Finance Exams
Best CFA Level 1 Formula Sheet PDF 2026 — 221 Formulas + 80Q Drill
48-page 2026 formula reference: 221 typeset formulas with when to use each and the exam trap, 146 definitions, all 22 Standards, and an 80-question recall drill with answer key.
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Exam version & sources
CFA Level 1— what this product is (and isn't)
- Exam version
- 2026 Level I topic outline (CFA Institute)
- Official source
- CFA Level I exam overview
- Last reviewed
- October 15, 2026
- What this covers
- 221 CFA Level 1 formulas, 146 definitions and the 22 Standards across Quant, Economics, Corporate Issuers, FSA, Equity, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics & GIPS
- Does not replace
- Independent study aid — it does not replace CFA Institute curriculum, practice questions, and mock exams in the Learning Ecosystem.
Free practice test
CFA Level 1 Practice Test | 25Q Free, 60Q Timed
CFA Level 1 Formula Reference knowledge diagnostic — 60-question timed check (free 25-question version) with topic scoring and a readiness report before you buy the PDF. It checks what you know; it is not a copy of the official exam format.
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Real excerpts from the PDF so you can judge layout and depth before checkout.
Fixed Income — yield duration and convexity table (page 24)
Macaulay, modified and approximate modified duration, approximate convexity, the duration-plus-convexity price change, money duration and PVBP, then effective duration and convexity, portfolio and key rate durations — each row with when to use it and the exam trap, such as dividing by (1 + annual yield) on a semiannual bond.
Ethics — Code of Ethics and Standards I(A)–III(B) (page 36)
The six Code obligations, then each Standard with what it requires and the exam trap: dissociating under I(A), issuer-paid travel under I(B), mosaic theory under II(A), soft dollars belonging to the client under III(A), fair versus equal treatment under III(B).
Formula Recall Drill — Economics, Corporate Issuers and FSA items 13–27 (page 40)
Each item masks one formula and offers four same-topic names: the money multiplier, covered interest rate parity, IRR as 0 = Σ CF_t / (1 + ?)^t, the cost of trade credit, LIFO-to-FIFO adjustments and FCFF versus FCFE. Every answer is explained in the key.
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Get CFA Level 1 Formula Reference PDF — $19 USDPairs with
CFA Level 1
Focused 348-card CFA Level 1 Anki deck weighted to the 2026 topic ranges — scenario and calculation cards with a worked example and common mistake on each, plus a 60-question timed mock (free 25-question version).
Product facts
- Contents
- 48 pages + 80 recall questions
- Coverage
- 221 CFA Level 1 formulas, 146 definitions and the 22 Standards across Quant, Economics, Corporate Issuers, FSA, Equity, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics & GIPS
- Format
- Price
- $19 USD
- Checkout
- Gumroad
- Exam cycle
- 2026 CFA Level 1 preparation cycle
- Delivery
- Printable PDF digital download through Gumroad
What is inside the PDF
| Section | Length | What you get |
|---|---|---|
| Quantitative Methods | 31 formulas | Rates and returns, TVM, statistics, probability, hypothesis tests, simple regression |
| Economics | 20 formulas | Elasticities, market structure, policy multipliers, exchange-rate and parity math |
| Corporate Issuers | 14 formulas | Cumulative voting, working capital costs, NPV/IRR, WACC, MM propositions |
| Financial Statement Analysis | 36 formulas | EPS, cash flows, LIFO/FIFO, depreciation, taxes, liquidity and solvency ratios |
| Equity Investments | 26 formulas | Margin, index returns, DDM and FCFE, justified multiples, enterprise value |
| Fixed Income | 36 formulas | Pricing and yields, money market rates, spreads, duration, convexity, credit, MBS |
| Derivatives | 20 formulas | Forward pricing and value, FRAs, swaps, option payoffs, parity, one-period binomial |
| Alternative Investments | 16 formulas | Fee waterfalls, leveraged return, Sortino/Calmar, real estate, roll return |
| Portfolio Management | 22 formulas | Portfolio variance, utility, CAL, CAPM/SML, Sharpe, Treynor, M², Jensen’s alpha |
| Ethics & GIPS | 22 Standards | Code of Ethics, what each Standard requires and its exam trap, GIPS essentials |
| Formula Recall Drill | 80 questions | See the formula, name the concept — explained answer key |
Exam facts
CFA Level 1
The CFA Level 1 exam is administered by CFA Institute for investment professionals. This page summarizes structure, 2026 topic weights, and independent UniPrep2Go study products (not official CFA Institute material).
