Your Worst Nightmare Exam Topic Distribution

What would be the worst possible distribution of topics/subtopics on the L2 exam for you personally (this can be an exercise in listing the topic areas you’d need to improve by June 1.)

Keep it under the following constraints for # of item sets per topic:

Ethics: 2

Quant: 1

Corporate Finance: 2

Econ: 1

FSA: 4

Equity: 4

Fixed Income: 2

Derivatives: 1

Alt: 1

PM: 2


Ethics 1: Soft Dollars

Ethics 2: Research Objectivity

Quant: Multiple Regression (with an emphasis on the types of tests/methods, e.g. Dicky Fuller, Hansen Method)

Economics: Economic Growth

Corporate Finance 1: Corporate Governance

Corporate Finance 2: M&A

FSA 1: Equity Method vs. Proportionate Consolidation

FSA 2: Pensions

FSA 3: Currency Translation

FSA 4: Another set from 1, 2, or 3

Equity 1: Porter’s 5 Forces

Equity 2: Free Cash Flow

Equity 3: Residual Value with an emphasis on EVA, Economic Profits, etc.

Equity 4: Another set from Equity 1-3

Fixed Income 1: Senior/subordinated Debt.

Fixed Income 2: OAS + Z-spread calculations

Derivatives: Any set involving Swaps

PM 1: Factor Models

PM 2: Treynor-Black

Alt: Real Estate Valulation

Nice try CFA Institute.


no ones studies correlation so if they ask that I’m dead. and 1st chapter of equity