Chartered Financial Analyst
CFA Exam Practice Test 2023

The CFA Exam consists of a series of three examinations (Levels I, II, and III) to be taken successively. Exams are given only once a year in June, except for Level I applicants, who also have the opportunity to take the test in December. The number of times you can take each exam is not limited, and you can spend as much time since you have to pass the exam.

The CFA Level 1 exam consists of basic knowledge and understanding questions based on investment instruments, while the CFA Level 2 examination includes more complex analysis and emphasis on asset valuation. 

The CFA Level 3 exam incorporates all concepts and analytical methods in several applications for effective portfolio management and capital planning.


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Getting Started with CFA Certification

What does CFA stand for?

CFA stands for the Chartered Financial Analyst Program. It is a specialized certification offered globally to investment and financial practitioners by the American-based CFA Institute (formerly the Association for Investment Management and Research or AIMR).

What is the CFA Institute?

The CFA Institute is an international body that provides education to investment and financial practitioners. It also provides investment professionals with a code of ethics to follow and several certification programs they can complete. It is formerly known as the Association for Investment Management and Research (AIMR). Its principal mandate is to set and maintain high standards for the finance industry.

What are all subjects in CFA all levels?

The Learning Outcome Statements (LOS) and the core principles for the CFA exams are based on the Candidate Knowledge Body developed by the CFA Institute. While the material is revised per exam cycle, all three CFA test levels concentrate on the same 10 subject areas. Exam weights differ by standard and may differ slightly year by year. The following subject areas are covered:

                                       Topic Area                              Exam Weights
Level 1Level 2Level 3
Ethical and Professional Standards1510-1510-15
Quantitative Methods125-100
Financial Reporting and Analysis2015-200
Corporate Finance75-150
Equity Investments1015-255-15
Fixed Income1010-2010-20
Alternative Investments45-105-15
Portfolio Management75-1040-55

What opportunities does the CFA have?

Job opportunities following completion of the CFA program are as follows:

       • Portfolio Manager
       • Research Analyst
       • High-Level Investment Executives
       • Investment Banking Analyst
       • Corporate Certified Financial Analyst
       • Investment Strategist
       • Personal Finance Executive
       • Freelance Investment Consultant


CFA Test Structure and Format

How long is the CFA exam?

                 Level 1                 Level 2                  Level 3
Exam Structure240 multiple choice questions20–30 vignettes supporting 120 multiple choice questions20–30 vignettes supporting a variable number of constructed response and multiple choice questions
Exam Duration

Morning session: 3 hours; 120 questions

Afternoon session: 3 hours; 120 questions

Morning session: 3 hours; 10–15 vignettes supporting 60 questions

Afternoon session: 3 hours; 10–15 vignettes supporting 60 questions

Morning session: 3 hours; 8–15 vignettes supporting constructed response questions

Afternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions

Question FormatMultiple-choice questionsVignette-supported multiple-choice questionsVignette-supported constructed response questions and vignette-supported multiple-choice questions
CFA Results AvailabilityWithin 60 days of taking the examWithin 60 days of taking the examWithin 90 days of taking the exam
CFA Pass Rates

CFA Level 1 passing score


CFA Level 2 passing score


CFA Level 3 passing score


CFA Exam Costs and Registration Fees

CFA Registration cost vary depending as to when you choose to apply for CFA charter or the test, find out more about the CFA fees below.

One-time Enrollment Fee$450 USD
Early Registration Fee$700 USD
Standard Registration Fee$1,000 USD
Late Registration Fee$1,450 USD

Note: For the first-time registrants of the Level 1 exam, there is a one-time application fee of USD 450.


CFA Requirements

To become a CFA applicant, you must enroll for the CFA program before you can apply for the Level I test. You must meet all the CFA charterholder requirements mentioned below in order to be eligible.

● Have a U.S. bachelor’s degree or equivalent

       ○ Or be in the final year of Bachelor’s program at the time of registration.
       ○ Or have four years of professional, qualified work experience (doesn’t have to be investment-related)
       ○ Or a combination of job experience and college experience totaling at least four years. Part-time jobs are not 
             eligible, and a minimum of four years must be incurred before enrolment.

