Financial exam prep

CFA Level I Practice Test 2026-2027 and Free Sample Questions

2026-2027 exam practice page

CFA Level I practice test students taking an online exam with rationales and sample questions
Financial practice image for students preparing with 300-question bank with 20 sample questions before checkout.

Use this CFA Level I Practice Test to check pacing, wording, and review depth before you buy. Start with 20 free sample questions. Paid access unlocks the full 300-question bank with rationales, 3 analogies, article cards, and source checks.

PTV memory method
Every question review gives you rationales, 3 analogies, topic articles, and source checks.

Review why the right answer works, why traps fail, and what to study next with 3 memory analogies, article cards, and source checks.

Why the answer works Why distractors fail 3 analogies per question 3 topic article cards Source checks
Provider CFA Institute
Format 300 questions / 75 min
Free sample 20 questions
Exam cycle 2026-2027
Passing target 70%
Try 20-question sample Unlock 300-question bank See bundle options

Interactive sample

Try 20 free CFA Level I questions for 2026-2027 prep.

Use the sample first to inspect the question style, pacing, and answer review. The sample questions are separate preview items; the paid exam bank adds the same deeper pattern across the full set: rationales, 3 real-world analogies, topic articles, and source checks to help each idea stick.

Interactive Practice Test

CFA Level I

20 questions on this page 70% passing score 300 question bank
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Question 1 Ethical and Professional Standards

Question 1: Ethical and Professional Standards

An analyst receives material nonpublic information about an issuer from a corporate insider during a private dinner. Under the CFA Institute Standards of Professional Conduct, what is the analyst's most appropriate course of action?

Question 2 Ethical and Professional Standards

Question 2: Ethical and Professional Standards

Under Standard III(B) Fair Dealing, when a firm changes its recommendation on a security from buy to sell, the firm should:

Question 3 Quantitative Methods

Question 3: Quantitative Methods

An investment of 10,000 dollars grows to 16,105 dollars after 5 years with annual compounding. What is the approximate annual effective rate of return?

Question 4 Quantitative Methods

Question 4: Quantitative Methods

A portfolio has an expected return of 9 percent and a standard deviation of 12 percent. Assuming returns are normally distributed, approximately what is the 90 percent confidence interval for the portfolio return?

Question 5 Economics

Question 5: Economics

If the price elasticity of demand for a good is 0.4, the good is best described as:

Question 6 Economics

Question 6: Economics

Under a floating exchange rate regime, a country experiencing persistently higher inflation than its trading partners would most likely see its currency:

Question 7 Financial Reporting and Analysis

Question 7: Financial Reporting and Analysis

A company using the LIFO inventory method during a period of rising prices, compared with an otherwise identical company using FIFO, would report:

Question 8 Financial Reporting and Analysis

Question 8: Financial Reporting and Analysis

A firm reports net income of 500,000 dollars, depreciation of 80,000 dollars, an increase in accounts receivable of 30,000 dollars, and an increase in accounts payable of 20,000 dollars. Cash flow from operations using the indirect method is:

Question 9 Corporate Finance

Question 9: Corporate Finance

A company has a before-tax cost of debt of 6 percent, a marginal tax rate of 25 percent, a cost of equity of 11 percent, and a capital structure of 40 percent debt and 60 percent equity. Its weighted average cost of capital is closest to:

Question 10 Corporate Finance

Question 10: Corporate Finance

A project requires an initial outlay of 100,000 dollars and generates equal annual cash inflows of 30,000 dollars for 5 years. The payback period is:

Question 11 Equity Investments

Question 11: Equity Investments

Using the Gordon growth model, a stock that just paid a dividend of 2.00 dollars, expected to grow dividends at 4 percent indefinitely, with a required return of 9 percent, has an intrinsic value closest to:

Question 12 Equity Investments

Question 12: Equity Investments

In an order-driven market, a market order to buy is executed:

Question 13 Fixed Income

Question 13: Fixed Income

A bond with a modified duration of 6.5 and a price of 98.00 would experience an approximate price change for a 50 basis point increase in yield of:

Question 14 Fixed Income

Question 14: Fixed Income

An upward-sloping yield curve under the pure expectations theory implies that the market expects:

Question 15 Derivatives

Question 15: Derivatives

The value of a long forward contract at expiration is:

Question 16 Derivatives

Question 16: Derivatives

According to put-call parity, a fiduciary call consisting of a long call and a risk-free bond is equivalent in value to:

Question 17 Quantitative Methods

Question 17: Quantitative Methods

The annual percentage rate of a loan is 12 percent compounded monthly. The effective annual rate is closest to:

Question 18 Financial Reporting and Analysis

Question 18: Financial Reporting and Analysis

Under IFRS, interest paid may be classified in the statement of cash flows as either an operating or a financing activity, whereas under US GAAP interest paid is classified as:

Question 19 Ethical and Professional Standards

Question 19: Ethical and Professional Standards

A CFA charterholder wants to reference the designation in marketing materials. The most appropriate usage under the Standards is:

Question 20 Equity Investments

Question 20: Equity Investments

A company has a price-to-earnings ratio of 18 and a return on equity of 15 percent. If the price-to-book ratio is the product of the P/E ratio and ROE, the price-to-book ratio is:

Question 1 of 20

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Student game plan

Use CFA Level I like a focused 2026-2027 practice block.

