Key facts
- There are no public past papers for the CFA® Program: CFA Institute does not release past exam questions (check the official website).
- Registered Level I candidates get practice questions and several mock exams per level in CFA Institute's Learning Ecosystem; the mock exams open about two months before the exam (check the official website).
- Registered FRM® Exam candidates get two practice exams per part in GARP's candidate portal, included with registration (check the official website).
- Exam pace: 1 min 30 s per question for Level I, 2 min 24 s for Part I.
- Files sold as “past papers” or “real exam questions” cannot be checked – do not pay for them.
You will not find genuine past papers for Level I of the CFA® Program or Part I of the FRM® Exam: CFA Institute does not release past exam questions (check the official website), and as of October 2026 we found no public archive of past FRM Exam papers. What exists are the exam bodies’ own practice exams for registered candidates, and free tools you can use before you register. (UWorld Finance, CFA mock exams (secondary source)) (300Hours, FRM study materials (secondary source))
If you searched for past papers, you probably want two things: to see what the exam feels like, and to test yourself under time. Both are possible without past papers. This page shows what CFA Institute and GARP give you once you have registered, what everyone can use for free, and how to plan your practice in the last eight weeks.
Why are there no past papers?
For the CFA Program, the answer is short: CFA Institute does not release past exam questions (check the official website). For the FRM Exam, the sources we read describe practice exams that come with registration, not a public archive. We do not guess at the reasons. The practical point is the same for both: practise with material you can check.
Because neither body offers a public archive that we could find, a file sold or shared as “past papers” or “real exam questions” is either a copy of material meant for registered candidates or someone else’s questions. You cannot check which, the answers may be wrong, and the content may be out of date. Do not pay for it.
What do you get once you register?
| Exam | What registered candidates get | What to keep in mind |
|---|---|---|
| CFA® Program Level I | practice questions and several mock exams per level in CFA Institute's Learning Ecosystem; the mock exams open about two months before the exam (check the official website) | Plan your mock exams for the last two months; until then, practise by topic. |
| FRM® Exam Part I | two practice exams per part in GARP's candidate portal, included with registration (check the official website) | One prep website finds them consistently easier than the real exam, so treat a good score as a check, not a forecast. (300Hours, FRM study materials (secondary source)) |
Keep these mocks for the final weeks. Each one is a single measurement under exam conditions; once you have seen its questions, a second attempt tells you much less.
What can you use for free before you register?
- Your calculator. Our online financial calculator shows the BA II Plus and HP 12C keystrokes for time value of money, cash flows and bonds. Check first which calculators are allowed.
- Formulas with worked checks. The printable Level I formula sheet and Part I formula sheet link to worked examples such as time value of money and value at risk; the finance formula flashcards test whether you can recall them.
- Calculators for the topics that need numbers: time value of money, NPV and IRR, bond yield and duration and value at risk. Work an example by hand, then check it.
- A plan. The Level I study planner and the Part I study planner keep weeks for mock exams at the end.
Prep providers also publish free sample questions. Judge them by their explanations: a good question tells you why each wrong option is wrong, not only which one is right.
How long should a practice set take?
Level I has 180 questions in two sessions of 90 questions and 2 h 15 min each; Part I has 100 questions in 4 h. (CFA Institute, Level I exam) (GARP, FRM Exam information) That is 1 min 30 s per question for Level I and 2 min 24 s for Part I. Time your practice sets the same way:
| Questions in the set | Level I (1 min 30 s each) | Part I (2 min 24 s each) |
|---|---|---|
| 20 | 30 min | 48 min |
| 30 | 45 min | 72 min |
| 50 | 75 min | 120 min |
For checkpoints within a session (“question 30 by …”), use the exam pace calculator.
