CFA Level 1 Mock Exams

Study tools designed to replicate the real exam

What can you expect from the CFA level I exam?

The Chartered Financial Analyst (CFA) Institute administers a series of three exams annually (Level I, Level II and Level III) that must be taken in succession and passed in order to earn the coveted CFA designation. Candidates can sit for the CFA Level 1 exam in June or December, but CFA Level II and III exams are offered in June exclusively.

The CFA curriculum consists of 10 topics covering a broad range of practical portfolio management and analysis skills based on core LOS (Learning Outcome Statements). These topics are framed around the four key areas of ethical & professional standards, investment tools, asset classes, and portfolio management & wealth planning.

At CFA Level I, the exam focuses on testing your knowledge and comprehension of tools and concepts related to investment valuation and portfolio management. There is a total of 240 multiple-choice questions in the exam, which is divided into two sessions – a morning and an afternoon. You are given a choice of three answers for each question, with 120 questions in one session of three hours. That works out to an average of 1.5 minutes allotted for one question, each one equally weighted.

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Why should I buy mock exams?

While our exam-style practice questions and quizzes are great workouts for strengthening your understanding of each topic, our mock exams give you the opportunity to test yourself under “real” exam conditions.

Candidates who practice using mock exams have been found to perform better on the final exam compared to those who only revise. We recommend using our CFA Level 1 practice exams to help you practice under simulated actual exam conditions. Not only will you familiarize yourself with the exam structure and your performance under pressure, you’ll become aware of which topics need attention.

Start practicing with our CFA mock exams early to give yourself enough time to work on your weaknesses and improve your performance.

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Understand your mistakes with our answer sheets

Our CFA Level I mock exams are based on past CFA Institute exams and are designed to conform to CFA’s current testing formula and level of difficulty. For a nominal price, our paid packages include 8 mock exams in PDFs for you to download and print. Each CFA Level 1 practice exam contains 120 questions, which equates to one session of the actual exam.

Every question in the practice exam comes with a detailed answer provided on a separate document. To gain the full benefit of your mock exam, you are encouraged to spend time analyzing your mistakes with the help of the answers provided. Paying careful attention to where you went wrong helps you avoid making the same mistakes, know where your weaknesses are, and increase your understanding of the topic.

Keep your premium status with our Pass Guarantee

The pass rate for the CFA Level I exam has been averaging around 40% over the past ten years. There is no limit to the number of times you can sit for the CFA exam nor the time you can take to complete the program.

AnalystPrep takes the pressure off your study by offering you a value-for-money pass guarantee with our Premium and Coaching packages. That way, you get to keep your premium status for as long as you need to pass your CFA Level I exam. Moreover, new CFA level 1 mock exams will be generated by the dedicated professionals at AnalystPrep every 6 months so premium members can practice using unique mock exams!

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The premium package includes 4 mock exams containing a total of 480 practice questions and detailled answers.

CFA Level 1 Study Guide

Our very talented team came up with many articles that can definitely help you during your study process. Here are some examples that relate to mock exams.

1-Month Study Plan
How I Passed on my First Attempt
Maximize the Value of a Mock Exam

Example Question

Mandy Elmar, CFA has been conducting research on Xoom Corp. Elmar was almost done with her research and was planning to get the report typed today and delivered to the clients the next day. However, this morning, Elmar lost her folder which had all the documents related to Xoom Corp. In this panic state, she called the management of Xoom Corp who sent her their projections of the company. Although Elmar did not remember the exact forecast from her report, she knew they were lower than the management projections. Therefore, Elmar reduced the forecast provided by the management of Xoom by 15%. She also used graphs and charts from another report a colleague did on Xoom 2 years earlier. Elmar managed to finish the report on time and sent it on time to the clients. Elmar has most likely:


A. A. Violated Standard V(A): Diligence and Reasonable Basis, Standard I-B: Independence And Objectivity and Standard III-E: Preservation Of Confidentiality.

B. Violated Standard I(C): Misrepresentation, Standard III-D: Performance Presentation and Standard III-E: Preservation Of Confidentiality.

C. Violated Standard V(A): Diligence and Reasonable Basis, Standard I(C): Misrepresentation and Standard V(C): Record retention.


The correct answer is C.
By using the forecasts provided by the management, Elmar has violated the standard regarding diligence and reasonable basis. The graphs and charts used in the report were from other reports. Hence, she has violated Standard I(C): Misrepresentation that addresses plagiarism. Elmar has no files of her own research, thus violating Standard V(C): Record Retention. From the information presented, nothing leads us to believe that she violated Standard III-E: Preservation Of Confidentiality.

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