CFA Level I Exam: Free Mock Test & Practice Questions

CFA Level I Exam

This exam is designed for early-career financial professionals and students seeking to build a foundational knowledge of investment tools and ethical standards. Passing Level I is the first step required to progress to the Level II exam and ultimately earn the CFA charter.

Pass mark 126/40 270 minutes Real test fee approx $940 - $1250 USD CFA Institute How many can I get wrong?

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Q1. An analyst works in a country where local securities law is stricter than the CFA Institute Standards of Professional Conduct. In case of a conflict, which standard must the analyst adhere to?

A. The local law, as it is stricter.
B. The CFA Standards, as they are globally recognized.
C. The less strict of the two to promote business.
D. Whichever standard the analyst's firm dictates in its compliance manual.

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✓ Answer: A. The local law, as it is stricter.

Standard I(A) Knowledge of the Law requires members to comply with the more strict of the applicable law or the CFA Standards. In this case, the local law is stricter and must be followed.

Q2. An analyst calculates the effective annual rate (EAR) for a security with a stated annual percentage rate (APR) of 8.00% compounded quarterly. The EAR is closest to:

A. 8.00%
B. 8.24%
C. 8.16%
D. 8.33%

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✓ Answer: B. 8.24%

The EAR is calculated as (1 + periodic rate)^m - 1. Here, the periodic rate is 8%/4 = 2%. So, EAR = (1.02)^4 - 1 = 1.082432 - 1 = 8.2432%, which accounts for the effect of intra-year compounding.

Q3. For a Giffen good, a decrease in its price will cause the quantity demanded to:

A. Increase, because the substitution effect outweighs the income effect.
B. Decrease, because the income effect outweighs the substitution effect.
C. Remain unchanged, as the two effects are equal and opposite.
D. Decrease, because both the income and substitution effects are negative.

Show answer & explanation

✓ Answer: B. Decrease, because the income effect outweighs the substitution effect.

A Giffen good is a highly inferior good where the income effect (a price drop makes the consumer feel richer, so they buy less of the inferior good) is stronger than the substitution effect (the price drop makes the good relatively cheaper, encouraging more consumption).

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CFA Level I Exam — common questions

Frequently asked

How many questions are in the CFA Level I Exam?

The exam has 40 questions. Every Revision Robin mock uses the same 40-question format so your practice matches the real thing.

What is the pass mark for the CFA Level I Exam?

You need 126 out of 40 correct to pass, which is about 315%. Our mocks mark you against this exact threshold.

How long do you get?

The test is timed at 270 minutes. Our full mock runs on the same clock so you can practise your pacing.

Are these the real exam questions?

No. Our questions are original and written to match the current syllabus, so they give realistic practice without copying the official paper. Every answer comes with a plain-English explanation. Always confirm current rules and content with CFA Institute.

How much does the official test cost?

The official CFA Institute fee is approx $940 - $1250 USD. Revision Robin practice is separate and helps you pass first time so you only pay that fee once.