CFA Level 1 Flashcards

535+ flip cards across all 10 subjects — concepts, formulas, and decision frameworks. Built for active recall.

535+

Flashcards

10

Subjects

59

Modules

Cards by Subject

Every module includes concept cards, formula cards, and decision-framework cards to help you master each topic.

Quantitative Methods

117 cards across 11 modules

117

Economics

71 cards across 8 modules

71

Financial Statement Analysis

86 cards across 9 modules

86

Corporate Issuers

60 cards across 7 modules

60

Equity Investments

52 cards across 6 modules

52

Fixed Income

43 cards across 5 modules

43

Derivatives

22 cards across 2 modules

22

Alternative Investments

21 cards across 3 modules

21

Portfolio Management

28 cards across 3 modules

28

Ethical & Professional Standards

35 cards across 5 modules

35

Try It — Tap to Flip

Sample cards from Quantitative Methods: Rates and Returns. Every card in the dashboard works just like these.

Concept

Interest Rate Components

Tap to reveal

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

Tap to flip back

Concept

Holding Period Return (HPR)

Tap to reveal

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

Tap to flip back

Formula

Holding Period Return

Tap to reveal

Answer
HPR = (P1 - P0 + D1) / P0

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

Tap to flip back

Formula

Geometric Mean Return

Tap to reveal

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

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

Tap to flip back

Decision

Which mean return to use?

Tap to reveal

Answer
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

Tap to flip back

Concept

Money-Weighted Return (MWR)

Tap to reveal

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

Tap to flip back

These are from just one module — there are 535+ cards across the full curriculum.

Why Flashcards Work for CFA Level 1

Active Recall

Testing yourself beats re-reading. Each card forces you to retrieve the answer before revealing it — the most effective study method.

Three Card Types

Concept cards for definitions, formula cards with notation breakdowns, and decision cards that teach you when to apply each technique.

Module-by-Module

Cards are organized by module so you study in the same order as the CFA curriculum. Focus on what you need, skip what you know.

Start Flipping — Free, No Signup

Jump into the dashboard and start reviewing flashcards right now. Pair them with cheat sheets, quizzes, and a full 180-question mock exam.

Open the Dashboard

No signup required. Create an account anytime to save progress.