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CFA Level I

CFA Level I practice questions by topic

Browse 1427 CFA Level I practice questions by subject and topic, with worked explanations, formulas, common traps, and adaptive review support.

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7-10% 109 public questions

Alternative Investments

Topics covered 24
Free quiz Subject guide
  1. 01 Alternative Investment Features, Methods, and Structures
  2. 02 Alternative Investment Performance and Returns
  3. 03 Investments in Private Capital: Equity and Debt
  4. 04 Real Estate
  5. 05 Infrastructure
  6. 06 Natural Resources
  7. 07 Hedge Funds
  8. 08 Introduction to Digital Assets
  9. 09 Alternative Fee Calculation
  10. 10 Alternative Investment Features, Methods, and Structures
  11. 11 Alternative Investment Performance and Returns
  12. 12 Digital Assets
  13. 13 Features, Methods, and Structures
  14. 14 Fees and Returns
  15. 15 Hedge Funds
  16. 16 Introduction to Digital Assets
  17. 17 Investments in Private Capital: Equity and Debt
  18. 18 Methods and Structures
  19. 19 Natural Resources
  20. 20 Natural Resources and Commodities
  21. 21 Ownership and Compensation
  22. 22 Private Capital
  23. 23 Private Capital Diversification
  24. 24 Real Estate and Infrastructure
6-9% 99 public questions

Corporate Issuers

Topics covered 19
Free quiz Subject guide
  1. 01 Business Models
  2. 02 Capital Allocation: NPV versus IRR
  3. 03 Capital Investments and Capital Allocation
  4. 04 Capital Structure
  5. 05 Cash Conversion Cycle
  6. 06 Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
  7. 07 Cost of Preferred Stock
  8. 08 ESG and Stakeholders
  9. 09 Governance Mechanisms
  10. 10 Investors and Other Stakeholders
  11. 11 Organizational Forms and Ownership
  12. 12 Organizational Forms, Corporate Issuer Features, and Ownership
  13. 13 Principal-Agent and Governance
  14. 14 Real Options
  15. 15 ROIC and Business Models
  16. 16 Shareholder versus Creditor Incentives
  17. 17 WACC
  18. 18 Working Capital and Liquidity
  19. 19 Working Capital Policy
5-8% 80 public questions

Derivatives

Topics covered 20
Free quiz Subject guide
  1. 01 Binomial Model
  2. 02 Credit Derivatives
  3. 03 Derivative Instrument and Market Features
  4. 04 Forward Pricing
  5. 05 Forward Valuation
  6. 06 Futures and Swaps
  7. 07 Option Payoffs and Profits
  8. 08 Option Valuation Concepts
  9. 09 Pricing and Valuation of Futures Contracts
  10. 10 Put-Call Forward Parity
  11. 11 Put-Call Parity
  12. 12 Swaps
  13. 13 Forward Commitment and Contingent Claim Features and Instruments
  14. 14 Derivative Benefits, Risks, and Issuer and Investor Uses
  15. 15 Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
  16. 16 Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
  17. 17 Valuing a Derivative Using a One-Period Binomial Model
  18. 18 Pricing and Valuation of Interest Rates and Other Swaps
  19. 19 Pricing and Valuation of Options
  20. 20 Option Replication Using Put-Call Parity
6-9% 196 public questions

Economics

Topics covered 21
Free quiz Subject guide
  1. 01 Breakeven and Shutdown
  2. 02 Business Cycle Phases
  3. 03 Capital Flows and the FX Market
  4. 04 Central Bank Credibility
  5. 05 Economic Indicators
  6. 06 Exchange Rate Calculations
  7. 07 Fiscal Policy
  8. 08 Forward Points and Premium
  9. 09 FX Cross-Rates
  10. 10 Geopolitics
  11. 11 Integrated Economics Scenarios
  12. 12 International Trade
  13. 13 Introduction to Geopolitics
  14. 14 Market Structures
  15. 15 Monetary Policy
  16. 16 Monetary Transmission
  17. 17 Oligopoly Strategy
  18. 18 The Firm and Market Structures
  19. 19 Trade Blocs and Regimes
  20. 20 Trade Policy
  21. 21 Understanding Business Cycles
15-20% 217 public questions

