AnalystPrep's CFA Level 1 Mock Exams

Passing the CFA level I exam is not a case of merely putting in the hours. It’s not enough to accumulate knowledge, it’s actual practice that really makes a difference.

AnalystPrep’s Level I mock exams for the CFA Program are based on past CFA Institute exams and are designed to conform to current testing formula and level of difficulty. 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 CFA Level I practice exams to help you practice under simulated actual exam conditions.

What Do You Get?

Our CFA preparation packages include 12 half CFA mock exams in PDFs for you to download and print. Each practice exam contains 120 questions, which equates to one session of the actual exam. AnalystPrep takes the pressure off your study by offering you value-for-money packages – each of which includes our CFA Qbank, unlimited quizzes, and mock tests. That way, you get to keep your premium status for as long as you need to pass your Level I CFA Program exam. Moreover, new CFA mock exams will be generated by the dedicated professionals at AnalystPrep every year so premium members can practice using unique mock exams!

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Do I Really Need Mock Exams to Pass the CFA Exams?

The CFA level I exam is different and rigorous than most examinations you have ever taken in your life.  It’s better to have the shock in the mock than in the final exam.

From experience, exam pressure can be a catalyst to nerves, frustration and sloppy mistakes that culminate in poor performance even among best-prepared candidates. To perform well on the big day, you need to develop the ability to subdue the pressure, and that calls for practice under exam conditions.

AnalystPrep’s level I mock exams replicate the format and difficulty level of the live exam. They act as a call to action and inform whether you need to do more work, change revision strategies, or develop skills needed to perform under pressure. There can hardly be a better way to boost your confidence.

Tips to Help You Increase Your Score

  • Before you start, use AnalystPrep’s formula sheet to remind yourself of the most common formulas you will encounter in the exam.
  • Start early to give yourself ample time for revision and try to have one or two half mock exams done by the end of the day.
  • Each mock session (120 questions) takes 3 hours to complete. Aim to spend no more than 1.5 minutes per question on average.
  • Each question is worth the same number of points, so try to do the easier questions at first and go back to harder questions if you have time at the end.
  • Attempt all questions before taking a look at the answers provided.

Identify Topics that Need Greater Attention

Every question in the mock 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.

Once you have identified topics that need more attention, go back into AnalystPrep’s Study Notes or Question Bank and work on your weakest area. Some candidate will have trouble with Financial Reporting and Analysis, whereas other will fail Ethics; each candidate has a different background, so there is no “one-size-fits-all” easy solution.

Start practicing with AnalystPrep’s Level I mock exams for the CFA® Program early to give yourself enough time to work on your weaknesses and improve your performance.

Question Example from Level 1 CFA Mock Exams

Ethical and Professional Standards

Jennifer Lively, CFA, manages accounts for WS Capital. When transacting any trades in her
client’s accounts, Lively ensures that she does not trade in her mother’s account, who is also a client, until all the other clients have been given the opportunity to trade. Is Lively’s approach to trading in her mother’s account in line with Standard VI (B) – Priority of Transaction?
A. No, Lively should not trade in her mother’s account at all.
B. Yes, Lively gives enough opportunity to all her client to trade before trading in her
mother’s account.
C. No, Lively should treat her mother’s account like any other client account.
The correct answer is C.
According to the Standard VI (B) – Priority of Transaction, family members who are also clients should be treated as client account and should not be at a disadvantage.
CFA Level 1, Volume 1, Study Session 1, Reading 2 – Code of Ethics and Standards of
Professional, LOS 2c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.

Financial Reporting and Analysis

Core Corp. has an inventory with a carrying value of $12,000. Using the data given below,
calculate the current value of inventory after adjustments if Core reports under GAAP.
Selling price: $8,000
Selling cost: $1,500
Normal profit: $2,000
Replacement cost: $6,500
A. $4,500
B. $5,500
C. $6,500
The correct answer is C.
Under US GAAP, the inventory is written down if the carrying value of inventory is above the
replacement cost, but the replacement cost cannot be greater than the Net Realizable Value
(Selling price – Selling cost) or lower than NRV minus Normal profit.
The replacement cost is $6,500 which is also equal to NRV (8,000 – 1,500).
Since the carrying value of inventory is $12,000, the inventory will be written down to the replacement cost of $6,500.
CFA Level 1, Volume 3, Study Session 8, Reading 28 – Inventories, LOS 28g: Describe the
measurement of inventory at the lower of cost and net realisable value


Suppose that the exchange rate between the Canadian dollar and the Brazilian real is
BRL/CAD = 3.27. If the interest rate in Canada is 2.5 percent and the interest rate in Brazil is 8.0 percent, the exchange rate you should expect one year from today is closest to:
A. BRL/CAD 3.45
B. BRL/CAD 3.10
C. BRL/CAD 3.53
The correct answer is A.
To understand the Fisher relationship that links interest rates and forward exchange rates, recognize that an investment in the Canadian dollar should convert to the same number of Brazilian reais (the plural of real), as one would obtain by converting the dollar to reais and investing it in Brazil. That is 1 × 1.025 F = 3.27 × 1.08, where F is the future exchange rate between the Canadian dollar and the real.
Solving for the future rate, F = 3.27 × (1.08/1.025) = BRL 3.45/CAD
CFA Level 1, Volume 2, Study Session 5, Reading 20 – Currency Exchange Rates, LOS 20f: Explain the arbitrage relationship between spot rates, forward rates, and interest rates

Equity Investments

A small investor just bought 100 shares of UYA on margin. The share price of UYA at the
time of purchase was $50, the initial margin requirement is 50%, and the maintenance margin is 30%. Given this information, the margin call trigger price is closest to:
A. $31.25
B. $79
C. $35.71
The correct answer is C.
Trigger price = Initial purchase price × [(1 – Initial margin) / (1 – Maintenance margin)]
= [$50 × (1 – 0.5)] / (1 – 0.3) = $35.71
The investor will receive a margin call when the stock price falls to $35.71.
CFA Level 1, Volume 5, Study Session 13, Reading 44 – Market Organization and Structure, LOS 44f: Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin call


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CFA® exams

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Our CFA Level I packages start at $129 and include full-length mock exams and access to our CFA Qbank which includes over 3,000 practice questions

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