CFA Level 1 Cheat Sheet

A 2026 quicksheet for all 59 modules

Use this CFA Level 1 cheat sheet as a quick-reference companion: review key concepts, formulas, and decision rules, then open the full free module preview below. “Quicksheet” and “quick sheet” describe the same condensed revision format—not a replacement for your primary curriculum or prep provider.

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Based on CFA Master registered accounts and sign-in countries, September 2026.

Read the Free Quicksheet Open Formula Sheet
314

Key Concepts

163

Formulas

58

Decision Frameworks

Colour-coded handwritten study notes with highlighters
One editable quicksheet per module

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Quick answer

What should a CFA Level 1 cheat sheet contain?

A useful CFA Level 1 cheat sheet holds one page per module: the formulas, the definitions you keep confusing, the decision rules, and your own mnemonics — nothing you already know cold. CFA Master's cheat sheets are editable, so you write your own wording into each module as you study rather than revising from someone else's summary.

  • One cheat sheet per module — 59 in total across 10 subjects
  • Editable: you add your own concepts, formulas, and mnemonics
  • Rule of thumb: if you already know it cold, leave it off the sheet
  • Built as you go, module by module, not written from scratch at the end

All 10 Subjects

Quantitative Methods

11 modules

60 concepts43 formulas14 decisions

Economics

8 modules

45 concepts18 formulas8 decisions

Financial Statement Analysis

9 modules

46 concepts31 formulas9 decisions

Corporate Issuers

7 modules

39 concepts14 formulas7 decisions

Equity Investments

6 modules

32 concepts16 formulas4 decisions

Fixed Income

5 modules

22 concepts17 formulas4 decisions

Derivatives

2 modules

10 concepts10 formulas2 decisions

Alternative Investments

3 modules

14 concepts5 formulas2 decisions

Portfolio Management

3 modules

16 concepts9 formulas3 decisions

Ethical & Professional Standards

5 modules

30 concepts5 decisions
FREE PREVIEW

Rates and Returns

Quantitative Methods — Module 1. Full cheat sheet below.

Key Concepts

8

Interest Rate Components

Nominal rate = Real risk-free rate + Inflation premium + Default risk premium + Liquidity premium + Maturity premium.

Holding Period Return (HPR)

Total return earned from holding an asset over a single period, including price change and income.

Arithmetic vs Geometric Mean

Arithmetic mean is the simple average of returns; geometric mean accounts for compounding. Geometric ≤ Arithmetic always.

Harmonic Mean

Used for averaging ratios like P/E or dollar-cost averaging. Always ≤ Geometric mean ≤ Arithmetic mean.

Money-Weighted Return (MWR)

IRR of all cash flows; sensitive to timing and size of external cash flows. Reflects investor experience.

Time-Weighted Return (TWR)

Geometric mean of sub-period returns; not affected by external cash flows. Reflects manager performance.

Continuously Compounded Return

rcc = ln(1 + HPR). Allows additive compounding across time periods.

Gross vs Net Return

Gross = before management fees; Net = after all fees. Pre-tax vs after-tax returns also critical.

Formulas

6

Holding Period Return

HPR = (P1 - P0 + D1) / P0

Where: P0 = beginning price, P1 = ending price, D1 = income/dividend

Geometric Mean Return

RG = [(1+R1)(1+R2)...(1+Rn)]1/n - 1

Where: Ri = return in period i, n = number of periods

Harmonic Mean

X̄H = n / Σ(1/Xi)

Where: n = number of observations, Xi = individual values

Annualized Return

Rannual = (1 + Rperiod)c - 1

Where: c = number of periods per year

Continuously Compounded Return

rcc = ln(1 + HPR) = ln(P1/P0)

Where: ln = natural logarithm

Real Return (exact)

(1 + Rnominal) = (1 + Rreal)(1 + π)

Where: π = inflation rate

Decision Frameworks

2

Which mean return to use?

Use when:

  • +Arithmetic mean: for forward-looking expected single-period returns
  • +Geometric mean: for historical multi-period compound performance
  • +Harmonic mean: for dollar-cost averaging or averaging P/E ratios

Avoid when:

  • -Arithmetic mean when evaluating past compounded growth
  • -Geometric mean for expected future single-period estimates

Money-weighted vs Time-weighted return?

Use when:

  • +MWR when evaluating the investor's actual experience
  • +TWR when evaluating the portfolio manager's skill

Avoid when:

  • -MWR for manager comparison (distorted by client cash flows)
  • -TWR when investor controls timing of cash flows

All Cheat Sheets by Subject

Frequently asked questions

Can you bring a cheat sheet into the CFA exam?

No. The CFA exam is closed-book. You may bring only an approved calculator (TI BA II Plus or HP 12C). Cheat sheets are a revision tool for the weeks before the exam.

Should you make your own CFA cheat sheets or use pre-made ones?

Make your own, using a pre-made sheet as the skeleton. The act of deciding what belongs on the page is most of the learning — that is why CFA Master's cheat sheets are editable rather than fixed.

How long should a CFA cheat sheet be?

One page per module is the practical limit. If it grows past that, it has stopped being a revision aid and become a second set of notes.

Read the Full Cheat Sheets

All 59 cheat sheets live in the study dashboard, with interactive flashcards, quizzes, mind maps, and a full 180-question mock exam.

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