Free CFA Level I Practice Test 2026
200 original questions across all ten Level I topics, from ethics and quant to fixed income, derivatives and portfolio construction. Four 50-question tests weighted like the 2027 outline, every calculation explained. Tuned for mobile. No account needed.
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The CFA Level I exam at a glance
CFA Level I is the first of three exams in the CFA Program run by CFA Institute. It has 180 multiple-choice questions in two sessions of 90, each 135 minutes long, and every question has three answer choices. All questions count equally and there is no penalty for wrong answers. CFA Institute sets the minimum passing score after each exam and does not publish it; results are pass or do not pass. For exams from February 2027 the topic weights are Ethics 10 to 15%, Quantitative Methods 11 to 14%, Economics 6 to 9%, Financial Statement Analysis 11 to 14%, Corporate Finance 6 to 9%, Equities 11 to 14%, Fixed Income 11 to 14%, Derivatives and Risk Management 6 to 9%, Alternative Investments 6 to 9% and Portfolio Construction 8 to 12%.
Tigertest has 200 CFA Level I practice questions with explanations, all free with no account required.
- Questions
- 180 multiple choice, 3 choices each
- Time
- Two sessions of 135 minutes
- Wrong answers
- No penalty
- Passing score
- Set after each exam, not published
- Topics
- 10, Ethics to Portfolio Construction
- Also required
- One Practical Skills Module
- Run by
- CFA Institute
Updated by the Tigertest team. Practice questions follow the CFA Institute Level I exam page and its 2026 and 2027 topic weights, checked November 2026. Exam rules change, so confirm current details with CFA Institute: Level I exam.
How It Works
Train by Topic
Seven training sets: ethics, quantitative methods, economics and corporate finance, financial statement analysis, equities, fixed income, and derivatives, alternatives and portfolios. Questions you miss come back until you have mastered them.
Topic-Weighted Tests
Four tests of 50 questions in the Level I topic weights, with a 70% readiness line. Real questions have three choices; ours have four. No question appears in more than one test, and every calculation is worked through.
Built on the Level I Topic Outline
CFA Institute weights the ten Level I topics as below for exams from February 2027. Each test here has 6 questions each on ethics, quant, financial statement analysis, equities and fixed income, and 4 on each of the other five topics.
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Share FeedbackHow to Prepare for Level I
1. Know your calculator
Time value of money, bond pricing, duration and portfolio math come up across several topics. Work each number yourself before looking at the choices, and check your path against the explanation, not just the answer.
2. Treat ethics as a scoring topic
Ethics questions turn on which Standard applies and what a member should do first. Learn the seven Standards well enough to name the one a scenario breaks, and read every choice before you pick.
3. Learn IFRS and its US GAAP differences
Financial statement analysis leans on IFRS: how interest and dividends are classified, revaluation, inventory write-down reversals, development costs and leases. Many wrong choices apply the US GAAP rule to an IFRS question.
4. Build up to full length
The real exam is two sessions of 135 minutes. Use these tests to find weak topics, then take full-length mocks from the official curriculum. Aim for 80% or better on every test here before you sit Level I.
CFA Level I Frequently Asked Questions
What is the CFA Level I exam?
Level I is the first of the three exams of the CFA Program run by CFA Institute. It tests knowledge and basic analysis across ten topics: ethical and professional standards, quantitative methods, economics, financial statement analysis, corporate finance, equities, fixed income, derivatives, alternative investments and portfolio construction.
How is the CFA Level I exam structured?
Level I has 180 multiple-choice questions in two sessions of 90 questions, each 135 minutes long, so about 90 seconds a question. Every question has three choices, all questions count equally and there is no penalty for a wrong answer. CFA Institute sets the minimum passing score after each exam and does not publish it; results are pass or do not pass. You must also complete a Practical Skills Module to receive your result.
What are the Level I topic weights?
For exams from February 2027 CFA Institute weights Ethics 10 to 15%, Quantitative Methods 11 to 14%, Economics 6 to 9%, Financial Statement Analysis 11 to 14%, Corporate Finance 6 to 9%, Equities 11 to 14%, Fixed Income 11 to 14%, Derivatives and Risk Management 6 to 9%, Alternative Investments 6 to 9% and Portfolio Construction 8 to 12%. Exams through November 2026 use the 2026 weights, with Ethics at 15 to 20% and Quantitative Methods at 6 to 9%. The tests here follow the 2027 weights.
How do these practice questions differ from the real exam?
Real Level I questions have three answer choices; ours have four, so a guess is a little harder here. Each practice test has 50 questions instead of 180, weighted by topic like the real exam, and 70% is a readiness line set by Tigertest, not an official pass mark.
Are these real CFA exam questions?
No. Every question is original, written by Tigertest from the CFA Institute topic outline and standard finance theory. Tigertest is not affiliated with or endorsed by CFA Institute, and this free practice does not replace the official curriculum and practice materials.
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Free to start. No account required. 200 questions across all ten Level I topics.
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