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Finance Practice Questions

CFA Level 1 Practice Test Practice Questions

CFA Program Level I — This CFA Level 1 practice test gives you realistic questions across ethics, quantitative methods, economics, financial statement analysis, and investment products. Work through each explanation carefully, identify the topic behind every miss, and make your next CFA practice questions session more deliberate. Small improvements compound fast.

180
Total Questions
4.5 hours (two 135-minute sessions)
Time Limit
Minimum passing score is set for each administration and is not published
Passing Score
$1,140 early registration or $1,490 standard registration (USD, plus applicable taxes)
Registration Fee

Free Sample Questions

Here are 5 free sample questions from our full bank of 600+ CFA Level 1 Practice Testpractice questions. Try them out below — click "Show Answer" to reveal the correct response and explanation.

1

An analyst observes that a portfolio has an expected return of 9%, while the risk-free rate is 3%. If the portfolio's beta is 1.2, what return does the capital asset pricing model imply for the market portfolio?

A7%
B7.5%
C8%
D10%
2

A company reports revenue of $500,000, cost of goods sold of $300,000, and operating expenses of $120,000. Ignoring taxes and interest, the company's operating margin is closest to:

A16%
B24%
C40%
D76%
3

A 5-year annual-pay bond has a 6% coupon rate, a par value of $1,000, and a yield to maturity of 5%. The bond's price is best described as:

ABelow par because its coupon rate is higher than its yield to maturity.
BAt par because the coupon is paid annually.
CAt par because the par value is $1,000.
DAbove par because its coupon rate is higher than its yield to maturity.
4

Which action by a central bank is most likely expansionary monetary policy?

ARaising the policy interest rate
BPurchasing government securities in the open market
CIncreasing reserve requirements for banks
DSelling government securities in the open market
5

An investor buys a stock for $50, receives a $2 dividend during the year, and sells the stock for $54. What is the investor's holding period return?

A12%
B8%
C4%
D16%

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About the CFA Level 1 Practice Test

Format & Structure

Total Questions
180
Time Limit
4.5 hours (two 135-minute sessions)
Format
Computer-based, multiple choice

Scoring & Cost

Passing Score
Minimum passing score is set for each administration and is not published
Registration Fee
$1,140 early registration or $1,490 standard registration (USD, plus applicable taxes)

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Frequently Asked Questions

What is the CFA Program Level I exam?

CFA Program Level I is the first of three assessments in the Chartered Financial Analyst program. It focuses on foundational investment tools, asset classes, ethics, and portfolio-management concepts. Questions emphasize knowing and describing concepts, formulas, and terminology.

How many questions are on CFA Level I?

CFA Level I has 180 multiple-choice questions. They are divided into two 135-minute sessions with 90 questions in each session. That works out to roughly 90 seconds per question, so pacing matters as much as subject knowledge.

What score is needed to pass CFA Level I?

CFA Institute does not publish a fixed passing score for Level I. Instead, it establishes a minimum passing score for each administration. A smart goal is to build broad competence across the curriculum rather than chasing an unofficial score target.

How much does CFA Level I cost in 2026?

For 2026 exam windows, Level I registration is USD $1,140 during early registration or USD $1,490 during standard registration. CFA Institute eliminated the one-time enrollment fee for 2026 and later windows. Local taxes may still apply.

Can I use a calculator on CFA Level I?

Yes, but only approved calculator models are permitted: the Texas Instruments BA II Plus (including Professional) and the Hewlett Packard 12C (including Platinum). Bring an approved model you have already used in practice. Learning its time value of money, cash flow, and statistics functions can save precious minutes.

Which subjects appear on CFA Level I?

The curriculum covers ethical and professional standards, quantitative methods, economics, financial statement analysis, corporate issuers, equity, fixed income, derivatives, alternative investments, and portfolio management. Topic weights can change with the curriculum year, so use the current CFA Institute topic outline when mapping your study plan.

How should I use CFA Level 1 practice test questions?

Start with untimed CFA Level 1 practice test sets to spot weak concepts, then review every explanation - including questions you answered correctly. Later, use mixed and timed sets to rehearse switching among topics and managing the two-session pace. Keep a short error log; it turns repeated misses into a focused review list.

How often is CFA Level I offered?

Level I is typically offered four times a year, generally in February, May, August, and November. Availability and exact dates vary by window and test center. Check CFA Institute's current schedule before making travel or study-timeline decisions.

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