CFL Practice Test

This page provides practice questions and official details for the Certified Financial Litigator (CFL) certification. Candidates can use these resources to review financial and legal concepts, prepare for the test format, and understand the requirements set by the American Academy for Certified Financial Litigators.

CFL Exam at a Glance

What changed for CFL in 2026

• Oct 26, 2026: Eligibility changed to Completion of CFL Training (previously Must complete the CFL Training first).^[2]
• Oct 26, 2026: Exam fee changed to $100 (previously $100 exam fee).^[2]

What the CFL is and how it works

According to American Academy for Certified Financial Litigators, “To take the Certified Financial Litigator Exam, you must first complete the Certified Financial Litigator Training.”^[2]

The Certified Financial Litigator designation is awarded by the American Academy for Certified Financial Litigators. To be eligible to sit for the examination, candidates must first secure active membership in the AACFL. Following membership, applicants are required to complete the official CFL Training Program. This required training is delivered as an on-demand, self-paced online course that allows candidates to progress at their own speed. On average, candidates take about 15 hours to finish the educational curriculum. The training program costs $1,350 as a one-time payment, though candidates also have the option to pay in monthly installments of $200.

After successfully finishing the required training curriculum, candidates are permitted to take the certification examination. The examination fee is $100. During the testing session, candidates are given a strict time limit of 2 hours to complete the assessment. The test evaluates proficiency in financial analysis, taxation, and accounting principles relevant to litigation. If a candidate does not pass the test on their initial attempt, the AACFL allows unlimited retakes until a passing score is achieved. This flexible retake policy ensures candidates have multiple opportunities to demonstrate their understanding of the material without facing rigid testing limits.

CFL content outline and where to practise each area

The content areas below are copied from the official CFL content outline published by American Academy for Certified Financial Litigators. The right-hand column shows which of our practice sets covers it.

Worked examples: how to reason through CFL questions

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.

Example 1

Question: What is a 'preference payment' under 11 U.S.C. § 547, and why is it subject to avoidance in bankruptcy?

1. A payment made to a creditor within 90 days before filing that allows the creditor to receive more than they would in a Chapter 7 liquidation
2. Any payment made to a secured creditor during the bankruptcy case
3. A court-approved payment to critical vendors during reorganization
4. The first payment made under a confirmed Chapter 11 plan

Answer: A. A payment made to a creditor within 90 days before filing that allows the creditor to receive more than they would in a Chapter 7 liquidation

Explanation:

Option A is correct because the bankruptcy code allows a trustee to avoid payments made shortly before filing if those payments unfairly preferred one creditor over others. Option B is incorrect because legitimate payments to secured creditors are often protected or treated differently than unsecured preferences. Option C is wrong as court-approved payments during a case are explicitly authorized, not avoidable preferences. Option D is incorrect because payments under a confirmed plan are legally binding distributions. The rule is that a preference payment gives a creditor more than their fair share of a liquidation distribution.

Example 2

Question: Under Article 9 of the UCC, a secured creditor must perfect its security interest in most personal property collateral by:

1. Filing a financing statement (UCC-1) in the appropriate state office
2. Taking physical possession of the collateral
3. Obtaining the debtor's notarized security agreement
4. Recording the lien in the county where the debtor operates

Answer: A. Filing a financing statement (UCC-1) in the appropriate state office

Explanation:

Option A is correct because filing a UCC-1 financing statement is the standard legal method to perfect a security interest in most personal property. Option B is incorrect because while taking possession works for some collateral, filing a statement is the standard method for most property types. Option C is wrong because a notarized agreement creates the interest but does not perfect it against third parties. Option D is incorrect because UCC filings for personal property are typically made at the state level, not the county level. The general rule is that a UCC-1 filing establishes public notice of the security interest.

Example 3

Question: The Daubert standard replaced which earlier expert admissibility test in federal courts?

1. Frye general acceptance test
2. Kumho reliability test
3. Joiner abuse-of-discretion test
4. Twombly plausibility test

Answer: A. Frye general acceptance test

Explanation:

Option A is correct because the Supreme Court's Daubert decision explicitly superseded the older Frye test, which relied solely on general acceptance within the scientific community. Option B is incorrect because Kumho Tire merely expanded the Daubert standard to cover non-scientific testimony. Option C is wrong because Joiner established the appellate standard of review for Daubert rulings, not the standard it replaced. Option D is incorrect because Twombly relates to pleading standards in civil complaints, not testimony admissibility. Remember that Daubert replaced Frye as the primary gatekeeping standard in federal courts.

How to use these practice tests

Your primary resource must be the official on-demand training program provided by the American Academy for Certified Financial Litigators. This self-paced course covers all the official domains tested on the exam.

• While taking the official training, use the CFL Corporate Financial Reporting & Valuation set to reinforce your understanding of financial statement analysis.
• Review the CFL Bankruptcy & Creditor Rights set to practice applying legal standards to insolvency and creditor claims.
• Test your knowledge of tracing and hidden funds with the CFL Financial Fraud & Forensic Analysis practice questions.

Read the explanations for all practice questions to understand the intersection of legal procedure and financial analysis. Make sure you can comfortably finish a full practice session within a pace that matches the 2-hour time limit of the actual test.

Sources & last verified

1. American Academy for Certified Financial Litigators — time limit, retake policy (official source). “The training course culminates with the 2 hour long CFL™ Exam which you must pass in order to demonstrate their proficiency, become certified by the…” Verified Oct 26, 2026.
2. American Academy for Certified Financial Litigators — exam fee, eligibility (official source). “Exam Fee: $100” Verified Oct 26, 2026.
3. American Academy for Certified Financial Litigators — exam fee, delivery (official source). “PAY ONCE (Save $50) $1350 ONE-TIME PAYMENT” Verified Oct 26, 2026.
4. American Academy for Certified Financial Litigators — eligibility, other (official source). “The CFL™ designation represents the successful completion of the CFL training curriculum and a passing score on the CFL™ exam. Only members of the AACFL…” Verified Oct 27, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.