Free CFA Level 1 Study Material for 2027: 14 Resources That Are Actually Free

Short answer: You can cover every stage of CFA Level 1 prep for free. Learn from the official curriculum (included with your exam registration) plus free videos from IFT and AnalystPrep. Practice with FreeFellow's free question bank and the free full-length mocks from 300Hours (90 questions) and FinQuiz (180 questions). Revise with free cheat sheets, a formula sheet and a timed 30-question mini-mock on CFA Master. Free material runs short in two places: the volume of exam-style questions and the number of full mocks. Those are the two things worth paying for if your scores say you need them.

Most "free CFA material" lists mix three different things: material that is really free, free trials that end after a week, and material you already paid for with your exam fee. This guide separates them. We checked every resource below in November 2026 and noted whether it needs an account, what it gives you and where it stops.

If you sit the February 2027 exam (22–28 February), registration closed on 5 November, so you already have the official curriculum. If you are aiming for May 2027 (11–17 May), the standard registration deadline is 10 February 2027. See all CFA Level 1 exam dates.

The 14 free resources at a glance

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Stage 1: Learn the material

1. The CFA Institute Learning Ecosystem (included with registration)

The best free CFA Level 1 material is the material you already paid for. Your exam fee includes the full official curriculum, practice questions and 2–3 official mock exams in CFA Institute's Learning Ecosystem. It is the only source written by the people who write the exam, so read it before anything else. The optional Practice Pack is a paid add-on (for Level I: 1,000 extra questions and five mocks), not part of the free set.

Use it for: learning every module once, and sitting the official mocks in the last month.

2. IFT's free videos and notes

IFT, a CFA Institute Prep Provider, publishes hundreds of CFA videos on its YouTube channel, including a "Level I CFA: How to Prepare" playlist, plus free notes and topic videos on its Level I page.

Use it for: a second explanation when a curriculum reading doesn't click, especially Fixed Income and Derivatives.

3. AnalystPrep's free lessons and trial

AnalystPrep's YouTube channel offers free video lessons, including worked mock-exam questions. Its free trial (account, no card) adds sample summary notes, sample questions and formula sheets.

Use it for: short video walk-throughs of question types.

4. Khan Academy's finance basics

Khan Academy's Finance and capital markets course covers interest, accounting and financial statements, stocks, bonds and derivatives from zero. It is not CFA material, but it helps if you have never taken a finance or accounting course.

Use it for: the week before you start, if terms like "accrual" or "coupon" are new to you.

5. Soleadea's free tier

Soleadea gives you a free study-planner account with 34 videos, one set of notes and 40+ questions. The free tier is limited in time and access and has no mock exams.

Use it for: a structured first week if you like a ready-made plan.

Stage 2: Practice with real questions

Practice is where free material is thinnest, so plan it carefully. Most free question sources are trials or samples; FreeFellow is the main exception.

6. FreeFellow's free question bank

FreeFellow says its whole Level I question bank is free with an account, with no trial and no card, and its short diagnostic needs no sign-up. It is a newer provider, so pair it with the official questions to check the difficulty.

Use it for: question volume once you've finished a subject.

7. 300Hours' free mock and planner

300Hours offers a free 90-question Level I mock, a study planner spreadsheet, calculator guides and probability tables, with an email sign-up.

Use it for: your first half-length mock about six weeks out, and the planner from day one.

8. FinQuiz's free full-length mock

FinQuiz gives one full 180-question Level I mock (two sessions of 90) with explanations, free with an account. It is online, not a PDF.

Use it for: a full-length rehearsal before the official mocks.

9. Kaplan Schweser's free trial and diagnostic

Kaplan Schweser has a 7-day free trial, a free 60-question diagnostic exam and free Level I flashcards.

Use it for: the diagnostic at the start, and the trial only when you're deciding whether to buy a course.

10. UWorld's free trial

UWorld offers a free trial of its CFA question bank with limited question access. Compare it with Schweser if you're choosing a paid bank. Our CFA Level 1 question bank comparison covers the paid options in detail.

11. CFA Master's free mini-mock and sample questions

The CFA Level 1 mock exam page has a free timed mini-mock: 30 questions in 45 minutes, spread across all 10 subjects by exam weight, with an explanation for every question. Your score shows after a free account. The practice questions page has 10 more sample questions with answers.

Use it for: a quick readiness check that shows which subjects to revise first.

Stage 3: Revise what you've learned

This is where most candidates lose marks. They learned a topic in month one and can't recall it on exam day. Revision tools fix that, and this is the part CFA Master is built for. It's a revision companion that sits next to your curriculum or prep provider, not a replacement for either.

12. The free Rates and Returns module

The first module, Rates and Returns, is free with no sign-up: its full cheat sheet, mind map, flashcards and a quiz with explanations. Try the whole revision workflow on one module before you decide anything.

