If you’re preparing for the CFA Exam, there’s no escaping one undeniable truth: formulas are everywhere. From basic time value of money equations at Level 1 to advanced portfolio risk analytics at Level 3, formulas form the backbone of the CFA curriculum. Yet, it’s not simply about memorizing symbols on a page; it’s about truly understanding how they connect to real-world financial analysis and how quickly you can recall them under the pressure of exam day.
This page is designed to help you navigate the world of CFA formula sheets. We’ll show you how to choose the best CFA formula sheet for your learning style, compare UWorld’s formula sheets against major players like Kaplan Schweser, AnalystPrep, and CFA Institute, and reveal why UWorld stands apart in helping candidates memorize CFA formulas faster. Here’s what you’ll find in this guide:
- How to Choose the Best CFA Formula Sheet
- UWorld CFA Formula Sheets vs. Kaplan Schweser, AnalystPrep, and CFA Institute: A Comparison
- Pros and Cons of Each CFA Formula Sheet Provider
- CFA Formula Sheets Compared by Exam Level
- Why UWorld Provides the Best CFA Formula Sheets for Exam Success
- How UWorld’s Platform and Interface Give You an Edge
How to Choose the Best CFA Formula Sheet?
Choosing the best CFA formula sheet isn’t simply about grabbing the first PDF you find online. A quality formula sheet is an essential learning tool that can make the difference between passing and failing, especially in an exam as formula-heavy as the CFA. But not all sheets are created equal. Some overwhelm you with dense equations, while others oversimplify, leaving gaps in critical knowledge.
When assessing which formula sheet is right for you, focus on these essential factors:
- Comprehensive Coverage
Ensure the sheet includes all formulas relevant to your specific CFA level. Missing even a handful of formulas could lead to costly mistakes on exam day. - Clarity and Organization
The best sheets group formulas by topic, use clear headings, and avoid clutter, helping you quickly locate what you need under time pressure. - Updated to the Latest Curriculum
The CFA curriculum evolves yearly. Outdated materials might contain deprecated formulas or miss new exam content. - Contextual Explanations
Sheets that offer brief explanations or real-world applications help you understand formulas, not just memorize them. - Integration with Digital Study Tools
Many modern providers embed formula sheets into apps or QBanks, creating seamless links between formulas and practice questions.
Remember: the right formula sheet fits your study style. If you’re a visual learner, look for color coding or diagrams. If you prefer quick referencing, ensure the sheet is concise yet complete. Ultimately, your formula sheet should build confidence, not anxiety.
UWorld CFA Formula Sheets vs. Kaplan, AnalystPrep, and CFA Institute: A Comparison
When CFA candidates search for the best CFA formula sheet, names like UWorld, Kaplan Schweser, AnalystPrep, and CFA Institute frequently emerge. Each provider takes a unique approach to condensing the mountain of CFA formulas into accessible formats, but significant differences exist in quality, usability, and effectiveness. To help you evaluate these options, we’ve prepared a detailed table comparing key aspects of each provider’s formula sheets. You’ll find insights on content depth, user experience, integration with study tools, and overall value.
Check the table below to see how UWorld stacks against Kaplan Schweser, AnalystPrep, and CFA Institute.
| Feature | UWorld CFA Prep | Kaplan Schweser | AnalystPrep | CFA Institute (CFAI) |
|---|---|---|---|---|
| Formula Sheets Included | Yes, in QBank & Topics | Yes, QuickSheet | Yes, Summary sheets | No standalone sheet |
| Level-Specific Sheets | Yes | Yes | Yes | No |
| Visual Aids & Logic Flow | Yes, Step-by-step, visual | No, Simple formula list | No, Minimal visuals | No, Raw in-text formulas |
| Integrated with Practice | Yes, Within QBank & Flashcards | No, Standalone sheet | No | No |
| Format | Digital, mobile, printable | PDF + printed booklet (premium) | PDF download | In readings only |
| Memorization Support | Yes, Flashcards + formula logic | No | No | No |
While each provider offers benefits, UWorld consistently excels in transforming formula sheets from static references into active learning tools. It sets itself apart with formula sheets that do more than list equations: they integrate context, visuals, and direct links to practice questions, bridging memorization and practical application. This integrated approach is crucial for the CFA exams, where success depends on knowing formulas and applying them confidently under timed conditions.
