Curriculum Errata No�ce
2024 Level II CFA Program
UPDATED 22 APRIL 2024
This document outlines the errors submitted to CFA Institute that have been corrected.
Due to the nature of our publishing process, we may not be able to correct errors submitted after
1 September 2024 in time for the publication of the following year's print materials. However, we
update all errors in the Learning Ecosystem (LES) and in this document at the end of each
month.
We recommend checking either the LES or this document regularly for the most current
information. Depending on when you purchase the print materials, they may or may not have the
errors corrected.
All errors can be submitted via http://cfa.is/Errata
2024 LEVEL II
2
Table of Contents
Contents
........................................................................................................................................................................................................................................................................................................4
 ................................................................................................................................................................................................................................................... 4
.................................................................................................................................................................................................................................................................................................................... 5
 ................................................................................................................................................................................................................................................................................................... 6
- ........................................................................................................................................................................................................................................................................................................................ 8
 ............................................................................................................................................................................................................................................................................................................................ 9
.........................................................................................................................................................................................................................................................................................................................11
 ........................................................................................................................................................................................................................................................ 11
 .......................................................................................................................................................................................................................................................................................................................... 12
.............................................................................................................................................................................................................................................................................................13
 ........................................................................................................................................................................................................................................................................................................... 13
-- .................................................................................................................................................................................................................................................... 14
 ....................................................................................................................................................................................................................................................................................................... 16
..............................................................................................................................................................................................................................................................................................................16
 ................................................................................................................................................................................................................................................................................................... 16
 ................................................................................................................................................................................................................................................................................................................ 16
................................................................................................................................................................................................................................................................................................................17
 ............................................................................................................................................................................................................................................................................................................... 17
- ..................................................................................................................................................................................................................................................... 18
 ............................................................................................................................................................................................................................................................................................................. 22
 ............................................................................................................................................................................................................................................................................................................ 23
.....................................................................................................................................................................................................................................................................................................................24
 ............................................................................................................................................................................................................................................................................ 24
- ...................................................................................................................................................................................................................................................................................... 26
 ............................................................................................................................................................................................................................................................. 27
 .................................................................................................................................................................................................................................................................................................................... 28
2024 LEVEL II
3
....................................................................................................................................................................................................................................................................................................29
 ............................................................................................................................................................................................................................................................ 29
....................................................................................................................................................................................................................................................................................30
- .......................................................................................................................................................................................................................................................................................................... 30
............................................................................................................................................................................................................................................................................. 30
2024 LEVEL II
4
Quan�ta�ve Methods
Basics of Mul�ple Regression and
Underlying Assump�ons











9

2024




1.5324%.
Evalua�ng Regression Model Fit and
Interpre�ng Model Results







28

2024

–2.1876




31

2024

2
t-

-


2
t-
–0.3320
-

2024 LEVEL II
5











-



34

2024
H
0
: b
j
> B
j
, H
a
: b
j
> B
j

H
0
: b
j
< B
j
, H
a
: b
j
> B
j
Quan�ta�ve Methods
Model Misspecifica�on












72

2024
-

- 
2024 LEVEL II
6
Quan�ta�ve Methods
Extensions of Mul�ple Regression
Lesson
Location
PDF
Pg
Revised
Correction





87

2024
Y


0

0


1
X

.

Y


0
+
0
b

1
X

.





89

2024
Y
i
– b
0
+ d
0
D
1
+ b
1
X
i
+ d
1
D
i
X
i
+
i
.

Y
i
= b
0
+ d
0
D
1
+ b
1
X
i
+ d
1
D
i
X
i
+
i
.







93

2024

-
_______________________________________
 C



-
_______________________________________


.
2024 LEVEL II
7
Lesson
Location
PDF
Pg
Revised
Correction







3
93
29

–0.5.
_______________________________________
––
–

–0.5. 


-

_______________________________________
––
– 
-
--
-










99
22 
2024




 


 







109

2024







110
22 
2024

2024 LEVEL II
8
Quan�ta�ve Methods
Time-Series Analysis
Lesson
Location
PDF Pg
Revised
Correction






124
29

–


–1.2145







131

2024
-


-
0.1 0.2134 0.6254

-


15 

154

2024





0.1540 .



