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I used Anki for my FRM Level 1 exam, and will be using it for my CFA Level 3 exam also…I found it invaluable for memorising some of the longer, more detailed FRM formulae (e.g. full Black-Scholes option pricing model).
I found it a little time consuming to filter out things that would fit the Anki system well, and then as you have mentioned, structure a question/answer style that made sense when reviewing at a later date.
For formulae, I would literally just write the name of the equation on the first side, and then upload a photo of the actual equation itself on the “answer” side.
I found it helpful for memorising lists also. But yeah…I came across the same issue of sometimes struggling to figure out how best to structure the card for the more wordy material to gain the most benefit.
Just do the best you can at the start and then learn your own style as your go through them. You’ll very quickly identify the redundant cards and which cards are the most helpful.
FYI I used the software at https://ankiweb.net/about – I downloaded it to my desktop (where I would actually create the cards) along with my phone and ipad for actual review. You can download your Anki card decks to your different mobile devices.