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Certificate for Module (CFA Level II Examination Preparatory Programme)
證書(單元 : 特許金融分析師二級考試研習課程)

CEF Reimbursable Course

CEF Reimbursable Course

Course Code
Application Code

Study mode
Start Date
24 Aug 2024 (Sat)
Next intake(s)
2 months to 3 months
Course Fee
HK$15,700 (including comprehensive set of notes and study materials which are non-refundable)
Deadline on 16 Aug 2024 (Fri)
2867 8468
2861 0278
Apply Now

CFA Level II Examination Preparatory Programme will be launched on 24-Aug-2024! Welcome to your enrolment!


The programme aims to prepare students to sit for the Chartered Financial Analyst (CFA) Level II examination. It will provide students with the knowledge in economic and corporate financial analysis, the valuation techniques of investment assets and issues of portfolio management.

A record number of people just got good news about their CFA exam results by Business Insider

CFA exam - Half will fail… by Business Insider


Year Passing Rate
2013 43%
2014 46%
2015 46%
2016 46%
2017 47%
2018 45%
2019 44%
2020 55%
2021 40%
2022 44%
2023 May 52%
2023 August 44%
2023 November 44%

58 face-to-face lecture hours covering all topics in CFA Level 2 examination syllabus. 



Please note that CFA Institute does not endorse, promote, review or warrant the accuracy of the products or services offered by organisations sponsoring or providing CFA examination preparation materials or programmes, nor does CFA Institute verify pass rates or exam results claimed by such organizations. CFA® is a licensed service mark of CFA Institute. For general information on the CFA® programme, please look up The CFA Institute website:

Programme Details

  1. Quantitative Methods 
  2. Financial Statement Analysis
  3. Economics 
  4. Corporate Issuers
  5. Fixed Income 
  6. Equity Valuation
  7. Alternative Investments
  8. Derivatives
  9. Portfolio Management
  10. Ethical and Professional Standards 

Information about CFA eligibility requirements, examination application, membership and the CFA charter is available from:

  • CFA Institute(US) website,
  • CFA Institute (Asia Pacific) telephone: 2868 2700

On completion of the programme, students should be able to

  1. explain the ethical and professional standards established by the CFA Institute;
  2. apply regression and simulation methods, economic analysis, and corporate financial analysis to solve conceptual, analytical, and computational problems;
  3. critically analyse corporate issuers in the financial market; and    

use valuation techniques to analyse equities, fixed income investments, derivatives, and alternative investments, and perform portfolio management and wealth planning.

Application Code 2240-FN090A Apply Online Now
Apply Online Now

Days / Time
  • Saturday, 1:00pm - 7:00pm



(1) Ethical and professional standards

  • Professional standards of practice
  • Ethical practices
  • Asset manager code of professional conduct
  • Overview of presentation of performance results and global investment performance standards (GIPS)


(2) Quantitative methods

  • Introduction to linear regression
  • Multiple regression
  • Time-series analysis
  • Artificial intelligence, machine learning and big data analysis and applications
  • Probabilistic approaches: scenario analysis, decision trees and simulation analysis


(3) Economics

  • Currency exchange rates: determination and forecasting
  • Economic growth and development, and the investment decision
  • Economics of regulations


(4) Financial statement analysis

  • Analysis of inter-corporate investments
  • Employee compensation: post-employment and share-based
  • Analysis of business combinations
  • Analysis of global operations
  • Building a company financial model
  • Financial analysis of financial institutions: banks and insurance companies
  • Integration of financial statement analysis techniques


(5) Corporate issuers

  • Capital budgeting
  • Corporate structures, leverages and strategies
  • Dividends and dividend policy
  • Corporate governance and other ESG considerations in investment analysis
  • Corporate actions, combinations, and restructuring


(6) Equity investments

  • Equity valuation: applications and process
  • Return concepts
  • Industry and company analysis
  • Discounted dividend valuation
  • Free cash flow valuation
  • Market-based valuation: price multiples
  • Residual income valuation
  • Private company valuation


