AnalystPrep's CFA® Level I Mock Exams
Ready to Take on the CFA Level 1 Exam? Let’s Make Sure You’re Fully Prepared!
The CFA Level 1 exam is a challenge, but here’s the good news: it’s not just about cramming as much knowledge as you can. Sure, understanding the material is key, but the real secret to success…
Practice. Practice. Practice.
At AnalystPrep, we offer CFA Level 1 practice exams designed to simulate the actual exam experience. Our mock exams are based on past CFA Institute exams, ensuring they reflect the CFA Level 1 exam’s format, difficulty, and structure. Whether you’re looking for a CFA practice test to assess your readiness or a CFA Level 1 mock test to practice under exam conditions, we’ve got you covered.
Why are mock exams so crucial?
Candidates who regularly take practice exams, like our CFA Level 1 mock exam PDF with answers, outperform those who only revise. Think of our CFA exam practice questions as a training ground—helping you identify your strengths, spot areas that need improvement, and build your confidence before the big day.
Think of it like this: would you run a marathon without training on the track?
Ready to put your knowledge to the test? Let’s get started!
What Do You Get with AnalystPrep?
With AnalystPrep, you’re not just getting practice exams—you’re getting a comprehensive study experience.
AnalystPrep offers 5 full-length CFA Level 1 mock exams in a computer-based format, just like the real exam. Prefer paper? You can also print them in PDF format. Each exam has 180 questions, split into two sessions, mirroring the actual CFA Level 1 exam.
Our packages include access to our extensive CFA question bank, unlimited quizzes, and CFA practice tests, giving you everything you need to pass. Plus, premium members receive new, unique mock exams every year, so you can keep practicing with fresh content until you succeed.
We are with you every step of this journey.
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Do You Really Need Mock Exams to Pass the CFA Level 1 Exams?
Okay, let’s have an honest conversation…
(Pulling my chair closer to you as I lean in…)
If you’re serious about passing the CFA Level 1 exam, here’s a tip: mock exams aren’t just a nice-to-have—they’re essential. You’d be surprised how many CFA candidates skip this crucial step, but those who don’t often report feeling far more confident and prepared when exam day arrives. And trust me… the confidence goes a long way in helping them succeed.
The CFA Level 1 exam is a beast of its own, unlike most tests you’ve ever taken. The exam’s complexity and pressure can catch even the best-prepared candidates off guard. That’s why the saying goes, “It’s better to have the shock in the mock than in the actual exam.”
By taking CFA Level 1 mock exams, you’ll experience the real exam format, timing, and difficulty level—without the high stakes. It’s the perfect way to simulate the real deal and give yourself a test run.
Think about it: would you go into a marathon without ever doing a trial run?
The same logic applies here. Mock exams not only help you gauge your readiness but also reveal your weak spots, so you know exactly what to focus on during your final review.
And there’s more—taking mock exams helps you build resilience under pressure. Exam nerves? We’ve all been there. But when you’ve practiced multiple times under real exam conditions, that pressure starts to feel like just another day at the office.
Tips for CFA Success:
- Aim for a score of 75% or higher on CFA Level 1 mock exams to feel confident heading into the real thing.
- Take at least 5 full-length mock exams before your exam day. Remember, the more you practice, the better prepared you’ll be.
- Mock exams allow you to fine-tune your exam strategy, helping you manage time, reduce mistakes, and feel less anxious when it counts.
At AnalystPrep, our CFA Level 1 mock exams are designed to mirror the actual exam in every way—from the question structure to the timing. They give you an honest assessment of where you stand and what you need to improve. So, if you want to walk into that exam room with confidence, the answer is simple: mock till you drop!
Tips to Help You Increase Your Score
- Before starting, use AnalystPrep’s CFA Level 1 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 complete one or two half-CFA mock exams 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 during your CFA practice test.
- 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 reviewing the answers provided in your CFA Level 1 mock exam.
Identify Topics that Need Greater Attention
Every question in the CFA mock exam comes with a detailed answer provided in 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 CFA Level I 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?
- Noir has violated Standard V(B) – Communication with Clients and Prospective Clients as she presented management’s statement as an opinion.
- Since Noir relied on the management’s statement as facts, she has violated Standard V(B) – Communication with Clients and Prospective Clients.
- 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?
- Minimize operations to cut total variable costs (TVC).
- Shut down operations since the business is already making losses.
- 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.
Economics
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:
- 1.4122
- 1.4522
- 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:
- €3.56
- € 4.86
- €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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