Chartered Financial Analyst · CFA Program
CFA L1 Level I: mock exams and practice questions
708 original exam-style questions for CFA L1 Level I, with full timed mock exams in the real format and an explanation for every answer. Free for everyone until 31 January 2027.
- 708practice questions
- 10syllabus areas
- 4 hours 30 minutes in two sessions of 2 hours 15 minutesfull mock, like the real exam
CFA L1 exam format
4 hours 30 minutes in two sessions of 2 hours 15 minutes, with an optional break. 180 three-option multiple-choice questions, about 90 seconds each. The pass mark is 70%.
| Section | Format | Marks |
|---|---|---|
| Session 1 | 90 questions: Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance | 90 |
| Session 2 | 90 questions: Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments, Portfolio Construction | 90 |
| Total | 180 |
Syllabus areas covered
- Ethical and Professional Standards78 questions
- Quantitative Methods88 questions
- Economics52 questions
- Financial Statement Analysis88 questions
- Corporate Finance52 questions
- Equities78 questions
- Fixed Income88 questions
- Derivatives and Risk Management52 questions
- Alternative Investments52 questions
- Portfolio Construction80 questions
Try 3 free CFA L1 questions
Real Fincora questions, with the full explanation. Sign up free for the full bank and timed mocks.
Sample question 1 · Ethical and Professional Standards
Under Standard I(D) Misconduct, which of the following is most likely a violation by a CFA charterholder?
- A Being arrested at a peaceful weekend protest for an act of civil disobedience in support of an environmental cause.
- B Repeatedly arriving at work intoxicated to the point of being unable to carry out client duties.
- C Filing for personal bankruptcy after large, unexpected medical bills, with no dishonesty in the filing.
Show the answer
Answer: B. Standard I(D) prohibits professional conduct involving dishonesty, fraud or deceit, and any act that reflects adversely on a member's professional reputation, integrity or competence. It is not meant to police purely personal behavior. Repeated intoxication at work that prevents the member from serving clients bears directly on professional competence and is a violation. A peaceful act of civil disobedience and an honest personal bankruptcy do not, by themselves, call professional integrity or competence into question.
Sample question 2 · Quantitative Methods
An investor bought shares of Larkspur Foods at USD 40.00 each. During the next 12 months she received a dividend of USD 1.20 per share, and she then sold the shares at USD 43.50 each. Her holding period return is closest to:
- A 8.75%
- B 11.75%
- C 10.80%
Show the answer
Answer: B. Holding period return = (ending price - beginning price + income) / beginning price = (43.50 - 40.00 + 1.20) / 40.00 = 4.70 / 40.00 = 11.75%.
Sample question 3 · Economics
A firm in a perfectly competitive market produces 10,000 units per month at a market price of USD 18 per unit. At this output, total variable cost is USD 150,000 and total fixed cost is USD 60,000 per month. The firm should most likely:
- A shut down immediately because it is making an economic loss.
- B continue operating in both the short run and the long run because price exceeds average variable cost.
- C continue operating in the short run but exit the market in the long run if the price does not rise.
Show the answer
Answer: C. AVC = 150,000 / 10,000 = USD 15; ATC = (150,000 + 60,000) / 10,000 = USD 21. Because AVC < P < ATC: operating gives a loss of 180,000 - 210,000 = -USD 30,000, smaller than the USD 60,000 loss from shutting down, so the firm operates in the short run. In the long run it must cover ATC; if price stays below USD 21, it should exit.
Practise CFA L1 the way you'll sit it
Timed mocks, a question navigator and flags, then your score by syllabus area so you know what to revise next.