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.
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
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.
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.
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
- $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 |
PDF previews
Three real excerpts from the PDF: the cram sheet, allergens + HACCP, and the Big 6 pathogen table.
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.
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 |
|
| Budget mega-packs | 1,000+ |
|
| This deck | 60 pages + 80 recall questions |
|
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: review-only passes through your lowest-count table rows.
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.