Ethical and Professional Standards

Topics covered 73
Free quiz Subject guide
  1. 01 Additional Compensation vs Gifts
  2. 02 CFA Designation
  3. 03 Client versus Employer Duties
  4. 04 Code of Ethics
  5. 05 Code of Ethics and Standards of Professional Conduct
  6. 06 Communication and Misrepresentation
  7. 07 Confidentiality and Illegal Activity
  8. 08 Conflicts and Objectivity
  9. 09 Ethics and Trust
  10. 10 Ethics and Trust in the Investment Profession
  11. 11 Ethics Application
  12. 12 Expert Networks and MNPI
  13. 13 Fair Dealing and Allocation
  14. 14 Gifts and Objectivity
  15. 15 GIPS
  16. 16 GIPS Verification
  17. 17 GIPS: Composites
  18. 18 GIPS: Firm Definition and Verification
  19. 19 GIPS: Firm-wide Compliance
  20. 20 Global Investment Performance Standards (GIPS)
  21. 21 Guidance for Standards I–VII
  22. 22 Integrated Hard Ethics Scenarios
  23. 23 Introduction to the Global Investment Performance Standards (GIPS)
  24. 24 Leaving Employer
  25. 25 MNPI and Expert Networks
  26. 26 MNPI and Mosaic
  27. 27 PCP and Cooperation
  28. 28 Priority of Transactions
  29. 29 Professional Conduct Program
  30. 30 Professional Conduct Program and Current Standards
  31. 31 Record Retention
  32. 32 Standard I(A) Knowledge of the Law
  33. 33 Standard I(B) Independence and Objectivity
  34. 34 Standard I(C) Misrepresentation
  35. 35 Standard I(D) Misconduct
  36. 36 Standard I(E) Competence
  37. 37 Standard II(A) Material Nonpublic Information
  38. 38 Standard II(A) MNPI
  39. 39 Standard II(A) Mosaic Theory
  40. 40 Standard II(B) Market Manipulation
  41. 41 Standard III(A) Loyalty Prudence and Care
  42. 42 Standard III(A) Loyalty Prudence Care
  43. 43 Standard III(A) Proxy Voting
  44. 44 Standard III(B) Fair Dealing
  45. 45 Standard III(B) IPO Allocation
  46. 46 Standard III(C) Suitability
  47. 47 Standard III(D) Performance Presentation
  48. 48 Standard III(E) Confidentiality
  49. 49 Standard III(E) Preservation of Confidentiality
  50. 50 Standard IV(A) Loyalty
  51. 51 Standard IV(A): Loyalty to Employer
  52. 52 Standard IV(B) Additional Compensation
  53. 53 Standard IV(B): Additional Compensation Arrangements
  54. 54 Standard IV(C) Responsibilities of Supervisors
  55. 55 Standard IV(C) Supervisors
  56. 56 Standard V(A) Diligence and Reasonable Basis
  57. 57 Standard V(A) Quantitative Models
  58. 58 Standard V(A) Reasonable Basis
  59. 59 Standard V(B) Communication
  60. 60 Standard V(B): Communication with Clients and Prospective Clients
  61. 61 Standard V(C) Record Retention
  62. 62 Standard VI(A) Conflicts
  63. 63 Standard VI(A): Avoid or Disclose Conflicts
  64. 64 Standard VI(B) Priority
  65. 65 Standard VI(B) Priority of Transactions
  66. 66 Standard VI(C) Referral Fees
  67. 67 Standard VII(A) CFA Program Conduct
  68. 68 Standard VII(A) Exam Conduct
  69. 69 Standard VII(A): Conduct as Participants in CFA Institute Programs
  70. 70 Standard VII(B) CFA References
  71. 71 Standard VII(B): Reference to CFA Institute, CFA Designation, and CFA Program
  72. 72 Suitability and Portfolio Context
  73. 73 Supervisory Responsibility
11-14% 160 public questions

Financial Statement Analysis

Topics covered 38
Free quiz Subject guide
  1. 01 Analysis of Income Taxes
  2. 02 Analysis of Inventories
  3. 03 Analysis of Long-Term Assets
  4. 04 Analyzing Balance Sheets
  5. 05 Analyzing Income Statements
  6. 06 Analyzing Statements of Cash Flows I
  7. 07 Analyzing Statements of Cash Flows II
  8. 08 Asset Impairment
  9. 09 Cash Flow Classification
  10. 10 Common-Size Analysis
  11. 11 Deferred Taxes
  12. 12 Direct Method CFO
  13. 13 DuPont Analysis
  14. 14 Earnings per Share
  15. 15 Effective Tax Rate
  16. 16 EPS
  17. 17 Expense Recognition and Capitalization
  18. 18 Financial Analysis Techniques
  19. 19 Financial Instruments and Liabilities
  20. 20 Financial Reporting Quality
  21. 21 Financial Reporting Standards and Financial Statements
  22. 22 Free Cash Flow
  23. 23 FSA Framework and Sources
  24. 24 Intangibles and Goodwill
  25. 25 Integration of Financial Statement Analysis Techniques
  26. 26 Introduction to Financial Statement Analysis
  27. 27 Introduction to Financial Statement Modeling
  28. 28 Inventory Methods
  29. 29 Lease Accounting
  30. 30 Lower of Cost and NRV
  31. 31 Non-GAAP Measures
  32. 32 Nonrecurring Items
  33. 33 Pensions
  34. 34 Pro Forma Modeling and Bias
  35. 35 Reporting Quality
  36. 36 Revenue Recognition
  37. 37 Share-Based Compensation
  38. 38 Topics in Long-Term Liabilities and Equity
11-14% 159 public questions

