The sample questions above come from FreeFellow's bank of 1,800+ CFA Level I questions, and every one has a step-by-step solution like theirs. The exam is 180 multiple-choice questions over 4.5 hours across ten topics, and CFA Institute's Level I pass rate averaged 41% from 2016 to 2025.
I sat all three levels while working full time as an actuary, and it took me about three years. Practice questions mattered more than anything else I did, so make them your main study activity and use the reading to support them.
Topic weights and how to practice
| Topic | Weight |
|---|---|
| Ethics | 15 to 20% |
| Quantitative Methods | 6 to 9% |
| Economics | 6 to 9% |
| Financial Statement Analysis | 11 to 14% |
| Corporate Issuers | 6 to 9% |
| Equity Investments | 11 to 14% |
| Fixed Income | 11 to 14% |
| Derivatives | 5 to 8% |
| Alternative Investments | 7 to 10% |
| Portfolio Management | 8 to 12% |
Ethics, FSA, Equity and Fixed Income make up roughly half the exam, so give them more time. Don't leave Ethics for last, since it's the most heavily weighted topic. Track your accuracy by topic, not just how many questions you've done. I often see candidates who feel confident in Quant and Econ, which carry less weight, score lower in FSA and Fixed Income, which carry more. Fellow's topic analytics show that breakdown.
Early on, do questions on each reading right after you finish it, and aim for understanding over speed. In the last four to six weeks, switch to mixed-topic sets and time yourself, since mixed sets train you to spot which framework a question needs. Start full-length mocks then too, not in the final week, because a 4.5-hour sitting takes more stamina than most people expect. FreeFellow's mixed practice is free with an account, and its timed mocks are part of Fellow.
When you miss a question, work out whether you misunderstood the concept, made a calculation error or misread it, so you fix the right thing. You're limited to the BA II Plus or HP 12C, so do every calculation on the one you'll bring and get quick with its TVM, NPV and IRR functions, which save time across 180 questions. I used the BA II Plus for all three levels.
Looking for CFA Level 1 past papers?
CFA Institute doesn't release past Level I exams. The nearest thing to the real paper is its own practice material, the mock exam and end-of-reading questions that come with registration.
If you want something to download, there's a free 50-question sample PDF with answers, no signup needed. It has original questions from the bank with brief solutions, and it isn't a released exam or a full timed mock. The online bank has all 1,800+ questions with step-by-step solutions, and the free diagnostic needs no account.
Sitting Level II next? The free CFA Level 2 question bank has 2,337 practice questions with solutions.
What's free on FreeFellow
FreeFellow is a CFA Institute Prep Provider, independent of CFA Institute, and does not promise a passing score. The CFA Level 1 question bank has 1,800+ original questions across all ten topics for the 2026 curriculum. A free account gives you the full bank, subject to usage limits, plus the written lessons, mixed practice and the readiness score. The CFA Level 1 formula sheet (PDF) is a free download.
Fellow, the paid tier, adds focus practice on your weakest topics, spaced-repetition flashcards, analytics by topic, difficulty and trend, and timed mock exams.
For other free material, including mock samples from Kaplan, Mark Meldrum and Salt Solutions, see the best free CFA Level 1 study materials.