CFA Level II + Level III — Advanced Valuation + Portfolio Management (vignettes + essays)

This advanced course addresses candidates who have already passed CFA Level I and need a unified preparation strategy for Level II (vignette-based item sets) and Level III (constructed-response essays + vignettes)

⏱ 120h of content

📚 Level professionnel

🌐 Available online 24/7

📖 About this course

This advanced course addresses candidates who have already passed CFA Level I and need a unified preparation strategy for Level II (vignette-based item sets) and Level III (constructed-response essays + vignettes). Both levels are administered by the CFA Institute in Charlottesville and delivered worldwide at Prometric centers in May, August and November.

Ce cours s adresse aux professionnels de l investissement (analystes buy-side, gérants de portefeuille, risk officers, structureurs, family-office advisors) souhaitant compléter la charter CFA en maîtrisant les outils avancés de valuation, d asset allocation et d Investment Policy Statement (IPS). Total CFA worldwide pass rates for L2 and L3 sit around 47% and 48% (May 2026 data).

Au terme du cours, vous saurez (1) décoder un vignette L2 en 18 minutes maximum, (2) construire un modèle de DDM 3-stage, FCFE et residual income pour valoriser une action, (3) modéliser la term structure of interest rates et le credit spread, (4) appliquer les modèles Black-Scholes-Merton et binomial aux options réelles, (5) rédiger un IPS conforme et calculer une strategic asset allocation, (6) traiter une question d essay Level III en moins de 15 minutes en respectant le format command-word (Justify, Calculate, Recommend, State).

L examen Level II comprend 22 vignettes × 4 MCQ = 88 questions sur 2 sessions de 2h12. L examen Level III combine 11 constructed-response essays (matin) et 11 vignettes × 4 MCQ = 44 MCQ (après-midi), durée totale ~4h24. Pour les deux, le Minimum Passing Score (MPS) est fixé par le Board of Governors post-examen.

La durée totale est de 7200 minutes (120h), soit 5 leçons denses + un examen blanc 25 Q en format vignette + un examen final 50 Q hybride MCQ/essay. Recommended preparation: 350-400h per level, with Schweser Notes + Mark Meldrum + CFA Institute Learning Ecosystem.

📚 Course program (7 lessons)

1

Lesson 1 — L2 vignette format & L3 essays + vignettes

▶ Lesson ⏱ 1800 min

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2

Lesson 2 — L2: Quant Methods, Economics & FRA advanced

▶ Lesson ⏱ 1800 min

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3

Lesson 3 — L2: Equity (DDM/FCFE/RI), Fixed Income, Derivatives

▶ Lesson ⏱ 1500 min

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4

Lesson 4 — L3: Portfolio Mgmt, IPS, SAA, Risk Management

▶ Lesson ⏱ 1200 min

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5

Lesson 5 — L3 essays: behavioral, wealth, institutional, ethics

▶ Lesson ⏱ 900 min

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55

Mock Exam — CFA Level II/III (25 vignette MCQ, 75 minutes)

▶ Exam ⏱ 75 min

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155

Final Exam — CFA Level II/III (50 questions, 150 minutes)

▶ Exam ⏱ 150 min

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🎓 Available quizzes (2)

🎯

Mock Exam — CFA Level II/III (25 vignette MCQ, 75 minutes)

📝 25 questions ⏱ 60 min 🎯 Threshold 70% ⭐ 50 XP

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🎯

Final Exam — CFA Level II/III (50 questions, 150 minutes)

📝 50 questions ⏱ 3 min 🎯 Threshold 70% ⭐ 100 XP

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🎯 What you'll learn

Master the fundamentals of this module with a structured path
Practice with real-world exercises and case studies
Track your progress through interactive quizzes
Earn a completion certificate at the end of the course
Benefit from the ITAG community support

📋 Prerequisites

Curiosity and willingness to learn
No specific technical prerequisites
Internet connection (courses accessible from any device)

✨ Course available

7 lessons · 2 quizzes · full content

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CFA Level II + Level III — Advanced Valuation + Portfolio Management (vignettes + essays)

📖 About this course

📚 Course program (7 lessons)

🎓 Available quizzes (2)

🎯 What you'll learn

📋 Prerequisites

🎯 Related exam simulations

📋 Associated templates

CFA Level II + Level III — Advanced Valuation + Portfolio Management (vignettes + essays)

📖 About this course

📚 Course program (7 lessons)

🎓 Available quizzes (2)

🎯 What you'll learn

📋 Prerequisites

🎯 Related exam simulations

📋 Associated templates

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