CFA Level I Aligned - 50 Free Questions + 10 Premium Sections

CFA Level I Examination

A structured, learner-friendly pathway for CFA Level I candidates covering ethics, quantitative methods, economics, financial reporting, corporate finance, equity, fixed income, derivatives, alternative investments, and portfolio management.

▶  50 Free Questions 10 Core Topic Areas Concept, Calculation & Scenario Revision Investment Tools, Valuation & Portfolio Coverage 10 Structured Sections
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Premium ExercisesAcross 10 sections
10
Core Topic AreasCFA Level I
10
Learning SectionsStructured study route
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Start with 50 Free CFA Level I Practice Questions

Before moving into the premium sections, try 50 free CFA Level I questions drawn from across the 10 topic areas. Use them to test your starting point, identify weak topics, and become more comfortable with ethics, quantitative methods, economics, financial statements, valuation, risk, and portfolio concepts.

Ethics Quantitative Methods Economics Financial Statement Analysis Corporate Issuers Equity Investments Fixed Income Derivatives Alternative Investments Portfolio Management
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CFA Level I aligned
CFA Level I Core Topic Areas

The Ten Topic Areas Behind CFA Level I

The CFA Level I curriculum is organized around 10 core topic areas. This page converts those areas into practical study sections so candidates can move quickly from topic overview to focused practice.

Important: The 10 CFA Level I topic areas are reflected directly below. Each premium section gives candidates a focused route for practising knowledge, interpretation, calculation, and basic analytical application.
15-20% weight

Ethical and Professional Standards

Covers professional conduct, fiduciary duty, integrity, conflicts, market conduct, client responsibilities, and ethical decision-making.

6-9% weight

Quantitative Methods

Develops time value of money, probability, statistics, sampling, hypothesis testing, regression, and quantitative finance skills.

6-9% weight

Economics

Explains microeconomics, macroeconomics, monetary and fiscal policy, exchange rates, trade, business cycles, and indicators.

11-14% weight

Financial Statement Analysis

Focuses on financial reporting, statements, accounting quality, ratios, cash flows, IFRS, US GAAP, and performance analysis.

6-9% weight

Corporate Issuers

Covers governance, capital budgeting, cost of capital, leverage, payout policy, working capital, and corporate finance decisions.

11-14% weight

Equity Investments

Introduces equity markets, securities, market efficiency, industry analysis, company analysis, and equity valuation methods.

11-14% weight

Fixed Income

Covers bond features, pricing, yields, rates, duration, convexity, securitization, credit risk, and fixed-income valuation.

5-8% weight

Derivatives

Introduces forwards, futures, options, swaps, payoff logic, pricing basics, hedging, risk transfer, and arbitrage principles.

7-10% weight

Alternative Investments

Examines real estate, private equity, hedge funds, commodities, infrastructure, venture capital, and diversification benefits.

8-12% weight

Portfolio Management and Wealth Planning

Integrates risk-return, diversification, portfolio theory, IPS, asset allocation, behavioural finance, and performance measurement.

How to use this page: review the 10 core topic areas, then use the section cards to practise ethics, quantitative methods, economics, financial statement analysis, corporate issuers, equity, fixed income, derivatives, alternative investments, and portfolio management in a targeted way.
Exam Coverage

What This CFA Level I Page Covers

This page organizes CFA Level I preparation into 10 clear learning sections so candidates can revise investment tools, financial reporting, economics, valuation, corporate finance, risk management, alternatives, and portfolio foundations in a structured way.

All 10 sections are Premium. An access code is required to open each premium exercise.
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Unlock deeper practice, stronger recall, and better exam confidence. Move beyond the free questions with a large premium bank designed to help you practise repeatedly, identify weak areas, and prepare for CFA Level I with discipline and structure.
Study Tip

Move between ethics, quantitative methods, economics, reporting, valuation, risk, derivatives, alternatives, and portfolio management so the CFA Level I topic areas connect naturally.

Section 1

Ethical and Professional Standards

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Master the professional conduct, fiduciary responsibility, market integrity, client-first duties, and ethical decision-making expected of CFA Level I candidates and investment professionals.

  • Ethics and trust in the investment profession, including the CFA Institute Code of Ethics
  • Standards of Professional Conduct covering duties to clients, employers, and capital markets
  • Material nonpublic information, misrepresentation, misconduct, fair dealing, and suitability
  • Conflicts of interest, research objectivity, record retention, and supervisory responsibilities
  • Ethical decision-making frameworks and introductory Global Investment Performance Standards awareness
  • Professional judgement, client responsibility, regulatory awareness, and market integrity
1 Exercise 1 2 Exercise 2
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Section 2

Quantitative Methods

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Build the mathematical and statistical toolkit required for valuation, portfolio analysis, risk interpretation, probability, regression, hypothesis testing, and data-driven investment decisions.

  • Time value of money, discounted cash flow, annuities, perpetuities, and interest rate calculations
  • Descriptive statistics, variance, standard deviation, probability distributions, and conditional probability
  • Bayes theorem, sampling, estimation, hypothesis testing, correlation, and regression analysis
  • Simulation methods, portfolio mathematics, and quantitative interpretation of financial uncertainty
  • Introductory machine learning and big data applications in finance
  • Financial mathematics, statistical reasoning, risk analysis, and forecasting interpretation
1 Exercise 1 2 Exercise 2
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Section 3

Economics

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Understand the microeconomic, macroeconomic, monetary, fiscal, exchange-rate, international trade, and geopolitical concepts that shape investment markets and corporate performance.

