2027 CFA® Level 1 formula sheet

229 core formulas by subject and Module.

Free account unlocks all 229 + the PDF

Calculation: the typical practice question asks you to calculate with it. Concept: the typical question tests what it means or when it applies.

229 formulas

Quantitative Methods 71 formulas

Module 1 · Returns of Financial Assets and Instruments9 formulas

Total Return

Calculation

Parameters & lesson

Arithmetic Mean Return

Calculation

Parameters & lesson

Geometric Mean Return

Calculation

Parameters & lesson

Annualized Return

Calculation

Parameters & lesson

Logarithmic Return

Calculation

Parameters & lesson

Required Rate of Return

Calculation

Parameters & lesson

Excess Return

Calculation

Parameters & lesson

Real Return

Calculation

Parameters & lesson

Leveraged Return

Calculation

Parameters & lesson

Module 3 · Benchmarking Returns6 formulas

Time-Weighted Rate of Return

Calculation

Parameters & lesson

Money-Weighted Rate of Return

Calculation

Parameters & lesson

Market-Capitalization Weighting

Calculation

w_i^M = (Q_i P_i) / (∑_(i = 1)^(N) Q_i P_i)

Parameters & lesson

Market-Capitalization-Weighted Index

Parameters & lesson

Price Weighting

Calculation

Parameters & lesson

Price-Weighted Index

Calculation

Parameters & lesson

Module 4 · The Time Value of Money in Finance7 formulas

Future Value

Calculation

Discrete compounding ; FV_t = PV_0(1 + r)^t ; Continuous compounding ; FV_t = PV_0 e^(r × t)

Parameters & lesson

Coupon Bond

Calculation

Parameters & lesson

Perpetual Bond

Calculation

Parameters & lesson

Annuity Payment

Calculation

Parameters & lesson

Constant Dividend Growth

Calculation

Parameters & lesson

Two-Stage Dividend Growth

Calculation

PV_0 = ∑_(i = 1)^(n) (Div_t (1 + g_s)^i) / ((1 + r)^i) + (E[S_(t + n)]) / ((1 + r)^n) = ∑_(i = 1)^(n) (Div_t (1 + g_s)^i) / ((1 + r)^i) + ((Div_(t + n + 1)) / (r − g_l)) / ((1 + r)^n)

Parameters & lesson

Cash Flow Additivity

Calculation

Parameters & lesson

Module 5 · Statistical Characteristics of Asset Returns8 formulas

Median

Calculation

$Med = {X_(((n + 1) / (2))), | n odd, ; (X_((n/2)) + X_((n/2 + 1))) / (2), | n even$

Parameters & lesson

Mean Absolute Deviation

Calculation

Parameters & lesson

Population Variance

Calculation

Parameters & lesson

Sample Variance

Concept

Parameters & lesson

Covariance

Calculation

Parameters & lesson

Correlation

Calculation

Parameters & lesson

Target Downside Deviation

Calculation

Parameters & lesson

Coefficient of Variation

Calculation

Parameters & lesson

Module 6 · Statistical Distributions for Financial Asset Prices and Returns10 formulas

Unconditional Mean

Calculation

$μ_X = E[X] = {∑_(i) x_i × P(x_i), | X discrete, ; ∫_(− ∞)^(∞) x × f_X(x) dx, | X continuous$

Parameters & lesson

Unconditional Variance

Calculation

Parameters & lesson

Unconditional Covariance

Calculation

Parameters & lesson

Binomial Distribution: Variance

Calculation

Parameters & lesson

Continuous Uniform Distribution: Variance

Calculation

Parameters & lesson

Log-Normal Distribution: Mean

Calculation

Parameters & lesson

Log-Normal Distribution: Variance

Parameters & lesson

Total-Expectation Rule

Calculation

Parameters & lesson

Joint Probability

Calculation

Parameters & lesson

Bayes' Formula

Calculation

Parameters & lesson

Module 7 · Estimation and Hypothesis Testing10 formulas

Standard Error of the Mean

Calculation

Parameters & lesson

Confidence Interval

Concept

Parameters & lesson

Value at Risk

Calculation

Parameters & lesson

t-Test for the Mean

Calculation

Parameters & lesson

Chi-Square Test for Variance

Calculation

Parameters & lesson

Test for the Difference in Means

Calculation

t = ((bar(x_1) − bar(x_2)) − Δ_0) / (sqrt((s_p^2) / (n_1) + (s_p^2) / (n_2)))