10
191

2024

–
k 
dl 


–
k 
dl 1.55.
2024 LEVEL II
9
Quan�ta�ve Methods
Machine Learning
Lesson
Location
PDF Pg
Revised
Correction



241

2024



—
-
—




-



245

2024



—
-
—




254

2024



–



256

2024






265

2024
—
-

—

—-
—
2024 LEVEL II
10
Lesson
Location
PDF Pg
Revised
Correction




273

2024


2,



10
276

2024

—


—2
—
2024 LEVEL II
11
Economics
Currency Exchange Rates: Understanding
Equilibrium Value
Lesson
Location
PDF Pg
Revised
Correction






407

2024



 
 






407

2024
-
-
-

-
1980-1993
-





408

2024

 




425

2024













 
 

 

 


 

2024 LEVEL II
12
Lesson
Location
PDF Pg
Revised
Correction



426

2024

Economics
Economic Growth
Lesson
Location
PDF Pg
Revised
Correction







466

2024
 



 

4.1%
2024 LEVEL II
13
Financial Statement Analysis
Intercorporate Investments










2



19









17 

5159


most 
 
B. 
C. 
_______________________________________







2024 LEVEL II
14
Financial Statement Analysis
Employee Compensa�on: Post-Employment and
Share-Based







-




75

2024
--


--
+33,888.
26,160 
-







80-81
29







_______________________________________








_______________________________________





1,456,333

177,857,333
_______________________________________





1,571,667

1,456,333
_______________________________________

1,571,667 
-





85

2024


13,330
2024 LEVEL II
15







-



10

95

2024
• 
• 


•  

• 
1,010




-




104

2024
9. 






9. 










-



111

2024
—


—

 




—


—






2024 LEVEL II
16
Financial Statement Analysis
Financial Statement Modeling











426

2024





 


Corporate Issuers
Cost of Capital: Advanced Topics





-



150

2024

Corporate Restructuring












158

2024
 - -  

 -   
2024 LEVEL II
17









3
198

2024



-



BRL147,539  
-





198
22 
2024
– 

32,000 
Equity Valua�on
Free Cash Flow Valua�on
 


 
-



81

2024

 .
0.0889 – 0.04

 
0.0889 – 0.04
2024 LEVEL II
18
Equity Valua�on
Market-Based Valua�on: Price and Enterprise Value
Mul�ples
 


 







117-
118

2024






2020 





11
124

2024





.




11

125

2024


-



 
-





11

125

2024







 
2024 LEVEL II
19
 


 




11
124

2024
Replace:






-








13.20
9.36

7.20
0.56


16.23
12.92
11.20
1.45
1.09


8.89
8.52
1.04
0.81


13.14
10.31
6.90
1.90
0.81



70.67
30.32
45.30
1.56
1.24

15.03
11.99
2.51
5.99
0.50


19.01
16.29
3.19
5.96
0.45

24.55
14.30
11.30
3.59
0.78

15.03
11.99
6.90
1.90
0.78






-




 

13.20
9.36

5.11
0.56


16.23
12.92
11.29
1.14
1.09


8.89
8.52
1.04
0.81


13.14
10.31
6.90
1.49
0.81



70.67
30.32
45.30
0.67
1.24

15.03
11.99
2.51
4.78
0.50


19.01
16.29
3.19
5.11
0.45

24.55
14.30
11.30
2.76
0.78

15.03
11.99
6.90
1.49
0.78
2024 LEVEL II
20
 


 



34

164-
165

2024







-
-
--
 
-


…


…









-
-
--

-


…
 
.
…

16.6.
2024 LEVEL II
21
 


 






22 

195

207

2024





.
_______________________________________





€2.96.

.
_______________________________________

€2.96.






30-31

199

2024









22
207

2024



– 







– .

€22.58.

€22.48 €2.96.
2024 LEVEL II
22
Equity Valua�on
Residual Income Valua�on





-





236

 15.000
 17.755
– – BT] 31.580
 
 

 15.000
 17.755
– – BT] 31.580
 19,956
 
2024 LEVEL II
23
Equity Valua�on
Private Company Valua�on







-


326

2024

2024 LEVEL II
24
Fixed Income
The Term Structure and Interest Rate Dynamics












348

2024
-

F
AB–A
F
3
.


DF
1,2

 …

-

F
AB–A
F
1,2
.


TF
1,2

 …




360

2024






360

2024


 
2024 LEVEL II
25








3




363

2024
-

-

-

2

3


2
].
-


-

-

2

3

4
].

-117.67 
105.55
-

-
[105.55 
2

3

8.476% 117.67
2
].
-121.23 
107.09
10.10%
-

-107.09 

2

3

4
].





15
382

2024

– – 3.z
10

–z
10
2024 LEVEL II
26
Fixed Income
The Arbitrage-Free Valua�on Framework










-
-



441

2024
––
–


––
–





11-19
452

2024
1

2


 

 

2024 LEVEL II
27
Fixed Income
Valua�on and Analysis of Bonds with Embedded
Op�ons






-


531
22 
2024

2024 LEVEL II
28
Fixed Income
Credit Analysis Model











545

2024




 


 








597

2024




21
599

2024






 18 
 19

2024 LEVEL II
29








 17
609

2024
-


-



Alterna�ve Investments
Introduc�on to Commodi�es and Commodity
Deriva�ves











16-22
211-
212
 




4 

5 

2024 LEVEL II
30
Ethical and Professional Standards
Guidance for Standards I-VII









-



266

2024








Applica�on of the Code and Standards: Level II











398

2024



 






403

2024




 





403

2024






 
