CFA Practice Test

Candidates preparing for the CFA program can use this page to practise each content area of the exam set by CFA Institute. It links free practice sets by topic, walks through worked sample questions, and summarises the fees, format, retake rules and result timing published on the official site. Practice with the free CFA - Certified Financial Analyst practice test on PracticeTestGeeks (7 questions with answer explanations).

Free CFA - Certified Financial Analyst Study Tools

Interactive CFA - Certified Financial Analyst resources on PracticeTestGeeks, free to start:

• CFA Practice Test 1 — 25 questions with answer explanations
• CFA - Certified Financial Analyst flashcards — review key terms and concepts card by card
• CFA - Certified Financial Analyst study guide — topic-by-topic overview of what the exam covers
• CFA - Certified Financial Analyst cheat sheet — one-page printable summary for last-minute review

CFA Exam at a Glance

What changed for CFA in 2026

• Oct 28, 2026: Late registration deadline changed to Registration closes Apr 29, 2027 (August 2027 exams) (previously Standard registration closes Apr 29, 2027 (August 2027 exams)).^[4]
• Oct 28, 2026: Passing score changed to Minimum Passing Score (MPS) set by the Board of Governors; not published in advance (previously Minimum Passing Score (MPS) set by the Board of Governors, not published in advance).^[3]
• Oct 28, 2026: Score release changed to 5–9 weeks after the exam window closes (previously 5–9 weeks after the exam).^[3]
• Oct 28, 2026: Retake policy changed to Max 6 attempts per level; max 2 per calendar year, not in consecutive windows or windows six months or less apart (previously Max 6 attempts per level; max 2 per calendar year, not in consecutive windows).^[5]

What the CFA is and how it works

According to CFA Institute, “The CFA Level I exam consists of 180 multiple-choice questions, divided into two sessions of 135 minutes each.”^[1]

The CFA program is run by CFA Institute and is aimed at people building a career in investment analysis. Candidates sit exams level by level, and the official site is the authority for every date and fee below.

For the August 2027 exams, registration and scheduling opens on Nov 3, 2026. The early deadline is Jan 20, 2027 and registration closes Apr 29, 2027. Level I and Level II cost USD 1,140 early or USD 1,490 standard. Level III costs USD 1,240 early or USD 1,590 standard. Annual CFA Institute membership renewal is USD 299, or USD 100 on Professional Leave.

Level I has 180 multiple-choice questions, divided into sessions of 135 minutes each. Level II has 22 item sets, which are vignettes with 88 multiple-choice questions in total. Check the official Level III page for its format, since it is not covered here.

The Minimum Passing Score is set by the CFA Institute Board of Governors after an exam administration and is not published in advance, so no practice score can tell you whether you will pass. Results arrive 5–9 weeks after your exam window closes.

You may attempt each level a maximum of 6 times, and a maximum of 2 times per calendar year. Attempts cannot fall in consecutive windows or in windows that are too close together, so read the official policies page before you plan a retake.

CFA content outline and where to practise each area

The content areas below are copied from the official CFA content outline published by CFA Institute. The right-hand column shows which of our practice sets covers it.

Worked examples: how to reason through CFA 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: The efficient market hypothesis (EMH) in its strong form states that:

1. All public and private information is already reflected in stock prices
2. Only publicly available information is reflected in prices
3. Only historical price data is reflected in prices
4. No information is reflected in market prices

Answer: A. All public and private information is already reflected in stock prices

Explanation:

Option A is correct. The strong form of the efficient market hypothesis says prices reflect all information, both public and private, so even insiders cannot earn consistent excess returns. Option B describes the semi-strong form, which stops at public information. Option C describes the weak form, which covers only past price and volume data. Option D is wrong because it claims markets reflect no information at all, which no form of the hypothesis argues.

Rule to remember: the forms are nested. Weak covers past prices, semi-strong adds public information, and strong adds private information. Match the information set named in the question to the form.

