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Free CFA Level I Formula Sheet (2026)

Every CFA Level I formula you need on the test, grouped by topic and rendered with full math notation. 91 formulas across 9 topics, calibrated to the 2026 syllabus. Free forever, no signup required.

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All CFA Level I Formulas

Quantitative Methods 14 items
Present Value (single sum)
PV=FV(1+r)nPV = \frac{FV}{(1 + r)^n}
FV = future value, r = periodic rate, n = number of periods
Future Value of ordinary annuity
FV=PMT×(1+r)n−1rFV = PMT \times \frac{(1+r)^n - 1}{r}
PMT = periodic payment, r = periodic rate, n = periods
Present Value of ordinary annuity
PV=PMT×1−(1+r)−nrPV = PMT \times \frac{1 - (1+r)^{-n}}{r}
PMT = periodic payment, r = periodic rate, n = periods
Present Value of perpetuity
PV=PMTrPV = \frac{PMT}{r}
PMT = periodic payment, r = discount rate
Population variance
σ2=∑i=1N(Xi−μ)2N\sigma^2 = \frac{\sum_{i=1}^{N}(X_i - \mu)^2}{N}
μ\mu = population mean, N = population size
Sample variance
s2=∑i=1n(Xi−Xˉ)2n−1s^2 = \frac{\sum_{i=1}^{n}(X_i - \bar{X})^2}{n-1}
Xˉ\bar{X} = sample mean, n = sample size (uses n−1 for unbiasedness)
Sharpe ratio
Sp=Rp−RfσpS_p = \frac{R_p - R_f}{\sigma_p}
RpR_p = portfolio return, RfR_f = risk-free rate, σp\sigma_p = portfolio std dev
Excess return per unit of total risk
Holding Period Return (HPR)
HPR=P1−P0+D1P0HPR = \frac{P_1 - P_0 + D_1}{P_0}
P1P_1 = ending price, P0P_0 = beginning price, D1D_1 = cash distributions received
Bayes' Theorem
P(A∣B)=P(B∣A)⋅P(A)P(B)P(A|B) = \frac{P(B|A) \cdot P(A)}{P(B)}
Updates prior probability P(A) given new information B
P(B)=P(B∣A)P(A)+P(B∣Ac)P(Ac)P(B) = P(B|A)P(A) + P(B|A^c)P(A^c)
Correlation coefficient
ρXY=Cov(X,Y)σXσY\rho_{XY} = \frac{\text{Cov}(X,Y)}{\sigma_X \sigma_Y}
Ranges from −1 to +1; unitless measure of linear association
Geometric mean return
RˉG=[∏t=1n(1+Rt)]1/n−1\bar{R}_G = \left[\prod_{t=1}^{n}(1+R_t)\right]^{1/n} - 1
RtR_t = period t return, n = number of periods
Money-weighted return (MWR)
∑t=0NCFt(1+r)t=0\sum_{t=0}^{N} \frac{CF_t}{(1+r)^t} = 0
CFtCF_t = cash flow at time t (outflows negative, inflows positive), r = money-weighted return, N = number of periods
Fisher relation (real vs nominal return)
(1+Rnominal)=(1+Rreal)(1+i)(1 + R_{nominal}) = (1 + R_{real})(1 + i); RnominalR_{nominal} = nominal, RrealR_{real} = real, i = inflation. Subtracting inflation is only an approximation; it breaks down when inflation is high.
Time-weighted return (TWR)
(1+TWR)=∏i=1n(1+ri)(1 + TWR) = \prod_{i=1}^{n}(1 + r_i)
rir_i = holding-period return for sub-period i, n = number of sub-periods between external cash flows
Economics 6 items
GDP expenditure approach
GDP=C+I+G+(X−M)GDP = C + I + G + (X - M)
C = consumption, I = investment, G = government spending
X = exports, M = imports, (X−M) = net exports
Money multiplier
m=1reserve requirementm = \frac{1}{\text{reserve requirement}}
Maximum deposit expansion from a given reserve base
ΔMoney supply=m×ΔReserves\Delta\text{Money supply} = m \times \Delta\text{Reserves}
Fisher effect
(1+rnom)=(1+rreal)(1+π)(1 + r_{nom}) = (1 + r_{real})(1 + \pi)
Approx: rnom≈rreal+πr_{nom} \approx r_{real} + \pi
rnomr_{nom} = nominal rate, rrealr_{real} = real rate, π\pi = expected inflation
Breakeven and shutdown points
Breakeven: P=ATCP = ATC (price covers all costs).
Shutdown (short run): P<AVCP < AVC. If AVC<P<ATCAVC < P < ATC, keep operating short-run because contribution covers some fixed cost.