Fixed Income

Topics covered 35
Free quiz Subject guide
  1. 01 Yield-Based Bond Duration Measures and Properties
  2. 02 Fixed-Income Instrument Features
  3. 03 Interest Rate Risk and Return
  4. 04 Yield-Based Bond Convexity and Portfolio Properties
  5. 05 Curve-Based and Empirical Fixed-Income Risk Measures
  6. 06 Credit Risk
  7. 07 Credit Analysis for Government Issuers
  8. 08 Credit Analysis for Corporate Issuers
  9. 09 Fixed-Income Securitization
  10. 10 Asset-Backed Security Instrument and Market Features
  11. 11 Mortgage-Backed Security Instrument and Market Features
  12. 12 Fixed-Income Cash Flows and Types
  13. 13 Fixed-Income Issuance and Trading
  14. 14 Fixed-Income Markets for Corporate Issuers
  15. 15 Fixed-Income Markets for Government Issuers
  16. 16 Fixed-Income Bond Valuation: Prices and Yields
  17. 17 Yield and Yield Spread Measures for Fixed-Rate Bonds
  18. 18 Yield and Yield Spread Measures for Floating-Rate Instruments
  19. 19 The Term Structure of Interest Rates: Spot, Par, and Forward Curves
  20. 20 Bond Returns
  21. 21 Bond Valuation
  22. 22 Cash Flows and Types
  23. 23 Convexity
  24. 24 Corporate, Government, and Money Market Instruments
  25. 25 Credit Analysis
  26. 26 Credit Risk
  27. 27 Duration
  28. 28 Effective Duration
  29. 29 Instrument Features
  30. 30 MBS and ABS
  31. 31 Money Market Yield Measures
  32. 32 Portfolio Duration
  33. 33 Securitization
  34. 34 Term Structure
  35. 35 Yield Measures
8-12% 137 public questions

Portfolio Management

Topics covered 24
Free quiz Subject guide
  1. 01 Asset Allocation and ESG
  2. 02 Basics of Portfolio Planning and Construction
  3. 03 Behavioral Biases
  4. 04 CAL, CML, and SML
  5. 05 CAPM
  6. 06 CML and Portfolio Choice
  7. 07 IPS - Risk Tolerance
  8. 08 Efficient Frontier
  9. 09 Introduction to Risk Management
  10. 10 Investor Types
  11. 11 IPS - Constraints
  12. 12 Market Model
  13. 13 Performance Measures
  14. 14 Portfolio Beta
  15. 15 Portfolio Management Process
  16. 16 Portfolio Management: An Overview
  17. 17 Portfolio Risk and Return
  18. 18 Portfolio Risk and Return: Part I
  19. 19 Portfolio Risk and Return: Part II
  20. 20 Risk Management
  21. 21 Risk Modification
  22. 22 Systematic and Nonsystematic Risk
  23. 23 The Behavioral Biases of Individuals
  24. 24 Utility and CAL
6-9% 111 public questions

Quantitative Methods

Topics covered 23
Free quiz Subject guide
  1. 01 Introduction to Big Data Techniques
  2. 02 Arithmetic and Geometric Means
  3. 03 Bayes Formula
  4. 04 Confidence Intervals
  5. 05 Estimation and Inference
  6. 06 Hypothesis Testing
  7. 07 Hypothesis Testing and Regression
  8. 08 Money-Weighted and Time-Weighted Returns
  9. 09 No-Arbitrage Forward Rates
  10. 10 Nominal, Effective, and Continuous Compounding
  11. 11 Parametric and Non-Parametric Tests of Independence
  12. 12 Portfolio Mathematics
  13. 13 Portfolio Variance
  14. 14 Probability Trees and Conditional Expectations
  15. 15 Rates and Returns
  16. 16 Roy Safety-First
  17. 17 Sample Standard Deviation
  18. 18 Simple Linear Regression
  19. 19 Simulation Methods
  20. 20 Skewness, Kurtosis, and CV
  21. 21 Statistical Measures of Asset Returns
  22. 22 Time Value of Money
  23. 23 Time Value of Money in Finance