Parameters & lesson

Test of Paired Differences

Calculation

Parameters & lesson

F-Test for Variances

Calculation

Parameters & lesson

Test for Pearson Correlation

Calculation

Parameters & lesson

Chi-Square Test of Independence

Calculation

Parameters & lesson

Module 8 · The Return and Risk of a Financial Portfolio9 formulas

Portfolio Return

Calculation

Parameters & lesson

Portfolio Variance

Calculation

Parameters & lesson

Minimum-Variance Portfolio

Calculation

w_A | = (σ_B^2 − σ_(A, B)) / (σ_A^2 + σ_B^2 − 2σ_(A, B)) ; w_B | = 1 − w_A = (σ_A^2 − σ_(A, B)) / (σ_A^2 + σ_B^2 − 2σ_(A, B))

Parameters & lesson

Utility Function

Calculation

Parameters & lesson

Capital Allocation Line

Calculation

Parameters & lesson

Capital Market Line

Calculation

Parameters & lesson

Beta

Calculation

Parameters & lesson

Capital Asset Pricing Model

Calculation

Beta form ; E[r_i] = r_f + β_i (E[r_m] − r_f) ; Covariance form ; E[r_i] = r_f + (E[r_m] − r_f) / (σ_m^2) σ_(i, m)

Parameters & lesson

CAPM Estimation

Concept

Parameters & lesson

Module 9 · Simulation of Financial Asset Prices and Returns1 formula

Cholesky Decomposition

Calculation

X_1 | = σ_1 Z_1 ; X_2 | = σ_2 (ρZ_1 + sqrt(1 − ρ^2) Z_2)

Parameters & lesson

Module 10 · Applications of Simple Linear Regression in Finance11 formulas

Simple Linear Regression

Concept

Parameters & lesson

Slope Coefficient

Calculation

hat(b_1) = (σ_(X, Y)) / (σ_X^2) = (∑_(i = 1)^(n) (Y_i − bar(Y))(X_i − bar(X))) / (∑_(i = 1)^(n) (X_i − bar(X))^2)

Parameters & lesson

Intercept Coefficient

Calculation

Parameters & lesson

Coefficient of Determination

Calculation

Parameters & lesson

F-Statistic

Calculation

F = ((Sum of squares regression) / (k)) / ((Sum of squares error) / (n − k − 1)) = (MSR) / (MSE)

Parameters & lesson

Standard Error of the Estimate

Calculation

s_e = sqrt(MSE) = sqrt((∑_(i = 1)^(n) (Y_i − hat(Y)_i)^2) / (n − 2))

Parameters & lesson

Hypothesis Test for the Slope Coefficient

Calculation

Parameters & lesson

Prediction Interval

Calculation

Parameters & lesson

Log-Lin Model

Calculation

Parameters & lesson

Lin-Log Model

Calculation

Parameters & lesson

Log-Log Model

Parameters & lesson

Economics 5 formulas

5 formulas · included with your free account

Module 4 · Monetary Policy1 formula

Neutral Rate

Calculation

Parameters & lesson

Module 7 · Capital Flows and the FX Market1 formula

Real Exchange Rate

Calculation

Parameters & lesson

Module 8 · Exchange Rate Calculations3 formulas

Cross-Rate Calculations

Calculation

(CAD) / (USD) × (USD) / (EUR) | = (CAD) / (EUR) ; ((CAD) / (USD))^(− 1) × (JPY) / (USD) | = (JPY) / (CAD) ; (GBP) / (EUR) | = (USD) / (EUR) × ((USD) / (GBP))^(− 1)

Parameters & lesson

Forward Rate Calculations

Calculation

Parameters & lesson

Arbitrage Relationship

Calculation

(1 + r_d) | = S_(f/d)(1 + r_f)(1) / (F_(f/d)) ; (1 + r_d) | = (1) / (S_(d/f))(1 + r_f) F_(d/f)

Parameters & lesson

Corporate Finance 12 formulas

12 formulas · included with your free account

Module 4 · Working Capital and Liquidity5 formulas

Cash Conversion Cycle

Calculation

Parameters & lesson

Net Working Capital

Calculation

| Current assets, excluding cash and marketable securities ; | Minus: Current liabilities, excluding short-term and current debt ; | Net Working Capital

