Free CFA® Level I Exam Practice Questions
Practice original three-choice questions for every topic of the CFA® Level I exam, written to the 2027 curriculum, with the full working behind every answer. Then sit a timed 180-question mock in two 135-minute sessions, scored by topic.
180 three-choice questions in two timed sessions of 135 minutes, weighted like the real exam, with a score by topic and the full working for every answer.
Or start with a free ten-question topic drill- 603 original Level I questions with worked answers
- 10 topics, each with its own free ten-question drill
- 180-question mock in two 135-minute sessions
A bond portfolio earned a nominal return of 7.5% over a year in which inflation was 2.8%. The portfolio's real return is closest to:
The Level I exam format
CFA Institute describes Level I as a test of the key terms, concepts and formulas of the investment industry. Every question stands alone: a short stem and three answer choices.
- Questions
- 180 stand-alone multiple-choice questions, each with three answer choices (A, B, C) and one correct answer
- Sessions
- Two sessions of 90 questions and about 135 minutes each, roughly 90 seconds per question
- Session 1
- Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance
- Session 2
- Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments, Portfolio Construction
- Scoring
- Every question counts the same and wrong answers cost nothing. You pass by reaching CFA Institute’s minimum passing score, which it does not publish in advance
- Calculator
- Texas Instruments BA II Plus or Hewlett Packard 12C
- Fee
- USD 1,140 early registration or USD 1,490 standard registration (2026–2027 windows); USD 250 to reschedule within a window
- Exam windows
- Four a year, usually February, May, August and November. Level I in 2027: February 22–28, May 11–17 and August 15–22
- Attempts
- At most twice in a calendar year, not in consecutive windows or windows within six months of each other
- Results
- Pass or did not pass, a scale score against the minimum passing score and your performance by topic, about 5–9 weeks after the window closes
Level I practice questions by topic
Ten topics in two sessions, with the 2027 weight ranges CFA Institute publishes. Our full mock takes its 180 questions in proportion to the midpoints of those ranges. Each topic has a guide with sample questions and a free ten-question drill.
| Topic | Session | 2027 weight | In our mock | Drill |
|---|---|---|---|---|
| Ethical and Professional Standards | 1 | 10–15%2026: 15–20% | 22 of 180 | 10-question drill |
| Quantitative Methods | 1 | 11–14%2026: 6–9% | 21 of 180 | 10-question drill |
| Economics | 1 | 6–9% | 13 of 180 | 10-question drill |
| Financial Statement Analysis | 1 | 11–14% | 21 of 180 | 10-question drill |
| Corporate FinanceCorporate Issuers in 2026 | 1 | 6–9% | 13 of 180 | 10-question drill |
| EquitiesEquity Investments in 2026 | 2 | 11–14% | 23 of 180 | 10-question drill |
| Fixed Income | 2 | 11–14% | 23 of 180 | 10-question drill |
| Derivatives and Risk ManagementDerivatives in 2026 | 2 | 6–9%2026: 5–8% | 13 of 180 | 10-question drill |
| Alternative Investments | 2 | 6–9%2026: 7–10% | 13 of 180 | 10-question drill |
| Portfolio ConstructionPortfolio Management in 2026 | 2 | 8–12% | 18 of 180 | 10-question drill |
Sit a full Level I mock under the real session clocks
180 three-choice questions in two timed sessions of 135 minutes, weighted like the real exam, with a score by topic and the full working for every answer.
Or start with a free ten-question topic drillWhat changes in the 2027 curriculum
- The 2027 curriculum applies to Level I exams from the February 2027 window. CFA Institute says the update focuses mainly on Quantitative Methods and Equities.
- Quantitative Methods rises to 11–14% (from 6–9%), with more on estimation, simulation and portfolio optimization and a new module on financial data science, artificial intelligence and large language models.
- Ethical and Professional Standards falls to 10–15% (from 15–20%). Alternative Investments moves to 6–9% (from 7–10%) and Derivatives to 6–9% (from 5–8%).
- Four topics are renamed: Corporate Issuers becomes Corporate Finance, Equity Investments becomes Equities, Derivatives becomes Derivatives and Risk Management, and Portfolio Management becomes Portfolio Construction.
Level I pass rates published by CFA Institute
In 2025, 97,019 Level I exams were taken and 43.8% passed. The most recent windows:
| Exam window | Candidates | Pass rate |
|---|---|---|
| August 2026 | 28,145 | 43% |
| May 2026 | 31,566 | 39% |
| February 2026 | 24,006 | 45% |
| November 2025 | 26,752 | 43% |
| August 2025 | 26,192 | 43% |
| May 2025 | 24,227 | 45% |
| February 2025 | 19,848 | 45% |
Source: CFA Institute, CFA Program exam results 1963–2026.
Common questions
What is the format of the CFA Level I exam?
180 multiple-choice questions, each with three answer choices, in two sessions of 90 questions and about 135 minutes each. Session 1 covers Ethics, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Finance; session 2 covers Equities, Fixed Income, Derivatives, Alternative Investments and Portfolio Construction. Every question counts the same and there is no penalty for a wrong answer.
What are the CFA Level I topic weights for 2027?
Ethical and Professional Standards 10–15%, Quantitative Methods 11–14%, Economics 6–9%, Financial Statement Analysis 11–14%, Corporate Finance 6–9%, Equities 11–14%, Fixed Income 11–14%, Derivatives and Risk Management 6–9%, Alternative Investments 6–9% and Portfolio Construction 8–12%. The 2027 curriculum applies to exams from February 2027.
How much does the CFA Level I exam cost?
Registration is USD 1,140 in the early period or USD 1,490 in the standard period for the 2026 and 2027 windows. Rescheduling within your window costs USD 250. Fees exclude any local taxes.
When can I take the CFA Level I exam in 2027?
Level I windows in 2027 are February 22–28, May 11–17 and August 15–22, with November 2027 still to be scheduled. Registration for May 2027 is open until February 10, 2027; registration for August 2027 opened November 3, 2026, with early pricing until January 20, 2027.
What is the CFA Level I pass rate?
CFA Institute reported a 43% Level I pass rate for August 2026 (28,145 candidates), 39% for May 2026 and 45% for February 2026. Across 2025, 97,019 Level I exams were taken and 43.8% passed. CFA Institute’s five-year (2022–2026) average Level I pass rate is 41%.
Are these real CFA exam questions?
No. CFA Institute does not release past exams, and none of these questions comes from CFA Institute materials. Every question is original, written to the topic weights of the 2027 curriculum in the Level I three-choice format, and checked by a second reviewer who solved it blind and recomputed every number.
Does the pass cover the full mock and every drill?
Yes. The Level I exam pass unlocks the full timed 180-question mock as often as you like and unlimited drills for all ten topics. Every drill’s first attempt is free.
Ready for exam day?
180 three-choice questions in two timed sessions of 135 minutes, weighted like the real exam, with a score by topic and the full working for every answer.
Or start with a free ten-question topic drillExam format, topic weights, dates, fees and pass rates checked November 2026: CFA Institute: Level I exam (format and topic weights) · CFA Institute: Exam dates and fees · CFA Institute: Exam results and pass rates · CFA Institute: Historical exam results 1963–2026 (PDF) · CFA Institute: 2027 curriculum updates (May 2026) · CFA Institute: Code of Ethics and Standards of Professional Conduct.
Game Assessment Prep is an independent practice site. It is not affiliated with, endorsed by or a prep provider of CFA Institute, and CFA Institute does not endorse, promote or warrant the accuracy of these questions. Every question is original; none is taken from CFA Institute materials.
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