CCRA-L2 Exam Information and Outline
Certified Credit Research Analyst (L2)
Syllabus Update Checked on: November 9, 2026
CCRA-L2 Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official CCRA-L2 exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
AIWMI.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- Online multiple-choice and case-based examination
- Credit Analysis Framework
- Credit risk fundamentals and the credit process
- Qualitative and quantitative credit assessment
- Financial Statement Analysis for Credit
- Cash flow analysis, leverage, coverage and liquidity ratios
- Adjustments, off-balance sheet items and earnings quality
- Industry and Business Risk Analysis
- Industry risk, competitive position and management assessment
- Credit Rating Methodologies
- Corporate rating approach and rating scales
- Default probability, loss given default and recovery analysis
- Sector-Specific Credit Analysis
- Banks and NBFCs; infrastructure and project finance
- Manufacturing and services companies
- Structured Finance and Securitisation
- Debt Instruments and Covenants
- Loan and bond structures, covenants and security
- Credit Research Reports
- Writing credit research notes and recommendations