AIFA Practice Test

The Applied Investment & Finance Analyst (AIFA) credential is run by Chainshine Financial Training, with separate exams for Financial Statement Analysis, Modeling and Valuation Fundamentals. This page gives you free practice sets by topic, worked questions with explanations, and a summary of the formats, time limits, fees and retake rules the exam body publishes.

AIFA Exam at a Glance

What changed for AIFA in 2026

• Oct 27, 2026: Number of questions (Valuation Fundamentals) changed to 50 single- and multiple-choice questions (100 points total) (previously 50 single- and multiple-choice questions, 100 points).^[1]
• Oct 27, 2026: Number of questions (Financial Statement Analysis) changed to 40 single- and multiple-choice questions (100 points total) (previously 40 single- and multiple-choice questions, 100 points).^[1]
• Oct 27, 2026: Time limit (Valuation Fundamentals) changed to 90 minutes (115 minutes total appointment) (previously 90 minutes (115 minutes total at the test center)).^[4]
• Oct 27, 2026: Score release (Valuation Fundamentals) changed to Immediately on screen and printed score report (previously Immediately on screen, plus printed score report).^[4]
• Oct 27, 2026: Retake policy (Valuation Fundamentals) changed to Max 3 attempts in 30 days; >3 calendar days between attempts (previously Max 3 attempts in 30 days; more than 3 calendar days between attempts).^[1]
• Oct 27, 2026: Retake policy (Modeling) changed to Max 3 attempts in 180 days; >14 calendar days between attempts (previously Max 3 attempts in 180 days; more than 14 calendar days between attempts).^[1]
• Oct 27, 2026: Retake policy (Financial Statement Analysis) changed to Max 3 attempts in 30 days; >3 calendar days between attempts (previously Max 3 attempts in 30 days; more than 3 calendar days between attempts).^[1]
• Oct 27, 2026: Delivery (Modeling) changed to In-person test centers in Beijing, Shanghai, Shenzhen, and New York; schedule via email (previously Beijing, Shanghai, Shenzhen and New York; book by email).^[5]
• Oct 27, 2026: Delivery (Valuation Fundamentals) changed to Pearson VUE test centers worldwide (in English or Chinese) (previously Pearson VUE test centers worldwide, English or Chinese).^[4]
• Oct 27, 2026: Testing window (Valuation Fundamentals) changed to Year-round on demand (previously On demand, any time, at Pearson VUE centers).^[1]
• Oct 27, 2026: Exam fee (Valuation Fundamentals) changed to US$200 per person (previously US$200 per person (outside mainland China)).^[4]

What the AIFA is and how it works

According to Chainshine Financial Training, “The Modeling and Financial Statement Analysis exam is available in Beijing, Shanghai, Shenzhen and New York.”^[5]

The AIFA exams are computer-based and are taken in separate parts. Financial Statement Analysis has 40 single- and multiple-choice questions, 60 minutes and 100 points. Modeling has 11 Excel practical questions, 120 minutes and 100 points. Valuation Fundamentals has 50 single- and multiple-choice questions, 90 minutes and 100 points.

Financial Statement Analysis and Modeling are taken at in-person test centers in Beijing, Shanghai, Shenzhen and New York. You schedule them by emailing Chainshine at exam@aifaedu.com. Valuation Fundamentals is booked through Pearson VUE test centers worldwide, in English or Chinese, and is available year-round. Outside mainland China the fee is US$200 per person. The whole appointment takes 115 minutes, including check-in and ID verification.

Scores for Financial Statement Analysis appear on screen immediately after you submit. Valuation Fundamentals also shows the score immediately and gives you a printed score report. Modeling scores arrive within 5-7 working days.

Retake limits differ. Financial Statement Analysis and Valuation Fundamentals allow a maximum of 3 attempts in 30 days, with more than 3 calendar days between attempts. Modeling allows a maximum of 3 attempts in 180 days, with more than 14 calendar days between attempts.

For the valuation modeling exam, a score of 70 out of 100 on either part lets you request an electronic certificate by email. We have not verified passing scores for the other exams, and fees, locations and rules can change, so confirm them with the official sources before you book.