Price elasticity of demand
Ed=%ΔQd%ΔPE_d = \frac{\%\Delta Q_d}{\%\Delta P}
∣Ed∣>1|E_d| > 1: elastic (revenue rises when P falls). ∣Ed∣<1|E_d| < 1: inelastic. =1= 1: unit-elastic (revenue maximized).
Cross-rate calculation
AC=AB×BC\frac{A}{C} = \frac{A}{B} \times \frac{B}{C}
Multiply or divide quoted rates to derive a cross-rate. Bid-ask: use bid for one leg and ask for the other to be conservative.
Corporate Issuers 6 items
WACC
WACC=wdrd(1−t)+wprp+wereWACC = w_d r_d (1-t) + w_p r_p + w_e r_e
w = weights (market value), r = required returns
d = debt, p = preferred, e = equity, t = tax rate
Free Cash Flow to the Firm (FCFF)
FCFF=NI+NCC+Int(1−t)−ΔWC−CapExFCFF = NI + NCC + Int(1-t) - \Delta WC - CapEx
NI = net income, NCC = non-cash charges, Int = interest expense
ΔWC\Delta WC = change in working capital, t = tax rate
Net Present Value (NPV)
NPV=∑t=0nCFt(1+r)tNPV = \sum_{t=0}^{n} \frac{CF_t}{(1+r)^t}
CFtCF_t = expected after-tax cash flow at time t, r = required rate of return
Accept when NPV > 0: the investment adds value in currency terms
Degree of Financial Leverage (DFL)
DFL=EBITEBIT−IDFL = \frac{EBIT}{EBIT - I}
I = interest expense
% change in EPS per 1% change in EBIT
Return on Invested Capital (ROIC)
ROIC=After-tax operating profitAverage invested capitalROIC = \frac{\text{After-tax operating profit}}{\text{Average invested capital}}
Invested capital = total debt + total equity
ROIC above the cost of capital means the company is creating value
Free Cash Flow to Equity (FCFE)
FCFE=FCFF−Int(1−t)+ΔDebtFCFE = FCFF - \text{Int}(1-t) + \Delta\text{Debt}
Cash available to equity holders after all obligations and reinvestment
Financial Statement Analysis 8 items
3-factor DuPont decomposition
ROE=NISales×SalesAssets×AssetsEquityROE = \frac{NI}{\text{Sales}} \times \frac{\text{Sales}}{\text{Assets}} \times \frac{\text{Assets}}{\text{Equity}}
Net profit margin × Asset turnover × Financial leverage
Current ratio
Current ratio=Current assetsCurrent liabilities\text{Current ratio} = \frac{\text{Current assets}}{\text{Current liabilities}}
Measures short-term liquidity; higher = more liquid
Inventory turnover
Inventory turnover=COGSAverage inventory\text{Inventory turnover} = \frac{\text{COGS}}{\text{Average inventory}}
Days on hand (DOH): DOH=365Inventory turnoverDOH = \frac{365}{\text{Inventory turnover}}
Receivables turnover and DSO
Receivables turnover=RevenueAvg Accounts Receivable\text{Receivables turnover} = \frac{\text{Revenue}}{\text{Avg Accounts Receivable}}
DSO=365Receivables turnover\text{DSO} = \frac{365}{\text{Receivables turnover}}
Days Sales Outstanding: average collection period
Return on Assets (ROA)
ROA=Net incomeAverage total assetsROA = \frac{\text{Net income}}{\text{Average total assets}}
Alternative: ROA=Net profit margin×Asset turnoverROA = \text{Net profit margin} \times \text{Asset turnover}
2-factor DuPont decomposition
Return on Equity (ROE)
ROE=Net incomeAvg total equityROE = \frac{\text{Net income}}{\text{Avg total equity}}
DuPont: ROE = Net margin × Asset turnover × Leverage. Drives sustainable growth: g=b×ROEg = b \times ROE.
Cash flow interest coverage ratio
Coverage=CFO+Int paid+Tax paidInt paid\text{Coverage} = \frac{CFO + \text{Int paid} + \text{Tax paid}}{\text{Int paid}}; CFO = cash from operations. Distinct from accounting version EBIT/Interest; the exam loves to swap them.
Cash return on assets
Cash ROA=CFOAverage total assets\text{Cash ROA} = \frac{CFO}{\text{Average total assets}}
