Medium CFA Level I Practice Questions

297 free medium-difficulty CFA Level I questions, drawn live from KomFi's calibrated bank. The exam backbone: the difficulty band where most scoring happens.

1. A private equity fund managed by Oakridge Capital uses an American waterfall structure. This means that carrie
2. An analyst at Redhook Ports is evaluating a private infrastructure fund. During the investment period, managem
3. Northline Timber's private equity consultant notes that 'backfill bias' is affecting their benchmark data. Thi
4. The fund's Total Value to Paid-In (TVPI) multiple is closest to:
5. In the context of the J-curve, what does 'appraisal smoothing' do to the reported risk metrics of an alternati
6. Northline Timber notes that timberland returns include 'biological growth.' This component of return is unique
7. Which of the following metrics is the most effective 'audited truth' about how much cash an investor has recei
8. Redhook Ports invests in a 'Brownfield' infrastructure project. This means the project is:
9. Juniper Health's hurdle rate is 8%. If the fund earns a 7.5% return net of management fees, what is the incent
10. What is the Distributed to Paid-In (DPI) multiple?
11. The investor's net return for Year 1 is closest to:
12. If the spot price remains constant over the next six months, the expected roll yield for a long position is:
13. If the REIT chooses the 'Fair Value' model for its investment property, changes in the property's value are re
14. An analyst at Lumen Credit is studying 'survivorship bias' in hedge fund indices. This bias most likely result
15. Amberfen Pharma receives venture capital funding in a 'Serie… — In the context of private equity, this stage i
16. Pinion Logistics is being modeled in a leveraged buyout. If the transaction uses 60% debt and 40% equity, and
17. The Total Value to Paid-In (TVPI) ratio is closest to:
18. If market conditions cause the required capitalization rate to increase from 5.2% to 6.0%, what is the estimat
19. Quill & Ash Partners is reviewing a commodity futures curve that is in 'contango'. In this environment, an inv
20. The analyst's most appropriate conclusion is that the reported volatility:
21. Solstice Utilities is reviewing an investment in 'Brownfield… — Which of the following is a key characteristic
22. If the spot rate is 1.0800 USD/EUR, the 360-day USD interest rate is 5%, and the 360-day EUR interest rate is
23. Lumen Credit is a hedge fund that utilizes 'side pockets'. The primary purpose of this structural feature is t
24. The fund's primary source of leverage is most likely:
25. Harbourlight REIT uses a 'European waterfall' for its private real estate fund. This structure is generally co
26. Ironvale Mining utilizes a 'collateral yield' as part of its commodity return. This yield is earned on:
27. Solstice Utilities invests in a 'brownfield' infrastructure project. This project is most likely to offer:
28. If the required return is 10%, the Profitability Index (PI) is closest to:
29. If the projects have the same initial outlay, the crossover rate is most sensitive to differences in:
30. Which of the following would cause a project's NPV profile to shift vertically upward (higher NPV at all rates

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