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Layer 4 · Professional CertificationsCFA® Level 2Exam: CFA Institute

CFA® L2 — Fixed Income

Term structure, arbitrage-free valuation, MBS, structured products, credit modelling. The bond curriculum at a serious depth.

45 hours of content4 chaptersFree during Phase 1

Quick info

Layer
Professional Certifications
Track
CFA® Level 2
Estimated hours
45 hrs
Chapters
4
Exam body
CFA Institute
Cost on Trustner
Free
Lessons being written

The full chapter-by-chapter syllabus is published below so you know exactly what you're committing to. Individual lesson pages are being authored progressively over the coming weeks. Bookmark this page or browse all courses.

About this course

Term structure, arbitrage-free valuation, MBS, structured products, credit modelling.

Who this is for

  • CFA L2 candidates.
  • Fixed-income analysts.

What you'll learn

  • Term structure models
  • Arbitrage-free bond pricing
  • MBS — prepayment and cash-flow modelling
  • Credit analysis at depth

Full syllabus — 4 chapters

  1. 1
    Reading 1

    Term structure

    • Spot, forward, par curves
    • Theories of the term structure
  2. 2
    Reading 2

    Arbitrage-free pricing

    • Binomial interest-rate trees
    • Pricing bonds with embedded options
  3. 3
    Reading 3

    Securitised products

    • MBS, CMBS, ABS
    • Tranching and credit enhancement
  4. 4
    Reading 4

    Credit analysis

    • Structural and reduced-form models
    • Credit spreads and CDS

About the exam

Provider
CFA Institute

Note: ~10-15% of CFA L2 weight.

The exam is administered by CFA Institute. Trustner Academy is not affiliated with CFA Institute; we provide independent preparatory educational material. See our disclaimer.

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