CFA level 1 Practice Exams Questions

Mock Exam and Practice Questions from the CFA Curriculum

With our Learning Ecosystem, we provide various forms of practice, including practice questions and a mock test, to help you prepare for the exam. We suggest pausing to answer practice questions as you work your way through the program, testing your Level of trust and precision along the way. Then, take a mock exam in advance of the examination, which mimics the exam-day experience as closely as possible.


Questions for work

Use the practice questions within and subject to validate your comprehension depending on the study session after taking the adaptive placement test to assess the most important places for you to concentrate your studies.

To help you determine your topic-level strengths and weaknesses, CFA practice questions are based on the curriculum's lessons. All questions are rooted in the current curriculum, and they are in the same format as the real exam level questions for which you are enrolled. In-time feedback on your responses will be given to you, including thorough explanations for the correct answer.


Exams for Mock

CFA mock test series are structured to mimic the examination's timing and structure. Mock tests, also known as query banks, are posted about two months before your exam date in the Learning Ecosystem.


CFA level 1 practice questions.

Each mock exam consists of the same subject area weights and difficulty level in terms of structure as the actual exam. Questions are based on the existing curriculum for the exam level you have registered for and are in the same format as the exam questions.


How Long Does the Level I CFA Exam Last?

Paper-Based Testing:

 The paper-based Level I exam consists of 240 questions of multiple-choice, divided into two 3-hour sessions. To obtain an exam score, candidates must take both sessions.

Morning session (3 hours): 120 questions for multiple choices, addressing all subjects.

Afternoon session (3 hours): 120 questions of multiple-choice, covering all themes.


Computer-Based Testing:

 The computer-based Level I exam consists of 180 free CFA level 1 practice questions of multiple-choice, divided into two 135-minute sessions. In sessions, there is an optional break. To obtain an exam score, candidates must take both sessions.

The early session (2 hours 15 minutes): 90 questions of multiple-choice, addressing all topics

The second session (2 hours, 15 minutes): 90 questions of multiple-choice, addressing all topics


Preparation of Time Management for Level I CFA


 On average, for each multiple-choice question, you should allow approximately 90 seconds. According to the question and how well you understand the issue, you can need more or less time.


How to prep for the Level I Exam for CFA

Set aside ample time to prepare for the Level I CFA Exam

The CFA Software helps candidates to adapt their training to meet specific needs and conditions. There are some numbers to remember below in preparing a research strategy for the CFA Level I test.

The average successful applicant reported spending 303 hours preparing in June 2019 for the Level I exam offered.

Since it is self-paced to prepare for the CFA test series for level 1, applicants can spend varying amounts of time studying for the examination, depending on how long they have before the exam date. Like, if a candidate spent a year studying for the CFA Level, I test, about 25 hours per month would have allowed the candidate to prepare.

A typical candidate takes 4-5 years on average to complete all three CFA test series. For each Level, successful applicants report spending approximately 300 hours studying, ranging from 303 hours for the CFA Level I exam to 328 for the CFA Level II exam and 344 hours for the CFA Level III exam.

Please become familiar with CFA Level I Exam Topics.

The Level, I curriculum of the CFA Program focuses on the experience and interpretation of investment instruments and ethical and professional standards.


Understand the question format of the multiple-choice exam

I test each multiple-choice item on the CFA Level consisting of a question, a comment, a table, and three answers (A, B, or C).


There are two raw formats used:

1. Completion of a sentence with three unique options

2. Questions with three distinctive options

Example 1: Completion of sentence


An analyst assumes that the U.S. of a specific organization GAAP financial statements can require adaptation because it uses take-or-pay contracts. The most probable impact of the necessary changes will be to increase the company's

A. Asset return.

B. Ratio of debt-to-equity.

C. Coverage ratio of interest.

Example 2: Issue 2: Issue


An analyst assumes that the U.S. of a specific organization GAAP financial statements can require adaptation because it uses take-or-pay contracts. Which of the above is most likely to increase due to making reasonable changes to that company's financial statements?

A. Asset return.

B. Ratio of debt-to-equity.

C. Coverage ratio of interest.

All questions are weighted equally, and for an incorrect answer, there is no penalty.


Sample Questions Practice with CFA Level I Exam

Are you ready for the Level I CFA examination? These 20 CFA Level presents a broad range of questions you will see on the exam I sample questions for the CFA Level I exam.


On the day of the CFA Level I Exam, use these test-taking tips.

  • With your calculator, be happy. Make sure you know the uses of the calculator features needed to answer the learning outcome (LOS).
  • Financial Reporting and Analysis (FRA) review questions are based on International Financial Reporting Standards (IFRS) unless otherwise specified. If an issue depends on the U.S. It will be mentioned in the issue of GAAP.
  • Answer all questions. For incorrect responses, there is no penalty.
  • Easily wear. No dress code exists, but for convenience, dress in layers. Tranquil shoes are a bonus.
  • Check the CFA Level I Test Criteria if you are interested in taking the CFA Level I test to see if you are ready to enroll. You should register for the CFA Level I Exam once you are confident that you meet the enrollment requirements.


Practice Tests Level I

The practice is ideal ... mainly when practicing for the rigorous 3-level CFA exam challenge. It's hard enough to access all the CFA best exam prep. On exam day, you don't need any surprises. These four carefully designed exams will introduce you to the format you will face on exam day and instill the confidence you need.



With the four full-length tests in Practice Exams, enforce your learning, assess your progress, practice CFA best mock test series and create trust.

Identify possibilities for improving areas of trouble and completing your knowledge base.

Prepare, train, Perform ® methodology ensures the concepts and skills you need to be effective are thoroughly understood and perfected.


Format of a Level 1 CFA Exam

There are 240 multiple-choice questions in the CFA Level 1 Exam, and it is split into two sessions, with 120 questions asked in the three-hour morning session and 120 in the three-hour afternoon session. As answers, three specific options will be given, and test-takers must select the most suitable answer to the question. In these multiple-choice questions, terms such as exception, real, wrong, or any of the above are not used. Because all responses are similarly weighted, candidates are not penalized for guessing.

The CFA Institute states that most applicants spend an average of 300 hours studying for exams at each program stage. Students will be eligible to take the CFA Level 1 Exam upon satisfactory completion of the required portion of the CFA Curriculum. The program is organized into 18 sessions of self-study and will contain questions from the sample test. Using the CFA Institute's free sample questions, students are encouraged to practice using the online sample mock exams. The CFA Institute makes two sample exams available online about twelve weeks before the CFA Level 1 Test.

Applicants must perform the skills outlined in the learning result statements found in the curriculum before taking the Level 1 Test. This could include specific formulas and calculator features to be memorized, such as square roots, current and future values, exponents, and annuities payments.


The topics to be discussed in the CFA Level 1 Exam include:

  • Ethical and technical expectations
  • Tools for investment, including (but not limited to):
  • Corporate Finance Services
  • Economics 
  • Financial statements and analysis
  • Quantitative approaches
  • Asset types, including (but not restricted to):
  • Savings options
  • Derivatives 
  • Investments in Equity
  • Fixed earnings
  • Management of Portfolios and Preparing Wealth


Results of grading and exam


Level 1 the results of the exam are available online within 60 days of the examination date. Each exam candidate will be sent individual results, with topic area outcomes tabulated. The passing score is set by the CFA Institute each year and varies from one year to another. The CFA Institute estimates that the Level 1 Exam administration in June 2012 passed 38 percent of test-takers. The pass rate for this exam typically ranges between 37 and 42 percent traditionally.



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