Worked examples: how to reason through AIFA questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: Under GAAP, when a company sells goods on credit, revenue should generally be recognized when:

1. Cash is collected from the customer
2. The goods are ordered by the customer
3. Control of the goods has transferred to the buyer
4. The invoice is issued to the customer

Answer: C. Control of the goods has transferred to the buyer

Explanation:

The correct answer is that control of the goods has transferred to the buyer. Revenue recognition follows the transfer of control, not the movement of cash or paperwork. Collecting cash is wrong because a credit sale is recognized before payment arrives, and cash timing only affects receivables. An order alone is wrong because a promise to buy does not mean the seller has delivered anything yet. Issuing an invoice is wrong because an invoice is a billing document and can be sent before or after control passes. The rule to remember: recognize revenue when the performance obligation is satisfied, meaning the customer controls what they were promised. Ask who controls the goods now, then ignore everything else in the scenario.

Example 2

Question: Which line item on the income statement represents revenue minus cost of goods sold?

1. Operating income
2. Net income
3. Gross profit
4. EBITDA

Answer: C. Gross profit

Explanation:

Gross profit is the correct answer, because it is revenue minus cost of goods sold and sits near the top of the income statement. Operating income is wrong because it goes further and also subtracts operating expenses such as selling and administrative costs. Net income is wrong because it is the bottom line, after interest, taxes and other items. EBITDA is wrong because it is an adjusted measure that starts from earnings and adds back interest, taxes, depreciation and amortization, so it is not a simple subtraction of cost of goods sold from revenue. The rule to remember: read the income statement from top to bottom, and note which costs have been deducted at each subtotal. Gross profit is the first subtotal after direct costs.

Example 3

Question: What is the PRIMARY benefit of standardizing human resources & talent development practices in Applied Investment & Finance Analyst?

1. Consistency, easier maintenance, and improved collaboration among team members
2. Limiting innovation and creativity
3. Reducing the number of tools available
4. Increasing dependency on specific vendors

Answer: A. Consistency, easier maintenance, and improved collaboration among team members

Explanation:

The correct answer is consistency, easier maintenance and improved collaboration among team members. Standard practices give everyone the same way of working, so new people learn faster and fewer errors come from individual habits. Limiting innovation and creativity is wrong because that is a possible cost of too much rigidity, not a benefit. Reducing the number of tools available is wrong because fewer tools may be a side effect, but it is not the main purpose. Increasing dependency on specific vendors is wrong because standardization should reduce unplanned lock-in, and dependency is a risk, not a goal. The rule to remember: when a question asks for the primary benefit of a standard, choose the answer about consistency and shared understanding, and reject options that describe a downside.

How to use these practice tests

Start with the official material. Read what the exam body publishes for the exam you are taking, and note the format, time limit and booking route, since Financial Statement Analysis, Modeling and Valuation Fundamentals are each set up differently. Then match your practice to that format.

For Financial Statement Analysis, work through AIFA Financial Statement Analysis & Accounting and read every explanation, including those for questions you got right. For Valuation Fundamentals, use AIFA Corporate Finance & Valuation, then AIFA Investment Analysis & Portfolio Management and AIFA Financial Markets & Instruments for wider coverage. Use AIFA Quantitative Methods & Financial Modeling as a warm-up for the Modeling exam, but practise the Excel tasks in a spreadsheet yourself, because multiple-choice sets cannot replace that.

Keep a short list of the questions you missed and the rule behind each. Revisit that list a few days later and retry the set without looking at the answers. Our sets cover some general business topics that may not match what you are tested on, so treat the official outline as the guide to what matters. Near test day, sit a full set against a timer and compare your pace with the time limit for your exam.

Sources & last verified

1. Chainshine Financial Training — number of questions, time limit, retake policy, testing window (official source). ““财务报表分析”考试为机考，作答时间为60分钟，分为单选题、多选题共40道，满分100分。” Verified Oct 27, 2026 · source checked Oct 27, 2026.
2. Chainshine Financial Training — number of questions (official source). “机考，答题时间120分钟，共11道Excel操作题，满分100分。” Verified Oct 27, 2026.
3. Chainshine Financial Training — passing score (official source). “若估值建模考试中的“估值基础知识”或“估值建模操作”其中一部分成绩在70分（含）以上，可电邮至exam@aifaedu.com申请电子版【估值建模考试及培训证明】。” Verified Oct 28, 2026 · source checked Oct 28, 2026.
4. pearsonvue.com — exam fee, time limit, delivery, score release (official source). “Outside mainland China, the fee for Valuation Fundamentals exam at Pearson VUE's global testing centers is US$200 per person.” Verified Oct 27, 2026 · source checked Oct 26, 2026.
5. Chainshine Financial Training — delivery, score release (official source). “The Modeling and Financial Statement Analysis exam is available in Beijing, Shanghai, Shenzhen and New York.” Verified Oct 27, 2026 · source checked Oct 27, 2026.

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