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What is CFA Exam?

CFA (Chartered Financial Analyst) Exam Prep 2026 FREE 927+ Questions with real explanations. Crush It First Try

CFA - Chartered Financial AnalystBy Katherine LeeApr 7, 202640 min read
What is CFA Exam?

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CFA Practice Test Questions

Prepare for the CFA - Chartered Financial Analyst exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.

CFA Derivatives and Risk Management

CFA Exam Questions covering Derivatives and Risk Management. Master CFA Test concepts for certification prep.

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CFA Economics for Investment Analysis

Free CFA Practice Test featuring Economics for Investment Analysis. Improve your CFA Exam score with mock test prep.

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CFA Equity Investments

CFA Mock Exam on Equity Investments. CFA Study Guide questions to pass on your first try.

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CFA Ethics and Professional Standards

CFA Test Prep for Ethics and Professional Standards. Practice CFA Quiz questions and boost your score.

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CFA Fixed Income Analysis

CFA Questions and Answers on Fixed Income Analysis. Free CFA practice for exam readiness.

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CFA Portfolio Management

CFA Mock Test covering Portfolio Management. Online CFA Test practice with instant feedback.

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CFA Practice Test

Free CFA Quiz on Practice Test. CFA Exam prep questions with detailed explanations.

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Ethical and Professional Standards
15
10-15/mo10-15
Quantitative Methods
12
5-10/mo0
Economics
10
5-10/mo5-15
Financial Reporting and Analysis
20
15-20/mo0
Corporate Finance
7
5-15/mo0
Equity Investments
10
15-25/mo5-15
Fixed Income
10
10-20/mo10-20
Derivatives
5
5-15/mo5-15
Alternative Investments
4
5-10/mo5-15
Portfolio Management
7
5-10/mo40-55
Total
100
100/mo100
Level 1
Level 2/moLevel 3
Exam Structure
240 multiple choice questions
20–30 vignettes supporting 120 multiple choice questions/mo20–30 vignettes supporting a variable number of constructed response and multiple choice questions
Exam Duration
Morning session: 3 hours; 120 questionsAfternoon session: 3 hours; 120 questions
Morning session: 3 hours; 10–15 vignettes supporting 60 questionsAfternoon session: 3 hours; 10–15 vignettes supporting 60 questions/moMorning session: 3 hours; 8–15 vignettes supporting constructed response questionsAfternoon session: 3 hours; 10–15 vignettes supporting 60 multiple choice questions
Question Format
Multiple-choice questions
Vignette-supported multiple-choice questions/moVignette-supported constructed response questions and vignette-supported multiple-choice questions
CFA Results Availability
Within 60 days of taking the exam
Within 60 days of taking the exam/moWithin 90 days of taking the exam
CFA Pass Rates
CFA Level 1 passing score43%
CFA Level 2 passing score45%/moCFA Level 3 passing score56%

If you are preparing for a career in finance & accounting, you may also find these related practice tests helpful:

Prepare for the ACCA - Association of Chartered Certified Accountants — the Association of Chartered Certified Accountants qualification, a globally recognized accounting credential.

Prepare for the AAT Level 2 - Foundation Certificate in Accounting — the AAT Level 2 Foundation Certificate in Accounting covering bookkeeping, costing, and business environment.

Prepare for the AAT Level 3 - Advanced Diploma in Accounting — the AAT Level 3 Advanced Diploma in Accounting including financial statements and tax processes.

Prepare for the AAT Level 4 - Professional Diploma in Accounting — the AAT Level 4 Professional Diploma in Accounting covering management accounting and financial reporting.

Prepare for the AICPA - American Institute of Certified Public Accountants — the American Institute of Certified Public Accountants certification, the premier CPA qualification in the US.

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About the Author

Katherine LeeMBA, CPA, PHR, PMP

Business Consultant & Professional Certification Advisor

Wharton School, University of Pennsylvania

Katherine Lee earned her MBA from the Wharton School at the University of Pennsylvania and holds CPA, PHR, and PMP certifications. With a background spanning corporate finance, human resources, and project management, she has coached professionals preparing for CPA, CMA, PHR/SPHR, PMP, and financial services licensing exams.