Finance Exams
CFA Level 2 Formula Sheet PDF 2026 — 281 Formulas + Free Mock
51-page 2026 L2 formula reference: 281 typeset formulas with when to use each and the exam trap, all 22 Standards, plus an 80-question recall drill — pairs with the 60Q item-set diagnostic (free 25-question version).
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Exam version & sources
CFA Level 2— what this product is (and isn't)
- Exam version
- 2026 Level II topic outline (CFA Institute)
- Official source
- CFA Level II exam overview
- Last reviewed
- October 15, 2026
- What this covers
- 281 CFA Level 2 formulas, 133 definitions and the 22 Standards across Quant, Economics, Financial Reporting, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics
- 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 2 Practice Exam | 25Q Free, 60Q Timed
CFA Level 2 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.
Take the free 25-question diagnosticPDF previews
Real excerpts from the PDF so you can judge layout and depth before checkout.
Equity Valuation — residual income and private company valuation table (page 20)
Clean surplus, single-stage and finite-horizon residual income with persistence ω, the multistage model with a terminal premium over book, EVA and MVA, then the capitalized cash flow and excess earnings methods, expanded CAPM, DLOC and the compounded DLOC + DLOM discount — each row with when to use it and the exam trap.
Ethics — Code of Ethics and Standards I(A)–III(B) (page 39)
The six Code obligations, then each Standard with what it requires and a Level II case-style trap, from dissociating under I(A) to selective disclosure under II(A) and fair dealing under III(B).
Formula Recall Drill — Corporate Issuers and Equity Valuation items 28–42 (page 44)
Each item masks one formula and offers four same-topic names: unlevering and relevering beta, the country risk premium, FCFF from net income, the H-model, single-stage versus finite-horizon residual income, and DLOC from a control premium. Every answer is explained in the key.
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Get CFA Level 2 Formula Reference PDF — $19 USDPairs with
CFA Level 2
A vignette-depth Anki deck for CFA Level 2 item sets — not a Level 1 leftover dump.
Product facts
- Contents
- 51 pages + 80 recall questions
- Coverage
- 281 CFA Level 2 formulas, 133 definitions and the 22 Standards 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 | 36 formulas | Multiple regression, misspecification tests, time series, machine learning, big data |
| Economics | 20 formulas | FX parity conditions, carry, real exchange rates, growth accounting, Solow |
| Financial Reporting | 32 formulas | Intercorporate investments, pensions, FX translation, bank capital, Beneish M-score |
| Corporate Issuers | 22 formulas | Buybacks and payout, cost of capital advanced topics, restructuring and merger gains |
| Equity Valuation | 42 formulas | DDM and H-model, FCFF/FCFE, justified multiples, residual income, private company discounts |
| Fixed Income | 38 formulas | Forward rates, binomial trees, OAS, embedded options, credit models, CDS |
| Derivatives | 32 formulas | Forward and swap pricing, binomial models, BSM and Black, Greeks and delta hedging |
| Alternative Investments | 22 formulas | Commodity returns and carry, property valuation, REIT NAV and FFO/AFFO, hedge fund strategies |
| Portfolio Management | 37 formulas | Fundamental law, multifactor models, VaR, ETF costs, backtesting |
| Ethics & Standards | 22 Standards | What each Standard requires and its Level II case-style trap |
| 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 multiple-choice questions in 22 vignette-based item sets (11 item sets per session, 4 questions each)
- Time
- 4 hours 24 minutes total (two 132-minute sessions with an 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 | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Finance | 5–10% |
| Equities | 10–15% |
| Fixed Income | 10–15% |
| Derivatives and Risk Management | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Construction | 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 in 22 vignette-based item sets — 11 item sets per session, 4 questions each. 20 item sets are scored; 2 are unscored trial sets.
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, Equities, Fixed Income, Portfolio Construction, and Ethical and Professional Standards are each 10–15%; Quantitative Methods, Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments are 5–10%.
Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam. 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
One-page L2 cheat sheets skip item-set timing. Print the 51-page tables (every formula with when to use it and the exam trap), run the 80-question recall drill, then take the 60-question CFA Level 2 mock (free 25-question version) and repair misses in the 495-card Anki deck. Official exam: 88 questions in 22 vignettes over 4 hours 24 minutes.
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: 281 CFA Level 2 formulas, 133 definitions and the 22 Standards across Quant, Economics, Financial Reporting, Corporate Issuers, Equity Valuation, Fixed Income, Derivatives, Alternatives, Portfolio Management, and Ethics.
- Printable PDF study material
- 51 pages + 80 recall questions
- Topic coverage table and samples on this page
- Independent supplement to courses and question banks
How this PDF compares
51 pages + 80 recall questions for CFA Level 2 Formula Reference matches the 2026 281 cfa level 2 formulas, 133 definitions and the 22 standards 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 | 51 pages + 80 recall questions |
|
CFA Level 2 Formula Reference study guide
What is inside
51 printable pages with 281 typeset formulas grouped by the 2026 Level II learning modules — Equity Valuation (42), Fixed Income (38), Portfolio Management (37), Quant (36), FSA and Derivatives (32 each), Corporate Issuers and Alternatives (22 each), Economics (20) — plus 133 definitions and all 22 Standards. Each formula row shows the concept and when to use it, the typeset formula with its variables, and the exam trap (for example, adding DLOC and DLOM instead of compounding them). Level I basics that Level II takes as given are left out. The 80-question Formula Recall Drill masks one formula and offers four same-topic names, with every answer explained.
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 CFA Level 2 practice exam — 25 questions free, no signup, then 60 vignette questions — and map topic gaps back to the PDF tables. Week 4+: Drill missed formulas in the 495-card Level 2 Anki deck between mock retakes.
Official CFA Level 2 is 88 item-set questions in 22 vignettes over 4 hours 24 minutes — 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 in 22 vignette-based item sets — 11 item sets per session, 4 questions each. 20 item sets are scored; 2 are unscored trial sets.
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, Equities, Fixed Income, Portfolio Construction, and Ethical and Professional Standards are each 10–15%; Quantitative Methods, Economics, Corporate Finance, Derivatives and Risk Management, and Alternative Investments are 5–10%.
Is there a free CFA Level 2 practice test?
Yes. Take the CFA Level 2 practice exam at uniprep2go.study/mock-exams/cfa-level-2-readiness-check — 25 vignette questions free, no signup, then 60 questions in 120 minutes with topic scores. Drill weak vignettes with this PDF and the companion Anki deck. Your first UniPrep2Go mock, including this CFA Level 2 one, is a free 25-question timed diagnostic (any exam, Exam or Learn mode, no signup); full-length mocks and retakes run on the $5 UniPrep2Go Mock Pass — 5 attempts on any mock.
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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