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cfa1-001 | CFA Level I | Quantitative Methods | Future value (discrete compounding) | FV = PV\,(1+r)^{N} | PV present value; r periodic rate; N number of periods | Growing a single cash flow forward | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-002 | CFA Level I | Quantitative Methods | Present value of an ordinary annuity | PV = A\,\frac{1-(1+r)^{-N}}{r} | A level payment at end of each period; r periodic rate; N periods | Loan payments, bond coupons, retirement income | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-003 | CFA Level I | Quantitative Methods | Present value of a perpetuity | PV = \frac{A}{r} | A constant payment per period; r discount rate | Preferred stock, consols | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-004 | CFA Level I | Quantitative Methods | Effective annual rate | EAR = \left(1+\frac{r_s}{m}\right)^{m}-1 | r_s stated annual rate; m compounding periods per year | Comparing rates with different compounding frequencies | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-005 | CFA Level I | Quantitative Methods | Continuous compounding | FV = PV\,e^{r_s N} | r_s stated annual rate; N years | Continuously compounded returns and growth | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-006 | CFA Level I | Quantitative Methods | Holding period return | HPR = \frac{P_1 - P_0 + D_1}{P_0} | P_0 beginning price; P_1 ending price; D_1 income received | Single-period return including income | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-007 | CFA Level I | Quantitative Methods | Geometric mean return | \bar R_G = \left[\prod_{t=1}^{T}(1+R_t)\right]^{1/T}-1 | R_t return in period t; T number of periods | Compound average growth rate over multiple periods | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-008 | CFA Level I | Quantitative Methods | Sample variance | s^2 = \frac{\sum_{i=1}^{n}(X_i-\bar X)^2}{n-1} | X_i observations; \bar X sample mean; n sample size | Dispersion of a sample | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-009 | CFA Level I | Quantitative Methods | Coefficient of variation | CV = \frac{s}{\bar X} | s sample standard deviation; \bar X sample mean | Risk per unit of return | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-010 | CFA Level I | Quantitative Methods | Sharpe ratio | S_p = \frac{\bar R_p - R_f}{\sigma_p} | \bar R_p portfolio mean return; R_f risk-free rate; \sigma_p portfolio standard deviation | Risk-adjusted performance | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-011 | CFA Level I | Quantitative Methods | Sample correlation | r_{XY} = \frac{s_{XY}}{s_X\, s_Y} | s_{XY} sample covariance; s_X, s_Y sample standard deviations | Strength of linear relationship | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-012 | CFA Level I | Quantitative Methods | Bayes' formula | P(A\mid B) = \frac{P(B\mid A)\,P(A)}{P(B)} | P(A) prior; P(B|A) likelihood; P(B) unconditional probability | Updating probabilities with new information | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-013 | CFA Level I | Quantitative Methods | z-statistic / standardization | z = \frac{X-\mu}{\sigma} | X value; \mu mean; \sigma standard deviation | Standard normal probabilities | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-014 | CFA Level I | Quantitative Methods | t-statistic for a mean | t = \frac{\bar X-\mu_0}{s/\sqrt{n}} | \bar X sample mean; \mu_0 hypothesized mean; s sample std dev; n sample size (df = n-1) | Hypothesis test of a population mean | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-015 | CFA Level I | Quantitative Methods | Simple linear regression slope | \hat b_1 = \frac{\operatorname{Cov}(X,Y)}{\operatorname{Var}(X)} | Cov(X,Y) covariance; Var(X) variance of the independent variable | Estimating the slope coefficient | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-016 | CFA Level I | Quantitative Methods | Coefficient of determination (simple regression) | R^2 = \frac{SSR}{SST} = 1-\frac{SSE}{SST} | SSR regression sum of squares; SSE sum of squared errors; SST total sum of squares | Share of variation explained | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-017 | CFA Level I | Economics | Price elasticity of demand | E_P = \frac{\%\Delta Q_d}{\%\Delta P} | Q_d quantity demanded; P