Finance Exams

CFA Level 2 Formula Reference — 219 Formulas + 80 Recall Drill

60-page printable formula quick reference for the 2026 cycle — 219 typeset formulas, 276 examiner-style definitions, and an 80-question recall drill.

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Free CFA Level 2 Mock Exam 2026 | 60 Questions

Same CFA Level 2 Formula Reference exam — run the linked 60-question timed check for topic scoring and a pass/no-pass report before you buy the PDF.

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Real excerpts from the PDF so you can judge layout and depth before checkout.

Cover — Level 2 formula reference at a glance

60 print-ready pages with 219 typeset formulas and 276 definitions organized across all 10 Level 2 topic areas.

Fixed Income formula table — typeset math at a glance

Each row shows concept, typeset formula, and a one-line plain-English meaning — the fastest pre-exam scan for arbitrage-free and credit-model families Level 2 repeats.

Formula Recall Drill — see the formula, name the concept

80 questions with same-topic distractors test whether you can retrieve the concept behind a displayed formula under item-set exam timing.

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Pairs with

CFA Level 2

A vignette-depth Anki deck for CFA Level 2 candidates using spaced repetition.

View deck — $13 USDSame validated bank as this PDF

Product facts

Contents: 60 pages + 80 recall questions
Coverage: 219 CFA Level 2 formulas and 276 definitions across Quant, Economics, Financial Reporting, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics
Format: PDF
Price: $16 USD
Checkout: Gumroad
Exam cycle: 2026 CFA Level 2 preparation cycle
Delivery: Printable PDF digital download through Gumroad

What is inside the PDF

Section	Length	What you get
Quantitative Methods	67 entries	Regression, ML, time-series — typeset with one-line meanings
Economics	22 entries	Currency equilibrium and growth models
Financial Reporting	66 entries	Pensions, FX translation, intercorporate accounting
Corporate Issuers	40 entries	M&A, capital structure, ESG, bank analysis
Equity Valuation	66 entries	Residual income, FCFF/FCFE, multiples, private company
Fixed Income	62 entries	Arbitrage-free pricing, credit models, term structure
Derivatives	38 entries	BSM, binomial trees, swaps
Alternative Investments	36 entries	Commodities, REITs, hedge funds
Portfolio Management	62 entries	Multifactor models, APT, active PM
Ethics & Standards	40 entries	Application-level ethics recall
Formula Recall Drill	80 questions	See the formula, name the concept — explained answer key

Exam facts

CFA Level 2

The CFA Level 2 exam uses vignette-based item sets for investment professionals who passed Level 1. This page summarizes exam structure, topic weights, and independent UniPrep2Go study products (not official CFA Institute material).

Questions: 88 vignette-linked multiple-choice (22 item sets × 4 questions per session; 2 sessions)
Time: 4 hours 24 minutes total (two 132-minute sessions with 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	Weight
Ethical and Professional Standards	10–15%
Quantitative Methods	5–10%
Economics	5–10%
Financial Statement Analysis	10–15%
Corporate Issuers	5–10%
Equity Valuation	10–15%
Fixed Income	10–15%
Derivatives	5–10%
Alternative Investments	5–10%
Portfolio Management	10–15%

High-yield facts (commonly tested)

Level 2 tests application in vignettes — formulas must be tied to a short case, not recalled in isolation.
FCFF = NI + NCC + Int(1 − t) − FCInv − WCInv; FCFE = NI + NCC − FCInv − WCInv + Net Borrowing.
Pension accounting (IFRS vs U.S. GAAP) and intercorporate investments are core FSA vignette topics.
Arbitrage-free fixed income valuation and binomial trees appear frequently in fixed income item sets.
Ethics at Level 2 emphasizes the Code and Standards applied to portfolio management and research conflicts.

Common CFA Level 2 questions

Straight answers to the questions candidates usually search before buying prep or booking the exam.

How many questions are on CFA Level 2?

88 multiple-choice questions grouped into 44 vignette item sets (22 per session, typically 4 questions per vignette).