Parameters & lesson

Current Ratio

Calculation

Parameters & lesson

Quick Ratio

Calculation

Parameters & lesson

Cash Ratio

Calculation

Parameters & lesson

Module 5 · Capital Investments and Capital Allocation3 formulas

Net Present Value

Calculation

Parameters & lesson

Internal Rate of Return

Calculation

Parameters & lesson

Return on Invested Capital

Calculation

Parameters & lesson

Module 6 · Capital Structure4 formulas

Weighted-Average Cost of Capital

Calculation

Parameters & lesson

Interest Coverage

Calculation

Parameters & lesson

MM Proposition II with Taxes

Calculation

Parameters & lesson

Static Trade-Off Theory of Capital Structure

Calculation

Parameters & lesson

Financial Statement Analysis 27 formulas

27 formulas · included with your free account

Module 2 · Analyzing Income Statements5 formulas

Basic EPS

Calculation

Parameters & lesson

Diluted EPS — Convertible Preferred Stock

Calculation

Diluted EPS = | (( Net income )) / ((Weighted average number of shares ; outstanding + New common shares that ; would have been issued at conversion ))

Parameters & lesson

Diluted EPS — Convertible Debt

Calculation

Parameters & lesson

Diluted EPS — Treasury Stock Method

Calculation

Diluted EPS = ((Net income − Preferred dividends)) / ([Weighted average number of shares outstanding ; + (New shares that would have been issued at option exercise ; − Shares that could have been purchased with cash received upon exercise) ; × (Proportion of year during which the financial instruments were outstanding)])

Parameters & lesson

Gross profit margin

Calculation

Parameters & lesson

Module 3 · Analyzing Balance Sheets1 formula

Financial leverage

Calculation

Parameters & lesson

Module 5 · Analyzing Statements of Cash Flows II4 formulas

Free Cash Flow to the Firm

Calculation

From net income ; FCFF = NI + NCC + Int(1 − Tax rate ) − FCInv − WCInv ; From cash flow from operations ; FCFF = CFO + Int(1 − Tax rate ) − FCInv

Parameters & lesson

Free cash flow to equity

Calculation

Parameters & lesson

Cash flow per share

Calculation

Parameters & lesson

Cash return on assets

Calculation

Parameters & lesson

Module 7 · Analysis of Long-Term Assets1 formula

Estimate of remaining useful life

Calculation

Parameters & lesson

Module 9 · Analysis of Income Taxes1 formula

Income tax rate

Calculation

Parameters & lesson

Module 11 · Financial Analysis Techniques15 formulas

DuPont Analysis

Calculation

Two-factor decomposition ; ROE = (Net income) / (Average shareholders’ equity) = (Net income) / (Average total assets) × (Average total assets) / (Average shareholders’ equity) ; Three-factor decomposition ; (Net income) / (Average shareholders’ equity) = (Net income) / (Revenue) × (Revenue) / (Average total assets) × (Average total assets) / (Average shareholders’ equity) ; Five-factor decomposition ; (Net income) / (Average shareholders’ equity) = (Net income) / (EBT) × (EBT) / (EBIT) × (EBIT) / (Revenue) × (Revenue) / (Average total assets) × (Average total assets) / (Average shareholders’ equity)

Parameters & lesson

Inventory turnover ratio

Calculation

Parameters & lesson

Receivables turnover

Calculation

Parameters & lesson

Days of sales outstanding (DSO)

Calculation

Parameters & lesson

Payables Turnover

Calculation

Parameters & lesson

Total asset turnover

Calculation

Parameters & lesson

Quick ratio

Calculation

Parameters & lesson

Cash ratio

Calculation

Parameters & lesson

Cash conversion cycle

Calculation

Parameters & lesson

Debt-to-assets ratio

Concept

Parameters & lesson

Debt-to-capital ratio

Calculation

Parameters & lesson

Interest coverage

Calculation

Parameters & lesson

Fixed charge coverage

Calculation

Parameters & lesson

Net profit margin

Calculation

Parameters & lesson

ROA

Calculation

Parameters & lesson

Equities 40 formulas

40 formulas · included with your free account

Module 3 · Equity Issuance and Trading1 formula

Turnover ratio

Calculation

Parameters & lesson

Module 4 · Sources of Equity Returns1 formula

Equity Holding Period Return

Calculation

Parameters & lesson

Module 5 · Introduction to Equity Valuation5 formulas

Scenario Analysis

Calculation

Parameters & lesson

Price-to-Book Ratio (P/B)

Concept

Parameters & lesson

Enterprise Value (EV)

