Level II rewards linking concepts under time pressure. This is the condensed pass — the valuation formulas, the “which model, when” rules, and the vignette traps — sized to revise in the final week, with a companion Formula Sheet.
410+
Learning outcome statements
~350 hrs
Recommended study time
3×/year
Sittings · item-set vignettes
High-yield · a recurring item-set anchor
Must know
Decision rule
Match each cash flow to its claimant — FCFF↔WACC, FCFE↔cost of equity; prefer FCFF when leverage is changing.
Trap — Forgetting the after-tax interest add-back when bridging FCFF → FCFE.
01
A condensed pass over the whole level — the formulas, the decision rules, and the traps — sized to revise in the final week, not to relearn the curriculum from scratch.
02
Every entry earns its place by exam frequency and by the mistakes that cost marks, so your final review concentrates on what moves your score instead of what you already know.
03
Each formula is real, readable math on any device, paired with the one-line “when to use it” the exam is actually testing — plus a companion Formula Sheet for the whole level.
This is how a high-yield topic appears in the Crash Note — the formulas you must have cold, the one decision rule behind them, and the trap that costs marks. A companion Formula Sheet covers the whole level.
Prefer the full notes? See the study notesHigh-yield · a recurring item-set anchor
Must know
Decision rule
Match each cash flow to its claimant — FCFF↔WACC, FCFE↔cost of equity; prefer FCFF when leverage is changing.
Trap — Forgetting the after-tax interest add-back when bridging FCFF → FCFE.
It unlocks with any paid plan for this level — the same access as your notes and question bank. Pick how far you want the rest of the toolkit to take you.
Preview the Crash Note free, then study the level that builds straight into it.