CPS Practice Test

The Certified Portfolio Specialist (CPS) is awarded by Interfima to people working in or entering financial services. This page gives you free practice sets grouped by topic, worked answers to sample questions, a short study plan and the exam facts that Interfima publishes, so you can see where you stand before test day.

CPS Exam at a Glance

What the CPS is and how it works

According to Interfima, “Multiple choice questions and / or essay type questions”^[1]

The CPS is a professional certificate from Interfima, aimed at people who build, run or advise on investment portfolios. This page covers the exam as Interfima describes it; check the official programme page for anything that may have changed.

Delivery: the final exam is taken online or on-site, closed-book and proctored. The time limit is 1 hour, and questions are multiple-choice and/or essay type.

Scoring: the passing grade is 70%. Interfima does not state a retake policy in the material we checked, so ask them directly about resits before you book.

Eligibility: Interfima asks for 3 years' experience in the financial services industry, or an undergraduate or graduate degree in Finance, Economics, Business or Law from an accredited university, college or school.

Fee: the listed price is €1,500, which covers the course, the exam and the certificate. Confirm the current price with Interfima.

Renewal: holders must complete 3 hours of related financial training every year.

Our practice questions are written by us with AI tools and are not real exam questions. Use them to find weak areas, then go back to the official course material to fill the gaps.

CPS content outline and where to practise each area

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

Worked examples: how to reason through CPS 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: What is 'credit risk' in the context of bond investing?

1. The risk of rising interest rates
2. The risk that a bond issuer will default on payments
3. The risk of currency devaluation
4. The risk of inflation outpacing returns

Answer: B. The risk that a bond issuer will default on payments

Explanation:

The correct answer is that credit risk is the risk that a bond issuer will default on payments. The issuer promises interest and principal, and credit risk is the chance it fails to deliver them.

The risk of rising interest rates is interest rate risk: it hits the price of a bond you hold without any default. Currency devaluation is currency or exchange rate risk, which matters when a bond is priced in a foreign currency. Inflation outpacing returns is inflation risk, where the payments arrive but buy less.

Rule to remember: name the risk by the thing that goes wrong. If the borrower fails to pay, it is credit risk; if the market moves, the label is different.

Example 2

Question: The Treynor Ratio differs from the Sharpe Ratio in that it uses which measure of risk in its denominator?

1. Standard deviation
2. Semi-deviation
3. Beta
4. Tracking error

Answer: C. Beta

Explanation:

The correct answer is beta. The Sharpe Ratio divides excess return by standard deviation, which counts all risk. The Treynor Ratio divides excess return by beta, which counts only systematic (market) risk.

Standard deviation is the Sharpe denominator, so it cannot be the difference the question asks about. Semi-deviation looks only at downside variation and belongs to downside-risk measures such as the Sortino Ratio. Tracking error measures how far a portfolio strays from its benchmark and is used with the information ratio.

Rule to remember: Treynor suits a well-diversified portfolio because diversification has already removed the unsystematic risk, leaving beta as the relevant measure.

Example 3

Question: What should be documented in a client's file after each meeting?

1. Only new investment purchases
2. Notes on discussions, decisions made, client instructions, and any agreed-upon changes
3. Only performance data
4. The client's personal preferences unrelated to investments

Answer: B. Notes on discussions, decisions made, client instructions, and any agreed-upon changes

Explanation:

The correct answer is notes on discussions, decisions made, client instructions and any agreed-upon changes. A file should let someone else reconstruct what was said and what was agreed.

Recording only new investment purchases misses instructions to hold, sell or change course, and misses the reasoning behind decisions. Recording only performance data tells you how the account did but not what the client asked for. Personal preferences unrelated to investments do not belong in the record, because they add nothing to the advice and may not be appropriate to keep.

Rule to remember: document the conversation and its outcomes. A clear record protects the client and the adviser and supports any compliance review.

How to use these practice tests

Start with the official content areas from Interfima and note which ones you could not explain to a colleague. Those are your priorities.

Then take the practice set that matches your weakest area. Read the explanation for every question, including the ones you got right, and write down the rule behind each wrong answer in your own words. Repeat the set later without looking at your notes, and compare the results.

Move on to the next area only when you can say why each wrong option is wrong. Rotate through the remaining sets in the same way, and finish with the performance measurement set, since ratio definitions are easy to mix up and worth repeating.

Because the exam is closed-book and proctored, practise without notes, a calculator you would not be allowed, or a search tab. Because the format can include essay questions, also practise writing a short written answer to a topic from memory, then check it against the course material.

In the final days before the exam, do timed sessions to get used to the 1 hour limit, and reread your own notes rather than starting new material. Aim to be consistently above the 70% passing grade in your practice, but remember our questions are not the real exam, so treat that as a rough guide only.

Sources & last verified

1. Interfima — time limit, exam fee, number of questions, passing score (official source). “One (1) hour duration” Verified Oct 22, 2026.
2. finra.org — delivery (official source). “Online or on-site, closed book, proctored final exam” Verified Oct 22, 2026.

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