Next, we’ll dive deeper into the pros and cons of each provider to help you choose the best fit for your study style and exam goals.
Pros & Cons of Each CFA Formula Sheet Provider
Selecting the best CFA formula sheet involves weighing critical trade-offs. While many providers claim to offer comprehensive resources, differences emerge in balancing brevity, depth, and user-friendliness.
Kaplan’s QuickSheets are respected for convenience and portability, but sometimes gloss over nuanced explanations. AnalystPrep is attractive for budget-conscious students but offers less in-depth content. CFA Institute’s official references ensure perfect alignment with the curriculum, yet are often dense and scattered across hundreds of pages.
By contrast, UWorld excels because it bridges the gap between memorization and comprehension. Instead of a static document, UWorld’s formula sheets become active learning tools. Users don’t just see a formula; they gain quick access to linked practice questions, concise explanations, and visual aids that cement understanding.
Consider these pros and cons as you decide
| Provider | Pros | Cons |
|---|---|---|
| UWorld CFA Prep |
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No printed formula sheet |
| Kaplan Schweser |
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| AnalystPrep |
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| CFA Institute (CFAI) |
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CFA Formula Sheets Compared by Exam Level
Recognizing that the best CFA formula sheet varies dramatically depending on which CFA level you’re tackling is crucial. Level 1 demands broad coverage of many simpler formulas, Level 2 dives into complex valuation and quantitative techniques, and Level 3 emphasizes application in narrative responses and portfolio management contexts.
A high-quality formula sheet evolves with you, shifting focus from basic definitions at Level 1 to integrated problem-solving at Levels 2 and 3. Let’s explore how these needs differ and why UWorld consistently delivers tailored resources at each level.
Best CFA Level 1 Formula Sheet
The CFA Level 1 formula sheet is your survival guide through various topics. Candidates must memorize dozens of formulas across quantitative methods, economics, financial reporting, corporate finance, equity investments, etc. Yet, cramming hundreds of disconnected formulas is both exhausting and inefficient. Typical formulas covered include:
- Time Value of Money calculations
- Probability distributions and hypothesis testing
- Financial ratios and valuation multiples
- Portfolio risk and return measures
Candidates who choose a formula sheet without context risk memorizing empty symbols rather than building true comprehension, a costly mistake when the pressure is on during exam day.
Why UWorld Wins for Level 1:
UWorld’s Level 1 formula sheets shine because they’re far more than a list of equations. Instead, they deliver:
- Contextual Explanations: Clear explanations next to each formula help you understand when and why it’s used.
- Smart Organization: Formulas are grouped by CFA exam topics, making the review less chaotic.
- Active Learning Links: Instant access to relevant QBank questions connects the formula to real exam problems.
- Visual Clarity: Clean layouts and color-coded sections enhance memory retention.
This turns a simple “cheat sheet” into a powerful learning tool, helping candidates memorize CFA formulas faster and recall them under timed conditions. Explore deeper resources in our Level 1 prep.
Master CFA Level 1 Formulas with Step-by-Step Support
Master core CFA Level 1 formulas with visual explanations, flashcards, and step-by-step logic built into every UWorld practice question.
Best CFA Level 2 Formula Sheet
Level 2 marks a significant leap in difficulty, shifting from basic recall to applying formulas in complex valuation scenarios. Therefore, the CFA Level 2 formula sheet must balance depth with clarity, helping you handle discounted cash flow models, multiple regression analysis, derivatives pricing, and portfolio risk measures. Key topics include:
- Multi-factor models and regression analysis
- Valuation models for equities, fixed income, and derivatives
- Risk metrics and portfolio diagnostics
Formula sheets that merely list formulas can leave gaps in understanding. To truly prepare for Level 2, candidates need sheets explaining the application and theory.
Why UWorld Wins for Level 2:
UWorld’s Level 2 formula sheets stand apart thanks to:
- Application-Focused Notes: Short examples demonstrate how formulas appear in valuation contexts.
- Exam Relevance: Sheets highlight the most heavily tested formulas, saving you from overload.
- Integration with QBank: One click takes you from formula to practice questions for immediate application.
- Clear Differentiation: Helps distinguish similar-looking formulas that are tested in different contexts.