● Meet the criteria for admission to professional conduct (you will be told to sign professional conduct and                   applicant obligation statements during the CFA charter application process)
● Be ready to take the tests in English.
● Must have a valid International Travel Passport (required for registration and examination)
● Resides in a participating country


CFA Registration

To become a charterholder is a turning point for many financial professionals and shows a strong understanding of quantitative investment research and real-world portfolio management capabilities. To become a CFA charterholder, you have to:

1. Pass CFA Examinations – The CFA program consists of three curriculum levels, each with its own test. The  completion of the three-level exam is a prerequisite to acquiring a CFA charter.

2. Achieve Accredited Job experience – Complete work expertise specifications before, during, or after participation in the CFA program. Your experience should be directly involved in the investment choice-making process or in the development of a work product that adds value to that process.

3. Submit Reference – You will have to provide 2-3 relevant sources to back up your membership application. References will be contacted for comment on your qualifications and work experience.

4. Register to be a Charterholder – Register to be a regular member of the CFA Institute. When your registration has been accepted, and you have joined the CFA Institute, you will have received the CFA Charter.


CFA Scoring System

While the CFA Institute is extremely secretive in the way it grades the tests, it does give some details about its methods and the overall procedure. The CFA tests are both computer-graded and approved by the charterholders of the CFA.

For all multiple-choice parts in Levels 1, 2, and 3, the exams are machine graded. The essay section of the Level 3 exam is graded by the charterholders of the CFA who travel to Charlottesville, Virginia, to grade these essays.

Once the exams have been graded, the CFA Governing board shall set the CFA minimum passing score (MPS) for each level. The goal of the MPS is to establish a uniform difficulty level and fairness throughout the exams. The MPS has not been released.

Since the CFA Institute does not disclose the MPS, it is impossible to determine your passing grade for each test. You do not get a numerical score when you submit the results of your CFA test. Alternatively, you will receive a:

● The “Pass” or “Didn’t Pass” result. “Pass” indicates that your performance has met or exceeded the MPS. “Didn’t          Pass” indicates that your score was lower than the MPS average.
● Overview of how you did each subject area covered by the test, as well as the total number of points you received     in each subject area. Instead of getting one rating for each subject area, the score range is less than 50 percent;         between 50 percent and 70 percent; or more than 70 percent for each subject area.

CFA Reviewer PDF

Before becoming a financial analyst, you must pass the CFA test, which assesses and verifies your skill and honesty. You’ll need to pass a set of tests to work as a chartered financial analyst (CFA). Free CFA test materials on the internet may be out of current or incorrect. If you’re looking for a CFA level 1 reviewer PDF, a CFA mock exam PDF, a CFA level 1 mock exam PDF, a CFA level 2 mock exam 2022 PDF, or a CFA level 1 free study material PDF, you’ve come to the right place. To have the best preparation, you might consider taking a CFA mock exam.

CFA Preparation Guide

The CFA exam is not just a test of one’s intelligence, but also of their stamina, hard work, creativity, and will. It is designed in a way to demonstrate one’s dedication to becoming a CFA charterholder. Like other standardized tests, learning to take the tests is just as important as knowing the content.

All three CFA exams are structured as a self-study program, but whether you choose to do it on your own or with the help of a tutor or a study course, there are some things you need to consider to prepare effectively for taking the tests. Here’s the best CFA prep:

1. Come up with a study strategy

In addition to the particular study skills that need to be learned to pass the tests, you need to develop a thorough study plan that includes time management, skill evaluation, and numerous previous and sample exams.

2. Consider self-study but don’t rely on it

While many have passed the CFA tests by studying on their own, this is certainly the most difficult method. The amount of information the candidate needs to absorb is so large that it could be overwhelming. This approach enables the candidate the greatest number of freedom to manage resources and time; however, those who are not diligent in studying consistently for six months or so until the test face the risk of leaving so much information to be learned in a short time.

3. Take a study course

There are a number of course options available, from weekly classroom programs to short-term immersion courses. Several local CFA companies are conducting pre-exam courses, and there’s an ample supply of third-party vendors offering similar services. The benefit of taking a course in preparing for the examinations is that it compels the candidate to focus regularly on some parts of the exam. In most of the courses offered, the students also need to take timely sample tests and help them to decide where their flaws lie.

CFA Code and Standards

The Code of Ethics and Standards of Professional Conduct (Code and Standards) is the international ethical standard for investment professionals. More than 20 languages have been translated into the Code and Standards. The advice provides practical examples of how to apply the Code and Standards to ethical challenges that may arise in members’ daily professional activities.

