## Overview

Our free CFA Level II Fixed Income notes cover everything you need to know for this module. From term structure and interest rate trees, embedded options and securitized products, to credit risk and portfolio strategies, we've got you covered. Whether you're in a classroom or taking the self-study route, these notes provide added peace of mind, knowing that you have everything you need to help consolidate and revise effectively for CFA Level II exam. Think something could be better? [Give us a shout on our contact page](/contact), and we'll take a look.

We've created comprehensive study guides for all CFA Level II topics. Check out our other free notes below:

- [Ethical and Professional Standards](./cfa-level2-ethical-and-professional-standards)
- [Quantitative Methods](./cfa-level2-quantitative-methods)
- [Economics](./cfa-level2-economics)
- [Financial Statement Analysis](./cfa-level2-financial-statement-analysis)
- [Corporate Issuers](./cfa-level2-corporate-issuers)
- [Equity Investments](./cfa-level2-equity-investments)
- [Fixed Income](./cfa-level2-fixed-income)
- [Derivatives](./cfa-level2-derivatives)
- [Alternative Investments](./cfa-level2-alternative-investments)
- [Portfolio Management and Wealth Planning](./cfa-level2-portfolio-management-and-wealth-planning)

## 1. Term structure and interest rate trees

- [Spot and forward rates arbitrage-free valuation](./cfa-level2-term-structure-and-interest-rate-trees-spot-and-forward-rates-arbitrage-free-valuation)
- [Binomial interest rate tree construction and calibration](./cfa-level2-term-structure-and-interest-rate-trees-binomial-interest-rate-tree-construction-and-calibration)
- [Term structure models and expectations](./cfa-level2-term-structure-and-interest-rate-trees-term-structure-models-and-expectations)

## 2. Embedded options and securitized products

- [OAS effective duration and convexity](./cfa-level2-embedded-options-and-securitized-products-oas-effective-duration-and-convexity)
- [Mortgage-backed securities prepayments and cash flow modeling](./cfa-level2-embedded-options-and-securitized-products-mortgage-backed-securities-prepayments-and-cash-flow-modeling)
- [Callable putable and convertible bond valuation](./cfa-level2-embedded-options-and-securitized-products-callable-putable-and-convertible-bond-valuation)

## 3. Credit risk and portfolio strategies

- [Structural and reduced-form credit models](./cfa-level2-credit-risk-and-portfolio-strategies-structural-and-reduced-form-credit-models)
- [Credit migration LGD and expected loss](./cfa-level2-credit-risk-and-portfolio-strategies-credit-migration-lgd-and-expected-loss)
- [Yield curve strategies immunization and LDI](./cfa-level2-credit-risk-and-portfolio-strategies-yield-curve-strategies-immunization-and-ldi)


Free CFA Level II Fixed Income Study Guide