- Questions
- 180 multiple-choice (two 90-question sessions)
- Time
- 4 hours 30 minutes total — two 135-minute sessions of 90 questions each, optional break
- Passing score
- No fixed passing score published; CFA Institute sets the MPS each cycle
- Delivery
- Computer-based at Prometric test centers
- Administered by
- CFA Institute
Knowledge domains and weights
| Domain | Official weight |
|---|---|
| Ethical and Professional Standards | 15–20% |
| Quantitative Methods | 6–9% |
| Economics | 6–9% |
| Financial Statement Analysis | 11–14% |
| Corporate Issuers | 6–9% |
| Equity Investments | 11–14% |
| Fixed Income | 11–14% |
| Derivatives | 5–8% |
| Alternative Investments | 7–10% |
| Portfolio Management | 8–12% |
High-yield facts (commonly tested)
- Ethics and Professional Standards is heavily weighted and can determine pass/fail for borderline candidates.
- FIFO assumes the first units purchased are sold first; LIFO is not permitted under IFRS.
- Duration measures the sensitivity of a bond's price to a change in yield.
- The CAPM relates expected return to systematic risk (beta).
- Derivatives include forwards, futures, options, and swaps — each with distinct payoff profiles.
Common CFA Level 1 questions
Straight answers to the questions candidates usually search before buying prep or booking the exam.
How many questions are on CFA Level 1?
180 multiple-choice questions split across two 90-question sessions (4 hours 30 minutes total with optional break).
What are the CFA Level 1 topic weights?
Ten topics ranging from 5–8% (Derivatives) to 15–20% (Ethics); see cfainstitute.org for the current cycle.
Is there a fixed passing score for CFA Level 1?
No published cutoff. CFA Institute sets the minimum passing score (MPS) after each exam administration.
Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam. Independent study aid — not official exam material.
More about CFA Level 1 Formula ReferenceStudy tips, positioning, and how this PDF compares
CFA Level 1 exam prep
221 formulas grouped by the 2026 learning modules — FSA and Fixed Income (36 each), Quant (31), Equity (26), Portfolio Management (22), Economics and Derivatives (20 each), Alternatives (16), Corporate Issuers (14) — plus all 22 Standards. Every row says when to use the formula and names the exam trap. The 80-question drill tests see-the-formula/name-the-concept recall. The 348-card Anki deck is a separate scenario deck weighted to the 2026 topic ranges, for daily recall after you look things up here.
Built for: CFA Level 1 candidates who need fast formula retrieval under exam timing — print the reference, run the recall drill, and pair with spaced-repetition review on the companion Anki deck.
Covers: 221 CFA Level 1 formulas, 146 definitions and the 22 Standards across Quant, Economics, Corporate Issuers, FSA, Equity, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics & GIPS.
- Printable PDF study material
- 48 pages + 80 recall questions
- Topic coverage table and samples on this page
- Independent supplement to courses and question banks
How this PDF compares
Free one-pagers look helpful until the exam clock starts. This $19 reference forces typed formula recall across all 10 topics, then hands you an 80-question drill and the 60-question mock (free 25-question version) for gap scoring.
| Approach | Typical size | Tradeoffs |
|---|---|---|
| Free community decks | 1,000–3,000 |
|
| Budget mega-packs | 1,000+ |
|
| This PDF | 48 pages + 80 recall questions |
|
CFA Level 1 Formula Reference study guide
What is inside
48 printable pages: 221 typeset formulas grouped by the 2026 learning modules — FSA and Fixed Income (36 each), Quantitative Methods (31), Equity (26), Portfolio Management (22), Economics and Derivatives (20 each), Alternatives (16), Corporate Issuers (14) — plus 146 definitions and all 22 Standards of Professional Conduct. Each formula row has three columns: the concept and when to use it, the typeset formula with its variables, and the exam trap (for example, dividing by 1 + annual yield on a semiannual bond). The Ethics section lists what each Standard requires and the trap examiners set. The 80-question Formula Recall Drill masks one formula and offers four same-topic names; every answer is explained in the key.
Four-week recall plan with the Anki deck and free mock
Week 1: Quant and FRA tables + 20 CFA Anki cards/day. Week 2: Fixed income and derivatives tables. Week 3: Take the 80-question recall drill timed; run the CFA Level 1 practice test (25 free, then 60 questions / 90 minutes). Week 4: Re-print tables for lowest mock topics only; Anki review on missed drill questions.
Pitfalls this reference targets
Candidates memorize formula shape but cannot name the concept under pressure, or confuse duration with convexity applications. The recall drill forces concept retrieval — not passive re-reading of typeset math.
CFA Level 1 & product FAQ
How many questions are on CFA Level 1?
180 multiple-choice questions split across two 90-question sessions (4 hours 30 minutes total with optional break).
What are the CFA Level 1 topic weights?
Ten topics ranging from 5–8% (Derivatives) to 15–20% (Ethics); see cfainstitute.org for the current cycle.
Is there a fixed passing score for CFA Level 1?
No published cutoff. CFA Institute sets the minimum passing score (MPS) after each exam administration.
Is this official CFA Institute material?
No. This is an independent educational product. CFA Institute does not endorse, promote, or warrant the accuracy or quality of this product.
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