.
Equity Valuation +160minEDIT
Lesson & Exercises
Residual income valuation • 15 min
Practice Questions
4 item sets • 30 min
Flashcards
12 formula cards • 15 min
Plan updated until Friday
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Always Know Where You Stand

A readiness score for every Level II topic and learning module shows what's exam-ready and what still needs work. Timed mocks and custom quizzes close the gaps.

LEVEL II READINESSItem sets done · 7 / 8▲ 6 this week
55OUT OF 1003 of 10 topics exam ready
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
Ethical and Professional Standards79Exam ready
Financial Statement Analysis53Developing
Derivatives and Risk Management56Developing
LEVEL II READINESS
Item sets done · 7 / 8▲ 6 this week
55OUT OF 100
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
3 of 10 topics exam ready
Ethical and Professional Standards79Exam ready
Financial Statement Analysis53Developing
Derivatives and Risk Management56Developing

Readiness Tracking

A readiness score for each Level II topic and its learning modules, built from what you know, what you remember, and what you can apply to a vignette under time.

Item set 6
LEVEL II MOCK · SESSION 1 OF 2
1:09:15
Did the adviser violate Standard III(C), Suitability, by buying the fund for Ms. Ito?
ANo, Ms. Ito approved the purchase
BYes, it does not fit her stated objectives
Answer recorded, graded when you finish

Timed Mock Exams

Sit a timed, exam-style Level II mock before the real one, so you know your pace on vignettes and exam day holds no surprises.

Create QuizLEVEL II
Financial Statement AnalysisEquity ValuationFixed IncomeEconomics
Questions–10+
START QUIZ
Your quiz is ready · 20 questions, 2 topics

Custom Quizzes

Build a quiz from any mix of Level II learning modules, choose how many questions, and practice at your own pace or against the clock.

Practice That Feels Like a Game

Two quick games built on CFA topics. Play one between study sessions to keep concepts fresh and find out what you haven't locked in yet.

Probe:Solve the Finance Mystery

Elle reads out one clue at a time and you say your answer out loud. The fewer clues you need, the better you know it.

1
CLUE 1
It's measured in years.
CLUE 2
It shows how much a bond's price moves when rates change.
Elle
Clue one. It's measured in years.
Elle is speaking…

Synapses:Find the Four Hidden Groups

Sixteen CFA terms, four hidden groups. Link the concepts that belong together before your lifelines run out.

Create groups of 4!
Test your LEVEL I knowledge
00:08
Sharpe ratioLoyaltyCouponFIFO
Treynor ratioWeighted averageDiligenceDuration
Fair dealingJensen's alphaYieldLIFO
ConvexityMisconductSpecific IDSortino ratio
LIFELINES
RESETCHECK
Perfect guess! Wohoo! 🎉

Learners love Oncourse

Real feedback from learners using the current Oncourse app.

Emily Carter
Emily CarterLevel II candidate, parent

Between work and my son, I get pockets of time, not hours. Oncourse fits prep into those pockets and still keeps me on pace for Level II.

CFA
Kevin Zhang
Kevin ZhangLevel II candidate

I fell weeks behind and almost deferred. Oncourse rebuilt my plan from where I actually was, and I caught up without cramming.

CFA
Hannah Brooks
Hannah BrooksRetaking Level II

After missing Level II, I didn’t want to start from zero. Oncourse focused my retake on the topics that cost me, and the vignettes finally clicked.

CFA
Arjun Mehta
Arjun MehtaLevel I candidate

Studying full time, it was easy to read for hours and remember little. Oncourse moved me into questions early and kept formulas coming back until they stuck.

CFA
Rohan Iyer
Rohan IyerLevel I candidate, analyst

My evenings are short after work. Oncourse turns them into focused question sets and formula reviews, so I’m not rereading the same reading every night.

CFA
James Whitaker
James WhitakerLevel III candidate

In final review, every hour matters. Oncourse used each mock to pick my next weak area, so I stopped redoing topics I already knew.

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Get Oncourse Max

One plan for all three CFA levels. Start with a 7-day free trial on the annual plan.

Weekly$6.99per weekFor a short final review before exam day.Get started
Monthly$19.99per monthPay month to month while you work through your level.Get started

Prices in USD. Every plan includes all three levels.

Frequently asked questions

What does Oncourse cover for CFA Level II?

The Level II topics on the 2027 curriculum, from Financial Statement Analysis and Equity Valuation to Fixed Income and Derivatives and Risk Management, organized by learning module.

Does Oncourse have Level II item sets?

Yes. Level II practice uses vignette-based item sets with exhibits, like the exam, and every answer comes with an explanation.

Level II timing worries me. Can Oncourse help?

Yes. Build a custom quiz of item sets in Exam Mode to work against the clock, and sit timed mocks, so you build your pace on vignettes before exam day.

Can I use Oncourse alongside the CFA Institute curriculum?

Yes. Upload a chapter, your notes, or screenshots from the curriculum or any other course, and Savvy can explain them or quiz you on them.

Does Oncourse include official CFA Institute questions?

Oncourse questions are written by Oncourse and modeled closely on the CFA exam's item sets and multiple-choice formats for each level, so you practice the way you'll be tested and build exam readiness. They aren't official CFA Institute questions.

How much does Oncourse cost?

$134.99 a year with a 7-day free trial, $19.99 a month, or $6.99 a week. Every plan includes all three levels.

Savvy, the Oncourse CFA study partner

Start Level II with a free week

Item sets, mock exams, flashcards, and Savvy for CFA Level II.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. CFA Institute is not affiliated with or responsible for this product.