CFA Level 1 Practice Questions

Practice with free CFA Level 1 practice questions across all ten topics, from ethics to derivatives. Choose timed, untimed or study mode, answer 30 random questions from our original bank and get an instant score, a breakdown by topic area and a full explanation for every answer.

CFA Level 1 Practice Questions 98 questions in the bank

Questions

drawn at random from 98

Time limit

45 min

Timed mode

Sections

Ethical and Professional Standards, Quantitative Methods, Economics…

Benchmark

70%

readiness target

Mode

Timed Untimed Study

Timed: 45 minutes for 30 questions, like the real exam. Results at the end.

Number of questions

Sections covered: Ethical and Professional Standards · Quantitative Methods · Economics · Corporate Issuers · Financial Statement Analysis · Equity Investments · Fixed Income · Derivatives · Alternative Investments · Portfolio Management

The interactive test needs JavaScript. Here are sample questions with answers:

Question 1 Ethical and Professional Standards

A CFA charterholder works in a country whose securities laws are less strict than the CFA Institute Code and Standards. Which should she follow?

The Code and Standards, because they are stricter Correct answer
Local law, because it is the legal minimum
Whichever her employer's compliance manual specifies

Explanation: Standard I(A) requires members to comply with the stricter of applicable law or the Code and Standards. When local law is less strict, the Code and Standards govern.

Question 2 Ethical and Professional Standards

A buy-side analyst receives an offer from a company he covers to fly him on the company's private jet to visit a remote plant, with luxury accommodation. Commercial flights are available. What is the best course of action?

Accept the offer because the visit is for research
Accept but disclose the arrangement in his report
Pay for his own commercial travel and modest lodging Correct answer

Explanation: Standard I(B) requires analysts to avoid gifts or benefits that could compromise independence. Where commercial transport is available, analysts should pay their own way.

Question 3 Ethical and Professional Standards

A portfolio manager's long-time client sends her two concert tickets after a year of strong performance. Under the Standards, she may accept the gift if she:

Obtains written consent from the client
Discloses the gift to her employer Correct answer
Gives an equal gift in return

Explanation: Gifts from clients are less likely to compromise independence than gifts from issuers, but members must disclose them to their employer so the employer can judge any conflict.

Your Results

Readiness benchmark — CFA Institute does not publish a minimum passing score

Score

—

Percentage

—

Time used

—

Benchmark

—

Score by Section

Section	Correct	Score	Bar

How Our Free CFA Level 1 Practice Questions Work

Our free CFA Level 1 practice questions are drawn at random from an original bank mapped to the ten CFA Institute Level I topic areas. Each session mixes topics in proportion to their exam weights, so every attempt is a fresh set. All items are written by us; none are reproduced from the CFA Institute curriculum.

Choose 10 questions, 30 questions or the full bank, then pick a mode. You can flag questions, move around with the question navigator and answer with the number keys. If you leave mid-test, your unfinished attempt is saved on your device so you can resume it, and your last ten results are kept so you can track progress.

CFA Level 1 Practice Exam Mode

Timed mode turns the set into a CFA Level 1 practice exam: 45 minutes for 30 questions, the same 90 seconds per question as the real exam. Choose the full bank for a longer mock session; the time limit scales with the number of questions. Untimed mode removes the clock, and study mode shows the answer after every question.

CFA Level 1 Practice Questions and Answers

After you submit, you see your score, percentage, time used and a breakdown by topic area. The answer review lists every question with your answer, the correct answer, an explanation and a “why” note on the concept or formula behind it. That makes these CFA Level 1 practice questions with answers a study tool, not just a score.

What the CFA Level 1 Exam Covers

The CFA Level 1 exam has 180 questions across ten topic areas, each with a weight range published by CFA Institute. Our CFA Level 1 sample questions follow the same topics. For eligibility, fees and pass rates, see our CFA Level 1 exam guide.

Ethical and Professional Standards

Ethics carries 15–20% of the exam, the largest weight of any topic. Questions apply the Code of Ethics and Standards of Professional Conduct to short scenarios, such as handling material nonpublic information or disclosing conflicts. GIPS also appears in this topic.

Quantitative Methods

Quantitative Methods is 6–9% of the exam. It covers time value of money, rates and returns, statistics, probability, hypothesis testing and regression. Calculator fluency matters here, so practise these questions with your approved calculator.

