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Turn your CFA Level 2 notes into flashcards with AI

Ready-made PDF decks rarely match your syllabus. Upload your own readings, slides or notes and DeckOwl writes the cards, then study them in the browser or export a PDF on Plus.

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Why a custom deck beats a generic CFA Level 2 PDF

Most CFA Level 2 flashcard PDFs are ready-made decks built from someone else's readings, so they rarely match your own syllabus or practice questions. If you want CFA Level 2 flashcards PDF that follow your materials, start with the notes, slides or readings you already have. DeckOwl reads PDFs, DOCX, PPTX, text and photos of pages, then turns them into cards you can review in the browser.

  • Formula cards that show the equation and the conditions where it applies
  • Ethics cards that pair each Standard with a short example of a violation
  • Short-answer cards for explaining why a result changes when an input moves
  • Review sessions that focus on the cards you answered wrong most often
Example CFA Level 2 flashcards
Put-call parity for European options on a non-dividend stock: what is the relationship?c0 + X/(1+r)^T = p0 + S0. The call price plus the present value of the strike equals the put price plus the stock price.
How does modified duration estimate the percentage change in a bond's price?%ΔP ≈ −ModDur × Δy + ½ × Convexity × (Δy)². The first term is the duration effect and the second is the convexity adjustment.
What is the Sharpe ratio?(Portfolio return − risk-free rate) ÷ standard deviation of portfolio returns. It measures excess return per unit of total risk.
What does the Black-Scholes-Merton model assume about the underlying asset's volatility?Volatility is constant over the life of the option. Changing volatility is one reason option prices move even when the stock price does not.
What does CFA Standard I(C) address?Misrepresentation. Members and candidates must not knowingly make misrepresentations about investment products, services or their qualifications.
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Built from your material

Upload PDFs, DOCX, PPTX, text or photos of pages. The cards come from the readings and notes you already use for Level 2.

Spaced repetition

Cards you miss come back sooner, so weak formulas and topics keep appearing until they stick.

PDF and Anki export

Plus includes PDF, DOCX, Anki and CSV export, so you can print a deck or load it into Anki.

How it works

Upload your materials

Add the Level 2 readings, lecture slides or handwritten notes as a PDF, DOCX, PPTX, text file or photo.

Generate your cards

DeckOwl creates flashcards from your content. Review them and remove any that do not fit.

Study or export

Study in the browser with spaced repetition. Export a PDF or Anki file on Plus when you want a printable copy.

Level 2 rewards formula use and vignette reasoning, so cards work best when the front asks you to apply something and the back gives the formula along with when to use it. Spaced repetition brings back the topics you keep missing, which helps across the exam's many topic areas.

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Frequently asked questions

How should I use flashcards to study for CFA Level 2?

Make cards from your own readings and practice questions, and write fronts as prompts you have to solve rather than simple definitions. Review them daily in short sessions so spaced repetition can schedule the topics you miss.

Which CFA Level 2 topics benefit most from flashcards?

Formula-heavy areas such as derivatives, fixed income and financial reporting and analysis tend to benefit most, along with the wording of ethics Standards. Cards for case-style reasoning work best when the back explains the steps, not only the final answer.

Can I export my CFA Level 2 flashcards as a PDF?

PDF export is included in the Plus plan, which costs $99.90 per year or $9.99 per month. The Free plan lets you study in the browser but does not include exports.

Is there a free way to try DeckOwl?

The Free plan includes 3 generations per month and browser study, and no credit card is needed to start. Students with a school email get 40% off Plus.

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