(7) Fixed income

  • The term structure and interest rate dynamics
  • The arbitrage-free valuation framework
  • Valuation and analysis of bonds with embedded options
  • Structure products
  • Credit analysis models
  • Credit default swaps


(8) Derivatives

  • Pricing and valuation of forwards and futures contracts
  • Valuation of contingent claims
  • Valuation of option contracts
  • Valuation of swap contracts


(9) Alternative investments

  • Real estate
  • Private equity
  • Introduction to commodities and commodity derivatives


(10) Portfolio management

  • Exchange-traded funds’ mechanics and applications
  • Multifactor models
  • Measuring and managing market risk
  • Introduction to environmental, social, governance (ESG) investing
  • Economics and investment markets
  • Analysis of active portfolio management
  • Trading costs and electronic markets

 Assessment method: 2-hour Examination

Upon successful completion of the programme, students who have passed the final examination with attendance no less than 70% will be awarded within the HKU system through HKU SPACE a Certificate for Module (CFA Level II Examination Preparatory Programme).


Class Details

2024 Aug Intake Schedule(Accept New Application):

PSM Modules :  Analyst Skills

Teacher: DR. LAI MAN-KIT

Lecture Date   Time
1 24-Aug-24 Sat 13:00-19:00
2 31-Aug-24 Sat 13:00-19:00
3 7-Sep-24 Sat 13:00-19:00
4 14-Sep-24 Sat 13:00-19:00
5 21-Sep-24 Sat 13:00-19:00
6 28-Sep-24 Sat 13:00-19:00
7 5-Oct-24 Sat 13:00-19:00
8 12-Oct-24 Sat 13:00-19:00
9 19-Oct-24 Sat 13:00-19:00
10 26-Oct-24 Sat 13:00-17:00
Exam 31-Oct-24 Thu 19:00-21:00

Venue: HK Island 

*The above tentative schedule for reference only.  Schedule details will be released one week before the commencement date of the class.
** Please inform that if there is inadequate number of applicants, the class may be subject to cancellation.

Teacher Information



Dr. Lai is a CFA holder. He is currently a professional trainer at Executive Training and Management Consultancy as well as a visiting scholar at HKUST.  Dr. Lai has extensive knowledge in teaching adult continuing education. He was also an Assistant Professor at City University from 1994-2000.

Mr Edmond Leung, CFA®


Mr Leung has over 14 years of working experience in the banking and finance sectors. Also, he possesses practical skills in financial trading and extensive experience in managing multi-asset in global financial markets.    Mr Leung holds a Master of Science in Global Finance degree awarded by the Hong Kong University of Science and Technology. Edmond is a CFA charterholder and has got a Certificate in ESG Investing. He is glad to share his professional experience during his teaching in banking and finance courses.

Mr Terence Tsui, CFA®


Terence Tsui is a distinguished CFA Charterholder with over 15 years of investment research and management experience. He holds a bachelor’s degree in automation engineering from The Chinese University of Hong Kong and a CFA Certificate in ESG Investing.

Throughout his career, Terence has made notable contributions to fund management firms, banks, and family offices in Hong Kong, Switzerland, New Zealand, and Bangkok. His roles as an investment analyst, strategist, and portfolio manager have consistently showcased his remarkable expertise, including being part of a team that earned a 5-Star Morningstar award.

Beyond his role as a seasoned practitioner, Terence is an active member of the investment community. He served as an Executive Director of the CFA Society Hong Kong, one of the world's largest CFA societies with over 6,500 members. His have made significant contributions to the CFA program, investment competitions, and topics on performance measurement, risk.

Mr Larry Yuen, CFA®


Mr Larry Yuen is an all-round financial markets lecturer with extensive experience in finance, investment, and risk management.  He was qualified in England as Chartered Accountant. He started his career in asset management managing monies of institutional clients, and then joined the private banking as portfolio specialist. He has held various senior positions in global financial institutions over the past 20 years of career. Larry holds a MSc in Financial Economics, MSc in E-commerce & Internet Computing, and MSc in Risk Management Science. He is a Chartered Accountant (FCA), Chartered Financial Analyst (CFA), and Chartered Alternative Investments Analyst (CAIA). He also holds specialisation certificates of Investment Management with Python and Machine Learning


Course Fee
  • HK$15,700 (including comprehensive set of notes and study materials which are non-refundable)

Entry Requirements

Applicants should hold a degree awarded by a recognised institution.