price | Responsiveness of demand to price | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-018 | CFA Level I | Economics | Covered interest rate parity (forward rate) | F_{f/d} = S_{f/d}\,\frac{1+i_f\left(\frac{\text{days}}{360}\right)}{1+i_d\left(\frac{\text{days}}{360}\right)} | S spot rate (price currency f per base currency d); i_f, i_d money-market rates | Pricing currency forwards | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-019 | CFA Level I | Financial Statement Analysis | Current ratio | \text{Current ratio} = \frac{\text{Current assets}}{\text{Current liabilities}} | — | Short-term liquidity | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-020 | CFA Level I | Financial Statement Analysis | Cash conversion cycle | CCC = DOH + DSO - \text{Days of payables} | DOH days of inventory on hand; DSO days of sales outstanding | Working-capital efficiency | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-021 | CFA Level I | Financial Statement Analysis | DuPont (three-step) ROE | ROE = \frac{NI}{\text{Sales}}\times\frac{\text{Sales}}{\text{Assets}}\times\frac{\text{Assets}}{\text{Equity}} | NI net income; average assets and equity | Decomposing return on equity | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-022 | CFA Level I | Financial Statement Analysis | Basic EPS | EPS = \frac{NI - \text{Preferred dividends}}{\text{Weighted avg. common shares}} | NI net income | Earnings per common share | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-023 | CFA Level I | Financial Statement Analysis | Interest coverage | \text{Interest coverage} = \frac{EBIT}{\text{Interest payments}} | EBIT earnings before interest and taxes | Solvency | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-024 | CFA Level I | Corporate Issuers | Weighted average cost of capital | WACC = w_d\,r_d\,(1-t) + w_p\,r_p + w_e\,r_e | w weights (market values); r_d before-tax cost of debt; t marginal tax rate; r_p cost of preferred; r_e cost of equity | Hurdle rate for average-risk projects | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-025 | CFA Level I | Corporate Issuers | Net present value | NPV = \sum_{t=0}^{N}\frac{CF_t}{(1+r)^t} | CF_t cash flow at t (CF_0 usually negative); r required return | Capital budgeting accept/reject | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-026 | CFA Level I | Corporate Issuers | Degree of operating leverage | DOL = \frac{\%\Delta EBIT}{\%\Delta \text{Sales}} = \frac{Q(P-V)}{Q(P-V)-F} | Q units; P price; V variable cost per unit; F fixed operating costs | Operating risk | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-027 | CFA Level I | Corporate Issuers | Degree of financial leverage | DFL = \frac{\%\Delta NI}{\%\Delta EBIT} = \frac{Q(P-V)-F}{Q(P-V)-F-C} | C fixed financial costs (interest) | Financial risk | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-028 | CFA Level I | Corporate Issuers | CAPM cost of equity | r_e = R_f + \beta\,[E(R_M)-R_f] | R_f risk-free rate; \beta equity beta; E(R_M) expected market return | Required return on equity | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-029 | CFA Level I | Equity Investments | Gordon (constant) growth model | V_0 = \frac{D_1}{r-g} | D_1 next dividend; r required return; g constant growth rate (g < r) | Valuing mature dividend payers | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-030 | CFA Level I | Equity Investments | Justified forward P/E | \frac{P_0}{E_1} = \frac{D_1/E_1}{r-g} | D_1/E_1 payout ratio; r required return; g growth | Relative valuation from fundamentals | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-031 | CFA Level I | Equity Investments | Preferred stock value | V_0 = \frac{D_p}{r_p} | D_p fixed preferred dividend; r_p required return | Non-callable perpetual preferred shares | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-032 | CFA Level I | Equity Investments | Margin call price (long) | P_{call} = P_0\,\frac{1-IM}{1-MM} | P_0 purchase price; IM initial margin; MM maintenance margin | Leveraged long position | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-033 | CFA Level I | Fixed Income | Bond price from yield | P = \sum_{t=1}^{N}\frac{PMT}{(1+r)^t} + \frac{FV}{(1+r)^N} | PMT coupon per period; FV par value; r market discount rate per period; N periods | Pricing option-free bonds | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-034 | CFA Level I | Fixed Income | Modified duration | \text{ModDur} = \frac{\text{MacDur}}{1+r} | MacDur Macaulay duration; r yield per period | Price sensitivity to yield | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-035 | CFA Level I | Fixed Income | Percentage price change (duration + convexity) | \%\Delta P \approx -\text{AnnModDur}\,\Delta y + \tfrac12\,\text{AnnConvexity}\,(\Delta y)^2 | \Delta y change in annual yield (decimal) | Estimating price change for a yield shift | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-036 | CFA Level I | Fixed Income | Money duration and PVBP | \text{MoneyDur} = \text{AnnModDur}\times P^{\text{full}}, \quad PVBP = \frac{PV_- - PV_+}{2} | P^full full price; PV_- / PV_+ prices for 1 bp down / up yield | Dollar interest-rate exposure | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-037 | CFA Level I | Fixed Income | Forward rate from spot rates | (1+S_{A+B})^{A+B} = (1+S_A)^A\,(1+{}_AF_B)^B | S spot rates; {}_AF_B forward rate starting at A for B periods | Implied forward rates / bootstrapping | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-038 | CFA Level I | Derivatives | Forward price (no income) | F_0(T) = S_0\,(1+r)^T | S_0 spot price; r risk-free rate; T years | No-arbitrage forward pricing | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-039 | CFA Level I | Derivatives | Put–call parity | S_0 + p_0 = c_0 + \frac{X}{(1+r)^T} | S_0 spot; p_0, c_0 European put/call; X strike; r risk-free; T years | Relating European put and call prices | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-040 | CFA Level I | Derivatives | One-period binomial risk-neutral probability | \pi = \frac{1+r-d}{u-d} | u, d up/down factors; r risk-free rate per period | Binomial option pricing | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-041 | CFA Level I | Portfolio Management | Two-asset portfolio variance | \sigma_p^2 = w_1^2\sigma_1^2 + w_2^2\sigma_2^2 + 2w_1w_2\rho_{12}\sigma_1\sigma_2 | w weights; \sigma std devs; \rho_{12} correlation | Diversification effect | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-042 | CFA Level I | Portfolio Management | Beta | \beta_i = \frac{\operatorname{Cov}(R_i,R_m)}{\sigma_m^2} = \rho_{i,m}\frac{\sigma_i}{\sigma_m} | R_i asset return; R_m market return | Systematic risk | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-043 | CFA Level I | Portfolio Management | Treynor ratio and Jensen's alpha | T_p = \frac{R_p-R_f}{\beta_p},\quad \alpha_p = R_p - [R_f + \beta_p(R_m-R_f)] | R_p portfolio return; \beta_p portfolio beta | Performance vs systematic risk | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa1-044 | CFA Level I | Alternative Investments | Hedge fund 2-and-20 fee (simplified) | \text{Fee} = 0.02\,AUM + 0.20\,\max(0,\ \text{Profit}-\text{Hurdle}) | AUM assets under management; hurdle/high-water mark terms vary by fund | Net-of-fee return calculations | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-1-formula-reference-2026 |
cfa2-045 | CFA Level II | Quantitative Methods | Adjusted R-squared | \bar R^2 = 1-\left[\frac{n-1}{n-k-1}\right](1-R^2) | n observations; k independent variables | Comparing multiple regression models | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-046 | CFA Level II | Quantitative Methods | F-statistic (regression) | F = \frac{SSR/k}{SSE/(n-k-1)} | SSR regression SS; SSE error SS; k slopes; n observations | Joint significance of slope coefficients | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-047 | CFA Level II | Quantitative Methods | AR(1) mean-reverting level | \hat x_t = \frac{b_0}{1-b_1} | b_0, b_1 AR(1) coefficients (|b_1| < 1) | Time-series forecasting | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-048 | CFA Level II | Equities | Free cash flow to the firm | FCFF = NI + NCC + Int(1-t) - FCInv - WCInv | NCC non-cash charges; Int interest expense; FCInv fixed capital investment; WCInv working capital investment | FCFF valuation | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-049 | CFA Level II | Equities | Free cash flow to equity | FCFE = FCFF - Int(1-t) + \text{Net borrowing} | — | FCFE valuation | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-050 | CFA Level II | Equities | Sustainable growth rate | g = b \times ROE | b earnings retention