13. Free cheat sheets and the Top 27 formula sheet

The CFA Level 1 cheat sheet page shows the top formulas and decision rules for every subject, free to read. Each subject has its own page too, for example Fixed Income, Financial Statement Analysis and Ethics. The CFA Level 1 formula sheet shows the 27 most-used formulas free online. Create a free account to print them as a one-page PDF for exam week.

14. Free summary notes

The CFA Level 1 notes cover all 10 subjects and are free to read online without an account. A free account adds a summary PDF you can keep. Use them to review a topic in ten minutes, not to learn it the first time.

Planning pages (free, no account)

• Topic weights: which subjects carry the most marks, so you know where your hours should go.
• Study plan: 3- and 6-month schedules.
• Pass rate history: 43% passed in August 2026.

How to combine them: a free study stack for February or May 2027

Candidates who pass report around 300 hours of study. Here is how the free resources fit into those hours:

Two rules make this work:

1. Capture as you go. After each module, write the 5–10 formulas, definitions and traps you need into one place. In the last month you revise from your own notes, not from 3,000 pages. Our guide to revising alongside a prep provider shows the weekly rhythm.
2. Save the official mocks for last. They are the closest thing to the real exam, so use them to judge your readiness, not to learn.

Where free material runs out

Being honest about the gaps saves you time later:

• Question volume. Apart from the official questions and FreeFellow, free question sources are trials and samples. If your scores in a subject stay below the 65–70% range candidates estimate as the passing score, more exam-style questions on that subject are usually the fix.
• Full mocks. This list gives you one free 180-question mock (FinQuiz) and one 90-question mock (300Hours) on top of the 2–3 official ones. That is enough for many candidates, but not for everyone.
• One organised place to revise. Free resources are scattered across a dozen sites. In the final month, the time you spend finding things is time you don't spend recalling them.

If you hit one of these gaps, pay for the one thing you need, not a whole bundle. For questions, compare question banks in our CFA Level 1 question bank guide. For revision, CFA Master Premium unlocks the cheat sheet, mind map, flashcards and quiz for all 59 modules, plus a timed 180-question mock, inside the dashboard. It's a one-time payment, not a subscription. Our CFA Level 1 cost guide adds up the full budget.

Frequently asked questions

Is there free CFA Level 1 study material?

Yes. The official curriculum, practice questions and 2–3 mock exams come with your CFA exam registration. On top of that, IFT and AnalystPrep publish free videos, FreeFellow offers a free question bank with an account, 300Hours and FinQuiz each give a free mock exam, and CFA Master has free cheat sheets, a Top 27 formula sheet, summary notes and a 30-question mini-mock.

Can you pass CFA Level 1 with only free resources?

It's possible, because the official curriculum and mocks that come with registration cover the whole exam. Most candidates still add something. Free sources are thin on exam-style practice questions, and many people want a second explanation for hard topics. Track your mock scores: if they're strong, you don't need to buy more.

Is the CFA Level 1 curriculum free?

Not separately. The curriculum is included in your exam registration fee, through CFA Institute's Learning Ecosystem, so once you've registered you don't need to buy it again. The Practice Pack, with extra questions and mocks, is a paid add-on.

Where can I get a free CFA Level 1 PDF?

CFA Master gives a free summary-notes PDF and a one-page Top 27 formulas PDF with a free account. The sample practice questions also print as a PDF with the answer key. Be careful with "free curriculum PDF" downloads: CFA Institute's curriculum is copyrighted, and old PDFs often follow an outdated syllabus.

Is there a free CFA Level 1 mock exam?

Yes. Registered candidates get 2–3 official CFA Institute mocks. FinQuiz offers one free 180-question mock with an account, 300Hours has a free 90-question mock, and CFA Master has a free timed 30-question mini-mock with explanations.

What is the best free CFA Level 1 question bank?

The official practice questions in the Learning Ecosystem are the most exam-accurate. For extra free volume, FreeFellow says its whole Level I bank is free with an account. Schweser and UWorld offer free trials, which are good for comparing before you buy.

Start with the free module

Open the free Rates and Returns module: its cheat sheet, mind map, flashcards and quiz need no sign-up. Create a free account to save your quiz scores and add your own notes as you study.

Run a free CFA resource we missed, or spotted something out of date? Tell us and we'll check it for the next update.

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Sources (checked 12 November 2026)

• CFA Institute – Mock exams and practice questions
• CFA Institute – Practice Pack
• IFT – YouTube channel and Level I free materials
• AnalystPrep – YouTube channel and video lessons
• Khan Academy – Finance and capital markets
• Soleadea – CFA Level 1 study materials
• FreeFellow
• 300Hours – Free CFA study materials list
• FinQuiz – CFA Level 1 mock exam
• Kaplan Schweser – Free study materials
• UWorld – CFA free trial

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. CFA Master is not affiliated with or endorsed by CFA Institute. Other provider names are trademarks of their owners.