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200+ Free CFA Level I Practice Questions

Pass your CFA Program Level I exam on the first try — instant access, no signup required.

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45% in February 2026 Pass Rate
200+ Questions
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A company has sales of $1,000,000, cost of goods sold of $600,000, and operating expenses of $200,000. What is the operating profit margin?

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2026 Statistics

Key Facts: CFA Level I Exam

180

Multiple-Choice Questions

CFA Institute Level I Exam Page

2 x 135m

Exam Sessions

CFA Institute Level I Exam Page

45%

Feb 2026 Pass Rate

CFA Institute Press Release

300+ hrs

Average Study Time

CFA Institute

$1,140

Early Registration

CFA Program Overview PDF

$1,490

Standard Registration

CFA Program Overview PDF

The current CFA Level I exam has 180 multiple-choice questions split into two 135-minute sessions of 90 questions each. Official 2026 topic weights range from Ethics 15-20%, FSA/Equity/Fixed Income 11-14% each, Portfolio Management 8-12%, Alternatives 7-10%, Quant/Economics/Corporate Issuers 6-9% each, and Derivatives 5-8%. CFA Institute does not publish a fixed raw passing score; it sets a Minimum Passing Score. February 2026 Level I pass rate was 45%. Level I fees effective from the February 2026 window are USD 1,140 early and USD 1,490 standard.

Sample CFA Level I Practice Questions

Try these sample questions to test your CFA Level I exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 200+ question experience with AI tutoring.

1According to the CFA Institute Code of Ethics, which of the following is a required element?
A.Place the integrity of the investment profession and the interests of clients above personal interests
B.Maximize investment returns for all clients regardless of risk tolerance
C.Disclose all personal trading activity to the general public
D.Guarantee investment performance to clients
Explanation: The CFA Institute Code of Ethics requires members and candidates to place the integrity of the investment profession and the interests of clients above their own personal interests. This is one of the six components of the Code of Ethics. Options B, C, and D are not requirements and in some cases would violate standards.
2Under Standard I(A) Knowledge of the Law, members and candidates are required to:
A.Understand and comply with all applicable laws, rules, and regulations
B.Only comply with CFA Institute Standards of Professional Conduct
C.Rely solely on their employer to ensure compliance
D.Comply only with the laws of their home country
Explanation: Standard I(A) requires members and candidates to understand and comply with all applicable laws, rules, and regulations of any government, regulatory organization, licensing agency, or professional association governing their professional activities. When in doubt, they should consult with appropriate personnel or legal counsel.
3A portfolio manager receives a gift from a client after successfully managing their portfolio. Under Standard I(B) Independence and Objectivity, the manager:
A.Must decline all gifts from clients to maintain objectivity
B.May accept gifts if they disclose them to their employer and the gifts do not compromise independence
C.Can accept any gift as long as it is not cash
D.Must donate all gifts to charity
Explanation: Standard I(B) allows members and candidates to accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest, provided they obtain written consent from all parties involved. Disclosure to the employer is essential.
4Under Standard III(A) Loyalty, Prudence, and Care, a member managing a pension plan owes their duty of loyalty to:
A.The plan sponsor
B.The plan participants and beneficiaries
C.The investment management firm
D.The government regulatory agency
Explanation: Under Standard III(A), members and candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests. For pension plans, the duty of loyalty is owed to the plan participants and beneficiaries, not the plan sponsor.
5According to Standard III(B) Fair Dealing, members and candidates must:
A.Provide identical investment recommendations to all clients
B.Deal fairly and objectively with all clients when providing investment recommendations or taking investment action
C.Give priority to their largest clients
D.Only recommend investments to institutional clients
Explanation: Standard III(B) requires members and candidates to deal fairly and objectively with all clients when providing investment recommendations, taking investment action, or engaging in other professional activities. Fair dealing does not require identical recommendations for all clients, as different clients have different needs and circumstances.
6Under Standard IV(A) Loyalty, members and candidates must not:
A.Accept gifts from clients
B.Divulge confidential information about their employer
C.Work for multiple employers simultaneously
D.Travel for business purposes
Explanation: Standard IV(A) Loyalty requires members and candidates to act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities. This includes not divulging confidential information about the employer or engaging in any conduct that would injure the firm.
7A research analyst includes a recommendation in a report without having a reasonable and adequate basis. This most likely violates:
A.Standard I(A) Knowledge of the Law
B.Standard V(A) Diligence and Reasonable Basis
C.Standard III(C) Suitability
D.Standard II(A) Material Nonpublic Information
Explanation: Standard V(A) Diligence and Reasonable Basis requires members and candidates to exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions. They must have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis.
8Under Standard VI(A) Disclosure of Conflicts, members and candidates must disclose all matters that reasonably could be expected to:
A.Impair their independence and objectivity or interfere with respective duties to their clients
B.Increase their personal wealth
C.Benefit their employer
D.Attract new clients
Explanation: Standard VI(A) requires members and candidates to make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Full disclosure allows clients to evaluate potential conflicts.
9The GIPS standards require firms to:
A.Report performance gross of fees only
B.Comply with all requirements and recommendations to claim compliance
C.Claim compliance only on a firm-wide basis
D.Report performance for single accounts only
Explanation: GIPS standards require firms to claim compliance on a firm-wide basis only. Firms cannot claim compliance for a single composite or product. The standards require compliance with all requirements (not just recommendations) to claim compliance, and firms must present performance both gross and net of fees for certain presentations.
10If $10,000 is invested today at an annual interest rate of 6% compounded quarterly, what will be the value of the investment in 5 years?
A.$13,000.00
B.$13,468.55
C.$13,382.26
D.$14,000.00
Explanation: Using the compound interest formula: FV = PV × (1 + r/m)^(m×n), where PV = $10,000, r = 0.06, m = 4 (quarterly), n = 5. FV = $10,000 × (1 + 0.06/4)^(4×5) = $10,000 × (1.015)^20 = $10,000 × 1.346855 = $13,468.55.