ratio | Long-run growth input for DDM | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-051 | CFA Level II | Equities | Residual income | RI_t = E_t - r\,B_{t-1} | E_t earnings; r cost of equity; B_{t-1} beginning book value | Residual income valuation | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-052 | CFA Level II | Equities | Residual income model | V_0 = B_0 + \sum_{t=1}^{\infty}\frac{E_t - rB_{t-1}}{(1+r)^t} | B_0 current book value per share | Valuing firms with no/irregular dividends | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-053 | CFA Level II | Fixed Income | Binomial interest-rate tree node value | V = \frac{0.5\,(V_H + C) + 0.5\,(V_L + C)}{1+i} | V_H, V_L values at next nodes; C coupon; i one-period forward rate at the node | Valuing bonds with embedded options | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-054 | CFA Level II | Fixed Income | Value of callable / putable bond | V_{call} = V_{straight} - V_{call\ option},\quad V_{put} = V_{straight} + V_{put\ option} | — | Embedded option valuation | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-055 | CFA Level II | Fixed Income | Credit valuation adjustment | CVA = \sum_{t}\text{LGD}_t \times \text{POD}_t \times DF_t | LGD loss given default; POD probability of default; DF discount factor | Valuing risky bonds | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-056 | CFA Level II | Derivatives and Risk Management | Forward with carry benefits/costs | F_0(T) = (S_0 - PV_0(I) + PV_0(C))(1+r)^T | PV_0(I) PV of income; PV_0(C) PV of carry costs | Forwards on income-paying assets | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-057 | CFA Level II | Derivatives and Risk Management | Black–Scholes–Merton call price | c_0 = S_0 N(d_1) - e^{-rT}X\,N(d_2),\ d_1 = \frac{\ln(S_0/X)+(r+\sigma^2/2)T}{\sigma\sqrt T},\ d_2 = d_1 - \sigma\sqrt T | N(·) standard normal CDF; \sigma volatility; r continuously compounded rate | European option pricing | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-058 | CFA Level II | Derivatives and Risk Management | Swap fixed rate | s_N = \frac{1 - PV_N}{\sum_{i=1}^{N} PV_i} | PV_i discount factor for period i | Pricing plain-vanilla interest rate swaps | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-059 | CFA Level II | Portfolio Construction | Arbitrage pricing theory | E(R_p) = R_F + \lambda_1\beta_{p,1} + \dots + \lambda_K\beta_{p,K} | \lambda_j factor risk premium; \beta_{p,j} factor sensitivity | Multifactor expected return | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
cfa2-060 | CFA Level II | Portfolio Construction | Parametric VaR (single asset) | VaR = (z_\alpha\,\sigma - \mu)\,V | z_\alpha standard normal quantile; \mu, \sigma period mean/std of return; V position value | Downside risk measurement | https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-ii-exam | 2026-10-12 | https://uniprep2go.study/decks/cfa-level-2-formula-reference-2026 |
frm1-061 | FRM Part I | Foundations of Risk Management | CAPM expected return | E(R_i) = R_F + \beta_i\,[E(R_M)-R_F] | \beta_i asset beta | Required return / performance evaluation | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-062 | FRM Part I | Foundations of Risk Management | Information ratio | IR = \frac{R_P - R_B}{\sigma(R_P-R_B)} | R_B benchmark return; denominator tracking error | Active-management skill | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-063 | FRM Part I | Foundations of Risk Management | Sortino ratio | \text{Sortino} = \frac{R_P - R_{min}}{\sigma_{downside}} | R_min minimum acceptable return; downside deviation | Downside-risk-adjusted performance | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-064 | FRM Part I | Quantitative Analysis | Variance of a sum | \operatorname{Var}(aX+bY) = a^2\operatorname{Var}(X) + b^2\operatorname{Var}(Y) + 2ab\operatorname{Cov}(X,Y) | a, b constants | Portfolio and aggregation math | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-065 | FRM Part I | Quantitative Analysis | OLS slope and intercept | \hat\beta = \frac{\sum (X_i-\bar X)(Y_i-\bar Y)}{\sum (X_i-\bar X)^2},\quad \hat\alpha = \bar Y - \hat\beta\bar X | — | Linear regression estimation | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-066 | FRM Part I | Quantitative Analysis | EWMA volatility | \sigma_t^2 = \lambda\,\sigma_{t-1}^2 + (1-\lambda)\,r_{t-1}^2 | \lambda decay factor (e.g. 0.94 in RiskMetrics) | Volatility forecasting | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-067 | FRM Part I | Quantitative Analysis | GARCH(1,1) | \sigma_t^2 = \omega + \alpha\,r_{t-1}^2 + \beta\,\sigma_{t-1}^2,\quad \sigma_L^2 = \frac{\omega}{1-\alpha-\beta} | \omega constant; \alpha, \beta weights (\alpha+\beta < 1); \sigma_L long-run variance | Volatility forecasting with mean reversion | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-068 | FRM Part I | Financial Markets and Products | Minimum-variance hedge ratio | h^* = \rho\,\frac{\sigma_S}{\sigma_F} | \rho correlation of spot and futures changes; \sigma_S, \sigma_F std devs | Futures hedging | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-069 | FRM Part I | Financial Markets and Products | Optimal number of futures contracts | N^* = h^*\,\frac{Q_A}{Q_F} | Q_A size of position hedged; Q_F size of one contract | Futures hedging | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-070 | FRM Part I | Financial Markets and Products | Equity beta hedge | N^* = (\beta^* - \beta)\,\frac{P}{F} | \beta target beta; P portfolio value; F value of one futures contract | Changing portfolio beta with index futures | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-071 | FRM Part I | Financial Markets and Products | Futures price with storage cost and yield | F_0 = S_0\,e^{(r+u-q)T} | u storage cost rate; q income/convenience yield rate (continuous) | Commodity and asset futures pricing | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-072 | FRM Part I | Financial Markets and Products | Interest rate parity (continuous) | F_0 = S_0\,e^{(r-r_f)T} | r domestic rate; r_f foreign rate (continuous) | FX forward pricing | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-073 | FRM Part I | Valuation and Risk Models | Parametric VaR | VaR_\alpha = -\mu + z_\alpha\,\sigma | z_\alpha standard normal quantile (e.g. 1.645 at 95%); \mu, \sigma of P&L/returns | Market risk measurement | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-074 | FRM Part I | Valuation and Risk Models | Expected shortfall (normal) | ES_\alpha = -\mu + \sigma\,\frac{\phi(z_\alpha)}{1-\alpha} | \phi standard normal pdf; \alpha confidence level | Tail risk beyond VaR | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-075 | FRM Part I | Valuation and Risk Models | Expected loss (credit) | EL = PD \times LGD \times EAD | PD probability of default; LGD loss given default; EAD exposure at default | Credit risk | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-076 | FRM Part I | Valuation and Risk Models | Option delta (BSM, non-dividend call/put) | \Delta_c = N(d_1),\quad \Delta_p = N(d_1) - 1 | N(d_1) from BSM | Delta hedging | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
frm1-077 | FRM Part I | Valuation and Risk Models | Effective duration and convexity | D_{eff} = \frac{V_- - V_+}{2V_0\,\Delta y},\quad C_{eff} = \frac{V_- + V_+ - 2V_0}{V_0\,(\Delta y)^2} | V_-/V_+ values for yield down/up by \Delta y | Interest rate risk (incl. embedded options) | https://www.garp.org/frm | 2026-10-12 | https://uniprep2go.study/decks/frm-part-1-anki-deck |
CFA & FRM Formula Sheets
Interactive demo: huggingface.co/spaces/pablo2319/cfa-frm-formulas
npm install cfa-frm-formula-sheets
Install: pip install cfa-frm-formula-sheets
77 core formulas for CFA Level I, CFA Level II and FRM Part I with LaTeX, variable definitions and "when used" notes, grouped by official CFA Institute / GARP topic areas (checked 2026-10-12).
Columns: id, exam, topic, name, latex, variables, when_used, topic_source_url, source_checked, uniprep2go_url.
Source & updates: https://github.com/marfa77/cfa-frm-formula-sheets · rendered: https://marfa77.github.io/cfa-frm-formula-sheets/
Limitations: notation follows common textbook conventions and may differ from the official curriculum. Not affiliated with CFA Institute or GARP.
Maintained by UniPrep2Go.
Links
- GitHub: https://github.com/marfa77/cfa-frm-formula-sheets
- Website (GitHub Pages): https://marfa77.github.io/cfa-frm-formula-sheets/
- Zenodo DOI: https://doi.org/10.5281/zenodo.23322167
- Kaggle: https://www.kaggle.com/datasets/pveselov/cfa-frm-formula-sheets
- UniPrep2Go: https://uniprep2go.study
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