CFL Study Guide 2026
Everything you need to pass the CFL 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.
📋 CFL Exam Format at a Glance
📚 CFL Topics to Study (28)
✍️ Sample CFL Questions & Answers
1. When a financial expert testifies about lost profits, the standard requiring the plaintiff to establish the fact of damage with reasonable certainty—but not necessarily the amount—is known as:
Courts require reasonable certainty that damage occurred, but permit more flexibility in quantifying the precise amount of lost profits.
2. What is the purpose of a deposition?
A deposition is a formal, out-of-court sworn testimony given by a witness or party under oath, typically recorded by a court reporter. Its primary purpose is to discover information, preserve testimony for potential use at trial, and assess the credibility of witnesses, allowing attorneys to gather facts and prepare their case.
3. During cross-examination, opposing counsel challenges a financial expert's damages model by showing the assumptions differ from those used in a prior case. This technique is called:
Highlighting contradictions between an expert's current and prior positions impeaches their credibility and consistency.
4. To obtain an ex parte asset freeze order without prior notice to the defendant, a plaintiff must typically demonstrate:
Courts grant ex parte freezing orders only upon a showing of likelihood of success on the merits, immediate and irreparable risk that assets will be dissipated, and that the equitable balance favors the order—given that the defendant has no opportunity to be heard.
5. A bank sued in state court wishes to remove the case to federal court. Generally, within what period must it file the notice of removal?
28 U.S.C. § 1446(b)(1) requires removal within 30 days of receipt of the initial pleading.
6. In a securities class action, the lead plaintiff is selected based primarily on which criterion under the PSLRA?
The PSLRA creates a rebuttable presumption that the plaintiff with the largest financial interest who satisfies Rule 23 requirements should be lead plaintiff.
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How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy
Sources & references
Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy
- members.aacfl.org — Eligibility, retake policy, time limit, exam information · verified Oct 2026
- aacfl.org — Test delivery, fees, eligibility · verified Oct 2026