Build confidence with Level I MCQs, Level II item sets, and Level III constructed responses. Connect every study session with video lessons, detailed explanations, and a clear view of what to review next.
To estimate the monetary loss from a 25 basis point yield increase, an analyst multiplied portfolio money duration directly by 25. The analyst should have instead:
Choose an answer to see the calculation or professional judgment behind it.
The CFA Program is a three-level investment-focused qualification path. Passing the exams is part of becoming a charterholder, not the entire requirement. Start by checking your eligibility and intended window, then use the level guide and a small practice sample to understand the task.
Start with the language and tools used across financial analysis. Standalone questions ask you to identify a rule or apply a calculation without a long shared case. The Level I guide owns the detailed topic map; the practice page provides ten sample questions with explanations.
Explore Level 1A vignette supplies information for several questions. The task is not only remembering a formula: you must select the relevant fact, identify the relationship and interpret the result. Work with coherent case practice rather than assuming standalone accuracy transfers automatically.
Explore Level 2The final level combines case-based selected response and written response. Common-core material is complemented by a selected pathway. A written answer needs a decision tied to the case, not a general essay about everything you know on the topic.
Explore Level 3Passing all three exams is one part of earning the charter. Check CFA Institute’s experience, membership and application requirements before treating exam completion as charter award.
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Three selected examples show the progression from a standalone question to case analysis and written reasoning. They are not an eligibility or readiness assessment.
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The constant-growth dividend model divides next year's dividend by the required return minus the growth rate. Dividing $3 by 5% produces an estimated value of $60.
Review the tested methodCase facts
Asteria Group reports under IFRS. At the beginning of the year, it paid $120 million for 30% of Northfield Ltd. Asteria can exercise significant influence over Northfield. During the year, Northfield earned $30 million and paid $10 million in dividends.
Asteria also acquired 80% of Lumen Co. for $480 million. At acquisition, the fair value of Lumen's identifiable net assets was $500 million and the fair value of the non-controlling interest was $110 million.
Asteria's defined-benefit plan reported current service cost of $5 million, net interest expense of $2 million, and a $3 million remeasurement gain. A trading debt security bought for $100 million had a year-end fair value of $106 million.
Asteria owns 30%, has significant influence, and Northfield reports $30 million of income and $10 million of dividends. Significant influence supports the equity method. Asteria recognizes 30% of Northfield's $30 million income, or $9 million, and reduces the investment for 30% of the $10 million dividend, or $3 million. The ending carrying amount is $120 million plus $9 million minus $3 million, which equals $126 million.
Case facts
Two managers earned 9%. Manager A used leverage and held concentrated small-cap stocks; Manager B followed an unlevered broad-market mandate.
Compare each manager with an appropriate mandate-specific benchmark and evaluate the risk used to earn the return. Leverage and concentration can create very different downside exposures even when one-period returns match.
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Lessons
Work through a concept, follow an example, and put your understanding to the test before moving on.
Explore a sample from CFA Level I.
Start FreeCFA Level I / Time value of money / Sample lesson
Future value tells you what an investment grows to over time. With annual compounding, each year’s interest becomes part of the amount earning interest the following year.
Future value = Present value × (1 + r)ⁿ
Here, r is the annual interest rate and n is the number of years. At 5% per year, $1,000 grows to $1,050 after one year.
Video lectures
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Explore a sample from CFA Level I.
Start FreeFlashcards
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Explore a sample from CFA Level I.
Start FreeCFA Level I · Flashcards: question
Click the card to reveal the answer.
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Question insights
Connect the question to its topic, skill, and underlying concepts. Question insights put the context beside the practice so you can see what to work on.
CFA Level I · Question insightsView full sizeDetailed explanations
A score tells you whether you were right. A useful explanation shows how to reason through the next question. Review the logic behind the answer and why each distractor falls short.
CFA Level I · Detailed explanationsView full sizeResult analysis
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CFA Level I sample session · Result analysisView full sizeBuild accuracy with Level I multiple-choice questions, work through Level II item sets, and develop your Level III constructed responses.
Use video lectures and study materials in the CFA library to revisit a concept, then bring it back into your practice.
Premium practice prioritizes questions you have not seen, helping you work through new scenarios as you build understanding.
Know the exam
Three sequential levels, each with its own curriculum weights, question format, and study path.
Sequential levels
3
Exam time per level
264-270 min
Question delivery
3 distinct formats
270 minutes · Stand-alone multiple choice
264 minutes · Item sets (vignette + multiple choice)
264 minutes · Item sets + constructed-response sets
Delivered by email. MCQ samples; no written-response questions.
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69+ hours
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Work through choices with structured decision guides.
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Structure constructed-response answers.
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Lesson checks with tap-to-reveal answers and explanations.
Level I multiple-choice questions with answer explanations.
100 questions total
Full CFA question bank
Full CFA question bank
Quick and Topic practice
Practice the question formats available in the CFA library.
CFA item sets with explanations and worked answers.
Levels II and III
Levels II and III
CFA written cases with explanations and worked answers.
Level III
Level III
Timed exams that follow the CFA format.
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