Examples of CFA Exam Questions

The questions below are provided as examples of the types of question formats used on CFA exams.

In addition to being familiar with these question formats, you should:
  • Be familiar with the overall analytical framework contained in the study session readings.
  • Focus on learning how to apply the concepts and principles in a variety of situations in which different investment challenges are presented.
  • Remember that every exam question is based on one or more learning outcome statements (LOS).
As you view the example questions, remember that:
  • These questions do not predict what you will see on your exam.
  • The curriculum changes frequently, but some concepts in the study sessions may be superseded by updated rulings issued after a reading was published. You are not responsible for changes that occur after the material was written.
  • Level III essay guideline answers (below) are often more detailed than would be required for full credit on an exam. Bullet points and incomplete sentences are acceptable as long as the meaning is clear and directly responsive to the question. Guideline answers represent one answer that received full credit. Alternative answers may also have received full credit.

Note: All the following links open Adobe PDF documents.

Level I (multiple choice): Examples of  Level I questions

Level II (item set): Examples of Level II item set questions

Level III exams consists of both item set questions and essay questions