How long is the CFA Level 2 exam?

Two 132-minute sessions (4 hours 24 minutes total), plus an optional break between sessions.

What format is CFA Level 2?

Vignette-based item sets — each mini-case has several linked multiple-choice questions; not standalone one-liners like Level 1.

What are the CFA Level 2 topic weights?

Ten topics; Financial Statement Analysis, Equity, Fixed Income, Portfolio Management, and Ethics are each 10–15%; Quant, Economics, Corporate Issuers, Derivatives, and Alternatives are 5–10%.

Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exams. Independent study aid — not official exam material.

More about CFA Level 2 Formula ReferenceStudy tips, positioning, and how this PDF compares

CFA Level 2 exam prep

Candidates who need sub-three-second formula retrieval under item-set timing print this reference for typeset formula tables and an 80-question recall drill — then drill weak topics in the companion Anki deck.

Built for: CFA Level 2 candidates who need fast formula retrieval under item-set exam timing — print the reference, run the recall drill, and pair with spaced-repetition review on the companion Anki deck.

Covers: 219 CFA Level 2 formulas and 276 definitions across Quant, Economics, Financial Reporting, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics.

Printable PDF study material
60 pages + 80 recall questions
Topic coverage table and samples on this page
Independent supplement to courses and question banks

How this deck compares

60 pages + 80 recall questions for CFA Level 2 Formula Reference matches the 2026 219 cfa level 2 formulas and 276 definitions across quant, economics, financial reporting, corporate issuers, equity valuation, fixed income, derivatives, alternatives, portfolio management, and ethics in the coverage table — sized for daily review, not maximum download size.

Approach	Typical size	Tradeoffs
Free community decks	1,000–3,000	Unknown accuracy and mixed exam cycles in one download Card dumps not weighted to official topic tables No linked practice test to show what to drill next
Budget mega-packs	1,000+	Volume over signal — daily review time balloons Weak alignment to exam topic weights No validation gate before cards ship
This deck	60 pages + 80 recall questions	Every pages and practice item checked against a scripted item bank before release 2026 CFA Level 2 Formula Reference scope only — see the topic table for weights and counts Coverage follows 219 cfa level 2 formulas and 276 definitions across quant, economics, financial reporting, corporate issuers, equity valuation, fixed income, derivatives, alternatives, portfolio management, and ethics Sample pages and practice items and topic matrix on this page — verifiable before checkout

CFA Level 2 Formula Reference study guide

Coverage focus for CFA Level 2 Formula Reference

60 pages + 80 recall questions items align to 219 cfa level 2 formulas and 276 definitions across quant, economics, financial reporting, corporate issuers, equity valuation, fixed income, derivatives, alternatives, portfolio management, and ethics: Quantitative Methods (Regression, ML, time-series — typeset with one-line meanings); Economics (Currency equilibrium and growth models); Financial Reporting (Pensions, FX translation, intercorporate accounting); Corporate Issuers (M&A, capital structure, ESG, bank analysis).

Suggested review cadence

Weeks 1–3: 20 new CFA Level 2 Formula Reference cards per day. Week four: free CFA Level 2 Formula Reference mock (60 questions) — review only missed table rows.

CFA Level 2 & product FAQ

How many questions are on CFA Level 2?

88 multiple-choice questions grouped into 44 vignette item sets (22 per session, typically 4 questions per vignette).

How long is the CFA Level 2 exam?

Two 132-minute sessions (4 hours 24 minutes total), plus an optional break between sessions.

What format is CFA Level 2?

Vignette-based item sets — each mini-case has several linked multiple-choice questions; not standalone one-liners like Level 1.

What are the CFA Level 2 topic weights?

Ten topics; Financial Statement Analysis, Equity, Fixed Income, Portfolio Management, and Ethics are each 10–15%; Quant, Economics, Corporate Issuers, Derivatives, and Alternatives are 5–10%.

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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Last updated 2026-06-13.