Do we need to memorize Black Scholes Model and use components like N(d1) and N(d2) to calculate or is it similar to CFA where you have to know the underlying assumptions? Some questions in Schweser are throwing me off by having me memorize it.
I think so. That formula makes me want to kill myself.
YES you must remember it. They won’t give you the formula for BSM 
You definitely need to remember the forumla for D1 & D2. Although I along with most others was surprised they asked no questions on it this November. Do you mean you don’t need to memorise it for CFA 2?