CFA Level I practice questions
250 free exam-style questions, about 25 for each of the 10 Level I topics. Every question has three options, like the real exam, and every option comes with an explanation: why the right answer is right, and what mistake leads to each wrong one.
The questions are drawn from across each topic's learning modules, and each one links to the lesson that teaches it, so a miss tells you exactly what to review.
- 11–14% of the exam Quantitative Methods 25 questions from 11 modules
- 11–14% of the exam Financial Statement Analysis 25 questions from 12 modules
- 6–9% of the exam Economics 25 questions from 8 modules
- 11–14% of the exam Fixed Income 25 questions from 19 modules
- 6–9% of the exam Derivatives 25 questions from 10 modules
- 6–9% of the exam Corporate Finance 25 questions from 7 modules
- 11–14% of the exam Equity 25 questions from 12 modules
- 6–9% of the exam Alternative Investments 25 questions from 7 modules
- 8–12% of the exam Portfolio Construction 25 questions from 6 modules
- 10–15% of the exam Ethics 25 questions from 10 modules
Try one
Two 3-year bonds have the same issuer quality. One trades actively and yields 5.6%. The other rarely trades and yields 6.1%. The 0.5% difference is best described as a:
- A. default risk premium.
- B. liquidity premium.
- C. maturity risk premium.
Show the answer
B. The only difference is how easily each bond can be sold, and that is what a liquidity premium pays for.
More like this in Quantitative Methods practice questions.
How to use them
- Answer before you look. Pick an option, then read all three explanations, not only the one for your answer. The wrong options are built on the mistakes candidates really make.
- Keep to the exam pace. The Level I exam gives you about 90 seconds a question. If one takes much longer, the lesson behind it is worth another read.
- Go back to the lesson. Each question names the lesson it comes from. Every lesson ends with its own checkpoint of questions on the same ideas.
- Then time yourself. The practice tool runs timed sets by topic or mixed, keeps the questions you flag and shows your results by topic.
Looking up a term? The Level I glossary defines every one, A to Z.