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Differences between 2013 and 2012 CFA Level II Curriculums

I’ve compared the 2012 and 2013 CFA Level II readings and here is a summary of the differences:

Total number of readings down from 64 or 56.  Good news!

Econ has changed completely.  This is consistent with the Level I Econ changes between 2011 and 2012.

Equity: Three readings have been dropped: Note on Asset Valuation, Industry Analysis and Valuation in Emerging Markets.  (The last one was a nightmare.  I’m glad CFAI has realized that too!)

Alternative Investments: The two readings on real estate have been dropped and replaced with two new readings on real estate.

Fixed Income:  Reading on credit  analysis has been updated.

Derivatives: Reading on credit derivatives has been updated.

Portfolio Management: ‘Note on Harry Markowitz…’ and International Asset Pricing have  been dropped. 

Ethics, Quant, FRA and CF are unchanged.

I have a file which shows all the readings and highlights the differences.  I don’t think I can upload  the file here.  If you want it just email your request to me at

Drill all the fundamentals with Wiley's CFA experts Peter Olinto, Darren Degraaf and others.

I always hear cfa has revamped econ completely….but how?? is it more mathematical? is it the same theories explained differently? or what?


You must be the square root of two cause i feel irrational around you

Many thanks for the summary Arif.  They all seem like sensible changes by the Institute.

I never really got to grips with Valuation in Emerging Markets last time round so I’m glad it has dropped out.

I won’t miss the markowitz or IAP either.

The credit derivatives reading seemed a bit light last time so I’ll be keen to see the rewrite.

For Economics, I think a lot of the exchange rate material dropped down to level 1 last year so maybe it has been replaced with something else for L2?  If so I’d be gutted as cross rates, triangular arb etc are pretty easy marks.

RIP Bchad

Less readings !! Great !!

Oh gr8! in fact I had suggested that this section of Emerging Markets be dropped in the last survey of CFAI.

The Last sNail

Elan Guides, too, has released the comparision between the curriculum for 2012 and 2013:

The one you posted is for level I.

saurabh.bansal wrote:

Elan Guides, too, has released the comparision between the curriculum for 2012 and 2013:

Scroll to the next page. 

so can someone confirm that the Equity Analysis section is the “same” minus the 2 readings?  are the LOS worded the same?

nah some parts are different. I wouldn’t use this years notes