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).
Interactive CFA - Certified Financial Analyst resources on PracticeTestGeeks, free to start:
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions (Level I) | 180 multiple-choice questions[1] | CFA Institute · Oct 28, 2026 |
| Number of questions (Level II) | 22 item sets, 88 multiple-choice questions[2] | CFA Institute · Oct 28, 2026 |
| Passing score | Minimum Passing Score (MPS) set by the Board of Governors; not published in advance[3] | CFA Institute · Oct 28, 2026 |
| Exam fee (Level I) | USD 1,140 early / USD 1,490 standard[4] | CFA Institute · Oct 28, 2026 |
| Exam fee (Level II) | USD 1,140 early / USD 1,490 standard[4] | CFA Institute · Oct 28, 2026 |
| Exam fee (Level III) | USD 1,240 early / USD 1,590 standard[4] | CFA Institute · Oct 28, 2026 |
| Retake policy | Max 6 attempts per level; max 2 per calendar year, not in consecutive windows or windows six months or less apart[5] | CFA Institute · Oct 28, 2026 |
| Renewal | Annual CFA Institute membership renewal (USD 299; USD 100 on Professional Leave)[6] | CFA Institute · Oct 28, 2026 |
| Score release | 5–9 weeks after the exam window closes[3] | CFA Institute · Oct 28, 2026 |
| Late registration deadline | Registration closes Apr 29, 2027 (August 2027 exams)[4] | CFA Institute · Oct 28, 2026 |
| Registration deadline | Early deadline Jan 20, 2027 (August 2027 exams)[4] | CFA Institute · Oct 28, 2026 |
| Registration opens | Nov 3, 2026 (August 2027 exams)[4] | CFA Institute · Oct 28, 2026 |
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.
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.
| Official content area | Practice on this site |
|---|---|
| Alternative Investments[1] | CFA Derivatives & Alternative Investments Practise how private and real asset strategies differ from traditional holdings in structure, fees and risk. |
| Corporate Finance[1] | CFA Corporate Finance & Governance Work through capital structure, capital budgeting and governance questions until you can explain each decision rule. |
| Derivatives and Risk Management[1] | Mixed practice tests above Drill the payoff logic of forwards, futures and options and how they are used to manage exposure. |
| Economics[1] | CFA Economic Analysis & Indicators Practise reading economic indicators and linking monetary, fiscal and currency effects to markets. |
| Equities[1] | CFA Equity Valuation Methods Compare valuation approaches and market efficiency concepts, and learn when each method fits. |
| Ethical and Professional Standards[1] | CFA Ethical and Professional Standards Practise applying standards to short case scenarios and choosing the action that best protects clients and market integrity. |
| Financial Statement Analysis[1] | CFA Financial Reporting & Analysis Practise reading statements, spotting accounting choices that distort comparisons, and interpreting ratios. |
| Fixed Income[1] | CFA Fixed Income Analysis Work on bond pricing, yield measures and how interest rate and credit changes affect value. |
| Portfolio Construction[1] | CFA Portfolio Management & Construction Practise linking investor objectives and constraints to asset allocation and risk-return trade-offs. |
| Quantitative Methods[1] | CFA Quantitative Methods & Statistics Practise time value of money, probability and statistical inference until the setup of each problem is automatic. |
Prepare for the CFA - Certified Financial Analyst exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
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.
Question: The efficient market hypothesis (EMH) in its strong form states that:
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.
Question: When a conflict arises between standard procedures and a unique situation in Quantitative Methods & Statistics, what should a CFA professional prioritize?
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.
Question: What is the difference between an open-end mutual fund and a closed-end mutual fund?
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.
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.
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.
For the August 2027 exams, Level I and Level II cost USD 1,140 if you register early and USD 1,490 at the standard rate. Level III costs USD 1,240 early or USD 1,590 standard. Annual CFA Institute membership renewal is separate, at USD 299, or USD 100 on Professional Leave. Confirm current figures on the official dates and fees page.
For the August 2027 exams, registration and scheduling opens on Nov 3, 2026. The early registration deadline is Jan 20, 2027, and registration closes Apr 29, 2027. Early registration carries the lower fee, so the earlier deadline matters if cost is a concern. Check the official dates and fees page for any change.
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 accompanying multiple-choice questions. For Level III, see the official Level III exam page, as its format is not covered on this page.
There is no fixed published score. The CFA Institute Board of Governors sets the Minimum Passing Score for each level after an exam administration, so it is not known in advance. Results are emailed 5–9 weeks after your exam window closes. Use practice scores to find weak topics, not to predict a pass.
You can attempt each level a maximum of 6 times. You can sit an exam a maximum of 2 times per calendar year, but not in consecutive windows or windows that are too close together. The official policies page has the exact rules, so read it before you register for a retake.
How we verify: editorial & fact-checking policy. Report an error: contact us.