Practise for the CFA Program Level I with questions in the format of the exam – 3 options, one best answer. Every answer explains the principle and shows why each option is right or wrong. Formulas are typeset as mathematics, on any screen.
Usually February, May, August and November. Exact Level I dates will be listed here once we have checked them.
Exact dates are published by CFA Institute. Check and book your window on its website.
Level I is the first level of the CFA® Program, which is run by CFA Institute. Its exam covers investment foundations across ten topic areas, from ethics and quantitative methods to portfolio management. (CFA Institute, Level I exam)
This course trains the exam’s topic areas with practice questions in its format, worked explanations for every option, and spaced repetition.
Our questions complement the official CFA Institute curriculum; they do not replace it.
Each topic area has a published share of the exam, and each session tests its own topic areas. (CFA Institute, Level I exam)
Session 1
Ethical and Professional Standards · Quantitative Methods · Economics · Financial Statement Analysis · Corporate Issuers
Session 2
Equity Investments · Fixed Income · Derivatives · Alternative Investments · Portfolio Management
The ranges are CFA Institute’s topic weights for 2026, the edition this course follows. CFA Institute has published different weights for 2027 – check the Level I page for the year of your exam. (CFA Institute, Level I exam)
CFA Institute usually offers Level I in February, May, August and November. The exact days of each window are published by CFA Institute; this page shows a countdown only for dates we have checked. (CFA Institute, dates and fees)
2,700+ practice questions so far, organised by the 10 topic areas of the exam. The counts are taken from the question bank each time this page is published.
| Topic area | Exam weight | Topics | Questions |
|---|---|---|---|
| Ethical and Professional Standards | 15–20% | 8 | 256 |
| Quantitative Methods | 6–9% | 10 | 348 |
| Economics | 6–9% | 8 | 212 |
| Financial Statement Analysis | 11–14% | 11 | 425 |
| Corporate Issuers | 6–9% | 6 | 146 |
| Equity Investments | 11–14% | 8 | 336 |
| Fixed Income | 11–14% | 13 | 366 |
| Derivatives | 5–8% | 9 | 216 |
| Alternative Investments | 7–10% | 7 | 177 |
| Portfolio Management | 8–12% | 7 | 315 |
| Total | 2,797 | ||
You answer first, then read why. The app plans every concept to come back just before you would forget it – short daily sessions, on any device.
Every concept starts with a question in the format of the exam: 3 options, one best answer.
The principle in one sentence, the reasoning step by step, and why each option is right or wrong.
The open-source FSRS scheduler plans your reviews. (FSRS project) Questions you miss come back until you answer them correctly.
Progress for every topic area, and a glossary for the terms used in the questions. Spotted a problem? Report it from any question.
Questions, explanations and the glossary show formulas as mathematics, not as code. Long formulas scroll inside their own box on a phone.
Price change plus income, over the price paid.
A future amount discounted for N periods at rate r.
Excess return per unit of total risk.
US$125, paid once, for 12 months of access, including taxes. No subscription, no automatic renewal, no add-ons.
Exam prep for the CFA® Program Level IAvailable
US$125one-off payment incl. taxes · 12 months access
No subscription, no automatic renewal. Price includes VAT and other sales taxes where applicable. Depending on where you are, the checkout may offer to pay this price in your local currency, converted by Stripe. Because access starts straight away, you are asked to agree to immediate access and to confirm that your 14-day right of withdrawal then ends – see right of withdrawal and terms.
From February 2027 there is no paid deferral for Level I of the CFA® Program – only emergency deferrals. How candidates who had deferred fared against first-time testers, what sitting, moving or skipping a window costs, and how to decide in time.
What to bring, what goes in the locker and how the day runs for Level I of the CFA® Program and Part I of the FRM® Exam: ID, confirmation, calculator, arrival, breaks and pace checkpoints, side by side.
Choose the CFA® Program for investment research and portfolio management, the FRM® certification for financial risk and the CAIA® Charter for alternative investments. Roles, exams, 2027 dates, fees, membership, study weeks and how to combine them – not careers advice.
Each tool shows its method and sources and needs no account.
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The CFA Program Level I exam has 180 multiple-choice questions with three answer options each, taken in two sessions of 90 questions with 2 hours 15 minutes each – about 90 seconds per question on average.
Weights by topic: Ethical and Professional Standards 15–20%, Quantitative Methods 6–9%, Economics 6–9%, Financial Statement Analysis 11–14%, Corporate Issuers 6–9%, Equity Investments 11–14%, Fixed Income 11–14%, Derivatives 5–8%, Alternative Investments 7–10%, Portfolio Management 8–12%. The ranges are CFA Institute’s topic weights for 2026, the edition this course follows. CFA Institute has published different weights for 2027 – check the Level I page for the year of your exam.
The course has 2,700+ practice questions in the format of the exam, with three answer options each, so far in ten of the ten topic areas: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments and Portfolio Management.
The counts on this page are taken from the question bank each time the page is published.
You answer an exam-style question first, then read why: the principle in one sentence, the reasoning step by step, and why each option is right or wrong.
Spaced repetition with the open-source FSRS scheduler brings each concept back shortly before you would forget it, and every question you miss returns until you answer it correctly.
Yes. Formulas are typeset as mathematics, in questions, explanations and the glossary, and long formulas scroll within their own box on a phone instead of breaking the page.
Every explanation sets out the principle, the reasoning step by step and why each option is right or wrong, so you can retrace each step yourself.
Spotted a problem? Report it from any question. Reports are used to correct the question bank.
CFA Institute usually offers Level I in February, May, August and November. The exact days of each window are published by CFA Institute; this page shows a countdown only for dates we have checked.
Yes. Access is a one-off payment of US$125, including taxes, for 12 months, with no subscription and no automatic renewal. Depending on where you are, the checkout may offer to pay this price in your local currency, converted by Stripe.
No. High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute, and it is not a CFA Institute Prep Provider.
Our questions complement the official CFA Institute curriculum; they do not replace it.