Finance credentials · timed practice test · free 25-question / 38-minute diagnostic · CFA Institute
CFA Level 1 Practice Test — 25Q Free
Free 25-question diagnostic, then $5 for 5 full attempts · no signup
UniPrep2Go's free CFA Level 1 practice test is a 25-question, 38-minute timed diagnostic with a free topic report and answer review — no email, no account. The full mock is 60 questions / 90 minutes on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
This free CFA Level 1 readiness check stresses Ethics, quant, economics, FRA, and the product domains Level 1 candidates forget under time. Score by topic, then repair weak formulas and definitions with the linked Anki deck and formula PDF before your next full mock block.
Official-source aligned. Topic weights, timing, and pass rules follow published CFA Institute outlines. Questions are original UniPrep2Go study aids — not leaked official items. Verify on the official site ↗
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- Questions
- 25 free · 60 full
- Time
- 38 min free · 90 min full
- UniPrep2Go readiness target
- 70%
- Domains
- 10
- Exam body
- CFA Institute
- Status
- Live · free 25-question / 38-minute diagnostic
Exam version & sources
CFA Level 1— what this product is (and isn't)
- Exam version
- 2026 Level I topic outline (CFA Institute)
- Official source
- CFA Level I exam overview
- Last reviewed
- October 15, 2026
- What this covers
- 60-question timed diagnostic (90 min; free 25-question / 38-min version) across 10 topic areas, with topic scoring and answer review. Official form: 180 multiple-choice (two 90-question sessions).
- Pass rule
- Official exam: No fixed passing score published; CFA Institute sets the MPS each cycle. UniPrep2Go mock: 70% readiness target (not an official pass score).
- Does not replace
- Independent study aid — it does not replace CFA Institute curriculum, practice questions, and mock exams in the Learning Ecosystem.
Finance credentials · CFA Institute
CFA Level 1 practice test
Free 25-question diagnostic · 38 min · full 60Q on Mock Pass
Sample CFA L1 Readiness practice questions
These sample items mirror the domains in the timed CFA L1 Readiness mock. Correct answers and explanations unlock inside the practice session.
Sample 1
An investor buys a stock at $50 per share with 50% initial margin. The maintenance margin requirement is 25%. Below what share price will she receive a margin call?
$$P = P_0 \times \frac{1 - IM}{1 - MM}$$
- A. $18.75
- B. $25.00
- C. $33.33
- D. $37.50
Sample 2
Historically, 30% of fund managers outperform. A screening model flags 80% of future outperformers and also flags 20% of managers who go on to underperform. If a manager is flagged, what is the probability that she will outperform?
- A. 24%
- B. 38%
- C. 63%
- D. 80%
Sample 3
A commodity futures curve is in contango. An investor holding a long futures position who rolls expiring contracts into later-dated ones will most likely earn:
- A. Negative roll yield, from selling cheaper near contracts and buying pricier ones
- B. Positive roll yield, because later-dated contracts trade at a premium to near ones
- C. Zero roll yield, because futures prices converge to spot at expiration
- D. Positive roll yield, because contango signals tight current supply
Sample 4
A candidate who has passed Level I and is registered for the next Level II exam wants to describe her status on her résumé. Which wording complies with Standard VII(B)?
- A. Jane Doe, CFA (Level I)
- B. Jane Doe, Level I CFA
- C. Candidate in the CFA Program, registered for the Level II exam
- D. Passed Level I, so on track to earn the CFA charter faster than her peers
Sample 5
A fund manager invests only in the companies with the highest ESG ratings within each sector while keeping sector weights close to the benchmark. Which ESG investing approach is this?
- A. Positive (best-in-class) screening
- B. Negative screening of controversial industries
- C. Shareholder engagement with low-rated companies
- D. Thematic investing in sustainability themes
What is the CFA L1 Readiness exam?
CFA L1 Readiness is an exam pathway administered under CFA Institute. Each attempt draws 60 questions from a 120-item original bank covering all ten 2026 CFA Level I topics within the official weight ranges (bank: Ethics 20; FSA, Equity and Fixed Income 14 each; Portfolio Management 12; Quant, Economics and Alternatives 10 each; Corporate Issuers and Derivatives 8 each), so Mock Pass retakes see new items. Official exam: 180 three-option multiple-choice questions in two 135-minute sessions (4.5 hours); CFA Institute sets the minimum passing score (MPS) after each administration and does not publish a fixed percentage. Our items use four options at the same 90-second pace. UniPrep2Go readiness target: 70%. Not a full CFA Institute mock exam. This UniPrep2Go page is an independent timed practice test — not official exam material.
Administered by: CFA Institute (official site ↗)
Who this exam is for
CFA Level 1 candidates who want a weighted topic baseline before committing to a full mock provider.
How to prepare
Start with this free timed diagnostic to see which CFA L1 Readiness domains are weak, then review the published CFA Institute outline on the official site and drill missed topics with the linked Anki deck before exam day.
Confirm current fees, eligibility, and scheduling with CFA Institute before you book the real exam.
What the report looks like
After you submit the free 25-question start, the report scores each topic against the 70% readiness target and lists the weak ones first. The bars below are the layout. They are not a candidate's result.
Free diagnostic · quick read
Your readiness verdict
Filled in after you submit. Not shown in advance.
Ethical and Professional Standards
Your score
Financial Statement Analysis
Your score
Fixed Income
Your score
Equity Investments
Your score
The repair list under the bars names the weakest topics and links them to the 348-card CFA Level 1 Anki deck.