Calculation

Parameters & lesson

EV Multiple

Calculation

Parameters & lesson

Price-to-Earnings Ratio (P/E)

Calculation

Parameters & lesson

Module 6 · Discounted Cash Flow (DCF) and Growth Models10 formulas

Present Value Models

Calculation

Parameters & lesson

Free Cash Flow to Equity

Calculation

Parameters & lesson

Free Cash Flow to the Firm

Calculation

From cash flow from operations ; FCFF = Cash flow from operations + Interest expense × (1 − Tax rate) − Capital expenditures ; FCFF and FCFE ; FCFF = FCFE + Interest expense × (1 − Tax rate ) − △Debt ; From EBITDA ; FCFF = EBITDA (1 − Tax rate ) + Depreciation ( Tax rate ) − Δ Gross LT assets − Δ Working capital

Parameters & lesson

Residual Income per Share

Calculation

Parameters & lesson

Constant Growth Model

Calculation

Parameters & lesson

FCFF Sustainable Growth Rate

Calculation

Parameters & lesson

Two-Stage Growth Model

Calculation

Parameters & lesson

Weighted Average Cost of Capital (WACC)

Calculation

Parameters & lesson

FCFF Equity Valuation

Calculation

Parameters & lesson

Perpetual Preferred Stock Valuation

Calculation

Parameters & lesson

Module 7 · Relative Value Equity Valuation Approaches8 formulas

Sustainable Growth Rate

Calculation

Parameters & lesson

Justified Price-to-Book Multiple

Calculation

Parameters & lesson

Price/Earnings-to-Growth (PEG) Ratio

Calculation

Parameters & lesson

Present Value of Growth Opportunities

Calculation

Parameters & lesson

Justified Trailing P/E

Calculation

Parameters & lesson

Free Cash Flow to the Firm

Calculation

Detailed cash-flow expression ; FCFF = EBITDA (1 − t) + Depreciation (t) − CapEx − Δ Working capital ; After-tax EBIT and reinvestment ; FCFF_(t + 1) = EBIT_(t + 1) × (1 − t) × (1 − Reinvestment rate )

Parameters & lesson

Enterprise Value to Book

Parameters & lesson

Enterprise Value to Book Value of Capital

Calculation

Parameters & lesson

Module 8 · Financial Statement Forecasting in Equity Valuation2 formulas

Financing Needs

Calculation

Parameters & lesson

Fractional Ownership

Calculation

Parameters & lesson

Module 9 · Industry and Competitive Analysis1 formula

Herfindahl–Hirschmann Index (HHI)

Calculation

Parameters & lesson

Module 10 · Company Analysis: Past, Present, and Future3 formulas

Cash Conversion Cycle

Calculation

Parameters & lesson

Return on Invested Capital (ROIC)

Calculation

Parameters & lesson

Degree of Financial Leverage

Calculation

Parameters & lesson

Module 11 · Equity Analyst Research Reports1 formula

Long-Run FCFE Growth

Parameters & lesson

Module 12 · The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models8 formulas

Capital Asset Pricing Model (CAPM)

Calculation

Parameters & lesson

CAPM with Country Risk Premium

Calculation

Parameters & lesson

Beta

Calculation

Parameters & lesson

Adjusted Beta

Calculation

Parameters & lesson

Excess-Return Beta Regression

Concept

Parameters & lesson

Market Model

Calculation

Parameters & lesson

Relevered Firm Beta

Calculation

Parameters & lesson

Arbitrage Pricing Theory

Calculation

Parameters & lesson

Fixed Income 32 formulas

32 formulas · included with your free account

Module 2 · Fixed-Income Cash Flows and Types3 formulas

Amortizing Debt

Calculation

Parameters & lesson

Conversion Ratio

Concept

Parameters & lesson

Conversion Value

Calculation

Parameters & lesson

Module 4 · Fixed-Income Markets for Corporate Issuers1 formula

Haircut

Calculation

Parameters & lesson

Module 6 · Fixed-Income Bond Valuation: Prices and Yields4 formulas

Bond Price

Calculation

Parameters & lesson

Full Price

Calculation

Parameters & lesson

Accrued Interest

Calculation

Parameters & lesson

Full Price between Coupon Payments

Calculation

Direct discounting to settlement ; PV^Full = (PMT) / ((1 + r)^(1 − t/T)) + (PMT) / ((1 + r)^(2 − t/T)) + ⋯ + (PMT + FV) / ((1 + r)^(N − t/T)) ; Rolling forward from the preceding coupon date ; PV^Full = PV × (1 + r)^(t/T)

