CFA Level 2 Glossary
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The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.
Duration: The CFA Level II exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between.

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CFA Level 2 Topics & Weightage in 2022:
Ethics 10-15%​
Quantitative Methods 5-10%
Economics 5-10%
Financial Reporting & Analysis 10-15%
Corporate Finance 5-10%
Equity 10-15%
Fixed Income 10-15%
Derivatives 5-10%
Alternative Investments 5-10%
Portfolio Management 10-15%

CFA Level 2 Glossary
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25 Questions

1. In accounting - a liability of uncertain tim-ing or amount.

2. A type of subsidiary engaged in derivatives trans-actions that is separated from the parent company in order to have a higher credit rating than the parent company.

3. A time series that is not covariance station-ary is said to have a unit root.

4. Sales price less disposition costs - amortized mortgage loan bal-ance - and capital gains taxes.

5. The ratio of cash dividends paid to earnings for a period.

6. A qualitative-dependent-variable multi-ple regression model based on the logistic proba-bility distribution.

7. Probabilities that generally do not vary from person to person; includes a pri-ori and objective probabilities.

8. The posi tive square root of tar-get semivar·ance.

9. With reference to estimators - describes an estimator for which the probability of estimates close to the value of the population parameter increases as sample size increases.

10. A trader who typically holds posi-tions open overnight.

11. Linear regression involv-ing two or more independent variables.

12. A sample measure of degree of asymmetry of a distribution.

13. Controlling additional property throughreinvestment - refinancing - and exchanging.

14. An asset that trades in a market in which buyers and sellers meet - decide on a price - and the seller then delivers the asset to the buyer and receives payment. The underlying is the asset or other derivative on which a particular derivative is base

15. An approach to trading that uses pairs of closely re ated stocks - buying the relatively undervalued stock and selling short the relatively overvalued stock.

16. Shares that were issued and subse-quently repurchased by the company.

17. The owner of an asset that grants the right to use the asset to another party.

18. An account that offsets another account.

19. A mean computed after assigning a stated percent of the lowest values equal to one specified low value - and a stated percent of the highest values equal to one specified high value.

20. An arrangement whereby someone - an agent - acts on behalf of another per-son - the principal.

21. A breakdown of accounts into cate-gories of days outstanding.

22. Risk for which investors demand com-pensation for bearing (e.g. - equity risk - company-specific factors - macroeconomic factors).

23. The share price at a particular point in the future.

24. The difference between the maximum and minimum values in a dataset.

25. Increases in economic benefits in the form of inflows or enhancements of assets - or decreases of liabilities that result in an increase in equity (other than increases resulting from contribu-tions by owners) .

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