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CFA Level 1 Mock Test 2026: 1,000 Practice Questions

Pick 5 to 100 questions and the test draws them at random from 1,000, across all ten Level I topics. Every question has three options, A, B and C, like the real exam. Answers stay hidden until you check or ask to see them. Want concepts without sums? Switch to Theory only.

1,000 questions All 10 topics Theory-only mode Free, no sign-up
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How the practice test works

Choose the number of questions, the mode and the topics. The test picks that many at random and shuffles the options each time. Tap an option and press Check, or press Show answer to learn without guessing. Every answer comes with a short explanation or the working for the sum. The time shown next to each size uses the real exam's pace of 90 seconds a question.

Your browser remembers which questions you have already seen, so the next set shows new ones first. Nothing is sent to CVCrisp and there is no sign-up.

What the 1,000 questions cover

Topic2026 exam weightQuestionsTheory only
Ethical and Professional Standards15-20%9090
Quantitative Methods6-9%14950
Economics6-9%8255
Corporate Issuers6-9%8545
Financial Statement Analysis11-14%13370
Equity Investments11-14%11660
Fixed Income11-14%11260
Derivatives5-8%7845
Alternative Investments7-10%6945
Portfolio Management8-12%8650

Concept questions cover the Code and Standards and GIPS, return measures and hypothesis testing, market structures and exchange rates, governance and capital structure, revenue recognition, inventories, leases and deferred taxes, market efficiency and valuation models, bond features, duration and securitisation, forwards, futures, swaps and options, private equity, real estate, hedge funds and digital assets, and the CAPM, behavioural biases and the IPS. Calculation questions change every time: time value of money, NPV and WACC, DuPont ROE, FIFO and depreciation, Gordon growth, bond pricing and duration, put-call parity, binomial pricing, hedge fund fees, cap rates, CAPM, Treynor and Jensen's alpha.

Weights are the ranges CFA Institute publishes for 2026. The Level I exam has 180 questions in two sessions of 135 minutes, each question with three options.

Sample questions with answers

One concept question from each topic, then a few calculations. Try them before opening the answer.

Q1Ethical and Professional Standards

How many components does the CFA Institute Code of Ethics have?

  1. Seven
  2. Six
  3. Ten
Show answer

Six. The Code has six components; the Standards of Professional Conduct are grouped into seven parts (I to VII).

Q2Quantitative Methods

The time-weighted rate of return is preferred for evaluating a portfolio manager because it:

  1. Includes the effect of client deposits
  2. Is always higher than the money-weighted return
  3. Removes the effect of the timing and size of client cash flows
Show answer

Removes the effect of the timing and size of client cash flows. Managers do not control external cash flows, so TWR isolates their skill.

Q3Economics

In perfect competition, a firm in the long run earns:

  1. Large economic profits
  2. Losses forever
  3. Zero economic profit
Show answer

Zero economic profit. Free entry and exit push economic profit to zero.

Q4Corporate Issuers

A key feature of a corporation compared with a sole proprietorship is:

  1. Limited liability for owners and separate legal identity
  2. No taxes
  3. Unlimited personal liability
Show answer

Limited liability for owners and separate legal identity. Owners risk only their investment.

Q5Financial Statement Analysis

Which body sets IFRS?

  1. The FASB
  2. The International Accounting Standards Board (IASB)
  3. The SEC
Show answer

The International Accounting Standards Board (IASB). US GAAP is set by the FASB.

Q6Equity Investments

A long position in an asset benefits when:

  1. The asset's price rises
  2. The price falls
  3. Volatility falls
Show answer

The asset's price rises. A short position benefits when the price falls.

Q7Fixed Income

The legal contract that sets out a bond's terms is the:

  1. Indenture (trust deed)
  2. Prospectus summary
  3. Term sheet only
Show answer

Indenture (trust deed). It includes covenants and the rights of bondholders.

Q8Derivatives

A derivative is a contract whose value:

  1. Depends on an underlying asset, rate or index
  2. Equals its face value
  3. Is fixed at issue
Show answer

Depends on an underlying asset, rate or index. Options, forwards, futures and swaps are derivatives.

Q9Alternative Investments

Alternative investments typically have:

  1. Daily liquidity and low fees
  2. Lower liquidity, less transparency and higher fees than traditional assets
  3. No diversification benefits
Show answer

Lower liquidity, less transparency and higher fees than traditional assets. They may offer diversification and return benefits.

Q10Portfolio Management

The portfolio management process has three main steps:

  1. Buy, hold and sell
  2. Planning, execution and feedback
  3. Research, trade and report only
Show answer

Planning, execution and feedback. Planning includes the IPS.

Q11Quantitative Methods

An investor deposits $17,500 at 7% a year, compounded annually. What is it worth after 4 years?

  1. $21,438.25
  2. $22,400.00
  3. $22,938.93
Show answer

$22,938.93. FV = PV × (1 + r)^n = $17,500 × 1.07^4 = $22,938.93.

Q12Corporate Issuers

Days of inventory on hand are 87, days sales outstanding 58 and days payables 49. What is the cash conversion cycle?

  1. 194 days
  2. 78 days
  3. 96 days
Show answer

96 days. CCC = DIO + DSO − DPO = 87 + 58 − 49 = 96 days.

Q13Fixed Income

A 3-year bond pays an annual coupon of 7% on a par of 100. If the yield to maturity is 8%, what is its price?

  1. 103.00
  2. 87.50
  3. 97.42
Show answer

97.42. Price = Σ coupon ÷ (1 + y)^t + 100 ÷ (1 + y)^3 = 97.42. Coupon below yield, so a discount.

Q14Portfolio Management

A portfolio returned 11% with beta 0.70. The market returned 8% and the risk-free rate was 4%. What is Jensen's alpha?

  1. 3.00%
  2. 4.20%
  3. 7.00%
Show answer

4.20%. α = Rp − [Rf + β(Rm − Rf)] = 11% − 6.80% = 4.20%.

Keep practising

Common questions

Is this an official CFA Institute mock exam?

No. CVCrisp wrote these practice questions on the Level I topics. They are not from CFA Institute and do not copy its curriculum, mock exams or practice packs. Use them to build understanding, then take the official practice exams in the Learning Ecosystem.

How many questions are there?

The bank has 1,000 three-option questions across all ten Level I topics: Ethics, Quantitative Methods, Economics, Corporate Issuers, Financial Statement Analysis, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management. Each test picks questions at random.

Can I practise only theory, without calculations?

Yes. Choose Theory only in the setup and the test draws from the 570 concept questions, skipping all sums.

What is the CFA Level I exam format?

The Level I exam has 180 multiple choice questions with three answer options each, split into two sessions of 135 minutes. It is a computer-based exam taken at test centres.

What are the 2026 Level I topic weights?

Ethics 15-20%, Quantitative Methods 6-9%, Economics 6-9%, Corporate Issuers 6-9%, Financial Statement Analysis 11-14%, Equity Investments 11-14%, Fixed Income 11-14%, Derivatives 5-8%, Alternative Investments 7-10% and Portfolio Management 8-12%. Check CFA Institute for the latest.

Will I get the same questions again?

Not for a while. The page remembers which questions you have seen in this browser and shows unseen ones first.

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