Practice with 190 module questions across 59 CFA Level I modules. Preview sample questions below, then use the dashboard for timed quizzes and saved scores.
Based on CFA Master registered accounts and sign-in countries, September 2026.
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Quick answer
A CFA question bank is a searchable set of exam-style multiple-choice questions filterable by subject and module, so you can drill one weak area at a time instead of taking full mocks. CFA Master's bank holds 190 questions across 59 modules, each with an explanation. Use it module by module during study, and switch to timed mixed sets in the final month.
44 questions · 11 modules · 6-9%
27 questions · 8 modules · 6-9%
29 questions · 9 modules · 11-14%
21 questions · 7 modules · 6-9%
14 questions · 6 modules · 11-14%
14 questions · 5 modules · 11-14%
6 questions · 2 modules · 5-8%
7 questions · 3 modules · 7-10%
10 questions · 3 modules · 8-12%
18 questions · 5 modules · 15-20%
One sample from each subject, with the correct answer and explanation.
Explanation: Geometric mean = [(1 + 0.30)(1 − 0.20)]^(1/2) − 1 = (1.30 × 0.80)^(1/2) − 1 = √1.04 − 1 = 1.0198 − 1 ≈ 1.98%. The arithmetic mean (+5%) overstates the compound growth because the −20% year applies to a larger base.
Study this moduleExplanation: Perfectly competitive firms are price takers. They can sell any quantity at the market price, so their demand curve is horizontal.
Study this moduleExplanation: IFRS prohibits LIFO (Last In, First Out). US GAAP allows LIFO, FIFO, and weighted average.
Study this moduleExplanation: A corporation provides limited liability to all shareholders. In a limited partnership, only LPs have limited liability; GPs have unlimited liability.
Study this moduleExplanation: A limit buy specifies the maximum price. The order executes at $50 or lower — never above the limit.
Study this moduleExplanation: When rates fall, the issuer can refinance at lower rates by calling existing higher-coupon bonds.
Study this moduleExplanation: Option buyer's maximum loss is always the premium paid. If the option expires worthless, the buyer loses only the premium.
Study this moduleExplanation: The high-water mark ensures the GP earns carried interest only on profits that exceed the highest previous NAV, preventing double-dipping on the same gains.
Study this moduleExplanation: Sharpe = (Rp - Rf)/σp. It measures excess return per unit of total risk (standard deviation).
Study this moduleExplanation: Ethics goes beyond mere legal compliance. CFA standards often require behavior that exceeds what the law mandates.
Study this moduleUse each module page to review concepts first, then answer the module quiz in the dashboard and save your score history.
They do different jobs. A question bank isolates weak modules so you can fix them; a mock exam tests stamina, pacing, and mixed-topic recall under a 135-minute-per-session clock. You need both, in that order.
Answer in short focused blocks, mark every question you were unsure about even if you got it right, and revisit those separately. Tracking your accuracy by module tells you where to spend your remaining study hours.
A preview of the question bank is free to use without signing up. Premium unlocks the full set across all subjects along with the complete mock exam.