CFA Questions and Answers

CFA stands for the Chartered Financial Analyst Program. It is a specialized certification offered globally to investment and financial practitioners by the American-based CFA Institute (formerly the Association for Investment Management and Research or AIMR).

You must pass a three-part sequential CFA exam that comprises multiple-choice and essay questions to become a CFA. It is regarded as one of the most difficult professional tests in the field. The average pass rate for each section is between 42 and 54 percent. Only 45 percent of applicants completed all three portions of the exam from 1963 to 2021. In order to prepare for each exam, candidates report studying for more than 320 hours on average.

The CFA Exam consists of a series of three examinations (Levels I, II, and III) to be taken successively. Exams are given only once a year in June, except for Level I applicants, who also have the opportunity to take the test in December. The number of times you can take each exam is not limited, and you can spend as much time since you have to pass the exam.

In a variety of situations, the CFA exam is worth it.

According to the CFA Society, the CFA average salary for charterholders (in the U.S.) is roughly $300,000. The average basic Chartered Financial Analyst salary (CFA income) is approximately $180,000, leaving the balance to be divided between cash bonuses and equity or profit-sharing.

A chartered financial analyst has a wide range of responsibilities. Investment banking, corporate mergers and acquisitions, hedge fund management, securities research analysis, and investment management are all highly competitive sectors.

A CFA may be assigned to the following jobs and responsibilities:

  • Investment advice and tracking
  • General research
  • In-person meetings
  • Many other duties
  • Buy-Side Research Analyst
  • Chief Investment Officer
  • Corporate Financial Analyst
  • Equity Portfolio Manager
  • Fixed Income Portfolio Manager
  • Investment Banker
  • Sell-Side Research Analyst

The CFA exam are difficult in general, but applicants can improve their scores. By studying for almost 300 hours and employing a variety of strategies, they increased their odds of passing, alternate study materials, as many practice questions as possible Creating a systematic study plan is also possible.

CFA Level 1 is not hard at all.

A typical aspiring CFA takes four years to complete the program, while it can be done in as little as 18 months in principle.

According to the CFA® Society, the average total salary for charterholders in the United States is over $300,000.

To become a CFA, you must complete three phases, according to the CFA Institute. Passing all three levels of the CFA test in a row is one of them. To qualify, you must have 48 months of “acceptable professional work experience.” Joining the CFA Institute entails filling out a professional behavior statement and affiliating with a local chapter.

Study for 300 hours in a disciplined manner. This is the only way to prepare for the exam and have a realistic chance of passing. A CFA Level I test review course, which you can get on a variety of online learning platforms, can help you prepare for the exam. You’ll still have to conduct some research to pick the ideal one for your needs and learning style. In any event, you should be well on your way to charterholdership if you stick to a system and keep working.

Most CFA charterholders recommend studying for more than 300 hours because the six-hour exam covers topics such as ethics and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, derivatives, alternative investments, portfolio management, and wealth planning.

CFA candidates typically begin studying 6 to 4 months before to the exam. This isn’t to say that three months isn’t sufficient. The main thing to remember is that you’ll have to study virtually every day! How long is the CFA level 1 exam? The CFA level 1 exam takes roughly 300 hours CFA of study time on average. You’ll need to put in roughly 22 hours of study time per week to obtain those 300 hours.

There will be 180 multiple choice questions in the CFA level 1 exam.

CFA examinations are not easy, and Level 1 is just the beginning. Often referred to as one of the world’s most challenging tests, CFA Level 1 is comparable to a diploma level of difficulty, and it gets harder from there.

CFA Level 1 requires around 300 hours of study time. If you study full-time, you should be able to complete the course in three months. Most students, however, require six to eight months.

Drinks or food. Any sort of luggage, including clear bags, backpacks, and handbags. Notes, papers, textbooks, or study guides are examples of study materials. Scratch paper, present/future value tables, or calculator manuals.

No. You can’t do it. In CFA, you must pass CFA Level I in order to advance to CFA Level II, and Level II in order to advance to CFA Level III.

Yes, passing CFA level 2 is difficult. The depth and Level 2 tests are more application-focused, making CFA level 2 more difficult than CFA level 1.

The exam is six hours long, divided into two three-hour sessions in the morning and afternoon. The exam consists of 240 multiple-choice questions, with 120 in the morning and 120 in the afternoon. Three options are presented for each question.

For each given exam, there is no specific validity.

Candidates for the CFA Level 1 test should take at least 5 practice exams.