Start with a diagnostic attempt, review the misses carefully, then retake in timed mode once you know what actually needs work.

01

Start with the 20-question free sample to spot whether suitability or risk tolerance is slowing you down before you buy the full exam.

02

After each block, review every rationale and the 3 real-world analogies, topic article cards, and source checks so the tested pattern behind recordkeeping becomes easier to remember.

03

Retake the full CFA Level I practice test in timed mode and focus on cleaner decision-making, not just memorizing the last answer.

After the sample

Use the score to decide the next move.

The first result tells you whether your CFA Level I 2026-2027 prep needs more content review, better pacing, or a longer timed rehearsal before test day.

Under 60%

Slow down and learn the pattern behind the misses

Treat the first 20 questions like a topic finder. Review every rationale, write down repeat mistakes, and use the study plan below before you retake this page.

Use the study plan
60% to 79%

You are close enough to turn this into a timing problem

You probably know more than the score feels like. Tighten weak topics, then retake in a full timed block so your pacing catches up with your content knowledge.

Review access details
80% and above

Shift from learning mode into exam-day rehearsal

Use this page to rehearse calm decision-making under pressure. Keep the timer on, review the few misses that remain, and choose a same-exam practice pack if you need more full-length forms.

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About this practice test

What this 2026-2027 CFA Level I Practice Test covers

This practice test is designed for students and professionals preparing for CFA Level I who want stronger exam-day confidence, better explanation quality, and more useful answer review than a generic test bank.

Focus areas include CFA Level I practice test, CFA Level I practice questions and CFA Level I free practice test. Focus areas include suitability, risk tolerance, recordkeeping, ethics, along with scenario-based judgment, careful review of why distractors are less correct, and real-world analogies that help the key ideas stick.

Work through up to 50 CFA Institute-style questions built around suitability, risk tolerance, and the wording patterns students usually miss on the first read.
Use answer-by-answer rationales to learn why the correct option wins and why weaker distractors fail in Financial exam situations.
Review 3 real-world analogies, topic article cards, and source checks after each question so recordkeeping and ethics feel easier to recognize under pressure.
Build timing, confidence, and recall with scenario-based practice that feels closer to the real CFA Level I than a generic flashcard dump.

Prepare for the CFA Level I with realistic CFA Institute practice questions, timed review, detailed rationales, and real-world analogies that make harder Financial concepts easier to remember.

This practice test is designed for students and professionals preparing for CFA Level I who want stronger exam-day confidence, better explanation quality, and more useful answer review than a generic test bank.

Focus areas include suitability, risk tolerance, recordkeeping, ethics, along with scenario-based judgment, careful review of why distractors are less correct, and real-world analogies that help the key ideas stick.

What you will practice on this page

  • Work through up to 50 CFA Institute-style questions built around suitability, risk tolerance, and the wording patterns students usually miss on the first read.
  • Use answer-by-answer rationales to learn why the correct option wins and why weaker distractors fail in Financial exam situations.
  • Review 3 real-world analogies, topic article cards, and source checks after each question so recordkeeping and ethics feel easier to recognize under pressure.
  • Build timing, confidence, and recall with scenario-based practice that feels closer to the real CFA Level I than a generic flashcard quiz.

How to use this exam to study smarter

  1. Start with the 20-question free sample to spot whether suitability or risk tolerance is slowing you down before you buy the full exam.
  2. After each block, review every rationale and the 3 real-world analogies, topic article cards, and source checks so the tested pattern behind recordkeeping becomes easier to remember.
  3. Retake the full CFA Level I practice test in timed mode and focus on cleaner decision-making, not just memorizing the last answer.

Students often land on this page after searching for terms like CFA Level I practice test, CFA Level I practice questions, CFA Level I free practice test, CFA Level I study guide, CFA Institute CFA Level I practice test, CFA Level I suitability questions. That is why the free sample gives you 10 questions first and the full version goes deeper into the tested patterns.

CFA Level I Practice Test 2026

Practice for CFA Level I with formula drills, ethics scenarios, and quant rationales built for first-attempt success.

⏱ 4 hr 30 min📝 180🎯 MPS set annually (~70%)🖥 CBT; MC only at Level I.

Start Free Practice Test →

CFA Level I Overview

Level I of the CFA Program covers the tools and inputs of investment valuation and portfolio management plus the Code & Standards.

