Free CFA Level 1 Practice Questions for 2026

I sat for all three CFA levels while working full-time as an actuary. It took me about three years from start to finish. The biggest lesson I took away: practice questions matter more than anything else you do.

The CFA Level 1 pass rate has hovered around 43% in recent years. With 180 multiple-choice questions across 4.5 hours, you need both deep knowledge and real speed. Free practice questions, used well, can get you there.

Why Practice Beats Reading

Research on learning consistently shows that retrieval practice, actively recalling information, produces stronger retention than passive review. For CFA Level 1, working through questions is not supplementary to reading the curriculum. It is the primary study activity.

Candidates who pass typically complete 2,000–3,000 practice questions during their prep. Those who rely on reading and note-taking without enough practice tend to fall short.

Key Concept

Practice questions are not a supplement. They are the core of your study plan. Reading the curriculum without practicing is the most common way people fail.

CFA Level 1 Topic Weights

The exam covers 10 topics:

  • Ethics – 15–20%
  • Quantitative Methods – 6–9%
  • Economics – 6–9%
  • Financial Statement Analysis – 11–14%
  • Corporate Issuers – 6–9%
  • Equity Investments – 11–14%
  • Fixed Income – 11–14%
  • Derivatives – 5–8%
  • Alternative Investments – 5–8%
  • Portfolio Management – 5–8%

Ethics, FSA, Equity, and Fixed Income together account for roughly half the exam. Give them proportionally more time.

How to Use Practice Questions Effectively

Start Topic-by-Topic

In the first 2–3 months, work through questions by topic immediately after reading each section. Aim for 30–50 questions per topic in this phase. Focus on understanding, not speed.

Track Performance by Topic

Do not just count questions answered. Track your accuracy rate per topic. FreeFellow's analytics dashboard shows your breakdown, helping you catch imbalances early.

I see this pattern constantly: candidates feel confident in Quant and Econ (lower weights) but underperform in FSA and Fixed Income (higher weights). The analytics expose this before it costs you on exam day.

Shift to Mixed Practice

In the final 4–6 weeks, switch to mixed-topic practice that mimics exam conditions. This trains you to identify which framework applies to each question, a skill the exam specifically tests.

Take Full Mock Exams

Complete at least 3–4 full-length practice exams under timed conditions (180 questions, 4.5 hours). FreeFellow's practice exam feature generates a realistic mock and tracks your results over time.

Common Trap

Do not save mock exams for the last week. Start taking them 4–6 weeks out. The mental endurance required for 4.5 hours of testing surprises almost everyone the first time.

Common Mistakes

Underestimating Ethics

Ethics carries the highest single-topic weight (15–20%) and is often the deciding factor for borderline candidates. CFA Institute has confirmed that Ethics performance can push borderline candidates above or below the line. Do not save it for last.

Memorizing Formulas Without Understanding

CFA Level 1 has hundreds of formulas, but the exam rarely tests pure recall. Questions require you to interpret inputs, understand what a formula means, or apply it in an unfamiliar context.

Ignoring the Calculator

You are limited to the BA II Plus or HP 12C. Practice every calculation with your approved calculator. TVM, NPV, and IRR functions save minutes that add up across 180 questions.

Note

I used the BA II Plus for all three levels. Learn the time value of money keys cold. You will use them on at least 20–30 questions.

Not Reviewing Wrong Answers

When you miss a question, ask: did I misunderstand the concept, make a calculation error, or misread the question? Categorizing mistakes helps you fix the root cause.

What FreeFellow Offers (Free)

FreeFellow is a CFA Institute Prep Provider. Our CFA Level 1 question bank includes over 1,050 practice questions covering all 10 topics, with:

  • Detailed solutions explaining the reasoning step by step
  • Three difficulty levels from foundational recall to complex application
  • Adaptive practice targeting your weakest areas automatically
  • Readiness scoring estimating how prepared you are
  • Flashcard review using spaced repetition for key concepts
  • Performance analytics showing accuracy by topic, difficulty, and trends

All free. No trial period, no credit card, no hidden paywall.

Key Concept

FreeFellow is a CFA Institute Prep Provider. All 1,050+ practice questions are proprietary, written specifically for the 2026 curriculum year.

Other Resources Worth Using

  • CFA Institute learning ecosystem – end-of-reading questions from the official curriculum
  • Third-party mock exams – Kaplan, Mark Meldrum, and Salt Solutions offer samples

Building a Study Timeline

Most successful candidates study 4–6 months, dedicating 15–20 hours per week:

  • Months 1–2: Read the curriculum, do topic-specific practice (500–700 questions)
  • Month 3: Continue reading, increase volume (700–1,000 questions)
  • Month 4: Finish curriculum, shift to mixed practice (500–700 questions)
  • Months 5–6: Full mocks, targeted review of weak areas (500–800 questions)

Start Practicing Today

The most common regret of candidates who fail: not doing enough practice questions. Start now with free CFA Level 1 practice on FreeFellow. With 1,050+ questions, adaptive difficulty, and built-in analytics, you have everything you need.