Study Materials for 2023 CFA®, FRM®, Actuarial, GMAT® and EA® Exams

AnalystPrep's Level I of the CFA® Exam Mock Exams

Passing Level I of the CFA exam is not a case of merely putting in the hours. It’s not enough to accumulate knowledge; it is an 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 practice exams to help you practice under simulated actual exam conditions.

What Do You Get?

Our preparation packages include 5 full-length practice exams in computer-based testing (CBT) format just like the actual exam. You may also print them in PDF format if you prefer studying using a pen and paper.

Each practice exam contains 180 questions, which equates to the two sessions of the actual exam. AnalystPrep takes the pressure off your study by offering you value-for-money packages – each of which includes our 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 of the CFA exam. Moreover, new 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?

Level I of the CFA 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 the 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 starting, 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 (90 questions) takes 2 hours and 15 minutes. 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.
  • 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 candidates will have trouble with Financial Reporting and Analysis, whereas others will fail in 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 AnalystPrep's Level I CFA Mock Exams

Ethical and Professional Standards

Blair Noir, CFA, is an analyst in the healthcare sector. Noir recently attended a meeting with the management of a company under her coverage. In the meeting, management expressed extremely positive views about a drug that is in the development stage. Based on the management’s views, Noir stated in her report: “In the coming years, the Company will see a significant growth in sales.”

Which of the following statements is most accurate regarding Standard V(B) –Communication with Clients and Prospective Clients?

  1. Noir has violated Standard V(B) – Communication with Clients and Prospective Clients as she presented management’s statement as an opinion.
  2. Since Noir relied on the management’s statement as facts, she has violated Standard V(B) – Communication with Clients and Prospective Clients.
  3. Noir is not in violation of Standard V(B) – Communication with Clients and Prospective Clients as she had a reasonable basis for her statement.

The correct answer is B.

Noir has violated Standard V(B) – Communication with Clients and Prospective Clients by not distinguishing between fact and opinion. As the case stated, Noir’s statement was based on the views of the management.

A and C are incorrect. Standard V (B) requires members to distinguish between facts and opinions clearly. Noir should have verified the management’s statement based on facts before communicating the recommendations to prospective clients.

CFA Level 1, Volume 6, Study Session 19, Reading 57– Code of Ethics and Standards of Professional, LOS 57c: Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.

Financial Reporting and Analysis

A look at the financial statements of a business based in Qatar reveals that for the most recent reporting period, revenue stood at $2 million. It had a total cost amounting to $2.5 million, comprised of TFC of $1 million and TVC of $1.5 million. The reported net loss on the income statement stood at $500,000, disregarding tax obligations. In prior periods, the business had consistently reported profits on its operations.

What decision should the management take regarding operations for the next few months?

  1. Minimize operations to cut total variable costs (TVC).
  2. Shut down operations since the business is already making losses.
  3. Continue operations but attempt to borrow funds for the short term.

The correct answer is C.

From the financials given, the firm can cover all the TVC but can cover only about half of TFC ($1 million). If the business were to decide to shut down operations, its loss would be equal to the amount of TFC ($1 million). However, if it chooses to continue operating, the net loss would be minimized to $500,000. The business should attempt to secure credit from financiers to navigate the current profitability problems in the short term. The fact that it has previously reported profits means the chances of successfully negotiating such an agreement would be quite high.

A is incorrect. The company should continue operating as before. Instead of minimizing operations, it should borrow funds for the short term.

B is incorrect. The management will incur a net loss of $1,000,000 if it decides to shut down operations. The loss is more than a net loss of $500,000 if it decides to continue operating but borrow funds for the short term.

CFA Level 1, Volume 2, Study Session 3, Reading 8 – Topics in Demand and Supply Analysis, LOS 8e: determine and interpret breakeven and shutdown points of production.


An exchange rate between two South American currencies has increased to 1.6200. If the base currency has appreciated by 10% against the price currency, the initial exchange rate between the two currencies was closest to:

  1. 1.4122
  2. 1.4522
  3. 1.4727

The correct answer is C.

We calculate the percentage appreciation of the base currency by dividing the appreciated exchange rate by the initial exchange rate. In this case, the initial exchange rate is our unknown:

$$\frac{1.62}{X} = 1.10$$

Solving for x gives $$X = 1.4727$$

CFA Level 1, Volume 2, Study Session 4, Reading 14 – Currency Exchange Rates, LOS 14c: calculate and interpret the percentage change in a currency relative to another currency.

Equity Investments

Jessica Yang opens a margin account with an initial deposit of €5,000 to buy 500 shares of a bank stock at €22/share on margin. Her broker stated that her account requires a maintenance margin of 30%.  Ignoring commissions and interests, the margin call price is closest to:

  1. €3.56
  2. € 4.86
  3. €17.30

The correct answer is C.

An investor receives a margin call when their equity drops below the maintenance margin requirement.

First, we have to calculate the initial margin requirement.

The trader deposits $5,000 to buy 500 shares of stock at $22 per share.

The $5,000 is the trader’s initial margin.

Therefore, the initial margin requirement for this trade is \(\frac{5,000}{500\times22}\times100\%=45.45\%\)

$$\begin{align}\text{Margin Call Price} &=\frac{\text{Original price (1-Initial margin)}}{\text{1-Maintanance margin}}\\ &=\frac{22\times(1-0.45)}{1-0.3}= 17.30\end{align}$$

CFA Level 1, Volume 4, Study Session 11, Reading 33 – Market Organization and Structure, LOS 33f: 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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