Finance Exams
CFA Level 2 Formula Sheet PDF 2026 — 219 Formulas + Free Mock
60-page printable formula quick reference for the 2026 cycle — 219 typeset formulas, 276 definitions, 80-question recall drill, plus free 60Q timed mock.
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Free practice test
Free CFA Level 2 Mock Exam 2026 | 60-Question Diagnostic
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.
Take free 60-question CFA Level 2 Formula Reference practice testPDF previews
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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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CFA Level 2
A vignette-depth Anki deck for CFA Level 2 candidates using spaced repetition.
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
- Price
- $19 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
Free one-page cheat sheets skip item-set timing. Print this 60-page reference for typeset formula tables and the 80-question recall drill — then run the free 60-question CFA Level 2 mock and drill weak vignette 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 PDF 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 |
|
| Budget mega-packs | 1,000+ |
|
| This PDF | 60 pages + 80 recall questions |
|
CFA Level 2 Formula Reference study guide
What is inside
60 printable pages with **219 typeset formulas** and **276 examiner-style definitions** across all ten CFA Level 2 topic areas — Quant, Economics, FSA, Corporate Issuers, Equity, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics. Each row shows concept, typeset math, and a one-line plain-English meaning. The bundled **80-question Formula Recall Drill** tests whether you can name the concept behind a displayed formula under item-set timing.
Study plan with the free mock and Anki deck
**Week 1:** Print weak-topic tables (Fixed Income, Equity, FSA first). **Week 2:** Run the 80-question recall drill timed; review every explanation. **Week 3:** Take the [free 60-question CFA Level 2 mock](/mock-exams/cfa-level-2-readiness-check) — no signup — and map topic gaps back to the PDF tables. **Week 4+:** Drill missed formulas in the [495-card Level 2 Anki deck](/decks/cfa-level-2-anki-deck) between mock retakes.
Official CFA Level 2 is vignette / item-set across 10 equally weighted topics — this PDF is a recall companion, not CFA Institute curriculum.
Pitfalls this reference targets
Candidates lose item-set points from slow formula retrieval (duration/convexity families, residual income vs FCFE), mixing Level 1 ratio shortcuts with L2 adjustments, and skipping ethics application cards. The recall drill forces concept naming — not passive highlighting.
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 there a free CFA Level 2 practice test?
Yes. Take the free 60-question CFA Level 2 readiness check at uniprep2go.study/mock-exams/cfa-level-2-readiness-check — topic scoring and full answer review, then drill weak vignette areas with this PDF and the companion Anki deck.
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 2026-08-27.