The CFA Program from CFA Institute is for people working toward the Chartered Financial Analyst charter in investment analysis and portfolio management. This page gives you free practice sets for each official topic area, worked explanations of sample questions and the main exam facts in one place. Level I has 180 multiple-choice questions, Level I and Level II fees are USD 1,140 early or USD 1,490 standard, and results arrive 5–9 weeks after your window closes.
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.
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| Passing score | Pass/fail against an unpublished Minimum Passing Score[3] | CFA Institute · Oct 28, 2026 |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 (Rescheduling) | USD 250 rescheduling fee[4] | CFA Institute · Oct 28, 2026 |
| Retake policy | Max 2 attempts per year (not in consecutive windows or less than 6 months apart), 6 attempts per level[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 |
| Delivery | Computer-based at Prometric test centers, 4 windows a year[5] | CFA Institute · Oct 28, 2026 |
| Score release | 5–9 weeks after the exam window closes[3] | CFA Institute · Oct 28, 2026 |
| Next exam date (Level I) | 11–17 Nov 2026[4] | CFA Institute · Oct 28, 2026 |
| Next exam date (Level II) | 18–22 Nov 2026[4] | CFA Institute · Oct 28, 2026 |
| Next exam date (Level III) | 18–21 Feb 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level I – August 2027) | 15–22 Aug 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level I – February 2027) | 22–28 Feb 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level II – August 2027) | 23–27 Aug 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level III – August 2027) | 11–14 Aug 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level II – May 2027) | 18–22 May 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level II – November 2027) | 20–24 Nov 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level I – May 2027) | 11–17 May 2027[4] | CFA Institute · Oct 28, 2026 |
| Testing window (Level I – November 2027) | 13–19 Nov 2027[4] | CFA Institute · Oct 28, 2026 |
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 |
|---|---|
| Ethical and Professional Standards[1] | CFA Ethics and Professional Standards Apply the Code and Standards to short cases, deciding which standard is involved and whether the conduct breaks it. |
| Quantitative Methods[1] | CFA Practice Test Practise time value of money, return measures, probability, sampling and hypothesis testing until the calculator steps are routine. |
| Economics[1] | CFA Economics for Investment Analysis Link supply and demand, business cycles, monetary and fiscal policy, and exchange rates to their effect on markets and asset prices. |
| Financial Statement Analysis[1] | CFA Financial Reporting and Analysis Read income statements, balance sheets and cash flow statements, compute ratios, and trace how accounting choices change reported results. |
| Corporate Issuers[1] | CFA Review corporate governance, stakeholder conflicts, capital structure and how companies decide which projects to fund. |
| Equity Investments[1] | CFA Equity Investments Practise market structure, index construction, industry analysis and basic equity valuation models. |
| Fixed Income[1] | CFA Fixed Income Analysis Work bond pricing, yield measures, duration and convexity, and credit risk until you can move between price and yield without hesitation. |
| Derivatives[1] | CFA Derivatives and Risk Management Learn how forwards, futures, swaps and options pay off, and how no-arbitrage pricing ties each one to its underlying asset. |
| Alternative Investments[1] | CFA Practice Test Compare real estate, private equity, hedge funds and commodities by their structure, valuation methods, fees and exit routes. |
| Portfolio Management[1] | CFA Portfolio Management Practise risk and return, diversification, the investment policy statement and how client constraints shape the portfolio. |
Prepare for the CFA - Chartered 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: Under Standard I(C) – Misrepresentation, which of the following is LEAST likely a violation?
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.
Question: The esteem of an existing single—family domestic utilized for private purposes will most likely be calculated utilizing the:
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.
Question: A private equity fund sells the following items to exit a portfolio company through a trade sale:
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.
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.
Level I runs 11–17 Nov 2026 and Level II runs 18–22 Nov 2026. Level III runs 18–21 Feb 2027. In 2027, Level I windows are 22–28 Feb, 11–17 May, 15–22 Aug and 13–19 Nov. Level II windows are 18–22 May, 23–27 Aug and 20–24 Nov, and Level III also runs 11–14 Aug. Confirm your window on the CFA Institute dates and fees page.
Level I and Level II each cost USD 1,140 with early registration or USD 1,490 at the standard deadline. Rescheduling your appointment within your exam window costs USD 250. CFA Institute lists the Level III fee and any one-time program fees on its dates and fees page, so check there for the current amounts before you register.
Level I has 180 multiple-choice questions. Level II has 22 item sets, each built around a vignette, with 88 multiple-choice questions in total. Both are computer-based and taken at Prometric test centers. For the Level III format, see the official Level III exam page from CFA Institute.
CFA Institute does not publish a fixed passing score. Each candidate gets a pass or fail result against an unpublished Minimum Passing Score, plus topic-level performance and an overall scale score showing how they did against that standard. Because the bar is not public, aim to be solid across every topic area instead of chasing a target percentage.
You can take a CFA exam at most 2 times per calendar year, and never in consecutive windows or windows less than 6 months apart. Each level allows a maximum of 6 attempts. Plan your retake window around these rules when you register, and check the official registration and scheduling guide for any updates.
CFA Institute emails you that your official results are available within 5–9 weeks after your exam window closes. The result is pass or fail, along with your topic-level performance and an overall scale score compared with the Minimum Passing Score. The date depends on when your window ends, not on the day you sat the exam.
How we verify: editorial & fact-checking policy. Report an error: contact us.