L1 CFA Practice Lab Adaptive Level I exam simulator
CFA Level I

CFA Level I practice questions by topic

Browse 92 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% 15 public questions

Alternative Investments

Topics covered 20
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 Digital Assets
  11. 11 Features, Methods, and Structures
  12. 12 Fees and Returns
  13. 13 Hedge Funds
  14. 14 Methods and Structures
  15. 15 Natural Resources
  16. 16 Natural Resources and Commodities
  17. 17 Ownership and Compensation
  18. 18 Private Capital
  19. 19 Private Capital Diversification
  20. 20 Real Estate and Infrastructure
6-9% 0 public questions

Corporate Issuers

Topics covered 19
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
6-9% 0 public questions

Economics

Topics covered 21
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% 0 public questions

Ethical and Professional Standards

Topics covered 70
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 Communication and Misrepresentation
  6. 06 Confidentiality and Illegal Activity
  7. 07 Conflicts and Objectivity
  8. 08 Ethics and Trust
  9. 09 Ethics and Trust in the Investment Profession
  10. 10 Ethics Application
  11. 11 Expert Networks and MNPI
  12. 12 Fair Dealing and Allocation
  13. 13 Gifts and Objectivity
  14. 14 GIPS
  15. 15 GIPS Verification
  16. 16 GIPS: Composites
  17. 17 GIPS: Firm Definition and Verification
  18. 18 GIPS: Firm-wide Compliance
  19. 19 Global Investment Performance Standards (GIPS)
  20. 20 Integrated Hard Ethics Scenarios
  21. 21 Leaving Employer
  22. 22 MNPI and Expert Networks
  23. 23 MNPI and Mosaic
  24. 24 PCP and Cooperation
  25. 25 Priority of Transactions
  26. 26 Professional Conduct Program
  27. 27 Professional Conduct Program and Current Standards
  28. 28 Record Retention
  29. 29 Standard I(A) Knowledge of the Law
  30. 30 Standard I(B) Independence and Objectivity
  31. 31 Standard I(C) Misrepresentation
  32. 32 Standard I(D) Misconduct
  33. 33 Standard I(E) Competence
  34. 34 Standard II(A) Material Nonpublic Information
  35. 35 Standard II(A) MNPI
  36. 36 Standard II(A) Mosaic Theory
  37. 37 Standard II(B) Market Manipulation
  38. 38 Standard III(A) Loyalty Prudence and Care
  39. 39 Standard III(A) Loyalty Prudence Care
  40. 40 Standard III(A) Proxy Voting
  41. 41 Standard III(B) Fair Dealing
  42. 42 Standard III(B) IPO Allocation
  43. 43 Standard III(C) Suitability
  44. 44 Standard III(D) Performance Presentation
  45. 45 Standard III(E) Confidentiality
  46. 46 Standard III(E) Preservation of Confidentiality
  47. 47 Standard IV(A) Loyalty
  48. 48 Standard IV(A): Loyalty to Employer
  49. 49 Standard IV(B) Additional Compensation
  50. 50 Standard IV(B): Additional Compensation Arrangements
  51. 51 Standard IV(C) Responsibilities of Supervisors
  52. 52 Standard IV(C) Supervisors
  53. 53 Standard V(A) Diligence and Reasonable Basis
  54. 54 Standard V(A) Quantitative Models
  55. 55 Standard V(A) Reasonable Basis
  56. 56 Standard V(B) Communication
  57. 57 Standard V(B): Communication with Clients and Prospective Clients
  58. 58 Standard V(C) Record Retention
  59. 59 Standard VI(A) Conflicts
  60. 60 Standard VI(A): Avoid or Disclose Conflicts
  61. 61 Standard VI(B) Priority
  62. 62 Standard VI(B) Priority of Transactions
  63. 63 Standard VI(C) Referral Fees
  64. 64 Standard VII(A) CFA Program Conduct
  65. 65 Standard VII(A) Exam Conduct
  66. 66 Standard VII(A): Conduct as Participants in CFA Institute Programs
  67. 67 Standard VII(B) CFA References
  68. 68 Standard VII(B): Reference to CFA Institute, CFA Designation, and CFA Program
  69. 69 Suitability and Portfolio Context
  70. 70 Supervisory Responsibility
11-14% 0 public questions

Financial Statement Analysis

Topics covered 38
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% 24 public questions

Fixed Income

Topics covered 35
Free quiz Subject guide
  1. 01 Fixed-Income Instrument Features
  2. 02 Interest Rate Risk and Return
  3. 03 Yield-Based Bond Duration Measures and Properties
  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% 19 public questions

Portfolio Management

Topics covered 26
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 Curriculum Scope and Current Syllabus Checks
  8. 08 Efficient Frontier
  9. 09 Fintech and Data Science Concepts Relevant to Investment Management
  10. 10 Introduction to Risk Management
  11. 11 Investor Types
  12. 12 IPS - Constraints
  13. 13 IPS - Risk Tolerance
  14. 14 Market Model
  15. 15 Performance Measures
  16. 16 Portfolio Beta
  17. 17 Portfolio Management Process
  18. 18 Portfolio Management: An Overview
  19. 19 Portfolio Risk and Return
  20. 20 Portfolio Risk and Return: Part I
  21. 21 Portfolio Risk and Return: Part II
  22. 22 Risk Management
  23. 23 Risk Modification
  24. 24 Systematic and Nonsystematic Risk
  25. 25 The Behavioral Biases of Individuals
  26. 26 Utility and CAL
6-9% 1 public question

Quantitative Methods

Topics covered 23
Free quiz Subject guide
  1. 01 Arithmetic and Geometric Means
  2. 02 Bayes Formula
  3. 03 Confidence Intervals
  4. 04 Estimation and Inference
  5. 05 Hypothesis Testing
  6. 06 Hypothesis Testing and Regression
  7. 07 Introduction to Big Data Techniques
  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