CFA Level I practice by topic

• ethics — 74 free questions
• equity — 71 free questions
• fixed-income — 64 free questions
• fsa — 50 free questions
• quant — 49 free questions
• derivatives — 33 free questions
• econ — 31 free questions
• pm — 31 free questions
• corp — 28 free questions
• alts — 21 free questions

How do I study for CFA Level I?

Treat it as a problem-solving marathon: ethics every week, then dense reps in FSA, equity, and fixed income. KomFi gives you 2,000 CFA-style questions with full explanations, 1,000 flashcards, a Level I glossary, and a 180-question / 4.5-hour simulation.

How hard is CFA Level I?

Pass rates often land in the mid-40% range. Candidates who pass usually log hundreds of hours of deliberate practice with honest feedback — not passive reading alone.

Where can I find free CFA Level I practice questions?

KomFi publishes free CFA Level I practice here. Basic includes 50 questions every 2 weeks with explanations; Pro unlocks the full bank, flashcards, and full simulations. KomFi Academy is independent and not affiliated with or endorsed by CFA Institute. CFA® is a registered trademark of CFA Institute.

Free CFA Level I practice questions

1. A private equity fund is being liquidated. The General Partner (GP) is required to return a portion of the car
2. A private equity fund managed by Oakridge Capital uses an American waterfall structure. This means that carrie
3. If the fund's gross return is 4%, what is the performance fee?
4. Oakridge Capital is analyzing 'Fallen Angels' in the fixed income market. A fallen angel is defined as a bond
5. Kestrel Grid operates a fund with a 2% management fee (on beginning assets) and a 20% incentive fee with a hig
6. Sable Payments charges a 'soft hurdle' of 7%. If the fund achieves a gross return of 10%, the incentive fee is
7. What is 'Carried Interest' in the context of a private equity fund?
8. A fund manager at Kestrel Grid is currently 'under water.' This most likely implies that:
9. If the fund gains 15% in the following period, on what portion of the gain can the manager charge an incentive
10. An analyst at Redhook Ports is evaluating a private infrastructure fund. During the investment period, managem
11. Northline Timber's private equity consultant notes that 'backfill bias' is affecting their benchmark data. Thi
12. Kestrel Grid Partners reports the following metrics for its private equity fund: DPI = 0.40x and RVPI = 0.75x.
13. In the context of the J-curve, what does 'appraisal smoothing' do to the reported risk metrics of an alternati
14. Juniper Health's hurdle rate is 8%. If the fund earns a 7.5% return net of management fees, what is the incent
15. Redhook Ports invests in a 'Brownfield' infrastructure project. This means the project is:
16. Which of the following metrics is the most effective 'audited truth' about how much cash an investor has recei
17. Northline Timber notes that timberland returns include 'biological growth.' This component of return is unique
18. What is the Distributed to Paid-In (DPI) multiple?
19. Juniper Health sees a facility with a 12.0% cap rate and a $2.4 million NOI. If the property is purchased with
20. If the required rate of return (r) is 9.0%, what is the implied constant growth rate (g) embedded in this cap
21. Redhook Ports is evaluating a terminal worth $80.0 million based on a 6.0% cap rate. If NOI increases by 10% a
22. Which component of the WACC formula is typically the most difficult to estimate with precision?
23. Oakridge Capital finds that Project X has a much larger initial outlay than Project Y. Even if Project Y has a
24. Helion Rail is comparing Project A (NPV = $10,000) and Project B (NPV = $8,000). The projects are mutually exc
25. A price-weighted index contains three stocks priced at 20, 50, and 90. If the 90 stock undergoes a 3-for-1 sto