Applicants should check with the CFA Institute that they are eligible to attempt the examination.


  • The CEF Institution Code of HKU SPACE is 100
CEF Courses
Certificate for Module (CFA Level II Examination Preparatory Programme)
證書 (單元:特許金融分析師二級考試研習課程)
COURSE CODE 33C144190 FEES $15,700 ENQUIRY 2867-8468

Continuing Education Fund


Continuing Education Fund Continuing Education Fund
This course has been included in the list of reimbursable courses under the Continuing Education Fund.

Certificate for Module (CFA Level II Examination Preparatory Programme)

  • This course is recognised under the Qualifications Framework (QF Level [6])


Online Application Apply Now

Application Form Download Application Form

Payment Method
1. Cash, EPS, WeChat Pay Or Alipay

Course fees can be paid by cash, EPS, WeChat Pay or Alipay at any HKU SPACE Enrolment Centres.

2. Cheque Or Bank draft

Course fees can also be paid by crossed cheque or bank draft made payable to “HKU SPACE”. Please specify the programme title(s) for application and the applicant’s name.. You may either:

  • bring the completed form(s), together with the appropriate course or application fees in the form of a cheque, and any required supporting documents to any of the HKU SPACE enrolment centres;
  • or mail the above documents to any of the HKU SPACE Enrolment Centres, specifying  “Course Application” on the envelope.  HKU SPACE will not be responsible for any loss of payment sent by mail.
3. VISA/Mastercard

Applicants may also pay the course fee by VISA or Mastercard, including the “HKU SPACE Mastercard”, at any HKU SPACE enrolment centres. Holders of the HKU SPACE Mastercard can enjoy a 10-month interest-free instalment period for courses with a tuition fee worth a minimum of HK$2,000; however, the course applicant must also be the cardholder himself/herself. For enquiries, please contact our staff at any enrolment centres.

4. Online Payment

Online application / enrolment is offered for most open admission courses (course enrolled on first come, first served basis) and selected award-bearing programmes. Application fees and course fees of these programmes/courses can be settled by using "PPS by Internet" (not available via mobile phones), VISA or Mastercard. In addition to the aforesaid online payment channels, continuing students of award-bearing programmes, if their programmes offer online service, may also pay their course fees by Online WeChat Pay, Online Alipay and Faster Payment System (FPS). Please refer to Enrolment Methods - Online Enrolment  for details.


  • If the programme/course is starting within five working days, application by post is not recommended to avoid any delays. Applicants are advised to enrol in person at HKU SPACE Enrolement Centres and avoid making cheque payment under this circustance.
  • Fees paid are not refundable except under very exceptional circumstances (e.g. course cancellation due to insufficient enrolment), subject to the School’s discretion. In exceptional cases where a refund is approved, fees paid by cash, EPS, WeChat Pay, Alipay, cheque or PPS (for online payment only) will normally be reimbursed by a cheque, and fees paid by credit card will normally be reimbursed to the payment cardholder's credit card account.
  • In addition to the published fees, there may be additional costs associated with individual programmes. Please refer to the relevant course brochures or direct any enquiries to the relevant programme team for details.
  • Fees and places on courses cannot be transferrable from one applicant to another. Once accepted onto a course, the student may not change to another course without approval from HKU SPACE. A processing fee of HK$120 will be levied on each approved transfer.
  • Receipts will be issued for fees paid but HKU SPACE will not be repsonsible for any loss of receipt sent by mail.
  • For payment certification, please submit a completed form, a sufficiently stamped and self-addressed envelope, and a crossed cheque for HK$30 per copy made payable to "HKU SPACE" to any of our enrolment centres.