CFO = cash flow from operations; denominator uses average of beginning and ending total assets
Equity Investments 20 items
Gordon Growth Model (DDM)
V0=D1r−g=D0(1+g)r−gV_0 = \frac{D_1}{r - g} = \frac{D_0(1+g)}{r - g}
D1D_1 = next dividend, r = required return, g = constant growth rate
Requires r > g
Justified P/E (leading)
P0E1=1−br−g\frac{P_0}{E_1} = \frac{1 - b}{r - g}
b = retention ratio (1−b = payout ratio), r = required return, g = ROE × b
Enterprise Value (EV)
EV=Market cap+Debt+Preferred+Minority interest−CashEV = \text{Market cap} + \text{Debt} + \text{Preferred} + \text{Minority interest} - \text{Cash}
EV/EBITDAEV/EBITDA = enterprise value multiple
Capital-structure-neutral valuation metric
Price-to-Book ratio
P/B=Market price per shareBook value per share\text{P/B} = \frac{\text{Market price per share}}{\text{Book value per share}}
Justified P/B: ROE−gr−g\frac{ROE - g}{r - g}
P/B > 1 implies market values assets above book
P/E ratio (trailing & leading)
Trailing: P0EPS0\frac{P_0}{EPS_{0}}
uses last 12 months EPS.
Leading: P0EPS1\frac{P_0}{EPS_{1}}
uses next 12 months / forecast EPS. Forward-looking variant.
Equity value per share from enterprise value
P0=EV−Debt+CashSharesP_0 = \dfrac{EV - Debt + Cash}{Shares}
EV = enterprise value, Debt = interest-bearing debt, Cash = cash and equivalents, Shares = diluted shares outstanding
Terminal value via Gordon growth applied to FCFF
TVn=FCFFn+1WACC−gTV_n = \dfrac{FCFF_{n+1}}{WACC - g}
FCFFn+1FCFF_{n+1} = next-period free cash flow to firm, WACC = weighted avg cost of capital, g = sustainable long-run growth
Residual income
RIt=NIt−(r×BVt−1)RI_t = NI_t - (r \times BV_{t-1})
NI = net income, r = cost of equity, BV = book value of equity at start of period
Arbitrage pricing theory (APT) expected return
E(Ri)=Rf+∑k=1Kβi,k λkE(R_i) = R_f + \sum_{k=1}^{K} \beta_{i,k}\,\lambda_k
RfR_f = risk-free rate, βi,kβ_{i,k} = sensitivity of asset i to factor k, λkλ_k = risk premium per unit exposure to factor k
Two-stage dividend discount model
V0=∑t=1nDt(1+r)t+Dn+1/(r−gs)(1+r)nV_0 = \sum_{t=1}^{n} \frac{D_t}{(1+r)^t} + \frac{D_{n+1}/(r - g_s)}{(1+r)^n}
DtD_t = dividend at time t, r = cost of equity, gsg_s = stable growth, n = explicit horizon
Carhart four-factor model
E(Ri)−Rf=βi,M[E(Rm)−Rf]+βi,SSMB+βi,VHML+βi,WWMLE(R_i) - R_f = \beta_{i,M}[E(R_m)-R_f] + \beta_{i,S}\text{SMB} + \beta_{i,V}\text{HML} + \beta_{i,W}\text{WML}
SMB = size, HML = value, WML = momentum premiums; β = loadings
Single-stage FCF perpetuity enterprise value
EV=FCF0×(1+g)WACC−gEV = \frac{FCF_0 \times (1 + g)}{WACC - g}
FCF₀ = current free cash flow, g = terminal growth rate, WACC = weighted-average cost of capital
Total return on an equity security
Rtotal=P1−P0+D1P0=Rprice+D1P0R_{total} = \frac{P_1 - P_0 + D_1}{P_0} = R_{price} + \frac{D_1}{P_0}
P0P_0 = beginning price, P1P_1 = ending price, D1D_1 = dividends received
Price return on an equity security
Rprice=P1−P0P0R_{price} = \frac{P_1 - P_0}{P_0}
P0P_0 = beginning price, P1P_1 = ending price
Average daily volume (ADV)
ADV=∑i=1nVin\text{ADV} = \frac{\sum_{i=1}^{n} V_i}{n}
ViV_i = shares traded on day i, n = number of trading days in the window
Free float shares
Float=Shares Outstanding−Restricted Shares\text{Float} = \text{Shares Outstanding} - \text{Restricted Shares}
Restricted = insider lock-ups, strategic stakes, treasury shares, and government holdings
Justified trailing P/E from Gordon growth
P0E0=(1−b)(1+g)r−g\frac{P_0}{E_0} = \frac{(1-b)(1+g)}{r-g}
