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Turn your CFA Level 2 study material into flashcards

Upload your readings, lecture slides, notes or photos of practice problems. DeckOwl builds flashcards from them and schedules reviews so the formulas stick before exam day.

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Why generic CFA Level 2 decks fall short

CFA Level 2 flashcards work best when they come from the material you are studying. Level II leans heavily on formulas, item sets and vignettes, so a deck written for a different exam or a different curriculum version often misses what your readings cover.

  • Upload each reading or slide deck as its own set so topics stay separated.
  • Make formula cards that state the conditions, such as when to use effective rather than modified duration.
  • Pair flashcards with practice questions; a card tells you the answer, a question tests whether you can apply it.
  • Review a little every day in short sessions rather than in one long block the week before the exam.
Example CFA Level 2 flashcards
Residual income model: how is the value of a stock estimated?Value equals current book value per share plus the present value of expected future residual income. Residual income is net income minus the equity charge, which is cost of equity times beginning book value.
Why use effective duration instead of modified duration for a callable bond?Effective duration accounts for embedded options, since cash flows change when interest rates change. Modified duration assumes the bond's cash flows stay fixed.
Put-call parity for European options on a non-dividend stockCall price minus put price equals the stock price minus the present value of the strike price. In symbols, c minus p equals S0 minus X divided by (1 plus r) to the power T.
Free cash flow to the firm, starting from net incomeFCFF equals net income plus non-cash charges plus interest times (1 minus tax rate), minus fixed capital investment, minus working capital investment.
What is yield to worst for a bond with call options?It is the lowest yield the bond can earn without default across all possible call or put exercise dates. Investors use it as a conservative measure when a bond may be called early.
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Built from your material

Upload PDFs, PowerPoint slides, DOCX files, plain notes or photos of pages. Cards reflect the readings and problem sets you actually use.

Spaced repetition

Cards you miss come back sooner and cards you know fade into longer intervals, so your review time goes to the weak spots.

Formulas and concepts

Front sides can hold a term, a formula to recall or a short scenario. Back sides give the answer with the key condition that changes it.

How it works

Upload your Level 2 notes

Add the PDF of a reading, a slide deck, typed notes or a photo of a worked example. Text is recognized automatically.

Review the generated cards

Check the flashcards, edit any that are unclear and remove the ones you do not need before you start studying.

Study on a spaced schedule

Work through cards in the browser each day. The schedule adjusts to what you recall, so you spend less time on what you already know.

Making cards by hand from every reading takes hours that could go to practice questions. Generating them from your own PDFs and notes keeps the deck tied to the exact learning outcomes in front of you, and you can add or edit cards as you go.

Spaced repetition does the rest. Formulas such as the residual income model or put-call parity are easy to recognize and hard to recall under time pressure, so frequent short reviews build recall faster than one long cramming session.

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Frequently asked questions

How many flashcards should I make for CFA Level 2?

There is no fixed number, but many candidates keep each deck to one reading or topic area so it stays manageable. Focus on formulas, conditions for using them and the reasons behind a result rather than memorizing every sentence.

What should a good CFA Level 2 flashcard include?

A strong card asks for one formula, definition or decision rule and gives the answer with the condition that changes it. Avoid cards that need a whole paragraph to answer, because those are hard to review quickly.

Can I study flashcards for free on DeckOwl?

Yes. The free plan includes 3 generations per month and lets you study in the browser with no credit card needed. Exports to PDF, DOCX, Anki or CSV are part of the paid Plus plan.

Can I export my CFA flashcards to Anki?

Yes, on the Plus plan at $39 per year or $7.99 per month, you can export to Anki and other formats. Students with a school email get 40% off.

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Review the main ideas visually or practice recalling them.