Example 2

Question: When a conflict arises between standard procedures and a unique situation in Quantitative Methods & Statistics, what should a CFA professional prioritize?

1. Safety and ethical obligations while seeking expert consultation
2. Strict adherence to written procedures without exception
3. The most cost-effective solution available
4. The preference of the client or stakeholder

Answer: A. Safety and ethical obligations while seeking expert consultation

Explanation:

Option A is correct. When written procedures do not fit an unusual situation, a professional should put safety and ethical obligations first and ask for guidance from a qualified person rather than improvising alone. Option B is wrong because rigid adherence can cause harm when the procedure was not designed for the case. Option C is wrong because cost is a legitimate factor only after ethical duties are met. Option D is wrong because a client or stakeholder preference does not override those duties.

Rule to remember: on conflict-style questions, ethical duty and escalation beat convenience, cost and pressure from others.

Example 3

Question: What is the difference between an open-end mutual fund and a closed-end mutual fund?

1. Open-end funds are traded on exchanges, closed-end funds are not
2. Closed-end funds have a fixed number of shares, open-end funds do not
3. Open-end funds only invest in stocks, closed-end funds invest in bonds
4. Closed-end funds offer lower management fees than open-end funds

Answer: B. Closed-end funds have a fixed number of shares, open-end funds do not

Explanation:

Option B is correct. A closed-end fund issues a fixed number of shares, which then trade on an exchange at a market price that can differ from net asset value. An open-end fund creates and redeems shares with investors at net asset value, so its share count changes. Option A reverses the trading venues. Option C is wrong because both structures can hold stocks, bonds or other assets. Option D is wrong because fee level depends on the fund, not on whether it is open-end or closed-end.

Rule to remember: closed-end means a fixed share count and exchange pricing; open-end means flexible share count and net asset value pricing.

How to use these practice tests

Start with the official CFA Institute curriculum and exam page for your level, and note the content areas and the format. Then take a short practice set from each area on this page without a time limit, and record which topics you miss.

1. Pick the weakest area and read the matching official material before returning to questions.
2. Retake that practice set, and for every miss write the rule in your own words, as in the worked examples above.
3. Move to mixed practice by alternating areas, so you get used to switching topics as the real exam requires.
4. Practise Ethical and Professional Standards often in short sessions, because it rewards careful reading of scenarios.
5. In the final weeks, run timed sessions that match the official question count and session length for your level.

Our questions are written by us and are not real exam questions. Treat them as a way to find gaps, and rely on the official curriculum for what is actually tested. Because the passing score is not published in advance, aim for solid understanding rather than a target percentage.

Sources & last verified

1. CFA Institute — number of questions, other (official source). “The CFA Level I exam consists of 180 multiple-choice questions, divided into two sessions of 135 minutes each.” Verified Oct 28, 2026 · source checked Oct 18, 2026.
2. CFA Institute — number of questions (official source). “The CFA Level II exam consists of 22 item sets comprised of vignettes with 88 accompanying multiple-choice questions.” Verified Oct 28, 2026 · source checked Oct 18, 2026.
3. CFA Institute — passing score, score release (official source). “Whenever there is significant curriculum or population change, the CFA Institute Board of Governors sets the MPS for each level after an exam administration.” Verified Oct 28, 2026 · source checked Oct 18, 2026.
4. CFA Institute — exam fee, registration deadline, registration opens, late registration deadline (official source). “Level I — AUGUST 2027 Registration Window: 3 Nov 2026 - 29 Apr 2027 Exam Registration Fee: EARLY USD 1,140 STANDARD USD 1,490” Verified Oct 28, 2026 · source checked Oct 28, 2026.
5. CFA Institute — retake policy (official source). “You can re-take the CFA exam a maximum of two times per calendar year (when applicable), but not in consecutive windows or windows that are…” Verified Oct 28, 2026 · source checked Oct 18, 2026.
6. CFA Institute — renewal (official source). “Professional Leave reduces your membership fee from USD 299 to USD 100.” Verified Oct 28, 2026 · source checked Oct 28, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.