Chartered Financial Analyst, Level I practice questions
Covers ethics, quantitative methods, economics, financial statement analysis, corporate finance, equities, fixed income, derivatives, alternative investments and portfolio construction at the foundation level of the CFA Program.
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Domains and share of simulation
816 questions in this bankSession 1
Session 2
Percentages are each domain's share of our simulation, drawn from each part's official topic weights.
Sources for the exam format
- www.cfainstitute.org180 MCQ, two 135-minute sessions of 90 items, three answer choices (A, B, C), item style rules and qualifiers, equal weighting and no penalty for wrong answers, 2027 and 2026 topic weights by session
- www.cfainstitute.org2027 Level I Topic Outlines: learning modules and learning outcome statements for all ten topics (official wording used for outlineRef)
- www.cfainstitute.org2026 Level I Topic Outlines (exams through November 2026), used for the migration comparison
- www.cfainstitute.org2027 curriculum applies to candidates sitting exams beginning February 2027; changes centred on Level I Quantitative Methods and Equity Investments (about 25% of the exam) plus Ethics updates
- www.cfainstitute.orgon-screen exam breakdown: 19-minute tutorial, Session 1 135 min, Break Introduction/Optional Break 31 min, Session 2 135 min, survey
- www.cfainstitute.org160 scored and 20 unscored Level I items, three-choice items with distracters built on common errors, scale score 1000–1900 with MPS 1600 for Level I
- www.cfainstitute.orgMPS set by the Board of Governors after significant curriculum or population change and maintained by equating; pass/fail plus scale score
- www.cfainstitute.orgLevel I total 4.5 hours with two 135-minute content sessions; time also allotted for tutorial, break and survey
The real exam
- Official pass mark
- Scale score at or above the Minimum Passing Score of 1600 on CFA Institute's 1000–1900 Level I scale; the Board of Governors sets the MPS after significant curriculum change and otherwise carries it forward by equating
- Outline
- 2027 Level I Topic Outlines and 2027 topic weights, for exams from the February 2027 window onward (CFA Institute press release, 26 May 2026)
- Navigation
- Sections lock once you finish them, with breaks between sections that do not use exam time.
Reproduced: 180 three-choice items in two 90-item sessions of 135 minutes, sessions taken in order, with the optional break between them outside exam time. Not reproduced: we score all 180 items (the real exam has 20 unscored pretest items), and we use a 70% pass line in place of the unpublished raw cut behind the 1600 scale-score MPS.
Cost in credits
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Full exam simulationCFA is a trademark of CFA Institute. CertDepth is not affiliated with or endorsed by CFA Institute. These are original practice questions, not real exam items.