Preparing for the CFA exam? A printable CFA practice test PDF lets you review questions, test your knowledge offline, and build the exam readiness that timed, screen-based testing demands. Whether you are studying at home, commuting, or revisiting weak areas on paper, a printed practice test remains one of the most effective preparation formats available. This page provides a free PDF download and a structured study guide for the CFA examination.
The CFA assessment tests candidates on the core competencies required for certification or qualification in the field. A strong preparation strategy combines repeated practice testing with targeted review of areas where accuracy falls below 70%. Use this PDF alongside the online CFA practice tests on this site for the most complete preparation experience — paper for review and annotation, online for timed simulation with instant scoring.
Candidates are tested across the primary knowledge domains that define competency in the CFA field. Each domain contributes a weighted percentage of the total scored questions. High-weight domains deserve proportionally more preparation time. The exam format is typically multiple-choice, and understanding the question structure — identifying the best answer rather than the first correct-sounding one — is as important as content knowledge.
Common high-priority areas include foundational theory, applied practice, regulations or standards governing the field, and scenario-based reasoning that tests judgment under realistic conditions. Review official exam content outlines from the certifying body to confirm current domain weights before your examination date, as content outlines are updated periodically.
Print the PDF, set a timer proportional to the number of questions, and complete each section without reference materials to simulate real exam conditions. After grading, categorize every incorrect answer by domain to build a targeted error log. Prioritize re-study in your weakest domains, then take an additional timed practice session to confirm improvement. Repeat the cycle until accuracy is consistently above 75% across all domains.
Before attempting practice tests, ensure you have reviewed the official study materials for the CFA exam. Most certifying bodies publish a candidate handbook or content outline that lists exactly what knowledge is tested. Read this document first — it tells you not only what to study but also what to ignore. Allocate study time in proportion to domain weights: spend more time on high-weight domains and less on domains you already know well.
Once you have reviewed the content, move to practice testing. Each practice test session should be treated as a diagnostic: the questions you answer incorrectly are more valuable than the ones you answer correctly. Keep an error log organized by domain. After three to four practice tests, patterns in your errors will become clear. These patterns tell you exactly where to concentrate additional study effort.
In the week before the CFA exam, focus on review rather than new learning. Take one full-length timed practice test to confirm readiness, then spend the remaining days reviewing your error log and reinforcing the concepts behind your most common mistakes. Avoid cramming new material in the final 48 hours — consolidation of existing knowledge is more valuable at that stage than attempting to add new content.
After completing this PDF, take full online CFA practice tests at CFA practice test — instant scoring with explanations for every answer. Use both formats together: this PDF for offline review and annotation, the online tests for timed simulation with immediate feedback. Together they give you the most complete CFA exam preparation available on a single platform.
Try these questions from our free CFA practice tests. The correct answer and an explanation follow each question.
A callable bond and an otherwise identical option-free bond have the same modified duration. When interest rates fall sharply, the effective duration of the callable bond will most likely be:
Answer: C. Lower than that of the option-free bond, because the probability of the bond being called increases
Effective duration captures the actual price sensitivity of a bond, including changes in cash flows caused by embedded options. As rates fall, the call option moves deeper in-the-money, making early redemption more likely and capping price appreciation — effectively shortening the bond's expected life and reducing its effective duration relative to an option-free bond.
For a bond with an embedded put option, which of the following most accurately describes the relationship between the bond's price and its yield to maturity relative to an otherwise identical option-free bond?
Answer: B. The putable bond will have a higher price and lower yield than the option-free bond, because the put option benefits the holder
An embedded put option grants the bondholder the right to sell the bond back to the issuer at a set price, providing downside protection against rising rates. Because this option has value to the holder, investors are willing to accept a lower yield (pay a higher price) for a putable bond compared to an equivalent option-free bond. The OAS of a putable bond is therefore higher than its nominal spread.
The required rate of return used to discount a firm's free cash flow to the firm (FCFF) is the:
Answer: A. Weighted average cost of capital (WACC)
FCFF belongs to all capital providers, so it is discounted at the WACC.
In a leveraged buyout (LBO), the mezzanine finance part is most likely to:
Answer: B. be convertible to equity or include warrants.
Mezzanine finance in a leveraged buyout (LBO) is a hybrid form of capital that combines debt and equity features. It is typically subordinated to senior debt but ranks above equity. A key characteristic is that mezzanine finance often includes an equity kicker, such as warrants or convertibility into equity, allowing lenders to participate in the company's upside potential if the LBO is successful.