Every level, every pathway. 7,700+ original practice questions, 180+ lessons with AI-narrated audio, detailed solutions on every question. AI-graded Level III essays for Fellow members. Core prep is free forever — no credit card, no trial period.
JT
Built by Jeffrey Ting, CFA, FSA
Fellow of the Society of Actuaries and CFA charterholder. I built FreeFellow after paying four-figure prep fees for my own exams and deciding candidates shouldn’t have to. Every CFA question is written or reviewed against the learning outcomes of the current curriculum.
The core CFA prep — questions, solutions, and lessons — is free forever. Deeper practice tools (flashcards, timed mocks, analytics) unlock when you become a Fellow. Use the free tier as long as you like; upgrade only if you want the extras.
✓
Free forever
$0 · no credit card
7,700+ practice questions across every level & pathway
Detailed solutions on every question
180+ lessons with AI-narrated audio
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Estimated pass likelihood (gated at 50+ Qs)
Readiness benchmarks vs passing thresholds
✦
Fellow unlock
$59 / qtr · $149 / yr per level
Flashcards (SM-2 spaced repetition)
Timed mock exams with weighted scoring
Topic-level practice to drill weak areas
Performance analytics · topic mastery breakdown
AI grading on Level III constructed-response essays
Personalized study plan that adapts to your exam date
How FreeFellow Compares
Per-level pricing across the major CFA prep providers. All four are independent of CFA Institute; all four are CFA Institute Prep Providers.
FreeFellow core free
$0 · Fellow $59/qtr
Kaplan Schweser
$500–$1,200 / level
Mark Meldrum
$200–$500 / level
Analystprep
$129–$199 / level
Every CFA Institute Prep Provider must validate materials annually with CFA Institute. The paid providers bundle prep into a single up-front fee; FreeFellow keeps the question bank and lessons free and charges only for deeper study tools.
Sample Questions
Level I · Alternative InvestmentsEasy
A Real Estate Investment Trust (REIT) is best characterized as:
🎉
Correct Answer: B
Solution
REITs are companies (often publicly traded) that own, operate, or finance real estate generating income. They are required to distribute at least 90% of taxable income to shareholders as dividends. Choice A describes direct real estate investment, which involves owning physical property rather than shares in a pooled vehicle. Choice C describes a private real estate development venture, which is a different form of real estate investment with much less liquidity and different tax treatment.
Level II · Quantitative MethodsMedium
In logistic regression, the dependent variable is modeled as:
🎉
Correct Answer: A
Solution
Logistic regression models the log-odds (logit) of the probability of an event as a linear function of the independent variables: ln(p / (1 − p)) = β₀ + β₁X₁ + … + βₖXₖ. The log-odds transformation ensures that the predicted probabilities are bounded between 0 and 1. Choice B is incorrect because modeling probability directly as a linear function would allow values outside [0, 1]. Choice C is incorrect because logistic regression predicts probabilities, not the raw 0/1 outcome.
Level III · Asset AllocationHard
Risk budgeting in asset allocation most accurately refers to:
🎉
Correct Answer: A
Solution
Risk budgeting treats risk as a scarce resource and allocates it purposefully across asset classes, strategies, or factors. Each asset class receives a “risk budget” representing its allowed contribution to total portfolio risk. For example, an investor might allocate 60% of the total risk budget to equities, 20% to credit, and 20% to alternatives. Choice B describes equal-weighting or risk parity assumptions, not risk budgeting itself. Choice C describes daily stop-loss limits, which are a trading-level risk control, not portfolio-level risk budgeting.
Frequently Asked Questions
Is FreeFellow a CFA Institute Prep Provider?
Yes. FreeFellow LLC is a CFA Institute Prep Provider. Our CFA materials are validated by CFA Institute for substantial curriculum coverage and are updated every year as required by the Prep Provider agreement. CFA Institute does not endorse, promote, review, or warrant the accuracy or quality of FreeFellow products and services.
Is FreeFellow actually free for CFA prep?
The core is free forever: the full CFA question bank (7,700+ practice questions across Level I, Level II, and all three Level III pathways), every lesson, mixed practice sessions, pass probability estimates, and readiness benchmarks. No credit card, no trial period. Become a Fellow ($59 / quarter or $149 / year, per level) to unlock flashcards with spaced repetition, timed mock exams, topic-level practice, detailed performance analytics, and a personalized study plan. See pricing.
