Earning the Level 2 Chartered Financial Modeler (CFM) demonstrates an advanced and thorough understanding of Financial Modeling, Financial Analysis and Advanced Excel. This level builds on the topics covered in the Level 1 exam.

Level 2 (CFM) is for Professionals Who:

  • Work closely with team leaders to provide financial modeling insights
  • Ensure projects progress according to financial modeling best practices
  • Use models to demonstrate the business case and “tell the story”

Body of Knowledge: Level 2 (CFM) Exam

During this 4-hour exam, candidates will complete a selection of questions from the following list of complex modeling topics:

  • Revenue: Create a detailed revenue schedule that considers allocations by
    division, geography, capacity constraints, currency issues
  • Operating Costs: Create a detailed cost structure that includes tiered pricing on variable costs, multi-currency costing, semi-variable costs
  • Depreciation: Incorporate accelerated depreciation, build functionality to prevent over-depreciation of assets
  • Working Capital: Detailed inventory modeling, forecast Accounts Receivable and Accounts Payable in a monthly model
  • Income Tax: Utilize cascading tax pools/tax losses, calculate earnings for a company in multiple jurisdictions including the impact of timing differences
  • Debt: Build an advanced capital structure, incorporate multiple pieces of debt, model various debt types and covenants, sweeps, repayments and debt sculpting, incorporate refinancing switches
  • Equity: Incorporate various concepts including convertibles, buybacks,
    options/warrants, tiered dividends, and dilutive instruments
  • Subsidiaries: Calculate non-controlling interests and long-term investments
  • Model Automation: Create a detailed and automated summary page
  • Timing Flexibility: Automate modeling starting/ending dates, multiple timing periods in a model
  • Model Checking: Audit various calculation, linking, and other errors in a model
  • Data Management: Perform data management with large data sets
  • Sensitivity Analysis: Prepare analysis to automatically sensitize model outputs
AccountingAdvanced
FinanceAdvanced
Financial AnalysisIntermediate
ValuationsNA
Microsoft ExcelExpert

Add The Chartered Financial Modeler (CFM) designation to Your CV and Resume.

Level 2 exams Now Available.

Eligible Candidates:
Must have completed Level 1 AFM.

Find out more about the CFM Learning Materials.