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CFA Formula Cheat Sheets

Every exam formula for all 3 CFA levels — plus tips, shortcuts, and common variations. 350+ formulas organized by topic, ready to print or save as PDF.

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L1

CFA Level 1 Formulas

152 formulas

Quantitative Methods

28 formulas
  • Time Value of Money (PV, FV, annuities)
  • Descriptive Statistics (mean, variance, std dev)
  • Probability (Bayes' Theorem, combinations)
  • + 2 more...
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Economics

14 formulas
  • GDP calculations
  • Elasticity formulas
  • Exchange rate parity (PPP, IRP)
  • + 1 more...
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Financial Reporting & Analysis

32 formulas
  • DuPont decomposition (3-way & 5-way)
  • Inventory (FIFO, LIFO, weighted average)
  • Depreciation methods
  • + 1 more...
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Corporate Finance

18 formulas
  • WACC
  • NPV & IRR
  • Cost of equity (CAPM, DDM)
  • + 1 more...
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Equity Investments

16 formulas
  • DDM (Gordon Growth Model)
  • P/E, P/B, P/S, EV/EBITDA
  • Free Cash Flow to Equity/Firm
  • + 1 more...
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Fixed Income

22 formulas
  • Bond pricing & YTM
  • Duration (Macaulay, Modified, Effective)
  • Convexity adjustment
  • + 1 more...
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Derivatives

12 formulas
  • Put-call parity
  • Binomial option pricing
  • Forward/futures pricing
  • + 1 more...
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Portfolio Management

10 formulas
  • CAPM & SML
  • Portfolio variance (2-asset)
  • Sharpe, Treynor, Jensen's alpha
  • + 1 more...
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L2

CFA Level 2 Formulas

120 formulas

Quantitative Methods

20 formulas
  • Multiple regression & F-test
  • Time-series analysis (AR models)
  • Machine learning basics
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Financial Reporting

28 formulas
  • Intercorporate investments
  • Pension accounting
  • Multinational operations
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Equity Valuation

24 formulas
  • Residual income model
  • Multi-stage DDM
  • Private company valuation
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Fixed Income

20 formulas
  • Term structure models
  • Credit analysis
  • Structured products
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Derivatives

18 formulas
  • Black-Scholes-Merton
  • Interest rate swaps
  • Options Greeks (delta, gamma, vega)
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Alternative Investments

10 formulas
  • Real estate valuation
  • Private equity (LBO)
  • Hedge fund performance
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L3

CFA Level 3 Formulas

78 formulas

Behavioral Finance

8 formulas
  • Prospect theory
  • Cognitive biases framework
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Asset Allocation

18 formulas
  • Mean-variance optimization
  • Black-Litterman model
  • Risk budgeting
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Fixed Income PM

16 formulas
  • Immunization strategies
  • Liability-driven investing
  • Key rate duration
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Equity PM

12 formulas
  • Factor models
  • Active share & tracking error
  • Market-neutral strategies
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Derivatives & Risk

14 formulas
  • Delta hedging
  • VaR calculations
  • Currency overlay strategies
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Wealth Planning

10 formulas
  • After-tax returns
  • Estate planning formulas
  • Risk tolerance scoring
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More Than Just Formulas

📐

Every Exam Formula

Complete coverage of all formulas tested across Level 1, 2 & 3.

💡

Pro Tips & Shortcuts

Calculator keystrokes, mental math tricks, and common exam traps to avoid.

🔄

Formula Variations

Different forms of the same formula (e.g., DDM rearranged for growth rate, cost of equity).

🎯

Exam-Weighted Focus

Formulas ranked by exam weight so you know which ones matter most.

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