What CFA levels does FreeFellow cover?
FreeFellow covers CFA Level I, CFA Level II, and all three CFA Level III specialized pathways: Portfolio Management, Private Wealth, and Private Markets. Each level has its own question bank, lessons, and practice exams aligned to the 2026 CFA Institute curriculum.
Who built FreeFellow?
FreeFellow is built by Jeffrey Ting, CFA, FSA — a Fellow of the Society of Actuaries and a CFA charterholder. Every question is written or reviewed with professional exam standards in mind. FreeFellow is a sole-operator project, not a venture-backed content mill.
How does FreeFellow compare to Kaplan Schweser, Mark Meldrum, or Analystprep?
FreeFellow is free. Kaplan Schweser runs $500 to $1,200 per level, Mark Meldrum $200 to $500 per level, and Analystprep $129 to $199 per level. All four are independent of CFA Institute. FreeFellow and the major paid providers are all CFA Institute Prep Providers.
Are the questions original, or are they CFA Institute questions?
All questions on FreeFellow are unique, original, proprietary questions written by FreeFellow. CFA Institute Prep Providers are forbidden from including CFA Institute official mock exam questions or any questions other than end of reading questions within their products and services. Our questions cover the learning outcomes of the CFA Institute curriculum with original problem construction.
What is the CFA Level I pass rate?
The CFA Level I pass rate is approximately 43% in recent sittings, based on CFA Institute data. CFA Institute publishes pass rates after each exam window. Level II averages around 47% and Level III around 55%. Note: CFA Institute does not endorse, promote, or warrant the accuracy of FreeFellow products.
Do I still need the CFA Institute curriculum?
Yes. Studying the curriculum issued by CFA Institute is essential to success. Prep provider courses and materials (including FreeFellow) are developed to complement the curriculum and to facilitate the learning process, not to replace it.
Is FreeFellow AI-native?
Yes. FreeFellow is built around modern AI as a core capability. Every one of the 180+ CFA lessons ships with AI-narrated audio (free). On every constructed-response essay, FreeFellow generates a structured copy-to-AI prompt — scenario, question, your answer, the published rubric, and a reference solution — that you paste into your own ChatGPT or Claude for self-graded feedback at zero cost (free). Fellow members get instant AI grading on CFA Level III constructed-response essays, with a per-criterion verdict and qualitative notes. The grader runs on Anthropic’s Claude. The published Level III rubric is from CFA Institute; FreeFellow does not invent grading criteria.
How does AI grading on Level III essays work?
Submit your written response on a Level III constructed-response item, and Fellow members get an instant grade against the published rubric used by CFA Institute. The grader returns a per-criterion score breakdown and qualitative notes on what is strong and what is missing. Five Level III essays are live across the three pathways (Portfolio Management, Private Wealth, Private Markets). The reference solution stays server-side during grading. Free-tier candidates can use the copy-to-AI prompt builder to grade in their own ChatGPT or Claude at zero cost.
What calculator is allowed on the CFA exam?
CFA Institute permits only two calculator models: the Texas Instruments BA II Plus (including the Professional version) and the Hewlett Packard 12C (including the Platinum and Prestige editions). No other calculators are allowed.
How much time should I spend preparing?
CFA Institute reports that candidates spend an average of 300 hours preparing for each CFA exam level. Most successful candidates study for 4 to 6 months per level, dedicating 15 to 20 hours per week. Topic-specific practice combined with full-length mock exams is the most effective approach.
FreeFellow is an AI-native exam prep platform for CFA, CFP, CPA, CAIA, actuarial (SOA & CAS), and securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. The core — 7,700+ CFA questions, detailed solutions, and 180+ lessons with AI-narrated audio — is free forever, with no credit card required. Become a Fellow to unlock flashcards, timed mock exams, topic-level practice, performance analytics, and AI grading on CFA Level III constructed-response essays. FreeFellow LLC is a CFA Institute Prep Provider; our CFA® exam materials are validated by CFA Institute for substantial curriculum coverage and updated annually.