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

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Quick answer

Are flashcards effective for CFA Level 1?

Yes, for the recall-heavy parts of the exam — definitions, formulas, ratio interpretations, and Ethics decision rules — where active recall clearly outperforms re-reading. They are weaker for multi-step calculation questions, which need worked practice instead. CFA Master ships 0 Level 1 flashcards across 59 modules.

  • 0 cards across 59 modules and 10 subjects
  • Best for definitions, formulas, ratios, and Ethics standards
  • Weakest for multi-step calculations — use practice questions for those
  • Review in short daily sessions rather than long blocks

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

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

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Concept

Holding Period Return (HPR)

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

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Formula

Holding Period Return

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

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

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Formula

Geometric Mean Return

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

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

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Decision

Which mean return to use?

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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

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Concept

Money-Weighted Return (MWR)

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

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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.

Frequently asked questions

Do CFA candidates use flashcards?

Widely, yes — particularly for Ethics, FSA ratios, and formula recall. Flashcards force retrieval, which builds far more durable memory than highlighting or re-reading the same pages.

When should you start using CFA flashcards?

From the first module. Making cards as you finish each module spreads the reviews out over months; making them all at the end turns revision into cramming.

Are CFA Master's flashcards free?

A free set is available without signing up. Premium unlocks flashcards for every module across all ten subjects.

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