Home › Flashcards › Exam & Certification Prep › CFA L2 Flashcards From Your Notes

Turn your CFA Level II notes into flashcards you review on a schedule

Upload your readings, lecture slides or photos of practice problems. DeckOwl builds flashcards from them so you drill the formulas and concepts that Level II tests.

Create flashcards nowFree · No credit card required

Drop files here or browsePDF, DOCX, PPTX, text or photos of your notes · several files with Plus

Free · First set needs no signup · Creates flashcards in seconds

How CFA L2 flashcards fit into Level II prep

Level II asks you to apply formulas across ten topic areas, which makes CFA L2 flashcards a practical way to keep the inputs and conditions straight between practice sessions.

Formula cards that list the inputs, the formula and the conditions for use
Concept cards for definitions such as duration, delta and the Sharpe ratio
Cards generated from your own readings, so they match the curriculum you are tested on
A daily review queue that brings back weak cards first

Example CFA Level II flashcards

What is the formula for free cash flow to the firm (FCFF) starting from net income?FCFF = NI + non-cash charges + interest x (1 - tax rate) - fixed capital investment - working capital investment.

What does Macaulay duration measure for a bond?The present-value-weighted average time until the bond's cash flows are received, measured in years.

For a call option under Black-Scholes-Merton, what does delta measure?The sensitivity of the option price to a small change in the underlying price, equal to N(d1) and ranging from 0 to 1 for a call.

What does the Sharpe ratio measure?Excess return over the risk-free rate divided by the standard deviation of the portfolio's returns, so it shows return per unit of total risk.

Under CFA Institute Standards, what does the duty of loyalty require?Acting for the benefit of clients and placing their interests ahead of your own and your employer's, with conflicts disclosed and managed.

Generate the full set

Built from your material

Upload PDFs, PowerPoint slides, notes or photos of textbook pages. Text from images is read with text recognition, so handwritten-free scans of printed readings work too.

Spaced repetition

Cards you miss come back sooner and cards you know fade to longer intervals, so review time goes to the formulas you are still shaky on.

Covers the whole curriculum

Generate cards for each Level II topic area, from financial reporting and fixed income to derivatives and portfolio management, in one deck per reading set.

How it works

Upload your readings

Add the PDFs, slides or notes for the topic you are studying. No credit card is needed to start.

Review the generated cards

Check the flashcards for formulas and definitions, and edit anything that does not match your curriculum.

Study on a schedule

Work through the daily review queue in the browser and let spaced repetition set when each card returns.

Start with the topics you find hardest, such as valuation or derivatives pricing. Make one card per formula, with the inputs and the condition for using it on the back, then add a few conceptual cards for each reading. Review new material within a day or two, then let spaced repetition bring back the cards you miss.

Students with a school email get 40 percent off Plus, which adds unlimited generations and PDF, DOCX, Anki and CSV export if you want to study offline or move your deck into another app.

Explore related topics

Are Kaplan CFA Flashcards Worth It?

Compare Kaplan CFA flashcards with a deck you build from your own CFA notes and PDFs.

CFA Ethics Flashcards with AI

Generate CFA ethics flashcards from your notes, covering the Standards with spaced repetition review.

CFA Exam Flashcards from Your Notes

Turn your own CFA prep PDFs and slides into AI flashcards with spaced repetition.

CFA Flashcards From Your Own Notes

Turn your CFA readings, slides and notes into flashcards with spaced repetition.

CFA Level 1 Flashcards from Your Notes

Make CFA Level 1 flashcards from your own PDFs and notes, with spaced repetition built in.

CFA Level 2 Flashcards

Turn your CFA Level 2 notes and readings into spaced-repetition flashcards for formulas and concepts.

CFA Formula Flashcards from Your Notes

Turn CFA notes and formula sheets into flashcards you review with spaced repetition.

CFA Institute Flashcards

Make CFA study flashcards from your own notes and PDFs, with spaced repetition.

Frequently asked questions

How many flashcards should I make for each CFA Level II topic?

Aim for the formulas and definitions you would have to recall without notes, which is often 10 to 20 cards per reading. Add more only for areas where you keep missing questions in practice.

Should I memorize the formulas or understand where they come from?

Level II questions give you a scenario and expect you to pick the right formula and interpret the result, so you need both. Use one card for the formula and inputs, and another for when and why to apply it.

Can I export my CFA L2 flashcards to Anki?

Yes, but export is a Plus feature. The free plan lets you study in the browser, with up to 3 generations per month.

Does DeckOwl include CFA practice questions?

DeckOwl generates quizzes from your own material, including multiple choice, true/false and short answer with explanations. It does not supply a question bank, so use your provider's practice exams alongside your generated cards.

Generate free flashcards

Keep exploring the topic

Review the main ideas visually or practice recalling them.