CFA Level 1 Flashcards: 7 Powerful Study Hacks Most Candidates Never Use To Pass Faster – Use these flashcard strategies to finally remember formulas, ethics rules, and concepts without burning out.

Stop Drowning In CFA Notes – Flashcards Can Actually Save You

CFA Level 1 is brutal. Too many formulas, too many definitions, and not enough brain space.

If you’re just rereading notes or highlighting Schweser, you’re making it way harder than it needs to be.

Flashcards are honestly one of the most effective ways to prep for CFA Level 1 – if you use them properly.

And instead of wasting hours making cards manually, you can let an app like Flashrecall do the heavy lifting for you. It turns your notes, PDFs, screenshots, and even YouTube videos into flashcards in seconds, then uses spaced repetition and active recall to make stuff actually stick.

You can grab it here (free to start):

👉 https://apps.apple.com/us/app/flashrecall-study-flashcards/id6746757085

Let’s walk through how to use CFA Level 1 flashcards the smart way, not the painful way.

Why Flashcards Work So Well For CFA Level 1

CFA Level 1 is basically:

• Formulas (Quant, FRA, Corporate Finance)
• Definitions (Ethics, Economics, Portfolio)
• Concept connections (Derivatives, Fixed Income, Alternatives)

Flashcards are perfect because they force:

• Active recall – you try to remember before seeing the answer
• Spaced repetition – you see harder cards more often, easier ones less often
• Chunking – you break massive topics into bite-sized questions

Flashrecall bakes this in automatically:

• Built-in active recall (you see the prompt, think, then reveal)
• Built-in spaced repetition with auto reminders so you don’t have to plan reviews
• Works offline on iPhone and iPad, so you can review on the train, in line, wherever

Instead of “hoping you remember,” you’re literally training your brain like a spaced gym routine.

1. Don’t Make “Pretty” Cards – Make Brutally Clear Ones

A common CFA mistake: making cards that look nice but don’t test anything specific.

Bad card:

> Front: “Ethics – Standard II(A)”

> Back: Long paragraph of the standard.

You’ll just memorize the shape of the paragraph, not the meaning.

Better card examples:

• Front: What is CFA Institute Standard II(A)?

• Front: Give 2 examples of material nonpublic information.

• Unreleased earnings
• Pending M&A deals
• Changes in dividends not yet public, etc.

With Flashrecall, you can:

• Paste a chunk of Ethics text or screenshot of a page
• Let the app auto-generate multiple flashcards from it
• Then quickly edit them to make each card test one clear idea

That way, you’re not stuck manually typing everything.

2. Turn Every Formula Into Multiple Cards

CFA Level 1 is loaded with formulas. Don’t just memorize them once and pray.

Instead, break them into several cards:

Example: Dividend Discount Model (DDM)

• Front: Formula for price using Gordon Growth (constant growth DDM)?

• Front: In the Gordon Growth model, what does each variable stand for (D₁, r, g)?

• D₁ = next period dividend
• r = required rate of return
• g = constant growth rate of dividends
• Front: When is the Gordon Growth model appropriate?

Use this pattern for:

• Time value of money formulas
• Ratios in FRA (ROE, ROA, margins, turnover)
• Portfolio and CAPM formulas
• Derivative pricing basics

With Flashrecall, you can:

• Import a PDF formula sheet
• Let the app auto-create cards
• Then split complex ones into 2–3 simple, focused cards

3. Use Flashcards To Drill Ethics (So You Don’t Lose Easy Points)

Ethics can swing your result. It’s also super dry, which makes it easy to forget.

Use flashcards to:

• Memorize each standard name and number
• Test key definitions (material nonpublic info, misrepresentation, suitability, etc.)
• Practice short scenarios: “Is this a violation? Why or why not?”

Example cards:

• Front: Is it a violation if a member uses a client’s confidential information to benefit another client? Which standard applies?

• Front: Standard III(A) Loyalty, Prudence, and Care – what’s the main duty?

You can even:

• Copy a short Ethics example from your notes
• Paste it into Flashrecall
• Ask the app to turn it into Q&A-style flashcards
• Then chat with the flashcard if you’re unsure why something is a violation

4. Build Topic-Based Decks (And Don’t Mix Everything At First)

Dumping all CFA Level 1 flashcards into one giant deck is overwhelming.

Instead, create decks like:

• Ethics
• Quantitative Methods
• Economics
• Financial Reporting & Analysis
• Corporate Finance
• Equity
• Fixed Income
• Derivatives
• Alternatives
• Portfolio Management

In Flashrecall, you can:

• Create separate decks for each topic
• Add cards manually or auto-generate from notes/lectures
• Then later, create a “Master Review” deck where you combine your hardest cards across topics

This helps you:

• Focus on one topic at a time early on
• Then mix topics closer to the exam to simulate real questions

5. Turn Your Study Materials Into Cards Instantly

You don’t have time to hand-type 2,000 cards. That’s where Flashrecall really helps.