  • Who takes it: Financial analysts, investment pros, and aspiring CFA charterholders.
  • When offered: Four sittings per year at Prometric.
  • Cost & registration: $1,250 (standard registration); one-time $350 enrollment.
  • Format: CBT; MC only at Level I.

CFA Level I Structure Breakdown

The exam is organized into the sections below. Use this breakdown to plan pacing and target the highest-weighted topics first.

SectionQuestionsTimeDifficulty
Ethics & Professional Standards
Code, Standards, GIPS		15 – 20%n/aModerate
Quantitative Methods
Stats, time value of money		6 – 9%n/aModerate
Economics
Micro, macro, international		6 – 9%n/aModerate
Financial Statement Analysis
IS, BS, CF, analysis		11 – 14%n/aHard
Corporate Issuers
Corp finance		6 – 9%n/aModerate
Equity / Fixed Income / Derivatives / AI / Portfolio
Asset classes		~45%n/aHard

Recommended Study Plan

Recommended duration: 300+ hours over 4 – 6 months.

Weekly breakdown

  1. Month 1: Quant + Economics + Ethics.
  2. Month 2: FSA deep dive + Corporate Issuers.
  3. Month 3: Equity + Fixed Income.
  4. Month 4: Derivatives + AI + PM.
  5. Month 5 – 6: Mock exams + Ethics review.

Recommended resources

    Sample Questions

    Question 1 · Ethics · Medium

    An analyst receives a gift from a client. Proper action:

    1. Accept quietly
    2. Report to employer
    3. Return it
    4. Re-gift
    Show explanation

    Per Standard I(B), disclose to employer and seek approval.

    Question 2 · Quant · Medium

    PV of $100 received in 5 years at 6%:

    1. $74.73
    2. $80
    3. $82.19
    4. $90
    Show explanation

    100/(1.06)^5 ≈ $74.73.

    Question 3 · FSA · Medium

    Which is a cash flow from financing activity?

    1. Dividends paid
    2. Inventory purchase
    3. Taxes paid
    4. Receipts from customers
    Show explanation

    Dividends paid are CFF.

    Success Tips

    Test day strategies

    • Ethics is disproportionately weighted – master it.
    • Drill time-value-of-money and DCF until automatic.
    • Use Kaplan Schweser + CFAI mocks.
    • Do 4,000+ questions.
    • Study 15+ hours/week.

    Common mistakes to avoid

    • Skimping on Ethics.
    • Ignoring FSA because it is long.
    • Cramming formulas.
    • Undertesting with mocks.

    Frequently Asked Questions

    Pass rate?

    About 37% historically.

    Exam format?

    180 MC, split into two 2hr-15min sessions.

    How many levels?

    Three – Level I, II, III.

    How often offered?

    Four times per year.

    Experience required?

    Not for L1; 4,000 hrs professional experience for charter.

    Cost?

    $1,250 per level + $350 enrollment.

    Calculator?

    BA II Plus or HP 12C only.

    📩 Join our weekly study newsletter for exclusive CFA Level I drills, test-day reminders, and subscriber-only practice sets. Sign up here →

    Built for focused practice

    Free sample first
    Preview the wording and rationales before unlocking a full bank.
    Detailed review
    Use answer explanations and analogies to understand why each answer works.
    Timed practice
    Build pacing and confidence with study tools designed for repeat attempts.

    Frequently asked questions

    Is this CFA Level I Practice Test built for the 2026-2027 exam cycle?

    Yes. This PracticeTestVault page is positioned for 2026-2027 prep for CFA Level I and is written as independent practice material. It is not an official exam, not copied from a live test, and not endorsed by the exam owner.

    Can I try CFA Level I Practice Test before I buy?

    Yes. You can take 20 free sample questions before checkout. Those sample questions are separate preview questions and are not counted as part of the paid 300-question bank.

    What is included with single CFA Level I access?

    Single-exam access unlocks one 300-question bank for this exact exam, a timed practice flow, instant score reporting, answer-level rationales, option-by-option review, and 3 real-world analogies, topic article cards, and source checks per question to make the concepts easier to remember.

    How do the same-exam practice packs work?

    Practice packs stay focused on this exact exam type. A 5-form pack gives 5 separate paid forms, a 10-form pack gives 10 forms, and a 15-form pack gives 15 forms. Each paid form has 300 questions, so students can get more full-length practice without mixing unrelated exams.

    Does PracticeTestVault guarantee that I will pass?

    No practice site can honestly guarantee a passing score. This CFA Level I Practice Test is designed to help you study more effectively by combining timed practice, a 70% suggested passing benchmark, detailed rationales, and memory-building analogies so you can find weak areas before test day.

    Study articles for this exam

    Study articles that support CFA Level I prep

    Use these when you need a short reset on pacing, planning, or a weak topic before the next attempt.

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