Parameters & lesson

Module 7 · Yield and Yield Spread Measures for Fixed-Rate Bonds4 formulas

Periodicity Conversion

Calculation

Parameters & lesson

Current Yield

Calculation

Parameters & lesson

Z-Spread

Calculation

Parameters & lesson

Option-Adjusted Spread

Calculation

Parameters & lesson

Module 8 · Yield and Yield Spread Measures for Floating-Rate Instruments3 formulas

Floating-Rate Note Price

Calculation

PV = (((MRR + QM) × FV) / (m)) / ((1 + (MRR + DM) / (m))^1) + (((MRR + QM) × FV) / (m)) / ((1 + (MRR + DM) / (m))^2) + … + (((MRR + QM) × FV) / (m) + FV) / ((1 + (MRR + DM) / (m))^N)

Parameters & lesson

Discount Rate

Calculation

PV | = FV × (1 − (Days) / (Year) × DR) ; DR | = (Year) / (Days) × ((FV − PV)) / (FV)

Parameters & lesson

Add-On Rate

Calculation

PV | = (FV) / ((1 + (Days) / (Year) × AOR)) ; AOR | = (Year) / (Days) × (FV − PV) / (PV)

Parameters & lesson

Module 9 · The Term Structure of Interest Rates: Spot, Par, and Forward Curves3 formulas

Bond Price Using Spot Rates

Calculation

Parameters & lesson

Par Rate

Calculation

Parameters & lesson

Implied Forward Rate

Calculation

Parameters & lesson

Module 10 · Interest Rate Risk and Return2 formulas

Duration Gap

Calculation

Parameters & lesson

Macaulay Duration

Calculation

$MacDur = {(1 − t/T)[((PMT) / ((1 + r)^(1 − t/T))) / (PV^Full)] + (2 − t/T)[((PMT) / ((1 + r)^(2 − t/T))) / (PV^Full)] + ⋯ + ; (N − t/T)[((PMT + FV) / ((1 + r)^(N − t/T))) / (PV^Full)]}$

Parameters & lesson

Module 11 · Yield-Based Bond Duration Measures and Properties6 formulas

Modified Duration

Calculation

Parameters & lesson

Approximate Modified Duration

Calculation

Parameters & lesson

Money Duration

Calculation

Parameters & lesson

Price Value of a Basis Point

Calculation

Parameters & lesson

Macaulay Duration of a Perpetuity

Calculation

Parameters & lesson

Macaulay Duration of a Floating-Rate Note

Calculation

Parameters & lesson

Module 12 · Yield-Based Bond Convexity and Portfolio Properties2 formulas

Price Change Using Duration and Convexity

Calculation

Parameters & lesson

Approximate Convexity

Calculation

Parameters & lesson

Module 13 · Curve-Based and Empirical Fixed-Income Risk Measures3 formulas

Effective Duration

Calculation

Parameters & lesson

Effective Convexity

Calculation

Parameters & lesson

Key Rate Duration

Calculation

Parameters & lesson

Module 14 · Credit Risk1 formula

Expected Loss

Calculation

Parameters & lesson

Derivatives 21 formulas

21 formulas · included with your free account

Module 2 · Forward Commitment and Contingent Claim Features and Instruments2 formulas

Call Option Value at Maturity

Calculation

Parameters & lesson

Long Put Option Payoff

Calculation

Parameters & lesson

Module 4 · Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives3 formulas

Cost of Carry

Calculation

Parameters & lesson

Cost of Carry

Calculation

Parameters & lesson

Forward FX Price

Calculation

Parameters & lesson

Module 5 · Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities5 formulas

Forward Contract Value at Maturity

Calculation

Parameters & lesson

Forward Contract MTM Value with Additional Costs or Benefits

Calculation

Parameters & lesson

FX Forward MTM Value

Concept

Parameters & lesson

Implied Forward Rate

Calculation

Parameters & lesson

Periodicity Conversion

Calculation

Parameters & lesson

Module 6 · Pricing and Valuation of Futures Contracts1 formula

Interest Rate Futures Price

Calculation

Parameters & lesson

Module 7 · Pricing and Valuation of Interest Rate and Other Swaps2 formulas

Par Swap Rate

Calculation

Parameters & lesson

Periodic Settlement Value

Calculation

Parameters & lesson

Module 8 · Pricing and Valuation of Options2 formulas

Call Option Upper and Lower Bounds

Calculation

Parameters & lesson

Put Option Upper and Lower Bounds

Calculation

Parameters & lesson

Module 9 · Option Replication Using Put–Call Parity2 formulas

Put–Call Parity

Calculation

Parameters & lesson

Put–Call Forward Parity

Calculation

F_0(T)(1 + r)^(− T) + p_0 | = c_0 + X(1 + r)^(− T) ; p_0 − c_0 | = [X − F_0(T)](1 + r)^(− T)

