IFA Study Guide 2026
Everything you need to pass the IFA 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.
📋 IFA Exam Format at a Glance
📚 IFA Topics to Study (23)
✍️ Sample IFA Questions & Answers
1. What does a current ratio of less than 1 indicate?
A current ratio below 1 means the company's current liabilities exceed its current assets, indicating potential short-term liquidity problems.
2. What is 'fiduciary duty' as it applies to company directors?
Fiduciary duty requires directors to act in the company's best interests with honesty, loyalty, and due care, placing the company's welfare above their own personal interests.
3. What does portfolio diversification achieve for an investor?
Diversification reduces unsystematic risk because when some assets perform poorly, others may perform well, smoothing overall portfolio returns.
4. What does SaaS (Software as a Service) mean for accounting software delivery?
SaaS accounting software is accessed via the internet on a subscription model, eliminating the need for local installation, hardware maintenance, or manual updates.
5. Which accounting concept requires that financial statements be prepared with caution to avoid overstatement of assets and income?
The prudence concept ensures that liabilities and expenses are recognized as soon as possible, but revenues only when they are assured.
6. What does robotic process automation (RPA) do in an accounting context?
RPA uses software bots to automate structured, rule-based accounting tasks like invoice processing, bank reconciliations, and data entry, reducing errors and freeing staff for analysis.
🎯 Free IFA Practice Tests
📖 IFA Guides & Articles
What Practice Test Geeks adds beyond an AI chat for IFA
An AI chatbot can quiz you, but it can't reproduce the exam conditions or keep your record. Here you get:
- A timed, full-length IFA mock exam — 80 questions in 120 minutes with a 70% pass mark, modeled on the official exam's question count and time limit, followed by a score report broken down by exam domain.
- A fixed IFA question bank: the same test every attempt, so your score is comparable from one try to the next instead of changing with every regenerated quiz.
- Progress saved on your device: completed tests, scores and missed questions stay in My Progress, so you can retake only what you got wrong.
- A printable IFA cheat sheet you can print or save as a PDF.
- IFA flashcards built from the same question bank.
- Free IFA practice tests with the correct answer shown after each question.
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
- ifa.org.uk — Renewal, fees, eligibility, test dates, test delivery, passing score, score release · verified Oct 2026