You can create flashcards from:

• Images – screenshot a page, formula sheet, or whiteboard
• Text – paste notes, summaries, or formula lists
• PDFs – import parts of your CFA notes
• YouTube links – from CFA explainer videos
• Audio – voice notes from your own explanations
• Or just type prompts manually when needed

Flashrecall then:

• Auto-generates flashcards from that content
• Lets you quickly edit or delete what you don’t need
• Organizes them into decks so you’re not lost

This is huge for CFA because:

• You can convert your most important notes into cards in minutes
• You don’t waste your limited energy on copy-paste work
• You spend more time actually reviewing, not building

6. Use Spaced Repetition Daily (Even If It’s Just 10–20 Minutes)

The magic isn’t in “having” flashcards. It’s in reviewing them consistently.

With Flashrecall:

• Cards you get wrong show up more often
• Cards you know well show up less often
• You get study reminders so you don’t forget to review

This is perfect for CFA Level 1 because you’re often:

• Working full-time
• Studying in short windows (commute, lunch, evenings)

You can:

• Do a 10–15 minute session in the morning
• Another 10 minutes before bed
• And a bigger session on weekends

Because Flashrecall works offline, you can review:

• On the train
• On flights
• In boring meetings (you didn’t hear that from me)

Those little daily sessions add up massively over 3–6 months.

7. Use Flashcards To Fix Weak Spots, Not Just Review Everything

Closer to the exam, your goal isn’t “see every card again.”

Your goal is: hammer your weak areas.

Here’s how to do that with Flashrecall:

1. Notice which topics you keep getting wrong (e.g. FRA or Derivatives)

2. Filter or focus on that specific deck

3. Mark confusing cards as “hard” so they show up more

4. Add new cards for questions you miss in practice exams

Example:

• You miss a question on deferred tax liabilities.
• Turn it into a card:
• Front: When does a deferred tax liability arise?

Over time, your deck becomes a personalized weakness killer.

How Flashrecall Stacks Up Against Other CFA Flashcard Options

You might be thinking: “Can’t I just use any flashcard app or pre-made deck?”

You can, but here’s where Flashrecall is especially useful for CFA:

• Instant card creation from images, PDFs, YouTube, text, audio
• You can chat with the flashcard if you don’t understand something
• Built-in active recall + spaced repetition tuned for long-term memory
• Auto reminders so you don’t forget to review
• Works offline on iPhone and iPad
• Designed to be fast, modern, and easy to use
• Free to start, so you can test it on one topic first

Pre-made decks are okay for a starting point, but:

• They often don’t match your notes or your way of thinking
• They might be outdated for the current CFA curriculum
• You remember better when you interact with or refine the cards yourself

Flashrecall lets you:

• Start from your own materials
• Add or edit cards in seconds
• Keep everything in one clean, simple app

Simple CFA Level 1 Flashcard Game Plan (You Can Steal This)

Here’s a straightforward way to use all this:

• Focus on topic-by-topic decks (Ethics, Quant, FRA, etc.)
• Turn your notes, PDFs, and screenshots into cards with Flashrecall
• Do 10–20 minutes of reviews daily

• Create a “Hard Stuff Only” deck – add tricky formulas, Ethics scenarios, confusing concepts
• Mix topics to simulate the real exam
• Add cards from mock exam questions you miss

• Focus heavily on:
• Ethics cards
• High-yield formulas
• Commonly tested definitions (e.g., types of yield curves, types of risk, etc.)
• Do short, frequent review bursts with spaced repetition

Ready To Make CFA Level 1 Less Miserable?

CFA Level 1 is hard, but it doesn’t have to be chaos.

If you:

• Turn your notes into clear Q&A cards
• Use spaced repetition instead of cramming
• Review a little every day

You’ll walk into the exam feeling way more prepared.

If you want an easy way to do all of this without building everything from scratch, try Flashrecall:

👉 https://apps.apple.com/us/app/flashrecall-study-flashcards/id6746757085

It’s free to start, works offline, and honestly makes CFA flashcard grinding way more manageable.

Frequently Asked Questions

What's the fastest way to create flashcards?

Manually typing cards works but takes time. Many students now use AI generators that turn notes into flashcards instantly. Flashrecall does this automatically from text, images, or PDFs.

Is there a free flashcard app?

Yes. Flashrecall is free and lets you create flashcards from images, text, prompts, audio, PDFs, and YouTube videos.

How do I start spaced repetition?

You can manually schedule your reviews, but most people use apps that automate this. Flashrecall uses built-in spaced repetition so you review cards at the perfect time.

What is active recall and how does it work?

Active recall is the process of actively retrieving information from memory rather than passively reviewing it. Flashrecall forces proper active recall by making you think before revealing answers, then uses spaced repetition to optimize your review schedule.

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