What does an eight-week practice plan look like?
| Weeks before the exam | Practice |
|---|---|
| 8 to 6 | Timed sets of 20–30 questions by topic; an error log with the reason for every miss |
| 6 | First full mock exam under exam conditions, with the breaks of the real day |
| 5 to 3 | Rework the weakest topic areas from the mock; mixed timed sets; a second mock at the end |
| 2 | Last full mock; review it the next day, not the same evening |
| 1 | Error log, formula sheet and calculator settings; short mixed sets; no new mock |
Review takes longer than the mock itself: for every question you got wrong or guessed, write down why. Patterns in the error log – a formula you mix up, a topic you rush – are worth more than the score.
What does this mean for you?
- You have not registered yet. Start with the free calculators and formula sheets, and set up your calculator now. Work through topics with timed sets, not past papers.
- You have registered. For Level I, work through CFA Institute’s practice questions by topic. Leave the mock exams, and for Part I GARP’s practice exams, untouched until about six weeks before the exam.
- You are in the last eight weeks. Follow the plan above: mocks at about six, three and two weeks out, each with a day of review.
Where does our course fit?
Our courses for Level I of the CFA Program and Part I of the FRM Exam have practice questions in the format of each exam, with a worked explanation for every option and spaced repetition. They are our own questions, not past or real exam questions. Our questions complement the official CFA Institute curriculum; they do not replace it. Our questions complement GARP’s own study materials for the FRM® Exam; they do not replace them.
What are the common mistakes?
- Paying for “past papers” or “real questions” that nobody can check.
- Opening the exam body’s mock exams early and having none left for the final weeks.
- Practising untimed until the last month, then discovering the pace.
- Counting a mock score instead of reviewing the misses.
- Learning a new calculator in the final week.
What does this page cover?
- Last updated
- Based on
- What CFA Institute and GARP give registered candidates, from dated prep websites (secondary sources) in our fact register
- Exam formats as on our course pages; pace computed with the same function as the exam pace calculator
- Includes
- Why there are no past papers, the exam bodies’ practice exams, free tools and guides
- Times for practice sets and an eight-week practice plan
- Not included
- Questions of CFA Institute or GARP, and how many candidates pass
- Reviews of other prep providers
Frequently asked questions
Are there past papers for CFA Program Level I?
No public ones: CFA Institute does not release past exam questions (check the official website). Registered candidates get practice questions and several mock exams per level in CFA Institute's Learning Ecosystem; the mock exams open about two months before the exam (check the official website).
Are there past papers for FRM Exam Part I?
We found no public archive of past FRM Exam papers. Registered candidates get two practice exams per part in GARP's candidate portal, included with registration (check the official website); one prep website finds them consistently easier than the real exam.
Should I buy past papers online?
No. Since we found no public archive, such files are either copies of material meant for registered candidates or someone else’s questions, and you cannot check them.
How long should I spend per question?
At exam pace, 1 min 30 s per question for Level I and 2 min 24 s for Part I – so a 30-question set takes 45 or 72 minutes.
When should I take mock exams?
We suggest the last weeks before the exam: a first full mock about six weeks out, a second around three weeks out and the last two weeks out, with time to review each one.
What can I practise for free before registering?
Calculator keystrokes, formulas with worked examples and timed sets: our online financial calculator, the Level I and Part I formula sheets, finance calculators and study planners are free.
Related tools and pages
Sources
- UWorld Finance (exam prep provider, secondary source): CFA mock exams 2026 – FAQ: CFA Institute does not release past exam questions (updated for 2026). Accessed 30 October 2026.
- 300Hours (Zee Tan; finance careers website), secondary source: Free CFA study materials: complete list for all 3 levels – practice questions and mock exams for registered candidates in CFA Institute's Learning Ecosystem, released about two months before the exam (22 October 2026). Accessed 30 October 2026.
- 300Hours (Zee Tan; finance careers website), secondary source: FRM study materials: the best options for Part 1 and Part 2 – what GARP registration includes (two practice exams per part in the candidate portal) and how they compare with the real exam (4 June 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.