Skip to content


This blog corresponds to my personal set of cue cards aka flashcards I made while studying for the CFA Level 1, Level 2 and Level 3 exams. I ultimately passed all three exams and these are the actual notes I used as a significant portion of my exam preparation. I of course recommend doing as many exam style questions as you possibly can, including sitting six hour practice exams if you really want to earn the CFA Charter.

The original cards were written out by hand and may contain quotations from copyrighted material with no source attribution as they were often written late at night. No challenge to anyone’s copyright is intended. I will gladly give proper attribution of quotations if requested.

The cards are broken up into six categories which roughly correspond to the six major sections of the CFA Level 1 Curriculum at the time. It is a personal collection so the weightings are definitely off, the official weightings also change from time to time, these cards by no means represent a perfect summation of the CFA Curriculum. The original cards were colour coded. I used WordPress categories to represent my colour coding scheme. I also attempted to rate the importance of flashcards, that information was transfered to WordPress as the following tags in order of descending importance: Vital, Important, Useful. This is an ordinal ranking, something you’re going to need to know if you want to complete the CFA Program.

Additional tags were added to blog posts as deemed appropriate. If a post is tagged Level 2 it was added or edited after sitting the CFA Level 2 exam. After I sat the CFA Level 3 exam I carefully went through all the flashcards improving them and the associated tags, but the curriculum changes every year. CFA Level 1 Candidates will want to focus on Level 1 tagged posts. Level 3 CFA Candidates are not expected to remember everything from previous levels, but a lot of material does appear on more than one level such as the Code of Standards.

Each post represents one card. Each card is in a single category. The title of the blog post is the front of the card and the body of the blog post is the back of the card. This worked well enough for definitions and text heavy flashcards, but cards which correspond to formulas or contained diagrams were more difficult to input into WordPress. Eventually I resorted to photographs or redrawing diagrams. I even included the odd external link.

I previously posted personal study materials to my homepage. I was unsure if it was worth the time and effort to type out the cards or what digital format would be best. Given that there is now considerably more study materials available online legally (and illegally), I decided after sitting the CFA Level 1 exam again to type out my ever growing collection of flashcards and make them available online at One benefit of this is you can search my collection of flashcards much quicker digitally than going through hundreds of paper cards, but I still maintained and reviewed primarily with paper index cards while I was a CFA Candidate.

DISCLAIMER: There is no guarantee of accuracy for this information. It is also not implied that this material has appeared on previous CFA exams nor is it implied that this material will appear on future CFA exams. This blog represents a portion of the material I studied in preparing for the CFA Level 1, Level 2, and Level 3 examinations.

Good Luck!

  1. Sal permalink

    Truly, this has been a magnificent set of review cards. Thank you for being able to help fill the gaps of knowledge required for the full preparation of Level 1. 100% recommend to every candidate.

    • I hope you did well on the exam. I’m going to add my Level 2 cards to the collection, but that will take a lot of time and require a better Internet connection than I usually have in China.

  2. Mark weasley permalink

    This is almost the best !!

    • You’ll be please to know that I’ve continued to spend hours of my time battling the Great Firewall of China to improve this collection and people have found mistakes which I have fixed. I still have approximately 300 more flashcards to type up and I’ll probably do 20-30 today. Alas I’m not sure typing them up helps me so much, I memorized a lot of stuff for the Level 2 exam but still did not pass. I got Band 8 which means I hopefully will pass next time but 8 more months of studying will not be fun and I must force myself to do more practice problems so I will work on my top secret super spreadsheet more too.

  3. Aram permalink

    Muskie, wanted to ask you. Who are you preparing thru? Thanks and good luck.

    • I’m on my own, I did everything the hard way, alone. I think extra practice exams are good, I’ve paid to do those and obviously there are better explanations of some material, but what is tested is the official books. Now there are YouTube videos and so much more you can get for free or at a limited cost. Some of us just like to suffer or our life just doesn’t go smoothly. You should do whatever works, I probably wasted too much time helping other people again. Good Luck!

  4. tsu18 permalink

    @Muskie I just found your blog today and hit follow right away! Thank you so much for sharing the materials. I’m planning to take it this December or June next year. This is definitely helpful!

    • Good luck. The general trend is the exams and the program gets harder and harder every year. I should have finished before now, as it is I passed the CFA Level 2 exam, so at some point I may make some Level 3 flash cards to add to this website.

      • tsu18 permalink

        congrats on passing level 2!
        i’m currently study for level 1 as I have some times before school begins again later this month.
        Look forward to more flash cards to come and good luck on your third one!

  5. Well good luck.

  6. Angad Bedi permalink

    Hi I cant find a link to click to access your Level 1 flashcards. Could you please assist?

    • All the flashcards I studied for the CFA Level 1 exam are tagged “Level 1” there is a link to them above but the direct link is:
      As always you should consult this year’s official curriculum either 2018 if you are still cramming for December or the 2019 curriculum for Level 1 as it changes every year. I have updated cards since I passed the Level 1 exam, but I have not re-read the curriculum yearly to update the cards. Good Luck!

Trackbacks & Pingbacks

  1. Level I Study Advice for the CFA® exam – Muskblog
  2. 30 Level 1 CFA® questions to practice – Muskblog
  3. 3 More CFA® exam Questions – Muskblog

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.