b = retention ratio, (1-b) = payout ratio, r = required return on equity, g = sustainable growth rate
Implied price via method of comparables
Ptarget=Mpeer×FtargetP_{target} = M_{peer} \times F_{target}
MpeerM_{peer} = peer-group median multiple, FtargetF_{target} = target's per-share fundamental (EPS, BVPS, etc.)
Cumulative voting total votes available
V=S×NV = S \times N
V = total votes a shareholder may cast, S = shares owned, N = number of director seats up for election
Voting power share in a dual-class structure
VP=SAvA+SBvB∑iSiviVP = \frac{S_A v_A + S_B v_B}{\sum_i S_i v_i}
S = shares held in class, v = votes per share in class, denominator = total votes cast across all classes
Fixed Income 14 items
Bond price
P=∑t=1nC(1+r)t+FV(1+r)nP = \sum_{t=1}^{n} \frac{C}{(1+r)^t} + \frac{FV}{(1+r)^n}
C = coupon payment, r = periodic YTM, n = periods, FV = face value
Current yield
Current yield=Annual couponPrice\text{Current yield} = \frac{\text{Annual coupon}}{\text{Price}}
Simplest yield measure; ignores capital gains/losses and time value
Macaulay duration
DMac=∑t=1nt⋅CFt(1+r)tPD_{Mac} = \frac{\sum_{t=1}^{n} t \cdot \frac{CF_t}{(1+r)^t}}{P}
Weighted average time to receive cash flows; measured in years
Modified duration
DMod=DMac1+rD_{Mod} = \frac{D_{Mac}}{1 + r}
%ΔP≈−DMod×Δy\%\Delta P \approx -D_{Mod} \times \Delta y
r = periodic YTM, Δy\Delta y = change in yield
Forward rate from spot rates
(1+z2)2=(1+z1)(1+1f1)(1 + z_2)^2 = (1 + z_1)(1 + {_1f_1})
General: (1+zn)n=(1+zn−1)n−1(1+n−1f1)(1+z_n)^n = (1+z_{n-1})^{n-1}(1 + {_{n-1}f_1})
z = spot rate, f = implied forward rate
Price value of a basis point (PVBP)
PVBP=∣Py+0.01%−Py∣PVBP = |P_{y+0.01\%} - P_y|
Alternative: PVBP=Dmod×P×0.0001PVBP = D_{\text{mod}} \times P \times 0.0001
Dollar price change for a 1 bp yield move
Floating-rate note price using discount margin
PV=∑t=1N(MRR+QM)FV/m(1+(MRR+DM)/m)t+FV(1+(MRR+DM)/m)NPV = \sum_{t=1}^{N}\frac{(MRR+QM)FV/m}{(1+(MRR+DM)/m)^t} + \frac{FV}{(1+(MRR+DM)/m)^N}
MRR = reference rate, QM = quoted margin, DM = discount margin, m = periods/yr, FV = face
Bond equivalent yield for money market instruments
BEY=FV−PVPV⋅365daysBEY = \frac{FV - PV}{PV} \cdot \frac{365}{days}
FV = face value, PV = price, days = days to maturity
Debt-to-EBITDA leverage ratio
Debt/EBITDA=Total DebtEBITDA\text{Debt/EBITDA} = \dfrac{\text{Total Debt}}{\text{EBITDA}}
Total Debt = all interest-bearing debt; EBITDA = earnings before interest, taxes, depreciation, amortization. Lower is stronger.
EBITDA-to-interest coverage ratio
EBITDA/Interest=EBITDAInterest Expense\text{EBITDA/Interest} = \dfrac{\text{EBITDA}}{\text{Interest Expense}}
EBITDA = earnings before interest, taxes, depreciation, amortization; Interest Expense = period interest. Higher is stronger.
Effective convexity
EffCon=P−+P+−2P0P0×(Δy)2\text{EffCon} = \frac{P_{-} + P_{+} - 2P_{0}}{P_{0} \times (\Delta y)^{2}}
P₋ = price if yields fall, P₊ = price if yields rise, P₀ = initial price, Δy = yield shock (decimal)
Effective duration
EffDur=P−−P+2×P0×Δy\text{EffDur} = \frac{P_{-} - P_{+}}{2 \times P_{0} \times \Delta y}
P₋ = price if yields fall, P₊ = price if yields rise, P₀ = initial price, Δy = yield shock (decimal)
Approximate convexity
ApproxCon=P−+P+−2P0P0×(Δy)2\text{ApproxCon} = \frac{P_{-} + P_{+} - 2P_{0}}{P_{0} \times (\Delta y)^{2}}
P₋ = price after yield falls by Δy, P₊ = price after yield rises, P₀ = starting full price
Bond percentage price change with convexity adjustment
