CFA Level I practice by topic

• ethics — 95 free questions
• fsa — 86 free questions
• fixed-income — 83 free questions
• equity — 80 free questions
• corp — 60 free questions
• pm — 57 free questions
• quant — 56 free questions
• alts — 51 free questions
• econ — 46 free questions
• derivatives — 23 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 3,000 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 week 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. Which of the following is *not* typically considered one of the three primary levers of value creation in an L
2. A private equity fund managed by Oakridge Capital uses an American waterfall structure. This means that carrie
3. A private equity fund is being liquidated. The General Partner (GP) is required to return a portion of the car
4. If the fund's gross return is 4%, what is the performance fee?
5. What is 'Carried Interest' in the context of a private equity fund?
6. A fund manager at Kestrel Grid is currently 'under water.' This most likely implies that:
7. If the fund gains 15% in the following period, on what portion of the gain can the manager charge an incentive
8. The management fee for Year 2 is calculated on:
9. Sable Payments charges a 'soft hurdle' of 7%. If the fund achieves a gross return of 10%, the incentive fee is
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. The fund's Total Value to Paid-In (TVPI) multiple is closest to:
13. In the context of the J-curve, what does 'appraisal smoothing' do to the reported risk metrics of an alternati
14. Northline Timber notes that timberland returns include 'biological growth.' This component of return is unique
15. Which of the following metrics is the most effective 'audited truth' about how much cash an investor has recei
16. Redhook Ports invests in a 'Brownfield' infrastructure project. This means the project is:
17. Juniper Health's hurdle rate is 8%. If the fund earns a 7.5% return net of management fees, what is the incent
18. What is the Distributed to Paid-In (DPI) multiple?
19. If the property is purchased with 50% leverage at a 6.0% interest rate, the cash-on-cash return on equity is:
20. If NOI increases by 10% and the cap rate simultaneously expands to 6.6%, the value of the terminal:
21. If the required rate of return (r) is 9.0%, what is the implied constant growth rate (g) embedded in this cap
22. The most likely impact on the J-curve is that it will:
23. Solstice Utilities manages a portfolio of energy futures. If the storage costs for the underlying commodity si
24. Harbourlight REIT is looking into timberland and other natural resources. They find that the roll yield for a
25. All else equal, which index is more likely to provide a higher total return to a long investor?