CFA Level 1 Formula Sheet
All 83 essential formulas across 9 subjects (Ethics has no formulas). Start with the free sample from LM 1: Rates and Returns — the full editable sheet lives in the study dashboard.
Based on CFA Master registered accounts and sign-in countries, September 2026.
Photo by Aaron Lefler on Unsplash
Quick answer
What formulas do you need to memorise for CFA Level 1?
CFA Level 1 requires roughly 83 formulas across 9 of its 10 subjects (Ethics has none), 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 9 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 formulasHolding Period Return
Where: P0 = beginning price, P1 = ending price, D1 = income/dividend
Geometric Mean Return
Where: Ri = return in period i, n = number of periods
Harmonic Mean
Where: n = number of observations, Xi = individual values
Annualized Return
Where: c = number of periods per year
Continuously Compounded Return
Where: ln = natural logarithm
Real Return (exact)
Where: π = inflation rate
The Full Formula Sheet
83 formulas across 9 subjects — organized by topic. 6 are open above; the other 77 live in the study dashboard’s formula sheet. Here’s how Economics starts:
All 83 formulas across 9 subjects live in the study dashboard, alongside flashcards, quizzes and progress tracking.
Every subject covered
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 the 9 subjects that carry formulas (Ethics has none).
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.
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