Free CFA® Level 1 practice questions & mock exam
Start free mockQuestion 2: Financial Statement Analysis
A company issues long-term notes and uses the entire proceeds to repurchase common shares, with no other transactions and total shareholders' equity remaining positive. The company's debt-to-equity ratio most likely:
- A. increases.
- B. decreases.
- C. remains unchanged.
Question 3: Equities
Compared with discounting forecast cash flows, valuing a company by applying the median P/E of its peers to its EPS most likely:
- A. requires no explicit estimate of the required rate of return.
- B. requires an explicit estimate of the required rate of return rather than cash flow forecasts.
- C. involves no implicit assumptions about the company's growth and risk.
Question 4: Fixed Income
A bond covenant keeps the bondholders from ranking behind new lenders by prohibiting the issuer from using its assets as collateral for future borrowing. The covenant is most likely a:
- A. restriction on additional debt.
- B. pari passu clause.
- C. negative pledge clause.
Question 5: Ethical and Professional Standards
Divya Menon, CFA, a portfolio manager at an investment advisory firm, learns that a colleague, Lucia Paredes, CFA, has been trading in client accounts without obtaining the clients' written approval, which a local securities regulation requires. Menon raises the practice with the compliance department, which ends it. Local law does not require Menon to report the practice outside the firm, and she makes no report to the securities regulator or to CFA Institute. Has Menon violated the CFA Institute Standards of Professional Conduct?
- A. No
- B. Yes, by not reporting Paredes to the securities regulator
- C. Yes, by not reporting Paredes to CFA Institute
Question 1 of 5: Quantitative Methods
A US investor holds a euro-denominated bond that returned 6.0% in euros over the year. Over the same period, the euro depreciated 3.0% against the US dollar. The investor's return in US dollars is closest to:
What is a CFA Level 1 mock exam?
A mock exam is a rehearsal for exam day: a full set of mixed-topic questions taken under a time limit. It lets you check how well you can apply what you have learned while managing the pace of a whole session.
The 5 sample questions above are an untimed introduction, with one question from each of five topics and the answers and explanations free. A full mock tests a wider range of material over complete timed sessions.
The CFA Level 1 exam at a glance
- Questions
- 180 multiple-choice questions
- Sessions
- 2 × 135 minutes
- Answer choices
- A, B or C — one correct answer
- Average pace
- About 90 seconds per question
Level 1 covers 10 topics, from Ethics and Quantitative Methods to Portfolio Construction. Their exam weights differ; the short practice above samples five of the heavier-weighted topics. The real exam gives all questions equal weight and has no penalty for an incorrect answer.
For exam windows, fees and preparation, read our 2027 CFA Level I exam guide.
Ready for the full mock?
The full mock covers more material, adds timed sessions and saves your progress in Quizara.
| What to expect | Here on this page | Full mock in Quizara |
|---|---|---|
| Coverage | 5 questions · 5 topics | 180 questions across all 10 topics |
| Timing | Untimed | 2 timed sessions |
| Explanations | Free, after each answer | Review after submitting the mock |
| Saved progress | This browser | Your Quizara account |
| Access | Free · no sign-up | 14-day free trial · no card |
After the mock, revisit your saved answers and ask AI to explain a question you want to understand better. Use that review to choose what to practise next.
Take the full 180-question mockThe trial includes this mock and Quantitative Methods. Premium includes all 10 topics and 5 full mocks. See access and pricing.
CFA Level 1 mock exam FAQs
Do I need an account to start?
No. The 5 questions, your score, the correct answers and every explanation are free without registration: why the right answer is right and why each wrong one is wrong. A free account, with no card required, is only needed for the full mock exam in Quizara.
Are these official CFA Institute questions?
These are Quizara's own reviewed questions. Quizara is an independent study resource and is not affiliated with or endorsed by CFA Institute.
Does this practice result predict whether I will pass?
No. Five questions from five topics are an initial signal. They cannot predict whether you will pass. Use the missed topics and their exam weights to choose what to review next.
Why does the full mock require an account?
Quizara saves your answers, timing and progress to your account, so you can return to the mock and review explanations after submitting. You can also ask AI about a question. Create a free account; your 14-day trial starts automatically, with Mock Exam 1 ready to start. No card required.
Sources
Official exam format and preparation guidance: CFA Institute’s Level I exam guide · CFA Institute’s practice questions and mock exams.
More free CFA® Level 1 tools
- CFA Level 1 study plannerEstimate your study hours free from six quick answers, updated as you go. A free account opens your topic timetable and calendar.Open
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- Free BA II Plus calculator onlinePractise TVM, NPV, IRR and bond keystrokes with the BA II Plus layout.Open