Does level 2 cover any (or a lot of) material that was learned in a finance undergrad?

Does level 2 cover any (or a lot of) material that was learned in a finance undergrad? Or is most of the material new? I do not have a business undergrad. I am wondering if, once I pass level 1, will I be on a level playing field with those who have Bcomms (in terms of how difficult preparing for level 2 will be)?