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Layer 4 · Professional CertificationsCFA® Level 2Exam: CFA Institute

CFA® L2 — Alternative Investments

PE valuation, hedge fund strategies, real estate analysis, commodities, infrastructure — at the depth needed to evaluate these for client portfolios.

25 hours of content1 chaptersFree during Phase 1

Quick info

Layer
Professional Certifications
Track
CFA® Level 2
Estimated hours
25 hrs
Chapters
1
Exam body
CFA Institute
Cost on Trustner
Free
Full course material live

Every chapter below has Foundation, Deep Dive, and Advanced material — read in any order, expand each chapter to see the full content.

About this course

CFA L2 Alternatives covers private equity, hedge funds, real estate, and infrastructure — valuation methodologies and performance measurement. ~5-10% weight.

Who this is for

  • CFA L2 candidates.
  • Alts allocators (endowments, family offices).
  • Private wealth advisors.

What you'll learn

  • Private equity — valuation methods (DCF, comparable, relative-value)
  • Real estate — income, cost, sales-comparison approaches
  • Hedge fund strategies and performance metrics
  • Commodities and infrastructure

Course material — 1 chapters

Each chapter offers three tiers — Foundation for the core concept, Deep Dive for worked examples and practitioner depth, and Advanced for edge cases and exam tips. Click any chapter to expand.

  1. 1
    Reading 1

    Private equity valuation

    • LBO valuation framework
    • Venture capital method
    • IRR and multiple of money (MoM)
    • J-curve effect
    • Carried interest waterfall
    ✓ Full chapter — read, examples, FAQ, MCQs

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