UWorld’s sheets reduce the risk of memorizing blindly and boost confidence in applying the correct formulas under pressure. Dive deeper with our Level 2 prep.
Learn CFA Level 2 Formulas Through Real Exam Application
Learn CFA Level 2 formulas through applied item sets, visual breakdowns, and real-world context with UWorld’s integrated study tools.
Best CFA Level 3 Formula Sheet
Unlike Levels 1 and 2, where memorization dominates, Level 3 tests how well candidates apply formulas in narrative discussions, such as explaining an asset allocation decision or performing a performance attribution analysis. Therefore, the CFA Level 3 formula sheet acts as both a quick reference and a strategic tool for navigating constructed-response questions. Level 3’s focus areas include:
- Asset allocation strategies
- Liability-driven investing
- Performance attribution
- Behavioral finance in portfolio management
Generic formula sheets often fail Level 3 candidates because they overlook the written, strategic element of the exam.
Why UWorld Wins for Level 3:
UWorld’s Level 3 sheets excel because they’re tailored for both calculation and narrative response:
- Essay-Ready Summaries: Bullet-point insights help you integrate formulas into written answers.
- Portfolio Management Emphasis: Focus on how formulas connect to client objectives and IPS statements..
- Scenario Examples: Show how formulas might appear in real-life portfolio management discussions.
- Integrated Practice: Links to essay-style QBank questions help cement understanding.
This dual focus makes UWorld uniquely effective for the challenging demands of the Level 3 exam. Learn how to transform formulas into strategic narratives with our Level 3 prep.
Apply CFA Level 3 Formulas with Precision and Clarity
Apply CFA Level 3 formulas with confidence using UWorld’s guided logic, portfolio metrics, and exam-style constructed-response support.
Why UWorld Provides the Best CFA® Formula Sheets for Exam Success
Passing the CFA exam isn’t just about memorizing hundreds of formulas; it’s about turning those formulas into practical knowledge you can recall and apply under pressure. Many providers stop at listing equations, but UWorld takes a fundamentally different approach. Instead of static documents, UWorld offers dynamic learning tools crafted by finance experts who understand both the CFA curriculum and the realities of test-day challenges. Each formula sheet goes beyond listing equations to explain the “why” and “how,” helping candidates avoid superficial memorization and build genuine mastery.
UWorld’s formula sheets seamlessly integrate into an interactive digital platform that links formulas to practice questions, visuals, and performance analytics. This transforms passive studying into active learning, boosting recall and confidence when it matters most. Unlike other providers that merely help you memorize formulas, UWorld equips you to truly understand and apply them, ensuring you’re ready for even the most challenging CFA questions.
Here’s why UWorld’s formula sheets consistently earn their reputation as the best CFA formula sheets available:
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Deep Explanations Each formula has clear, high-quality explanations that clarify meaning and practical application. |
User-Centric Digital Design Unlike static PDFs, digital formats allow for fast searching, note-taking, and smooth navigation. |
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Visual Learning Aids Charts, tables, and color-coded highlights help reinforce connections between formulas and broader financial concepts. |
Regular Curriculum Updates UWorld ensures all materials align with the latest CFA curriculum changes, reducing the risk of studying outdated content. |
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Active Learning Integration Formula sheets seamlessly link to UWorld’s renowned QBank, transforming passive reading into interactive practice. |
Focus on Exam-Day Application UWorld’s sheets emphasize how formulas appear in exam scenarios, helping candidates recognize and apply them under pressure. |
How the UWorld’s CFA Platform and Interface Give You an Edge
Beyond formula sheets, UWorld’s entire CFA platform is engineered for optimal learning efficiency. Every feature is built with the candidate’s exam-day performance in mind. The platform’s unique combination of interactivity, precision, and user-friendly design is why many candidates see UWorld as their secret weapon for CFA success.
Key features that make UWorld unique:
- Linked Explanations: Every formula links to explanations and related QBank questions for instant context.
- Customizable Study Paths: Tailor practice sessions based on weak topics, time constraints, or specific learning goals.
- Performance Analytics: Track strengths and weaknesses with robust data to fine-tune your study plan.
- Clean User Interface: A distraction-free, modern layout reduces cognitive load during long study sessions.
- Frequent Content Updates: Ensures your resources match the current CFA curriculum precisely.
