CFA Level I
Level I
20 MCQs · Answers & explanations · 20 pages
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76 distinct multiple-choice questions across 5 PDFs, with 20 questions in each. The Level III PDFs share 12 common-core questions. Get all files with answers and explanations in one email. Work through the questions at your own pace, on screen or on paper.
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CFA Level I
20 MCQs · 20 pages
Explained answers
CFA Level II
20 MCQs · 25 pages
Explained answers
CFA Level III Portfolio Management
20 MCQs · 27 pages
Explained answers
CFA Level III Private Markets
20 MCQs · 25 pages
Explained answers
CFA Level III Private Wealth
20 MCQs · 27 pages
Explained answers
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The actual topics and question mix
5 PDFs contain 76 distinct MCQs. Each PDF has 20 questions; the Level III PDFs repeat 12 common-core questions. Their remaining questions are pathway-specific.
distinct MCQs
- Level I
- 20 (26.32%)
- Level II
- 20 (26.32%)
- Shared Level III core
- 12 (15.79%)
- Portfolio Management
- 8 (10.53%)
- Private Markets
- 8 (10.53%)
- Private Wealth
- 8 (10.53%)
The 5 files contain 100 entries. Repeating the common core across the 3 Level III files adds 24 repeated entries; the distinct total is 76.
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Attempt
Work the questions before opening the answer section.
Explain
Find the rule or case fact behind the correct answer.
Check again
Use a fresh question to test the method you repaired.
Selected practice with explanations. Finishing the sample does not establish exam readiness.
CFA Level I
20 standalone MCQs across ten topic areas.
| Topic | MCQs | Share |
|---|---|---|
| Ethics and Professional Standards | 2 | 10% |
| Quantitative Methods | 2 | 10% |
| Economics | 2 | 10% |
| Financial Statement Analysis | 2 | 10% |
| Corporate Issuers | 2 | 10% |
| Equity Investments | 2 | 10% |
| Fixed Income | 2 | 10% |
| Derivatives | 2 | 10% |
| Alternative Investments | 2 | 10% |
| Portfolio Management | 2 | 10% |
CFA Level II
5 original cases, four MCQs per case. Read the vignette and exhibits before the questions.
| Topic | MCQs | Share |
|---|---|---|
| Ethics and Professional Standards | 4 | 20% |
| Financial Statement Analysis | 4 | 20% |
| Equity Investments | 4 | 20% |
| Fixed Income | 4 | 20% |
| Portfolio Management | 4 | 20% |
CFA Level III - Portfolio Management
5 original cases, four MCQs per case. Read the vignette and exhibits before the questions.
| Topic | MCQs | Share |
|---|---|---|
| Asset Allocation | 4 | 20% |
| Portfolio Construction | 4 | 20% |
| Ethics and Professional Standards | 4 | 20% |
| Portfolio Management Pathway | 8 | 40% |
The common-core areas listed above contribute 12 MCQs. The pathway contributes 8. This file contains no written-response exercises; the topic list shows its selected coverage.
CFA Level III - Private Markets
5 original cases, four MCQs per case. Read the vignette and exhibits before the questions.
| Topic | MCQs | Share |
|---|---|---|
| Asset Allocation | 4 | 20% |
| Portfolio Construction | 4 | 20% |
| Ethics and Professional Standards | 4 | 20% |
| Private Markets Pathway | 8 | 40% |
The common-core areas listed above contribute 12 MCQs. The pathway contributes 8. This file contains no written-response exercises; the topic list shows its selected coverage.
CFA Level III - Private Wealth
5 original cases, four MCQs per case. Read the vignette and exhibits before the questions.
| Topic | MCQs | Share |
|---|---|---|
| Asset Allocation | 4 | 20% |
| Portfolio Construction | 4 | 20% |
| Ethics and Professional Standards | 4 | 20% |
| Private Wealth Pathway | 8 | 40% |
The common-core areas listed above contribute 12 MCQs. The pathway contributes 8. This file contains no written-response exercises; the topic list shows its selected coverage.
Read one explained question before requesting the PDF
From CFA Level I: Ethics and Professional Standards. This question and its case, when present, are included in the downloadable PDF.
Helena Arriaga, CFA, is the compliance director at Wrenfield Hotels Asset Management. To support the firm's compliance claim, Arriaga hires a third party to conduct an independent verification under the GIPS standards. The verification practitioner is required to:
- A.confirm that the firm's composite performance history covers at least ten years.
- B.evaluate policies and procedures across the entire firm rather than a single composite.
- C.certify that all individual account return calculations are accurate for the period.
Answer: B
Under the GIPS standards (which support compliance with Standard III(D) Performance Presentation), independent verification must be conducted on a firm-wide basis by an independent third party. Verification evaluates whether the firm has complied with all composite and pooled fund construction requirements firm-wide and whether its policies and procedures are designed to calculate and present performance in compliance with GIPS. Verification can never be performed for a single composite alone.
Choose the PDF that matches your next study task
Start with your current level. For Level III, choose your registered pathway; downloading the other pathways does not add another 20 distinct questions each, because their 12 common-core questions are shared.
- CFA Level I
Use the 20 standalone questions to sample ten topics and identify a method you cannot yet explain. Two questions in a topic are a starting point for investigation, not a reliable topic score.
- CFA Level II
Use five cases to practise connecting a question to its vignette and exhibits. The selected topics are Ethics, Financial Statement Analysis, Equity, Fixed Income and Portfolio Management; other topic areas still need separate practice.
- CFA Level III - Portfolio Management
Start with the common-core cases, then use the Portfolio Management cases to examine fixed-income mandate and trade-execution decisions. Check both the proposed action and the constraint that makes it appropriate.
- CFA Level III - Private Markets
Use the common-core cases alongside the Private Markets cases on portfolio construction and private-credit manager review. Record which case facts affect liquidity, structure or the investment decision.
- CFA Level III - Private Wealth
Use the Private Wealth cases to connect a recommendation with the client’s circumstances. Separate the investor’s objective from the constraints that limit a suitable recommendation.
The bundle is useful for comparing the learning formats or keeping the next level’s sample for later. For focused preparation, attempt one file, review the reasoning and choose a fresh follow-up exercise. Completing every file is not a substitute for the curriculum or a complete mock.
Keep a simple record: question number, the rule or case fact you missed, and the fresh exercise you will use to check the correction. Since the explained sample above is already visible, mark it as reviewed if you saw its answer before attempting the file.
Take a look inside
Your next study session, sorted.
20 questions in every PDF. Answers included.
CFA Level II
Level II
20 MCQs · Answers & explanations · 25 pages
CFA Level III Portfolio Management
Level III Portfolio Management
20 MCQs · Answers & explanations · 27 pages
CFA Level III Private Markets
Level III Private Markets
20 MCQs · Answers & explanations · 25 pages
CFA Level III Private Wealth
Level III Private Wealth
20 MCQs · Answers & explanations · 27 pages
Original practice material from MiloPrep. These are sample questions, not a full mock exam or official exam questions.
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76 distinct multiple-choice questions across 5 PDFs, with 20 questions in each. The Level III PDFs share 12 common-core questions. Get all files with answers and explanations in one email.
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