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Free CFA study materials for Levels 1, 2 and 3

Find free CFA practice samples, official topic outlines and candidate resources by level. Compare public access with registration-included study materials.

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Level I: connect a concept to a question

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Level II: practise with case context

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Level III: combine common core and one pathway

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  1. Question 1 of 3Level I previewQuantitative MethodsMultiple choice

    An investor buys a share for $40, receives a $1 dividend, and sells the share for $42. The holding-period return is closest to:

    Answer and explanations

    The total gain is the $2 price increase plus the $1 dividend, or $3. Dividing $3 by the $40 initial price gives a holding-period return of 7.5%.

    Review the tested method
    • A: 5% includes only the price gain and omits the dividend.
    • B - correct: The $3 total gain divided by $40 is 7.5%.
    • C: 10% overstates the $3 gain on a $40 investment.
  2. Question 2 of 3Level II previewEquitiesMultiple choice

    Case facts

    An analyst forecasts Beacon Medical's next-year free cash flow to the firm at $75 million. The analyst uses a 9% weighted average cost of capital and a 3% perpetual growth rate. Beacon has $250 million of debt, no excess cash, and 50 million shares outstanding.

    Beacon's beginning book value per share is $30. Expected return on equity is 14%, the required return on equity is 10%, expected long-run growth is 4%, and forecast earnings per share are $4.20.

    For a separate free-cash-flow-to-equity estimate, the analyst forecasts net income of $90 million, depreciation of $20 million, capital expenditures of $35 million, a $5 million increase in working capital, and $10 million of net borrowing.

    Beacon's estimated equity value per share from the constant-growth FCFF model is closest to:

    Answer and explanations

    Next-year FCFF is $75 million, WACC is 9%, growth is 3%, debt is $250 million, and 50 million shares are outstanding. Enterprise value is next-year FCFF divided by WACC minus growth: $75 million divided by 6%, or $1,250 million. Subtracting $250 million of debt gives $1,000 million of equity value. Dividing by 50 million shares produces $20 per share.

    • A: $15 understates equity value after the debt deduction.
    • B - correct: ($75m / 0.06 - $250m) / 50m = $20.
    • C: $25 is enterprise value per share before deducting debt.
  3. Question 3 of 3Level III previewCurrency riskWritten response

    Case facts

    A USD-based investor owns EUR-denominated bonds. She expects to receive EUR 1m in three months and wants to lock its USD value; assume the receivable is certain.

    State the forward position and explain the exposure it offsets.

    Model answer and self-review rubric

    Sell EUR 1m forward and buy USD for the settlement date. The receivable loses USD value if EUR weakens; the short-EUR forward offsets that currency exposure, subject to counterparty and settlement risk.

    Teaching checklist only. No official points or automated grade.

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