About this free CFA Level 1 practice test
A timed CFA Level 1 readiness diagnostic sampled across ethics, quant, economics, FRA, corporate issuers, equity, fixed income, derivatives, alternatives, and portfolio management — then drill weak topics in the linked $29 / 348-card Anki deck and printable formula reference. Official Level 1 is 180 multiple-choice questions across two sessions (~4 hours 30 minutes total), and CFA Institute sets the minimum passing score (MPS) after each administration — there is no fixed pass percentage. This check is a shorter diagnostic with a UniPrep2Go readiness target of 70%.
Built for: CFA Level 1 candidates who want a weighted topic baseline before committing to a full mock provider.
Topics on this practice test: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management.
- 60 timed multiple-choice questions
- 90-minute pacing target
- UniPrep2Go readiness target: 70% with topic breakdown
- Full answer review after you submit
Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. After your score, buy the linked Anki deck on Gumroad to drill weak topics with spaced repetition.
Buy CFA Level 1 Anki deck to drill weak topicsOfficial CFA Level 1 facts
Structure and domain weights candidates verify against the certifying body before exam day.
The CFA Level 1 exam is administered by CFA Institute for investment professionals. This page summarizes structure, 2026 topic weights, and independent UniPrep2Go study products (not official CFA Institute material).
- Questions
- 180 multiple-choice (two 90-question sessions)
- Time
- 4 hours 30 minutes total — two 135-minute sessions of 90 questions each, optional break
- Passing score
- No fixed passing score published; CFA Institute sets the MPS each cycle
- Delivery
- Computer-based at Prometric test centers
- Administered by
- CFA Institute
Topics, official weights, and this check
| Domain | Official weight | Questions on this check |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 10 |
| Quantitative Methods | 6–9% | 5 |
| Economics | 6–9% | 5 |
| Financial Statement Analysis | 11–14% | 7 |
| Corporate Issuers | 6–9% | 4 |
| Equity Investments | 11–14% | 7 |
| Fixed Income | 11–14% | 7 |
| Derivatives | 5–8% | 4 |
| Alternative Investments | 7–10% | 5 |
| Portfolio Management | 8–12% | 6 |
High-yield facts (commonly tested)
- Ethics and Professional Standards is heavily weighted and can determine pass/fail for borderline candidates.
- FIFO assumes the first units purchased are sold first; LIFO is not permitted under IFRS.
- Duration measures the sensitivity of a bond's price to a change in yield.
- The CAPM relates expected return to systematic risk (beta).
- Derivatives include forwards, futures, options, and swaps — each with distinct payoff profiles.
Verify current exam fees, scheduling, and administrative details at www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam. Independent study aid — not official exam material.
CFA Level 1 practice test — quick answers
Is there a free CFA Level 1 practice test?
Yes — your first UniPrep2Go attempt is free, and it can be this one: a 25-question / 38-minute timed diagnostic drawn by the same topic weights, a 70% readiness target, topic scoring, and a full answer review report. No signup, Exam or Learn mode. The full 60-question / 90-minute mock runs on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
How many free attempts do I get on this CFA Level 1 practice test?
One. Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. Every attempt ends with the full topic report and answer review — the report itself is never paywalled.
How many questions are on this free CFA Level 1 practice test?
This UniPrep2Go practice test has 60 multiple-choice questions timed against a 90-minute target. The free first attempt is a 25-question / 38-minute diagnostic with the same topic weights; the full session runs on Mock Pass. Each attempt draws 60 questions from a 120-item original bank covering all ten 2026 CFA Level I topics within the official weight ranges (bank: Ethics 20; FSA, Equity and Fixed Income 14 each; Portfolio Management 12; Quant, Economics and Alternatives 10 each; Corporate Issuers and Derivatives 8 each), so Mock Pass retakes see new items. Official exam: 180 three-option multiple-choice questions in two 135-minute sessions (4.5 hours); CFA Institute sets the minimum passing score (MPS) after each administration and does not publish a fixed percentage. Our items use four options at the same 90-second pace. UniPrep2Go readiness target: 70%. Not a full CFA Institute mock exam.
Why is the free CFA Level 1 practice test 25 questions?
It is a diagnostic: 25 questions drawn by the same topic weights as the full 60-question mock — enough to rank your weakest topics, short enough to finish in 38 minutes in one sitting. With 1–6 questions per topic it is a quick read, not a verdict; for a full-length timed score, run the 60-question / 90-minute mock.
What do I get for $5?
The UniPrep2Go Mock Pass: 5 full timed attempts on any UniPrep2Go mock, including the 60-question CFA L1 Readiness session, in Exam or Learn mode. It is a one-time Gumroad license key that works on any device — no subscription. Every attempt ends with the full topic report and answer review.
What score do you need on this CFA Level 1 practice test?
The pass target on this practice test is 70%. Your report also breaks down performance by topic so you can see weak areas before the real exam.
More FAQAdditional format, scoring, and disclaimer questions
- Who should take this CFA Level 1 practice test?
- CFA Level 1 candidates who want a weighted topic baseline before committing to a full mock provider.
- Where can I take a CFA Level 1 practice test online?
- UniPrep2Go hosts the CFA Level 1 Practice Test — 25Q Free at https://uniprep2go.study/mock-exams/cfa-level-1-readiness-check with a timed runner and full readiness report.
- Is this official exam material?
- No. This is an independent readiness diagnostic. It is not official FINRA, CFA Institute, or GARP exam material and does not guarantee an exam result.
- What does the report show after the mock?
- Your report shows a pass/no-pass verdict with explanation, topic diagnosis, pacing notes, full question review with explanations, and a repair plan that links to the paid Anki deck on Gumroad for weak-topic drilling.
- Where do the questions come from?
- Questions are original UniPrep2Go practice items aligned to published topic outlines — not leaked official exam questions.
Guides for this exam
State rules, test-day logistics, and study plans that point back to this practice path.