Parameters & lesson

Module 10 · Valuing a Derivative Using a One-Period Binomial Model4 formulas

Hedge Ratio

Calculation

Parameters & lesson

Pricing a European Call Option

Calculation

Parameters & lesson

Risk-Neutral Pricing

Calculation

Parameters & lesson

Risk-Neutral Probability

Calculation

Parameters & lesson

Alternative Investments 7 formulas

7 formulas · included with your free account

Module 2 · Alternative Investment Performance and Returns6 formulas

Multiple of Invested Capital (MOIC)

Calculation

Parameters & lesson

Leveraged Rate of Return

Calculation

Parameters & lesson

GP's Return in Currency Terms

Parameters & lesson

Investor's Periodic Rate of Return

Calculation

Parameters & lesson

GP Return with a Hard Hurdle Rate

Calculation

$R_(GP( Net with Hurdle )) = (P_1 × r_m) + max {0, [P_1 (1 − r_m) − P_0 × (1 + r_h)] × p}$

Parameters & lesson

GP Return with a High-Water Mark

Concept

Parameters & lesson

Module 5 · Natural Resources1 formula

Commodity Forward Price

Calculation

Parameters & lesson

Portfolio Construction 14 formulas

14 formulas · included with your free account

Module 2 · Portfolio Risk and Return: Part II10 formulas

Beta

Calculation

Parameters & lesson

Capital Asset Pricing Model

Calculation

Parameters & lesson

Portfolio Beta

Parameters & lesson

Capital Market Line

Calculation

Parameters & lesson

Market Model

Calculation

Parameters & lesson

Decomposition of Total Risk

Calculation

Parameters & lesson

Sharpe Ratio

Calculation

Parameters & lesson

Treynor Ratio

Calculation

| TR = (E(R_p) − R_f) / (β_p) ; | hat(TR) = (bar(R)_p − bar(R)_f) / (hat(β)_p)

Parameters & lesson

M-squared

Calculation

| M^2 = [E(R_p) − R_f](σ_m) / (σ_p) + R_f = SR × σ_m + R_f( ex ante ) ; | hat(M^2) = (bar(R)_p − bar(R)_f)(hat(σ)_m) / (hat(σ)_p) + R_f = hat(SR) × hat(σ)_m + R_f( ex post )

Parameters & lesson

Jensen's Alpha

Calculation

$α_p = R_p − {R_f + β_p [E(R_m) − R_f]}$

Parameters & lesson

Module 4 · Basics of Portfolio Planning and Construction4 formulas

Expected Utility

Concept

Parameters & lesson

Portfolio Expected Return

Calculation

Parameters & lesson

Portfolio Risk

Calculation

Parameters & lesson

Covariance

Calculation

Parameters & lesson

Ethics is a judgment subject.

Practise identifying the relevant standard, the facts that matter, and the appropriate action.

About this reference

Quizara's 2027 CFA® Level I core formula sheet includes 229 main formulas and 38 supporting formulas, with parameters, conditions, related forms and source Modules. Use it alongside your lessons.

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CFA Level 1 formula sheet questions

Which formulas are included?

Explore 229 core formulas from Quizara's 2027 Level I formula library, with 38 supporting formulas, related forms, parameters, conditions and source Modules. Review each formula in its source lesson. The PDF includes the same collection.

What do Calculation and Concept mean?

Calculation: the typical practice question asks you to calculate with it. Concept: the typical question tests what it means or when it applies.

Do I need an account to read the formulas or get the PDF?

The first 71 formulas — all of Quantitative Methods — are free on this page without an account. A free Quizara account, with no card required, opens the remaining subjects here and we email you the complete PDF: every formula currently listed, with a contents page, parameters, conditions and sources. Sign up in a new tab and come back; the page unlocks in place.

Why are there no Ethics formulas?

Ethical and Professional Standards is a judgment subject: practise identifying the relevant standard, the facts that matter and the appropriate action.

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