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CFA Institute CFA-Level-I Exam Questions
- Topic 1: Ethical and Professional Standards: Covers the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards (GIPS) that all investment professionals are expected to uphold.
- Topic 2: Quantitative Methods: Introduces the mathematical and statistical tools used in finance, including time value of money, probability, hypothesis testing, and regression analysis.
- Topic 3: Economics: Covers micro and macroeconomic principles, market structures, business cycles, monetary and fiscal policy, and international trade and currency exchange.
- Topic 4: Financial Statement Analysis: Focuses on interpreting and analyzing income statements, balance sheets, and cash flow statements to assess a company's financial health and performance.
- Topic 5: Corporate Issuers: Examines how companies are structured and governed, how they make capital structure decisions, and how they manage and allocate capital.
- Topic 6: Equity Investments: Covers equity market structures, security analysis, and valuation methods used to determine the intrinsic value of stocks.
- Topic 7: Fixed Income: Addresses bond markets, fixed income instruments, pricing, yield measures, credit risk, and the impact of interest rate changes on bond values.
- Topic 8: Derivatives: Introduces derivative instruments including forwards, futures, options, and swaps, along with their valuation and risk management applications.
- Topic 9: Alternative Investments: Provides an overview of non-traditional asset classes such as hedge funds, private equity, real estate, commodities, and infrastructure.
- Topic 10: Portfolio Management: Covers the foundational concepts of portfolio construction, risk and return, diversification, and an introduction to investment planning for individuals and institutions.
Free CFA Institute CFA-Level-I Exam Actual Questions
Note: Premium Questions for CFA-Level-I were last updated On Apr. 14, 2026 (see below)
Andy Pilling is a bond trading specialist who recently started a special fund, the "Structured Bond Fund." The strategy behind this fund is quite complex, involving a mix of highly speculative, high-yield bonds and various tax-free municipal bonds for some stability. Andy has a strong view that the economy will remain vibrant and bullish over the next two years and hence, is not worried about the risky bonds. Assuming a falling rate scenario in this case allows the fund to project an expected return 130 basis points above the S&P 500 return. In his special report, Pilling does not disclose such assumptions nor does he reveal any details about the bond strategy. He does analyze the state of the economy and the future outlook in the report. Based on his reputation and his association with some big name academics, Pilling is able to obtain capital of close to 75 million dollars on this fund alone. Andy has:
With regard to real estate, all properties must be included in at least one ________.
According to the AIMR-PPS for venture and private placements, ________ internal rate of return must be presented since inception of the fund and be net of fees, expenses and carry to the limited partner.
Tracy company reports the following in its statement of cash flows:
Net Income$1,000
Depreciation and Amortization350
Decrease (Increase) in Accounts receivable(10)
Decrease (increase) in inventory200
Decrease (increase) in prepaid expenses80
Increase (decrease) in trade payables(300)
Increase (decrease) in taxes payable75
Cash Flow from operations1,395
If Tracy shows cost of goods sold of $2,050 on its income statement, cash paid to suppliers is ________.
For ________ of five or fewer portfolios, the disclosure "five or fewer portfolios" may be made rather than a disclosure of the exact number of portfolios.
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