%ΔP≈−ModDur×Δy+12×Con×(Δy)2\%\Delta P \approx -\text{ModDur} \times \Delta y + \tfrac{1}{2} \times \text{Con} \times (\Delta y)^{2}
ModDur = modified duration, Con = annual convexity, Δy = yield change (decimal)
Derivatives 9 items
Put-call parity
C+X(1+r)T=P+S0C + \frac{X}{(1+r)^T} = P + S_0
C = call price, P = put price, S0S_0 = spot price, X = exercise price
r = risk-free rate, T = time to expiration
Forward contract price
F0=S0(1+r)TF_0 = S_0(1+r)^T
With continuous dividends: F0=S0e(r−q)TF_0 = S_0 e^{(r-q)T}
S0S_0 = spot, r = risk-free rate, T = time, q = dividend yield
Forward price with discrete income or cost
F0(T)=(S0−PV(I)+PV(C))(1+r)TF_0(T) = (S_0 - PV(I) + PV(C))(1 + r)^T
I = discrete income (dividends, coupons) over T; C = carrying cost (storage). PV at risk-free rate. Income reduces the forward; cost raises it.
Option payoff at expiration
Long call: max⁡(ST−X,0)\max(S_T - X, 0); Long put: max⁡(X−ST,0)\max(X - S_T, 0)
STS_T = price at expiry, X = strike. Short positions are the negative of long. Subtract premium paid for profit.
Intrinsic value and time value
Call intrinsic: max⁡(S−X,0)\max(S - X, 0); Put intrinsic: max⁡(X−S,0)\max(X - S, 0)
Time value = Option price − intrinsic. ATM/OTM intrinsic = 0; deep ITM time value → 0 near expiry.
Lower bound on European options (no dividends)
Call: c≥max⁡(S0−X(1+r)−T,0)c \geq \max(S_0 - X(1+r)^{-T}, 0)
Put: p≥max⁡(X(1+r)−T−S0,0)p \geq \max(X(1+r)^{-T} - S_0, 0)
Enforces no-arbitrage. Below these, the option is mispriced relative to the synthetic.
Value of a long forward contract at time t
Vt=Ft−F0(1+r)T−tV_t = \frac{F_t - F_0}{(1 + r)^{T - t}}
FtF_t = current forward price, F0F_0 = original forward price, r = risk-free rate, T - t = time remaining to expiration
Swap fixed rate (price) at initiation
s∗=1−D(tn)∑i=1nD(ti)s^{*} = \frac{1 - D(t_n)}{\sum_{i=1}^{n} D(t_i)}
D(tᵢ) = discount factor at settlement i, n = number of settlements
Swap value to the fixed-receiver after initiation
Vswap, fixed receiver=PV(fixed leg)−PV(floating leg)V_{\text{swap, fixed receiver}} = PV(\text{fixed leg}) - PV(\text{floating leg})
PVs use current discount factors; floating leg = notional at any reset date
Alternative Investments 6 items
NAV per share
NAV=Total assets−Total liabilitiesShares outstandingNAV = \frac{\text{Total assets} - \text{Total liabilities}}{\text{Shares outstanding}}
Used for mutual funds, ETFs, private equity fund valuation
Incentive fee with a hard vs. soft hurdle
Hard hurdle: fee =p×max⁡(0,r−h)= p \times \max(0, r - h) per unit of capital, charged only on the return above the hurdle.
Soft hurdle: once r>hr > h, fee =p×r= p \times r, charged on the entire gain. Below the hurdle, neither structure pays.
Hedge fund fee structure (2-and-20)
Mgmt fee =m×AUM= m \times AUM (e.g. 2%). Incentive fee =p×max⁡(0,Profit above hurdle)= p \times \max(0, \text{Profit above hurdle}) (e.g. 20%).
Net investor return = gross − both fees.
High-water mark (HWM) incentive fee
Incentive fee =p×max⁡(0,NAVgross−HWM)= p \times \max(0, \text{NAV}_{gross} - \text{HWM})
HWM = highest NAV on which an incentive fee was previously paid. After a drawdown the fund must climb back above the HWM before incentive fees resume, so investors never pay twice for the same gains.
Loan-to-Value (LTV)
LTV=Loan amountProperty valueLTV = \frac{\text{Loan amount}}{\text{Property value}}
Higher LTV = more leverage and credit risk. Typical max ≈ 80% commercial; 95%+ residential with mortgage insurance.
Management fee base: hedge funds vs. private capital