The focus is not just passing, but deeply understanding CFA concepts so that you can apply them with confidence in your career. With UWorld, you’re not just memorizing formulas, you’re mastering them.
Why Peter Olinto Recommends UWorld
Peter Olinto - CFA, JD, CPA (inactive), and one of UWorld’s flagship instructors, combines lecture clarity with real exam simulation. His approach
- Bitesized clarity: 5–15 minute lessons targeting specific LOS
- In-context teaching: Paired with a mock interface for practical review
- Efficiency-focused training: Ideal for on-the-go review during daily routines
UWorld CFA Platform Walkthrough
Here’s an insightful video tour showcasing the UWorld platform, including interface design, question delivery, and built‑in tools:
Final Thoughts on Choosing the Best CFA Formula Sheets
Passing the CFA exam demands more than grit, innovative, strategic study tools. A high-quality formula sheet can save precious exam time and elevate your confidence. Among the options, UWorld stands out by offering the best CFA formula sheets that do more than list equations; they teach you how to apply them effectively.
Whether you’re preparing for Level 1’s foundational knowledge, Level 2’s rigorous analytics, or Level 3’s portfolio-based applications, UWorld provides the clarity, context, and innovation that serious CFA candidates need. Invest in tools that turn formulas from memorized lines into powerful problem-solving assets, and position yourself for exam-day success.
Accelerate Your CFA® Prep with UWorld’s CFAFormula Sheets
Get CFA formula sheets tailored to your level—Level 1, 2, or 3—to reinforce key concepts and boost recall.
Hear From Our Past CFA Candidates
UWorld CFA QBank questions challenge me to think from different perspectives, which is great. It is helping me to strengthen the concepts I remember and relearn the ones I forgot. Also, the feature to make QBank with varied topics and in the same theme as the official exams is perfect.
A great set of CFA questions that hit all parts of the exam and the questions are well organized by sections. Your explanations are really useful and way better than CFAI QBank. I'll purchase your Level 2 packages when I pass L1 and take L2. Overall a great platform to practice
UWorld CFA exam questions are very nicely written and challenging, putting me in a state of mind that I have to keep going and improve. The Qbank is harder IMO than Schweser and CFA QBank. Answer explanations are AWESOME. The only QBank I've used so far that tests all topics in the material!
FAQs
What is the best CFA formula sheet for quick revision?
The best CFA formula sheet is concise, level-specific, and interactive. UWorld’s sheets integrate with its QBank for faster recall and deeper understanding than static PDFs.
Are CFA formula sheets enough to pass the exam?
No. Formula sheets help with revision, but can’t replace concept learning, practice questions, and mocks. UWorld connects formulas to explanations for true exam readiness.
Does the CFA Institute provide an official formula sheet?
No. CFA Institute doesn’t offer a dedicated formula sheet. Formulas are embedded in the curriculum, making standalone sheets from providers like UWorld more efficient.
Do formulas repeat across CFA Levels 1, 2, and 3
Many formulas recur across levels, especially in Quant, Portfolio, and Corporate Finance. However, higher levels require deeper application, making level-specific sheets crucial.
Where can I download a free CFA formula sheet
Free CFA formula sheets exist online but often lack visuals or context. UWorld offers a more complete solution with integrated formulas, practice questions, and flashcards.
References
- CFA Institute. (n.d.). CFA Program exam. CFA Institute. https://www.cfainstitute.org/programs/cfa-program/exam
- u/FinancePrepGuy. (n.d.). UWorld’s Level 1 questions felt closest to the actual CFA exam. Their explanations helped me understand, not just memorize. [Online forum post]. Reddit. https://www.reddit.com/r/CFA/comments/1007fey/any_thoughs_on_uworld_cfa_qbanks/
- u/QuantPathfinde. (n.d.). Level 2 is where I realized most providers just repackage Level 1. UWorld was built for Level 2. [Online forum post]. Reddit. https://www.reddit.com/r/CFA/comments/18or25r/best_qbank_for_lvl_ii
- /EssayGrindr. (n.d.). I passed Level 3 after switching to UWorld. Their constructed response practice made all the difference. [Online forum post]. Reddit. https://www.reddit.com/r/CFA/comments/1i5t36h/uworld_vs_mm_for_l3_i_need_reviews/