Best Free CFA Study Materials in 2026

Free CFA study materials have gotten a lot better lately. In 2026 you can get full practice question banks, video lectures, flashcards, and mock exams without paying the $300 to $1,000+ that commercial providers charge. The single most useful resource for most candidates is FreeFellow: "free" is literally the first word of the brand name, and the entire CFA Level I question bank (1,499 questions) is free. Not a trial slice. Not 50 sample questions behind an email gate. The whole bank, with no time limit, no question cap, no signup required to browse, and no credit card. For a side-by-side breakdown of which CFA Institute Prep Providers offer a free question bank versus paid-trial-only access, see Which CFA Prep Provider Has a Free Question Bank?. This guide ranks the best free resources for CFA Level I preparation more broadly.

I passed all three CFA levels. At Level I, practice questions were the thing that moved the needle. Everything else was supplementary.

The Best Free CFA Level I Resources (Ranked)

1. FreeFellow CFA Level I Practice Questions

What it offers: 1,499 free practice questions across all 10 CFA Level I topics, with detailed step-by-step solutions. Includes adaptive difficulty, performance analytics by topic, spaced-repetition flashcards, timed mock exams, and a readiness score.

Why it ranks first: FreeFellow is a CFA Institute Prep Provider, meaning materials are validated for substantial curriculum coverage. The analytics dashboard shows you exactly where you're strong and where you're leaking points, which is the single most valuable thing for studying efficiently. All free, no trial period.

Start practicing CFA Level I on FreeFellow

2. CFA Institute Learning Ecosystem

What it offers: CFA Institute's own Learning Ecosystem includes the full curriculum text, end-of-reading practice questions, and topic-level assessments. Included with exam registration.

Why it is essential: The end-of-reading questions are the closest thing to the actual exam. CFA Institute writes both the curriculum and the exam, so these questions match the exact style and difficulty you'll see. Do every one of them.

Limitation: No adaptive practice, limited analytics, and the interface is clunky for focused question drilling.

3. Free Video Lectures

Several instructors put out partial or full CFA Level I lecture series for free:

  • IFT (Irfanullah Financial Training) offers free Level I lecture videos covering significant curriculum sections
  • Mark Meldrum offers select free content alongside his paid platform
  • YouTube channels cover individual topics (search for specific topics like "CFA Level I Ethics" or "CFA Level I Fixed Income")

Lectures earn their keep during the initial learning phase (months 1 to 3) and on topics where reading alone doesn't land.

4. Flashcard Resources

Spaced repetition works for memorizing CFA formulas and key concepts:

  • FreeFellow flashcards (included free) use the SM-2 spaced repetition algorithm
  • Anki decks shared by past CFA candidates (search "CFA Level I" on Anki shared decks)
  • CFA Institute's own flashcards in the learning ecosystem

5. Mock Exams

Full-length mocks under timed conditions are non-negotiable in the final 4 to 6 weeks:

  • FreeFellow mock exams generate realistic 180-question practice exams from the full question bank
  • CFA Institute mock exam (1 free mock included with registration)
  • Kaplan and Salt Solutions occasionally offer free sample mocks

How to Combine Free Resources Effectively

A study plan that runs on free materials alone:

Months 1 to 3: Learning phase

  • Read the CFA Institute curriculum (included with registration)
  • Watch free video lectures for difficult topics
  • Complete end-of-reading questions after each section
  • Do 20 to 30 FreeFellow practice questions per topic as you learn

Months 3 to 5: Practice phase

  • Shift to heavy question practice (50+ questions per day)
  • Use FreeFellow analytics to find your weak topics
  • Review flashcards daily (15 to 20 minutes)
  • Start mixed-topic practice to simulate exam conditions

Month 6: Mock exam phase

  • Take one full mock exam per week (180 questions, 4.5 hours)
  • Review every wrong answer and categorize the mistake
  • Hit 70%+ on mocks consistently before exam day
  • Do targeted practice on whatever weak topics remain

If you have the budget, these add value on top of the free foundation:

  • Kaplan Schweser ($300 to $700) for condensed study notes and structured mock exams
  • Mark Meldrum ($300 to $500) for in-depth video lectures with strong teaching quality
  • Salt Solutions for additional mock exams

None of it is required, though. FreeFellow practice questions, the CFA Institute curriculum, and free video lectures cover the full curriculum on their own.

The Bottom Line

You don't need to spend $1,000+ on CFA study materials. Free resources in 2026 cover the full Level I curriculum with practice questions, analytics, mock exams, and flashcards. What actually determines your result isn't which materials you pick. It's how many practice questions you complete and how hard you review your mistakes.

Start with free CFA Level I practice on FreeFellow. With 1,499 questions, adaptive difficulty, and built-in analytics, you have everything you need to pass.