CFA Level I 2027 Practice Test and Mock Exam
Prepare for CFA Program Level I with original 2027 investment-analysis practice, a 180-question public set, topic drills and explanations for every answer.
See practice updates and share Level I feedback .
Use Finance Prep to apply investment concepts through calculations, financial statements, market evidence and professional judgments. Every question has three choices, one best answer and explanations for all three choices. The fixed 180-question public practice set offers a separate pacing and question-style check.
Studying for 2027: this practice targets the curriculum effective from February 2027. Candidates taking a 2026 exam should use their own year’s official materials; topic names, weights and outcomes differ.
These are original Finance Prep practice questions. Mastery Exam Prep / Finance Prep is independent from CFA Institute; the questions are not official CFA Institute questions, copied live-exam content or exam dumps.
CFA Level I exam snapshot
| Item | Official format and practice scope |
|---|---|
| Curriculum target | CFA Program Level I, 2027 |
| Official exam | 180 multiple-choice questions; three choices and one best answer |
| Official timing | Two sessions of 90 questions, 135 minutes each |
| Finance Prep practice | Topic practice, mixed sets, timed mocks and explained answers |
| App mock timing | One pausable 270-minute session; the official exam uses two separate sessions |
| Public practice | A fixed 180-question set across all ten topics; answers can be opened after each question |
Official source check — October 4, 2026: CFA Institute’s Level I exam page confirms the format and year-specific topic weights. Its 2027 curriculum announcement confirms that the changes apply beginning February 2027. This independent practice does not reproduce the official testing interface or establish equivalent exam difficulty.
What you will practise
| Topic | Work to practise |
|---|---|
| Ethical and Professional Standards | Identify duties to clients, employers and the profession from the case facts. |
| Quantitative Methods | Interpret returns, cash-flow timing, probability, statistical evidence and financial data. |
| Economics | Connect market structure, the business cycle and policy to economic outcomes. |
| Financial Statement Analysis | Analyse accounting treatments, statements, cash flows and financial ratios. |
| Corporate Finance | Evaluate governance, financing, working capital and capital investments. |
| Equities | Interpret market and company evidence and apply equity valuation relationships. |
| Fixed Income | Relate bond cash flows, yields, prices, interest-rate exposure and credit risk. |
| Derivatives and Risk Management | Identify contractual payoffs, valuation relationships and hedging effects. |
| Alternative Investments | Compare structures, return measures, fees and material investment risks. |
| Portfolio Construction | Connect investor objectives, portfolio risk and return, diversification and allocation. |
Read the assumptions and units before calculating. After each attempt, review mistakes and correct guesses, explain why the alternatives fail, then try fresh questions in the relevant topic.
Continue on web or mobile
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Sign in with the same Finance Prep account on web and supported mobile devices to keep access and progress together. For sign-in, access or billing questions, use support .
In this section
- CFA Level I 2027 Cheat Sheet: Formulas and Key DistinctionsReview CFA Level I 2027 formulas, valuation assumptions, accounting distinctions and common reasoning traps across all ten topics.
- CFA Level I 2027 Study Plan and Practice ScheduleBuild an adaptable CFA Program Level I preparation schedule using topic learning, explained practice, spaced review and timed sessions for the 2027 curriculum.
- CFA Level I 2027 Exam Blueprint and Topic WeightsMap CFA Program Level I's 2027 topic weights to a practical readiness checklist, with the official session structure and Finance Prep practice boundaries.
- Free CFA Level I 2027 Practice Exam QuestionsWork through 180 original CFA Program Level I practice questions for the 2027 curriculum, with calculations, case evidence and explanations for every choice.
- CFA Level I Practice Updates and FeedbackReview Finance Prep's 2027 CFA Level I practice coverage and explained-answer improvements, and send private question feedback.
- CFA Level I 2027 Official ResourcesFind CFA Institute's Level I exam format, 2027 curriculum information, candidate resources and curriculum errata.