CheapMocks Academy · Exam guide

CFA® Level I formula sheets.

By , founder (master's degree in finance) · Published · Updated

A formula sheet for each of the 9 Level I topics with maths, with what each symbol means, what the result tells you and the mistake to avoid. The 194 key formulas are on these pages; all 1,296 are explained in the CheapMocks Academy and in the PDFs.

Formulas
1,296
Key formulas
194
In the exam
No sheet

PDF · A4 · 389 pages

Every topic in one file

All 9 sheets with a contents page; each topic is also a PDF of its own below. Downloads come with a subscription or a pass; the free trial does not include them.

Choose a topic

  1. 01

    Quantitative Methods

    348 formulas · 28 key · 17 modules · 6–9% (2027: 11–14%) of the exam

    Holding period return · Geometric mean return · Money-weighted return (IRR) · Time-weighted return …

    PDF · 103 pages
  2. 02

    Economics

    68 formulas · 17 key · 8 modules · 6–9% of the exam

    Profit maximization: MR = MC · Economic profit · Breakeven point · Short-run shutdown rule …

    PDF · 24 pages
  3. 03

    Financial Statement Analysis

    193 formulas · 28 key · 12 modules · 11–14% of the exam

    Long-term contract revenue (input method) · Basic EPS · Diluted EPS: convertible debt (if-converted) · Diluted EPS: options (treasury stock method) …

    PDF · 60 pages
  4. 04

    Corporate Issuers

    50 formulas · 16 key · 6 modules · 6–9% of the exam

    Combined tax rate (double taxation) · After-tax cost of debt · Cash conversion cycle · DSO, DOH and DPO from balances …

    PDF · 19 pages
  5. 05

    Equity Investments

    227 formulas · 20 key · 19 modules · 11–14% of the exam

    Leverage ratio and maximum leverage · Total return on a margin purchase · Margin call price (long position) · Index price return and total return …

    PDF · 71 pages
  6. 06

    Fixed Income

    184 formulas · 30 key · 19 modules · 11–14% of the exam

    Periodic coupon payment · Level payment, fully amortizing bond · Repurchase price in a repo · Bond price from the market discount rate …

    PDF · 58 pages
  7. 07

    Derivatives

    110 formulas · 22 key · 9 modules · 5–8% (2027: 6–9%) of the exam

    Forward payoff at maturity · Long call profit · Intrinsic value and time value · Long put profit …

    PDF · 35 pages
  8. 08

    Alternative Investments

    51 formulas · 13 key · 7 modules · 7–10% (2027: 6–9%) of the exam

    GP return with a hard hurdle · GP return with a catch-up clause · Internal rate of return (IRR) · Multiple of invested capital (MOIC) …

    PDF · 19 pages
  9. 09

    Portfolio Management

    65 formulas · 20 key · 5 modules · 8–12% of the exam

    Utility of an investment · Capital allocation line (CAL) · Portfolio return · Sample covariance and correlation …

    PDF · 24 pages

Ethical and Professional Standards has no formulas, so it has no sheet. The sheets cover the 2026 and 2027 curricula: formulas marked “2026 only” leave the curriculum for exams from February 2027, and those marked “New in 2027” join it; see what changed in 2027.

What is on each sheet

  • Key formulas. The formulas each topic leans on most, explained on its page here.
  • Every formula, explained. Each module in the CheapMocks Academy ends with its formula sheet: what each symbol means, what the result tells you and how the exam asks about it. The free trial includes the Academy.
  • Exam tips. The mistake candidates make most often with each formula, or the fastest way to get it right on the BA II Plus.
  • A lesson for every formula. Each entry links to the CheapMocks Academy lesson that teaches it with worked examples.
  • The PDFs. Every formula of a topic at a glance, then each one explained, ready to print. They come with a subscription or a pass.

How to learn the formulas

  • Learn what each input means, not just the letters. Most wrong answers use the right formula with one wrong input.
  • Practise each formula on your calculator until the keystrokes are automatic; speed matters as much as accuracy.
  • Watch the units: decimals versus percentages, periodic versus annual rates, and days versus years.
  • Test yourself with timed questions. Recognising which formula a question needs is half the work.
  • Let flashcards do the memorising. Short daily reviews keep a formula ready long after you first learned it.