CFA Level 1 Mock Exam and Practice Questions 2022 (UPDATED)

CFA Level 1 Mock Exam and Practice Questions 2022 (UPDATED): Try our free CFA level 1 multiple choice questions answers. Chartered Financial Analyst (CFA®) Level 1 study program emphasizes tools and inputs and includes an introduction to asset valuation, financial reporting and analysis, and portfolio management techniques.

This exciting and rewarding program of study reflects your desire to become a severe investment professional. You are embarking on a program noted for its high ethical standards and the breadth of knowledge, skills, and abilities (competencies) it develops. Your commitment to the CFA Program should be educationally and professionally rewarding.

CFA level 1 Mock Exam and Practice Questions

You should use the LOS to guide and focus your study because each examination question is based on one or more LOS and the core material and practice problems associated with the LOS. The entire practice problems are the basis for all examination questions and are selected or developed specifically to teach the knowledge, skills, and abilities reflected in the CBOK. Applicants who have passed the CFA Level 1 exam are eligible for 40 CP credits (four courses) in the foundation component of the Master of Finance program.

In addition to the CFA level 1 Mock Exam and Practice Questions, these practice problems should help CFA Test Prep and demonstrate practical applications and reinforce your understanding of the concepts presented.

CFA level 1 Exam

The Level I CFA Program curriculum is organized into ten topic areas. Each topic area begins with a brief statement of the material and the depth of knowledge expected. It is then divided into one or more study sessions. These study sessions—19 sessions in the Level I curriculum—should form the basic structure of your reading and preparation. Each study session includes a statement of its structure and objective and is further divided into assigned readings. An outline illustrating the organization of these 19 study sessions can be found at the front of each curriculum volume.

Topic Exam Weight

Functional Area
Ethical and Professional Standards
Session: 1
Time: 2 hours, 15 minutes
Total MCQs: 90

Ethical and Professional Standards 15-20%
Quantitative Methods 8-12%
Economics 8-12%
Financial Statement Analysis 13-17%
Corporate Issuers 8-12%

Functional Area:
Portfolio Management and Analysis
Session: 2
Time: 2 hours, 15 minutes
Total MCQs: 90

Portfolio Management 5-8%
Equity Investments 10-12%
Fixed Income 10-12%
Derivatives 5-8%
Alternative Investments 5-8%

The Level I exam consists of 180 multiple choice questions, split between two 135-minute sessions (session times are approximate). There is an optional break between sessions. Candidates must take both sessions to receive an exam result. Each multiple-choice item on the CFA Level I exam consists of a stem (a question, a statement, and/or table) and three answer choices (A, B, or C).

  • The first session (2 hours, 15 minutes): 90 multiple-choice questions covering the topics of ethics & professional standards, quantitative methods, economics, and financial statement analysis
  • Second session (2 hours, 15 minutes): 90 multiple-choice questions covering the topics of corporate issuers, equity, fixed income, derivatives, alternative investments, and portfolio management

The CFA exams are noted to be notoriously difficult with low pass rates. Pass rates for Levels 1-3 generally range from 22-56% from 2010-to 2021. The CFA Level 1 examination in May 2021 and July 2021 made news headlines after plummeting to a record-low pass rate of 25% and 22%, respectively, and in August 2021, the level 2 pass rate fell to 29%

CFA Institute Mock Exam

CFA Institute Mock Examinations Your examination registration fee also includes digital access to three-hour mock examinations that simulate the morning and after-noon sessions of the actual CFA examination. These mock examinations are intended to be taken after you complete your study of the full curriculum and take practice questions so you can test your understanding of the curriculum and your readiness for the examination.

You will receive feedback at the end of the mock examination, noting the correct responses and indicating the relevant assigned readings to assess areas of weakness for further study during your review period. We recommend that you take mock examinations during the final stages of your preparation for the actual CFA examination. For more information on the mock examinations, please visit

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