Free CFA Level I Quantitative Methods Practice Questions

Quantitative methods on the CFA Level I exam cover time value of money, statistical concepts, probability distributions, sampling, hypothesis testing, and regression basics. This topic is weighted 6-9% of the exam (CFA Institute).

145 Questions
5 Easy
79 Medium
61 Hard
2026 Syllabus

Sample Questions

Question 1 Easy
Which of the following best describes a Monte Carlo simulation?
Solution
B is correct.

Monte Carlo simulation generates a large number of random scenarios based on assumed probability distributions for key input variables, producing a distribution of possible outcomes. This allows analysts to assess the range and likelihood of different results under uncertainty.
Question 2 Medium
The excess kurtosis of a normal distribution is:
Solution
C is correct.

A normal distribution has a kurtosis of 3. Excess kurtosis is defined as kurtosis minus 3, so for a normal distribution, excess kurtosis = 3 - 3 = 0. A distribution with excess kurtosis greater than 0 is leptokurtic (fatter tails), while one with excess kurtosis less than 0 is platykurtic (thinner tails).
Question 3 Hard
A simple linear regression uses 25 observations with SST = 450 and SSR = 360. What is the F-statistic for this regression?
Solution
A is correct.

For simple linear regression: SSE=SST−SSR=450−360=90\text{SSE} = \text{SST} - \text{SSR} = 450 - 360 = 90. dfregression=1df_{\text{regression}} = 1 (one independent variable); dfresidual=n−2=25−2=23df_{\text{residual}} = n - 2 = 25 - 2 = 23. MSR=SSRdfregression=3601=360\text{MSR} = \frac{\text{SSR}}{df_{\text{regression}}} = \frac{360}{1} = 360. MSE=SSEdfresidual=9023=3.913\text{MSE} = \frac{\text{SSE}}{df_{\text{residual}}} = \frac{90}{23} = 3.913.

F=MSRMSE=3603.913=92.0F = \frac{\text{MSR}}{\text{MSE}} = \frac{360}{3.913} = 92.0
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