CFA Program Level I - Multiple Choice Sample Questions - Are You Ready for Level I

Sep 30, 2026

CFA Program Level I presents multiple-choice sample questions across core curriculum topics. The materials cover ethical and professional standards, quantitative methods, economics, corporate issuers, and financial statement analysis. Questions test concepts such as moral principles and fiduciary duties, holding-period return and bond YTM, machine learning assumptions, long-run market participation using fixed and variable costs, exchange-rate quoting, liability by organizational form, working-capital drivers, competitive market structure outcomes, and diluted EPS and IFRS inventory valuation.

LanguageEnglish

CategoryExam

FormatPDF

Pages10

Reading Time25 min

AccessFree to download

Ethical and Professional Standards

Question 1

Question 2

Question 3

Quantitative Methods

Question 4

Question 5

Question 6

Economics

Question 7

Question 8

Question 9

Corporate Issuers

Question 10

Question 11

Question 12

Financial Statement Analysis

Question 13

Question 14

Question 15

CFA® PROGRAM LEVEL I Multiple choice sample questions THE CFA® PROGRAM The Chartered Financial Analyst (CFA®) Program is designed to equip candidates with the knowledge and skills necessary to compete and excel in today’s complex and evolving investment industry. It is a self-study, three-level exam that tests the fundamentals of investment tools, company valuation, portfolio management, and wealth planning. Whether an individual is an aspiring or practicing investment professional, the CFA Program offers a way to move forward and achieve professional goals. Are you ready for Level I? Explore three sample questions from each of the 10 curriculum topics. Find out more about the CFA Program at: [https://www.cfainstitute.org/programs/cfa-program](https://www.cfainstitute.org/programs/cfa-program) © 2025 CFA Institute. All rights reserved. 2 QUESTIONS ETHICAL AND PROFESSIONAL STANDARDS Question 1 Which of the following statements is most accurate? Ethics can be described as: A. A commitment to upholding the law. B. An individual’s personal opinion about right and wrong. C. A set of moral principles that provide guidance for our behavior. Question 2 Which of the following statements is most accurate? Investment professionals have a special responsibility to act ethically because: A. The industry is heavily regulated. B. They are entrusted to protect clients’ assets. C. The profession requires compliance with its code of ethics. Question 3 Stewart has been hired by Goodner Industries, Inc., to manage its pension fund. Stewart’s duty of loyalty, prudence, and care is owed to: A. The management of Goodner. B. The participants and beneficiaries of Goodner’s pension plan. C. The shareholders of Goodner. QUANTITATIVE METHODS Question 4 An investor purchased 100 shares of a stock for USD 34.50 per share at the beginning of the quarter. If the investor sold all of the shares for USD 30.50 per share after receiving a USD 51.55 dividend payment at the end of the quarter, the investor’s holding period return is closest to: A. −13.0 percent. B. −11.6 percent. C. −10.1 percent. Question 5 Grupo Ignacia issued 10-year corporate bonds four years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current price of the bonds is MXN 97.50 per MXN 100 of par value. The YTM of the bonds is closest to: A. 11.28 percent. B. 11.50 percent. C. 11.71 percent. Question 6 Which of the following statements is true in the use of Machine Learning (ML): A. Some techniques are termed “black box” due to data biases. B. Human judgment is not needed because algorithms continuously learn from data. C. Training data can be learned too precisely, resulting in inaccurate predictions when used with different datasets. ECONOMICS Question 7 A company has total variable costs of $4 million and fixed costs of $3 million. Based on this information, the company will stay in the market in the long term if total revenue is at least: A. $3.0 million. B. $4.5 million. C. $7.0 million. Question 8 Which of the following statements regarding a country’s political cooperation is most accurate? A. If a country is engaged in military conflict, thereis a higher cost to cooperation. B. A country with few internal resources is not likely to rely on political cooperation. C. Interest prioritization does not determine the depth and nature of political cooperation. © 2025 CFA Institute. All rights reserved. 3 Question 9 An executive from Switzerland checks into a hotel room in Spain and is told by the manager that EUR 1 will buy CHF 1.2983. From the executive’s perspective, an indirect exchange rate quote would be: A. EUR 0.7702 per CHF1 . B. CHF 0.7702 per EUR1 . C. EUR 1.2983 per CHF1 . CORPORATE ISSUERS Question 10 Which of the following organizational forms provides for the least owner liability of business debts? A. General partn

FAQs

What is the purpose of the CFA Program Level I sample questions?

They are designed to help candidates practice by testing fundamental knowledge across key investment industry topics in a multiple-choice format.

What topics are included in the provided Level I sample questions?

The questions span ethical and professional standards, quantitative methods, economics, corporate issuers, and financial statement analysis.

How do the sample questions assess quantitative and finance concepts?

They use scenario-based problems such as holding-period return, bond YTM, exchange-rate quotes, diluted EPS, and IFRS inventory measurement.

Sep 30, 2026

Uploaded by Anna Hans