Economics

Economics is 6–9% of the exam. Questions cover supply and demand, market structures, business cycles, monetary and fiscal policy and exchange rates. Many items test how one change, such as a rate increase, affects other variables.

Financial Statement Analysis

Financial Statement Analysis is 11–14% of the exam. It covers the income statement, balance sheet and cash flow statement, ratios, inventories, long-lived assets and income taxes. Expect calculation questions and questions about how an accounting choice affects reported results.

Corporate Issuers

Corporate Issuers is 6–9% of the exam. It covers corporate governance, capital structure, capital investment decisions and working capital management. Questions often ask which stakeholder benefits from a decision or how leverage affects risk.

Equity and Fixed Income

Equity Investments and Fixed Income are each 11–14% of the exam. Equity covers market organization, indexes, market efficiency and equity valuation models. Fixed Income covers bond features, pricing and yields, the term structure, credit risk and securitization, with plenty of calculations.

Derivatives, Alternatives and Portfolio Management

Derivatives is 5–8% of the exam, covering forwards, futures, swaps and options. Alternative Investments is 7–10%, covering private equity and debt, real estate, infrastructure, hedge funds and commodities. Portfolio Management is 8–12%, covering risk and return, CAPM, portfolio planning and behavioral finance.

Scoring Explained

Our practice test uses a 70% readiness benchmark, clearly labeled as a benchmark on the results screen. CFA Institute does not publish a minimum passing score; its Board of Governors sets the passing level after each exam window. Scoring consistently above 70% on fresh, timed sets is a sign of good preparation, not a guarantee of a pass.

On CFA Level 1 mock exam vs real exam difficulty, candidates often find the real questions wordier and the answer choices closer together. Build a margin above the benchmark, and focus on the topic breakdown: a weak result in ethics or financial statement analysis costs more than one in derivatives.

Tips to Pass CFA Level 1

How many practice questions for CFA Level 1? Many successful candidates answer thousands, combined with several full mock exams. These habits help most:

Answer a short topic set after each reading, in study mode.
In the final month, take mixed timed sets and full mock exams.
Keep a log of missed questions by topic and revisit it weekly.
Learn formulas and ethics standards with spaced repetition when you make flashcards online.
Plan your months with the study planner for exams and watch your exam date with the exam countdown.

Hardest CFA Level 1 Questions

The hardest CFA Level 1 questions are usually ethics scenarios where two answers seem reasonable, and multi-step calculations in financial statement analysis and fixed income. Treat these as priorities in review. For ethics, read the exact wording of each standard; for calculations, practise until the calculator steps are automatic.

Practice Questions PDF With Answers

A CFA Level 1 practice questions PDF with answers is useful for reading on the go, but it cannot time you, score you by topic or reshuffle questions. Use online practice for most of your work so every session tests what you know rather than what you remember from the last attempt.

Studying for a different finance credential too? Try our CPA practice exam or the SIE practice exam, or browse all finance certifications.

Frequently Asked Questions

How Many Practice Questions Should I Do for CFA Level 1?

Many candidates who pass CFA Level 1 complete somewhere between 1,500 and 3,000 practice questions, plus at least two full mock exams. Cover every topic, with extra questions in the heavily weighted areas: ethics, financial statement analysis, equity and fixed income. Reviewing explanations matters as much as the number you answer.

How Do You Practice for CFA Level 1?

Practise for CFA Level 1 in two stages. While you work through the curriculum, answer short topic sets in study mode to check each reading. In the final month, switch to mixed, timed sets and full mock exams at 90 seconds per question, and review every explanation to find your weak topics.

How Many Questions Are on CFA Level 1?

CFA Level 1 has 180 multiple-choice questions, split into two sessions of about 90 questions each. Every question carries equal weight and there is no penalty for wrong answers. Our practice test lets you answer 10, 30 or all the questions in our bank in one session.

How Long Is the CFA Level 1 Exam?

The CFA Level 1 exam lasts 4.5 hours of testing time: two 135-minute sessions with an optional break between them. That is about 90 seconds per question. Our timed mode uses the same pace, giving you 45 minutes for a 30-question set.

How Much Should You Study for CFA Level 1?

Most successful candidates study for around 300 hours for CFA Level 1, usually spread over four to six months. Plan to finish the curriculum with at least a month to spare, and use that month for practice questions and full mock exams under timed conditions.