CFA Level I practice questions
What the exam actually measures, why there is no reason to leave a question blank, and how to practise so it moves your score.
Last updated: 5 August 2026
The single most reliable predictor of a Level I pass is not how many hours you have read, but how many questions you have worked through under exam conditions. The exam does not test recognition of concepts: it tests whether you can apply them in about 90 seconds each.
What you are practising for
| Questions | 180 multiple-choice |
|---|---|
| Format | Two sessions of 135 minutes on the same day |
| Time per question | Approximately 90 seconds |
| Negative marking | None — always answer every question |
| Delivery | Computer-based testing at a test centre |
| Recent pass rate | 39% in the May 2026 window |
No negative marking changes your strategy
This is worth internalising early, because it differs from many other professional exams. Since wrong answers carry no penalty, leaving a question blank can only cost you. With three options, a blind guess still carries a one-in-three expected return, and eliminating one option lifts that to one in two.
The practical consequence: budget the last few minutes of each session to make sure nothing is unanswered. It is the cheapest marginal gain available on exam day.
The ten topics
Questions are drawn from ten topic areas with published weight ranges. For 2027 the weights are unchanged, with Ethics at 15–20%, and Financial Statement Analysis, Equities and Fixed Income each at 11–14%.
- Ethical and Professional Standards
- Quantitative Methods
- Economics
- Financial Statement Analysis
- Corporate Finance (formerly Corporate Issuers)
- Equities (formerly Equity Investments)
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Construction (formerly Portfolio Management)
Note the renamed topics: three areas were relabelled for 2027. Same subject matter, clearer names — but worth knowing when you compare older study material against the current outline.
How to practise so it counts
- Time everything. Untimed practice trains knowledge but not the skill the exam actually measures. Ninety seconds per question is the benchmark.
- Review the ones you got right by luck. A correct answer you could not justify is a future wrong answer. Flag them.
- Work Ethics through scenarios, not definitions. Ethics is the largest single topic and it is examined through applied situations, not recall of the Standards.
- Do full-length mocks late. Two 135-minute sessions in one day is a stamina problem as much as a knowledge one, and you only find that out by doing it.
- Track by topic, not overall. An aggregate score hides the topic that will sink you.
Do not forget the Practical Skills Module
Frequently asked questions
How many questions are on the CFA Level I exam?
The exam has 180 multiple-choice questions split across two sessions of 135 minutes each, sat on the same day.
Is there a penalty for wrong answers on the CFA exam?
No. There is no negative marking, so every question should be answered even when you are unsure.
How many practice questions should I do before the exam?
There is no official number, but candidates report spending over 300 hours preparing, and question practice is where most of that time delivers the highest return.
What was the recent CFA Level I pass rate?
In the May 2026 window, 39% of Level I candidates worldwide passed.
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Thousands of exam-style questions across all ten topics, timed mock exams in the real format, and instant AI explanations when you get one wrong.