CFA Level 1 Formula Sheet

All 83 essential formulas across 9 subjects. Start with the free sample from LM 1: Rates and Returns — Premium unlocks the full sheet.

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Quick answer

What formulas do you need to memorise for CFA Level 1?

CFA Level 1 requires roughly 83 formulas across 10 subjects, concentrated in Quantitative Methods, Fixed Income, Equity Investments, Corporate Issuers, and Financial Statement Analysis ratios. The exam does not supply a formula sheet, so each one must be recalled from memory. CFA Master's sheet groups all 83 by subject and is searchable by formula name, symbol, or variable.

83 formulas across 10 subjects, searchable by name or variable
No formula sheet is provided in the CFA exam — everything must be memorised
Each formula lists its variables and the exam context it is used in
Heaviest formula load: Quantitative Methods, Fixed Income, and FSA ratios

LM 1: Rates and Returns

Free sample — 6 of 83 formulas

Holding Period Return

HPR = (P₁ - P₀ + D₁) / P₀

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

Geometric Mean Return

R_G = [(1+R₁)(1+R₂)...(1+R_n)]^1/n - 1

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

Harmonic Mean

X̄_H = n / Σ(1/X_i)

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

Annualized Return

R_annual = (1 + R_period)^c - 1

Where: c = number of periods per year

Continuously Compounded Return

r_cc = ln(1 + HPR) = ln(P₁/P₀)

Where: ln = natural logarithm

Real Return (exact)

(1 + R_nominal) = (1 + R_real)(1 + π)

Where: π = inflation rate

The Full Formula Sheet

Premium

83 formulas across all 9 subjects — organized by topic. Here’s how Economics starts:

GDP (Expenditure)

GDP = C + I + G + (X - M)

Consumption + Investment + Government + Net Exports

Fiscal Multiplier

Multiplier = 1 / (1 - MPC)

MPC = marginal propensity to consume

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80+ formulas from all 10 subjects in one place — edit and save your own version.

Every subject covered

Quantitative Methods

14 formulas

Economics

7 formulas

Financial Statement Analysis

14 formulas

Corporate Issuers

9 formulas

Equity Investments

9 formulas

Fixed Income

10 formulas

Derivatives

7 formulas

Alternative Investments

5 formulas

Portfolio Management

8 formulas

Frequently asked questions

Does the CFA exam give you a formula sheet?

No. CFA Institute does not provide a formula sheet in the exam. You are given an approved financial calculator (the TI BA II Plus or HP 12C) and are expected to recall every formula from memory.

How many formulas are on CFA Level 1?

There is no official count, but the commonly-revised set is around 83 formulas — that is the number CFA Master's Level 1 formula sheet covers, grouped across all 10 subjects.

What is the best way to memorise CFA formulas?

Practise recall rather than recognition: use flashcards, write each formula from blank paper, and immediately apply it to a question. Formulas learned inside a worked problem stick far better than formulas read off a sheet.

Study Each Formula in Context

Go beyond the formula sheet — learn each formula with cheat sheets, flashcards, quizzes, and a full 180-question mock exam.