For CFA level 1, Schweser is 5x 300ish pages.

Ten topics, 19 study sessions, and 57 readings are covered in the CFA Level I test.

The CFA level 1 test covers a total of ten subjects.

Professional certificates and qualifications can now be included in a new section on LinkedIn profiles called Certifications. This is the best spot to flaunt your status as a professional. If you’re a member of the CFA Institute, or if you’re a candidate, please specify your status.

To apply for a CFA exam Access Scholarship in 2022, go to the CFA Institute website and register. You will be able to submit your application when you have created your account. However, do not register for your exam until you have received the scholarship.

You’ll need to make a plan and adhere to it if you want to pass the CFA Level 1 exam in a month. Studying for these exams is psychologically, physically, and emotionally draining, and if you don’t want to repeat the process, you must complete it on the first attempt and move on to the next level.

In the text of magazine and newspaper articles, interviews, books, advertisements, and other textual or verbal contexts where use of the certification mark is impossible or impractical, the CFA® and Chartered Financial Analyst® marks should be used. When these marks are used in certain situations or applications, charterholders should make certain that reporters, authors, editors, publishers, and others are aware of the right usage requirements.

You’ll graduate with a specific skill set in asset management after completing the CFA Program. On the other hand, the MBA takes a broader approach. The CFA curriculum is laser-focused, whereas the MBA program is a mile wide and a foot deep.

According to historical passing rates, the CFA exams are far more challenging than the CPA tests.

The CFA ® Level I Exam, as well as CFA Levels II and CFA Level III, is now computer-based, and all exams are administered by Prometric.

Yes, it clearly adds value to your professional job because if you passed Level 1, you must have prepared for it, which strengthened your fundamental notions.

In a variety of situations, the CFA exam is worth it. For example, achieving the CFA qualification – or being well on your way to achieving it – is frequently essential when your career goals take you to very large wealth managers.

CFA charterholders work in the investment management industry, usually investing money or researching and advising on new investments. Money managers, often known as portfolio or fund managers, are individuals or organizations who make financial decisions.

The CFA Institute is the institution that develops the CFA designation’s curriculum, code of ethics, and tests. The fundamental goal of the The CFA Institute will develop a strong set of investment requirements. 

The CFA Level 1 Exam covers ten different topics, such as ethical and professional standards, mathematical methodologies, and economics.

A chartered financial analyst (CFA) and a certified financial planner (CFP®) have a lot of differences. The major distinction is that a CFP® works with individual customers to help them accomplish their own financial objectives, whereas a CFA concentrates on large-scale corporate investing.

Yes. By logging in to the CFA Institute website and selecting the “My CFA” option, you can modify your CFA exam test center. This must be completed before the deadlines, which are in mid-April for the June exam and mid-October for the December exam.

The exam results from the Self-Service Community CFA Program do not expire, and you can use them again. It is not necessary to register every year.

It is not a guarantee, but it may increase your chances of acceptance. The impact of the CFA on your MBA admission is initially determined by the concentration you are applying for. If you’re applying for a financial or finance-related focus like economics or accounting, there’s a good chance the CFA will assist you in getting accepted. If your field has nothing to do with finance, the CFA will have little impact on your application.

CFA Level I and CFA Level II test takers should receive their Chartered Financial Analyst exam results within two months of taking the exam. Within three months of passing the CFA Level III CFA exam, you should expect to get your exam results.

A applicant must pass the three-level exam, gain work experience in a related industry, present letters of recommendation, and apply to join the CFA Institute in order to become a CFA.

The CFA designation is highly recommended if you’re trying to advance your career in finance or establish your finance credentials.

If you fail the CFA Level 1 exam the first time, you can repeat it six months later. If you fail CFA Level 2 or CFA Level 3, however, you must wait a year.

AnalystPrep is recognized as one of the best CFA preparation providers. They too covers other exams like FRM and SOA, but we’re not They provide everything Potential CFA Exam Candidates-Huge Question Bank, Practice exams, research notes, video lessons, etc.

Level 3 CFA

Because of the time and thinking required to effectively answer the constructed responses, many CFA charterholders consider the Level 3 CFA Exam to be the most difficult. While the Level 3 CFA Exam has the best success percentage of all the CFA Exams, only about 56% of CFA candidates pass it.

The CFA exam is eligible to candidates who have achieved a bachelor’s degree or its equivalent.