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Turn your CFA Level 2 formulas into flashcards with AI

Ready-made formula sheets rarely match the readings you are actually studying. Upload your own CFA prep material and get a flashcard for each formula, with spaced repetition to keep them in memory.

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

Free account · 3 sets a month · Creates flashcards in seconds

Why custom CFA Level 2 formula flashcards work better

Level 2 candidates have to recall dozens of formulas across valuation, fixed income, and derivatives, so CFA level 2 formula flashcards work best when they come from the exact readings you are studying. A generic sheet rarely uses the same notation or worked examples as your own course notes.

Upload the readings and notes you already use for study
Check each formula for variable definitions and conditions of use
Pair formula cards with practice questions to test application
Review a short set of cards daily rather than cramming before the exam

Example CFA Level 2 formula flashcards

Free cash flow to the firm (FCFF) from net incomeFCFF = NI + NCC + Int(1 - tax rate) - FCInv - WCInv, where NCC is noncash charges, FCInv is fixed capital investment, and WCInv is working capital investment.

Gordon growth model value of a stockV0 = D1 / (r - g), where D1 is next year's dividend, r is the required return, and g is the constant growth rate. It requires r to be greater than g.

Approximate percentage bond price change from a yield changePercentage price change is about -(modified duration) x change in yield, plus (1/2) x convexity x (change in yield) squared, because the price-yield relationship is curved.

Put-call parity for European optionsc0 + PV(X) = p0 + S0, where c0 and p0 are the call and put prices, X is the common exercise price, PV(X) is its present value, and S0 is the current price of the underlying asset.

Forward price of an asset with no income, discrete compoundingF0(T) = S0 x (1 + r)^T, where S0 is the current price, r is the risk-free rate per period, and T is the number of periods until delivery.

Generate the full set

Works from your material

Upload PDFs, PowerPoint slides, DOCX files, text notes, or photos of pages, and DeckOwl reads the text and turns it into flashcards.

Spaced repetition built in

Cards you miss come back sooner and cards you know are spaced further apart, so formulas stick before exam day.

Study in your browser

Start free with no credit card. The free plan includes 3 generations per month and browser study.

How it works

Upload your notes

Add a PDF, slide deck, DOCX file, text notes, or a photo of a page from your CFA Level 2 prep.

Review the generated cards

Check the formula cards against your curriculum and edit anything that needs correcting.

Study with spaced repetition

Review cards on the schedule the app sets, and focus on the formulas you keep missing.

DeckOwl reads PDFs, DOCX files, PPTX slides, plain text, and images of pages, then builds flashcards you can review with spaced repetition. You can start with the free plan and move to a paid plan when you want unlimited generations or exports.

Making cards from your own material also keeps you honest about what you do not yet know. When a formula card keeps coming back, that is the signal to go back to the reading and work an example problem.

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Frequently asked questions

How many formula flashcards should I make for CFA Level 2?

There is no fixed number, but a practical approach is to make one card per formula and one for each key condition, such as when a model applies. Start with the formulas in the topics you find hardest, then expand as you review.

What should a good CFA Level 2 formula card include?

The front should name the formula or ask what it measures, and the back should give the formula with its variables defined. Adding the condition under which it applies helps you choose the right formula in exam questions.

Can I export my flashcards to Anki or CSV?

Exports to Anki and CSV are paid features, available on the Plus plan. The free plan lets you study flashcards in the browser.

Is there a free plan?

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

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Keep exploring the topic

Review the main ideas visually or practice recalling them.