CFA Level 1 Mock Exam

Preview CFA Level I mock exam questions with answers and explanations. The full180-question mock exam is built for final review across all 10 subjects.

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Quick answer

How long is the CFA Level 1 exam and how many questions does it have?

The CFA Level 1 exam is 180 multiple-choice questions split into two 135-minute sessions of 90 questions each, with an optional break between them. That is 90 seconds per question. CFA Master's mock exam reproduces that 180-question, two-session structure so you can rehearse the pacing before exam day.

  • 180 questions: two sessions of 90, 135 minutes each
  • Roughly 90 seconds per question — pacing is the most common failure point
  • Sit at least two or three full mocks in your final six weeks
  • Three answer choices per question; there is no penalty for guessing

180 Questions

A full-length Level I practice exam covering all major subjects.

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Free CFA Level 1 Mock Exam Sample

Ten sample questions from the full mock exam.

1

Ethics

A CFA charterholder discovers her firm is systematically overcharging clients. She should FIRST:

AResign immediately
BReport to the SEC
CReport to her supervisor or compliance department
DContact the media

Explanation: Standard I(A): First report internally to supervisor/compliance. Dissociate from the activity. External reporting or resignation are later steps.

2

Ethics

Under the CFA Standards, "fair dealing" means:

AAll clients receive identical recommendations at the same time
BClients are treated fairly, though not necessarily identically
COnly institutional clients receive recommendations first
DFair dealing applies only to buy recommendations

Explanation: Fair dealing requires equitable treatment of all clients. Different service levels are acceptable if disclosed, but no client should be systematically disadvantaged.

3

Ethics

An analyst's friend who works at a tech company mentions at dinner that "next quarter looks really good." The analyst should:

ABuy shares immediately
BNot trade based on this potentially material nonpublic information
CShare the information with her portfolio manager
DWait 24 hours then trade

Explanation: Standard II(A): If the information could be material (would affect stock price), it is MNPI and cannot be traded upon until it becomes public.

4

Ethics

The mosaic theory permits analysts to:

ATrade on material nonpublic information
BCombine non-material nonpublic information with public information to form conclusions
CShare insider information within their firm
DIgnore confidentiality obligations

Explanation: Mosaic theory allows combining public information with non-material nonpublic information to develop unique investment insights.

5

Ethics

GIPS compliance requires that composites include:

AOnly top-performing portfolios
BAll actual, discretionary, fee-paying portfolios managed under a similar strategy
COnly portfolios with positive returns
DA minimum of 10 portfolios

Explanation: GIPS prevents cherry-picking by requiring ALL actual, discretionary, fee-paying portfolios to be included in composites.

6

Ethics

A portfolio manager accepts an expensive bottle of wine from a broker. Under the Standards, she must:

AReturn the gift immediately
BDisclose the gift to her employer and assess whether it compromises independence
CAccept it since it is common practice
DReport the broker to regulators

Explanation: Standard I(B): Gifts may compromise independence and objectivity. Must disclose to employer and evaluate whether acceptance is appropriate.

7

Ethics

Standard IV(A) Loyalty to Employer allows a member to:

ATake client lists when leaving a firm
BCopy proprietary models before resigning
CPrepare to leave while still employed but not solicit clients until after departure
DCompete with the employer while still employed

Explanation: Members may plan their departure but must not misappropriate trade secrets, client lists, or solicit clients before leaving.

8

Ethics

Under GIPS, verification is:

ARequired for all firms
BVoluntary and applies to the entire firm
CRequired only for composites above $100M
DApplied to individual composites

Explanation: GIPS verification is voluntary but recommended. If performed, it applies to the entire firm, not individual composites.

9

Ethics

Priority of transactions under the Standards is:

AEmployer > Client > Personal
BPersonal > Client > Employer
CClient > Employer > Personal
DAll transactions have equal priority

Explanation: Standard VI(B): Client interests come first, then employer, then personal accounts. This prevents front-running.

10

Ethics

A CFA candidate claims to be a "CFA Level II candidate" on her resume. This is:

AAcceptable if she passed Level I
BA violation — correct usage is "Level II candidate in the CFA Program"
CAcceptable under all circumstances
DOnly acceptable if she is currently enrolled

Explanation: Standard VII(B): Cannot imply partial designation. Must reference candidacy, not levels passed.

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Frequently asked questions

How many questions are on the CFA Level 1 exam?

180 multiple-choice questions, delivered as two 135-minute sessions of 90 questions each with an optional break in between.

How many mock exams should you take before CFA Level 1?

At least two or three full-length timed mocks in the final six weeks, including CFA Institute's official mocks. The point is to rehearse pacing and stamina — sitting a 180-question paper is a different skill from answering 20 questions at a time.

What score do you need on a CFA mock exam to pass?

CFA Institute does not publish a pass mark; the minimum passing score is set by the Board each cycle and is generally estimated around 65–70%. Consistently scoring above 70% on realistic timed mocks is a reasonable target.