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Turn your CFA Level 2 notes into Anki-ready flashcards

Upload your readings, lecture slides or photos of practice problems. DeckOwl builds flashcards you can review on a spaced schedule and export to Anki.

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How to build CFA Level 2 flashcards you can review every day

Level II rewards applying formulas to case facts, so Anki-ready CFA Level 2 flashcards work best when each card asks for one formula, one rule or one judgment call. Cards that just repeat a paragraph from the reading slow you down.

Make one card per formula, including its inputs and when to use it.
Write cards for the reason behind a rule, not only the rule itself.
Add a card for each common exam trap, such as a tax adjustment or a day-count convention.
Review a little every day rather than a large batch the night before a session.

Example CFA Level 2 flashcards for study

What is the residual income valuation model?Equity value equals current book value plus the present value of expected residual income, where residual income is net income minus a charge of cost of equity times beginning book value.

What is the FCFF formula starting from net income?FCFF = net income + non-cash charges + interest × (1 − tax rate) − fixed capital investment − working capital investment.

How does modified duration estimate a bond price change?The approximate percentage change in price equals negative modified duration times the change in yield, so a 1% rise in yield lowers the price by about the duration percentage.

Where can interest paid be classified in the cash flow statement under IFRS?IFRS allows interest paid to be classified as operating or financing, while US GAAP requires it to be classified as an operating activity.

What is the Black-Scholes price of a European call option?C = S0 × N(d1) − X × e^(−rT) × N(d2), where d1 and d2 are the standard normal inputs based on the stock price, strike, rate, volatility and time to expiration.

Generate the full set

Built from your own material

Drop in PDFs, DOCX or PPTX files, plain notes, or photos of textbook pages. The text is read and turned into cards that match what you actually studied.

Spaced repetition in the browser

Cards come back at growing intervals so you review weak formulas more often and skip the ones you already know. Study on the free plan without installing anything.

Export to Anki on Plus

Plus adds PDF, DOCX, Anki and CSV export, so your Level II deck can move into the Anki app you already use. Plus is $39/year or $7.99/month, and students get 40% off with a school email.

How it works

Upload your Level II material

Add the curriculum readings, slides or handwritten notes for the topic you are studying, such as equity valuation or fixed income.

Review the generated cards

Check the questions and answers, edit any that are unclear, and remove cards you do not need before you start studying.

Study on a spaced schedule

Work through the daily review queue. On Plus, export the deck to Anki when you want to keep studying there.

DeckOwl reads your PDFs, slides, notes and images and proposes question-and-answer pairs from them. You can keep the cards that test the concepts you find hard and drop the rest before the first review.

Spaced repetition does the scheduling. Cards you miss come back sooner, and cards you know move out to longer gaps, which keeps a multi-month study plan manageable.

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Frequently asked questions

How many flashcards should I make for CFA Level 2?

Most candidates do well with a focused deck per topic rather than one giant deck. Keep each set to the formulas and concepts from one reading so you can review it in a single session.

What should a CFA Level 2 flashcard look like?

The front should ask for one formula, rule or judgment, and the back should give the answer with the key condition or assumption. Cards that name the situation where the rule applies are more useful on exam day.

Can I study CFA Level 2 flashcards for free?

The free plan includes 3 generations per month and studying in the browser. Exporting to PDF, DOCX, Anki or CSV requires Plus, which is $39/year or $7.99/month.

Can I export my CFA Level 2 deck to Anki?

Yes, on the Plus plan you can export to Anki. Plus also gives unlimited generations and spaced repetition, and students can get 40% off with a school email.

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Keep exploring the topic

Review the main ideas visually or practice recalling them.