About the CFA Level I Exam

CFA Level I is the first CFA Program exam and tests investment tools, ethical and professional standards, financial reporting, corporate finance, equity, fixed income, derivatives, alternative investments, and portfolio management through 180 three-option multiple-choice questions.

Questions

180 scored questions

Time Limit

Two 135-minute sessions

Passing Score

CFA Institute Minimum Passing Score; no public fixed raw percentage

Exam Fee

USD 1,140 early or USD 1,490 standard Level I registration before taxes and optional add-ons (CFA Institute / Prometric)

CFA Level I Exam Content Outline

15-20%

Ethical and Professional Standards

CFA Institute Code and Standards, professionalism, market integrity, client duties, employer duties, conflicts, candidate responsibilities, and performance presentation foundations.

6-9%

Quantitative Methods

Rates and returns, time value of money, statistics, probability, portfolio math, simulation, sampling, hypothesis testing, regression, and big data techniques.

6-9%

Economics

Market structures, business cycles, fiscal and monetary policy, geopolitics, international trade, capital flows, foreign exchange, and exchange-rate calculations.

11-14%

Financial Statement Analysis

Financial statements, revenue and expense recognition, EPS, cash flows, inventories, long-lived assets, taxes, reporting quality, ratio analysis, DuPont, and modeling.

6-9%

Corporate Issuers

Business forms, stakeholders, governance, ESG factors, working capital, capital allocation, NPV, IRR, WACC, capital structure, and business models.

11-14%

Equity Investments

Market organization, security indexes, market efficiency, equity securities, industry and company analysis, DDM, multiples, and private company valuation basics.

11-14%

Fixed Income

Bond features, issuance, cash flows, yields, spot and forward rates, valuation, duration, convexity, credit analysis, and securitization.

5-8%

Derivatives

Derivative markets, forwards, futures, swaps, options, payoffs, arbitrage, pricing intuition, hedging, speculation, and risk-management use cases.

7-10%

Alternative Investments

Hedge funds, private capital, real estate, infrastructure, commodities, structures, fees, liquidity, due diligence, and diversification roles.

8-12%

Portfolio Management

Return and risk, diversification, portfolio planning, construction, investor objectives, risk management, behavioral finance, and fintech applications.

How to Pass the CFA Level I Exam

What You Need to Know

  • Passing score: CFA Institute Minimum Passing Score; no public fixed raw percentage
  • Exam length: 180 questions
  • Time limit: Two 135-minute sessions
  • Exam fee: USD 1,140 early or USD 1,490 standard Level I registration before taxes and optional add-ons

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

CFA Level I Study Tips from Top Performers

1Use the official topic weights to allocate time, but do not ignore low-weight areas because every topic can decide a marginal result.
2Study Ethics throughout the cycle, not only at the beginning, because CFA-style ethics questions reward repeated scenario practice.
3Build an error log that tags mistakes by topic, formula, reading error, and judgment error.
4Complete the Practical Skills Module early enough that result release is not delayed.
5Practice in two 135-minute blocks so your timing and fatigue match the Level I structure.
6Do not target an invented raw passing percentage; use mock performance, topic consistency, and error-log improvement instead.

Frequently Asked Questions

How many questions are on the CFA Level I exam?

CFA Institute states that Level I has 180 multiple-choice questions divided into two 135-minute sessions. Each session has 90 questions, and candidates should budget about 90 seconds per question.

What is the CFA Level I passing score?

CFA Institute does not publish a fixed raw passing percentage. It sets a Minimum Passing Score for each level using standard setting and equating, so candidates should not rely on a public 70% rule.

What is the latest CFA Level I pass rate?

CFA Institute reported that 45% of the 24,006 candidates who sat for the February 2026 Level I exam passed. It also reported a 50% pass rate for first-time candidates and 30% for candidates testing after at least one deferral.

How much does CFA Level I cost in 2026?

The current CFA Program overview PDF lists Level I fees effective from the February 2026 exam window as USD 1,140 for early registration and USD 1,490 for standard registration, before local taxes and optional add-ons.

What are the CFA Level I eligibility requirements?

To register for Level I, candidates must have a bachelor degree or equivalent, be within 23 months of graduation for the selected exam window, or have 4,000 hours of professional work experience and/or higher education over at least three sequential years.

Do I need a passport for CFA Level I?

Yes. CFA Institute requires every CFA Program candidate to have a valid international travel passport to sit for the exam.

Is the Practical Skills Module required for CFA Level I?

Yes. CFA Institute states that candidates must complete at least one Practical Skills Module at each level to receive their exam result. Each PSM is designed to take about 10-20 hours.

How often can I retake CFA Level I?

CFA Program policy allows a maximum of two exam attempts per calendar year when applicable, but not in consecutive windows or windows six months or less apart. Candidates have a maximum of six attempts per exam level.