CFA Study Guide 2026
Everything you need to pass the CFA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CFA Exam Format at a Glance
📚 CFA Topics to Study (500)
✍️ Sample CFA Questions & Answers
1. A company's bad debt expense is unusually low compared to industry peers despite a deteriorating economy. This may indicate:
Abnormally low bad debt expense during economic downturns may signal that management is underreporting uncollectible accounts to inflate net income.
2. During initial assessment of a potential recruit, which factor is MOST critical to evaluate?
Access to targeted information and susceptibility to recruitment are the two foundational criteria that determine whether pursuing a candidate is operationally worthwhile.
3. During a fraud investigation, an examiner prepares an interim status memo for the audit committee. Which of the following should be EXCLUDED from that memo?
Speculative loss figures in interim memos can mislead decision-makers and may be used out of context if litigation follows; only confirmed findings should be reported.
4. Which hazard control method is considered MOST effective in the hierarchy of controls?
Elimination removes the hazard entirely and is the most effective control because it leaves no residual risk from that source.
5. A visiting contractor's worker is walking through a forklift aisle without a high-visibility vest. What must the operator do?
Operators must always yield to pedestrians regardless of PPE status, and the PPE violation should be reported to a supervisor to prevent future risk.
6. Which economic concept explains why some countries specialize in producing certain goods even if they are absolutely less efficient than their trading partners?
Comparative advantage shows that countries benefit from specializing in goods where they have the lowest opportunity cost, even if a trading partner is better at producing everything.
🎯 Free CFA Practice Tests
📖 CFA Guides & Articles
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- Best CFA Online Courses for 2026: Honest Provider Guide
- Inside CFA Institute: Dues, Member Societies and Benefits Explained
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- CFA Training Programs: Kaplan, Schweser & Tutors
- CFA Study Materials by Level