CFA Practice Test

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]

CFA Institute runs the CFA Program, the exam series behind the Chartered Financial Analyst charter. The program has Level I, Level II and Level III, and each level is a separate exam.

Every level is computer-based and taken at Prometric test centers. Exams run in 4 windows a year. Level I has 180 multiple-choice questions. Level II has 22 item sets, which are vignettes with 88 multiple-choice questions attached. CFA Institute describes the Level III format on its own Level III page, so check it there.

Each result is a pass or a fail against a Minimum Passing Score that CFA Institute does not publish. Along with the result you get your performance by topic and an overall scale score that shows how you did against that standard. CFA Institute emails you when official results are ready, 5–9 weeks after your exam window closes.

Attempts are limited. You can sit an exam at most 2 times per calendar year, never in back-to-back windows or windows less than 6 months apart, and no more than 6 times per level. Rescheduling within your window costs USD 250. Level I and Level II fees are USD 1,140 early or USD 1,490 standard. Look up the Level III fee on the official dates and fees page.

Eligibility rules, accepted ID and registration deadlines are set by CFA Institute and can change. Confirm them on cfainstitute.org before you register.

CFA Exam at a Glance

What changed for CFA in 2026

• Oct 28, 2026: Retake policy changed to Max 2 attempts per year (not in consecutive windows or less than 6 months apart), 6 attempts per level (previously Max 2 attempts per year, 6 attempts per level).^[5]
• May 5, 2026: CFA Institute removed the paid deferral option for the 2027 exam cycle, starting with the February 2027 exams (registration for those opened 5 May 2026). Candidates who skip a scheduled exam now lose their registration fee and must register again.^[7]

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: Under Standard I(C) – Misrepresentation, which of the following is LEAST likely a violation?

1. Guaranteeing a specific investment return
2. Citing a firm's historical track record accurately
3. Plagiarizing research from another analyst
4. Omitting material facts that make a statement misleading

Answer: B. Citing a firm's historical track record accurately

Explanation:

B is correct. Standard I(C) bars knowingly making misrepresentations or misleading statements about investment analysis, recommendations or professional activities. Citing a firm's historical track record accurately is a true statement, so it is not a violation.

A is wrong because guaranteeing a specific return on a risky investment promises something that cannot be promised. C is wrong because presenting another analyst's research as your own is plagiarism, which Standard I(C) treats as misrepresentation. D is wrong because leaving out material facts can make an otherwise true statement misleading.

Rule to remember: ask whether the statement as a whole gives a false impression. Accurate and complete facts are allowed. Promises of returns, borrowed work and selective omissions are not.

Example 2

Question: The esteem of an existing single—family domestic utilized for private purposes will most likely be calculated utilizing the:

1. income approach.
2. sales comparison approach.
3. cost approach.

Answer: B. sales comparison approach.

Explanation:

B is correct. An existing single-family home used for private purposes does not produce rental income, and buyers price it by looking at similar homes nearby. The sales comparison approach starts from recent sale prices of comparable properties and adjusts for differences such as size, condition and location.

A is wrong because the income approach values a property from the income it generates, and an owner-occupied home generates none. C is wrong because the cost approach (land value plus replacement cost, less depreciation) suits new or unusual buildings that have few comparable sales.

Rule to remember: pick the method that matches how the property earns money or trades. Owner-occupied homes use sales comparison, income-producing property uses the income approach, and new or specialised property uses the cost approach.

Example 3

Question: A private equity fund sells the following items to exit a portfolio company through a trade sale:

1. shares of a portfolio company to the public.
2. the portfolio company to another private equity firm.
3. the portfolio company to one of the portfolio company‘s competitors.

Answer: C. the portfolio company to one of the portfolio company‘s competitors.

Explanation:

C is correct. In a trade sale, the private equity fund sells the portfolio company to a strategic buyer, usually an operating company in the same or a related industry. A competitor is the classic strategic buyer because it can gain market share, synergies or specific assets.

A is wrong because selling shares to the public is an initial public offering, which is a different exit route. B is wrong because selling to another private equity firm is a secondary sale, which means a financial buyer rather than a strategic one.

Rule to remember: name the exit by its buyer. Public investors mean an IPO, another financial sponsor means a secondary sale, and a strategic operating company means a trade sale. Other exit routes in the curriculum include management buyouts and liquidation.

How to use these practice tests

Build your study around the official CFA Institute curriculum and the topic outline for your level. Our questions are practice material we wrote, not real exam items, so use them to find and fix gaps, not to predict the exam.

• Start with the CFA Practice Test without notes to see where you stand.
• Rank the topic areas from weakest to strongest and work through the matching sets, such as CFA Financial Reporting and Analysis or CFA Fixed Income Analysis.
• After each set, read the official curriculum reading behind every question you missed before moving on.
• Come back to CFA Ethics and Professional Standards regularly, because the case wording takes practice to read correctly.
• Keep a short error log of the rule you misapplied each time, not just the right letter.
• In the final weeks, take the official CFA Institute practice material under timed conditions, then use our sets to drill whatever it shows as weak.

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). “You will receive a result of "pass" or "fail" along with information on your topic level performance and an overall scale score which allows you…” Verified Oct 28, 2026 · source checked Oct 18, 2026.
4. CFA Institute — exam fee, next exam date, testing window (official source). “From USD 1,140 /exam” Verified Oct 28, 2026 · source checked Oct 28, 2026.
5. CFA Institute — retake policy, delivery (official source). “Candidates are permitted to take the exam a maximum of two times per calendar year (when applicable), but not in consecutive windows or windows that…” Verified Oct 28, 2026 · source checked Oct 28, 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.
7. CFA Institute — other (official source). “Note : Paid deferrals will no longer be offered beginning with the opening of 2027 exams on 5 May 2026.” Verified Oct 28, 2026 · source checked Oct 28, 2026.

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