CFA Level I
Level I
20 MCQs · Answers & explanations · 20 pages
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Free CFA Level I MCQ PDF
20 multiple-choice questions with answers and explanations. Get the PDF in one email. Work through the questions at your own pace, on screen or on paper.
This is a mixed-topic sample of 20 original questions with explained answers, not a full 180-question exam or a complete curriculum. Prefer to start in your browser? Try ten interactive Level I questions before requesting the PDF.
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CFA Level I
20 MCQs · 20 pages
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A sample from the MiloPrep question bank.
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The actual topics and question mix
This is the question distribution in this PDF, rather than the official exam topic weights. It is selected practice with explanations, not complete curriculum coverage or a full mock.
An even question mix samples the topics; it does not reproduce exam weights.
Topic 1
2 MCQs
Topic 2
2 MCQs
Topic 3
2 MCQs
Topic 4
2 MCQs
Topic 5
2 MCQs
Topic 6
2 MCQs
Topic 7
2 MCQs
Topic 8
2 MCQs
Topic 9
2 MCQs
Topic 10
2 MCQs
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Explain
Find the rule or case fact behind the correct answer.
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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% |
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.
How to use this PDF in a study session
1. Attempt with a clear purpose
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.
2. Review the reasoning
For a calculation, write the units and periods beside the formula. For a conceptual question, explain why your chosen statement fits and why the alternatives do not. Mark correct guesses for review alongside wrong answers.
3. Choose fresh follow-up work
Return to the relevant learning outcome, work an explained example, then try a different problem. The PDF’s even topic distribution does not reproduce the official exam weights.
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.
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Original practice material from MiloPrep. These are sample questions, not a full mock exam or official exam questions.
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