Hedge funds: fee =m×AUM= m \times \text{AUM} (net asset value, marked to market).
Private capital funds: fee =m×Committed capital= m \times \text{Committed capital} during the investment period (often shifting to invested capital afterward), so fees accrue even before capital is deployed.
Portfolio Management 8 items
Capital Market Line (CML)
E(Rp)=Rf+E(Rm)−Rfσm⋅σpE(R_p) = R_f + \frac{E(R_m) - R_f}{\sigma_m} \cdot \sigma_p
Sharpe ratio of market is slope; uses total risk σp\sigma_p (not beta)
CAPM / Security Market Line (SML)
E(Ri)=Rf+βi[E(Rm)−Rf]E(R_i) = R_f + \beta_i [E(R_m) - R_f]
βi=Cov(Ri,Rm)σm2\beta_i = \frac{\text{Cov}(R_i, R_m)}{\sigma_m^2}
Uses systematic risk only; SML plots expected return vs beta
Two-asset portfolio variance
σp2=w12σ12+w22σ22+2w1w2σ1σ2ρ12\sigma_p^2 = w_1^2 \sigma_1^2 + w_2^2 \sigma_2^2 + 2 w_1 w_2 \sigma_1 \sigma_2 \rho_{12}
w = weights, σ\sigma = std devs, ρ12\rho_{12} = correlation coefficient
Information ratio
IR=Rp−RBσRp−RB=αTracking errorIR = \frac{R_p - R_B}{\sigma_{R_p - R_B}} = \frac{\alpha}{\text{Tracking error}}
RBR_B = benchmark return, α\alpha = active return, TE = active risk
Treynor ratio
Tp=Rp−RfβpT_p = \frac{R_p - R_f}{\beta_p}
Excess return per unit of systematic risk (beta)
Compare with Sharpe (uses total risk σp\sigma_p)
Jensen's alpha
αp=Rp−[Rf+βp(Rm−Rf)]\alpha_p = R_p - [R_f + \beta_p(R_m - R_f)]
Actual return minus CAPM-expected return
α>0\alpha > 0 means manager added value beyond compensation for risk
M-squared (M²) performance measure
M2=(Rp−Rf)⋅σmσp−(Rm−Rf)M^2 = (R_p - R_f) \cdot \frac{\sigma_m}{\sigma_p} - (R_m - R_f)
Rp = portfolio return, Rf = risk-free rate, Rm = market return, σp = portfolio σ, σm = market σ
Beta from correlation and standard deviations
βi=ρi,m⋅σiσm=Cov(Ri,Rm)σm2\beta_i = \rho_{i,m} \cdot \frac{\sigma_i}{\sigma_m} = \frac{\text{Cov}(R_i, R_m)}{\sigma_m^2}
ρ = correlation with market, σi = asset σ, σm = market σ, Cov = covariance
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What else is free at FreeFellow for CFA Level I candidates?
The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. The formula sheet is free too. Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds timed mock exams, spaced-repetition flashcards, performance analytics, and a personalized study plan.

Formula sheets for other exams

Exam P Exam FM Exam FAM Exam SRM Exam PA Exam ALTAM Exam ASTAM CFA Level II CFA L3 Portfolio Mgmt CFA L3 Private Wealth CFA L3 Private Markets CFP

About FreeFellow

Jeffrey Ting, founder of FreeFellow
Jeffrey Ting
FSA, CFA · Founder

FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.

So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 finance credentials with more than 45,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass. FreeFellow LLC is a CFA Institute Prep Provider. Its CFA® exam materials are validated by CFA Institute for substantial curriculum coverage and updated annually.

01
Cost shouldn't decide who gets in.

The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.

02
Free should mean free.

No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.

03
Built by someone who sat where you sit.

He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.

Meet the founder ›Read the values ›

Free forever

Put the formulas to work.

Every formula on this sheet shows up in the free CFA Level I question bank, and every question carries a step-by-step solution.

Practice CFA Level I questions free →

No credit card. No trial clock.