CFA Level 1 Flashcards
725 flip cards across all 10 subjects — concepts, formulas, decision frameworks, and quiz questions. Built for active recall. The free set covers one module; every deck lives in the study dashboard.
Based on CFA Master registered accounts and sign-in countries, September 2026.
725
Flashcards
10
Subjects
59
Modules
Photo by Hugo Rocha on Unsplash
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 725 Level 1 flashcards across 59 modules.
- 725 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
161 cards across 11 modules
Economics
98 cards across 8 modules
Financial Statement Analysis
115 cards across 9 modules
Corporate Issuers
81 cards across 7 modules
Equity Investments
66 cards across 6 modules
Fixed Income
57 cards across 5 modules
Derivatives
28 cards across 2 modules
Alternative Investments
28 cards across 3 modules
Portfolio Management
38 cards across 3 modules
Ethical & Professional Standards
53 cards across 5 modules
Try It — Tap to Flip
Sample cards from Quantitative Methods: Rates and Returns. Every card in the dashboard works just like these.
Interest Rate Components
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Tap to flip back
Holding Period Return (HPR)
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Holding Period Return
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Where: P0 = beginning price, P1 = ending price, D1 = income/dividend
Tap to flip back
Geometric Mean Return
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Where: Ri = return in period i, n = number of periods
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Which mean return to use?
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Money-Weighted Return (MWR)
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Tap to flip back
These are from just one module — there are 725+ 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.
Keep Practicing With Every Deck
Every flashcard deck lives in the study dashboard, alongside cheat sheets, module quizzes, and a full 180-question mock exam. Try the free cards above first.
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