  • Demand and supply analysis, market structures, consumer behaviour, production, costs, and pricing mechanisms
  • Business cycles, GDP, growth, inflation, deflation, fiscal policy, and monetary policy
  • Central banking systems, interest rates, exchange rates, currency mechanisms, and capital flows
  • International trade, economic indicators, and geopolitical influences on markets
  • How economic events affect equities, fixed income, exchange rates, profitability, and investment strategy
  • Macroeconomic interpretation, policy analysis, forecasting, and currency market understanding
1 Exercise 1 2 Exercise 2
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Section 4

Financial Statement Analysis

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Develop the ability to read, interpret, compare, and evaluate corporate financial statements, accounting quality, ratios, cash flows, and reporting differences under IFRS and US GAAP.

  • Financial reporting framework, income statement, balance sheet, and cash flow statement analysis
  • Revenue recognition, inventories, long-lived assets, taxes, leases, financial liabilities, and equity
  • Financial reporting quality, earnings quality, accounting adjustments, and company performance evaluation
  • Profitability, liquidity, solvency, efficiency, and cash flow ratio analysis
  • IFRS versus US GAAP differences and practical interpretation of financial statements
  • Financial interpretation, ratio analysis, accounting evaluation, and corporate performance assessment
1 Exercise 1 2 Exercise 2
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Section 5

Corporate Issuers

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Study how companies make governance, investment, financing, dividend, leverage, working capital, capital budgeting, cost of capital, and ESG-related corporate finance decisions.

  • Corporate governance, stakeholder management, corporate objectives, and ESG considerations
  • Capital budgeting, net present value, internal rate of return, and investment decision evaluation
  • Cost of capital, leverage concepts, capital structure, and financing choices
  • Dividend policy, share repurchases, working capital management, and corporate restructuring
  • How corporate decisions affect shareholder value and investment analysis
  • Capital allocation analysis, corporate valuation support, and financial strategy understanding
1 Exercise 1 2 Exercise 2
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Section 6

Equity Investments

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Learn how equity markets operate and how analysts evaluate securities, industries, market efficiency, company fundamentals, valuation methods, price multiples, and investing styles.

  • Market organization and structure, equity securities, exchanges, indices, and market participants
  • Market efficiency, industry analysis, competitive analysis, and company analysis
  • Equity valuation methods including dividend discount models and price multiples
  • Growth investing, value investing, and interpretation of intrinsic value drivers
  • How analysts assess stocks, sectors, and market opportunities
  • Equity valuation, industry assessment, market interpretation, and stock analysis
1 Exercise 1 2 Exercise 2
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Section 7

Fixed Income

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Build a foundation in bond markets, debt instruments, yield measures, bond pricing, duration, convexity, credit risk, securitization, and interest-rate-sensitive valuation.

  • Bond features, structures, government bonds, corporate bonds, and fixed-income markets
  • Asset-backed securities, mortgage-backed securities, securitization, and bond cash-flow structures
  • Bond pricing, yield measures, spot rates, forward rates, duration, and convexity
  • Credit risk, interest rate risk, and fixed-income valuation under changing rate environments
  • How fixed-income securities are priced, valued, and interpreted in portfolios
  • Bond valuation, interest rate analysis, credit assessment, and fixed-income portfolio interpretation
1 Exercise 1 2 Exercise 2
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Section 8

Derivatives

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Understand the structure, purpose, payoff logic, pricing basics, margin requirements, arbitrage principles, and risk management uses of forwards, futures, options, and swaps.

  • Forward contracts, futures contracts, options, swaps, and derivative market structures
  • Derivative pricing basics, payoff structures, margins, and contract settlement logic
  • Hedging strategies, speculation, risk transfer, arbitrage principles, and portfolio adjustment
  • How derivatives are used to manage exposures and reshape investment risk
  • Scenario interpretation for contract behaviour under changing market conditions
  • Derivative interpretation, contract analysis, risk management understanding, and hedging evaluation
1 Exercise 1 2 Exercise 2
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Section 9

Alternative Investments

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Explore investment categories beyond traditional equities and bonds, including real estate, private equity, hedge funds, commodities, infrastructure, and venture capital.

  • Real estate investments, private equity, hedge funds, commodities, infrastructure, and venture capital
  • Alternative investment structures, liquidity characteristics, risk-return profiles, and fee considerations
  • Diversification benefits, correlation risk, institutional portfolio roles, and return enhancement potential
  • How alternative assets differ from public equities and fixed-income securities
  • Risk-return interpretation and suitability within broader portfolio construction
  • Portfolio diversification analysis, alternative asset evaluation, and institutional investment awareness
1 Exercise 1 2 Exercise 2
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Section 10

Portfolio Management and Wealth Planning

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Integrate CFA Level I concepts into portfolio construction, risk-return analysis, diversification, asset allocation, investor suitability, behavioural finance, and performance measurement.

  • Portfolio risk and return, modern portfolio theory, diversification, and efficient portfolio concepts
  • Capital market expectations, investment policy statements, asset allocation, and investor constraints
  • Behavioural finance, risk management, wealth planning concepts, and performance measurement
  • How portfolio managers align investments with investor objectives and constraints
  • Connections between asset valuation, ethics, economics, and portfolio decision-making
  • Portfolio construction, risk management, asset allocation, and investor suitability analysis
1 Exercise 1 2 Exercise 2
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This 10-section structure supports stronger CFA Level I preparation by breaking the syllabus into manageable learning areas while showing how ethics, quantitative tools, economics, reporting, valuation, fixed income, derivatives, alternatives, and portfolio management connect in investment practice.

CFA Level I Aligned 10-Section Layout Level I Focus Targeted Revision
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Choose a CFA Level I Practice Section

Open any section directly to begin focused revision. Topic-based practice makes it easier to strengthen weak areas, connect the CFA Level I topic areas, and build confidence before the exam.

1000 Premium Exercises Premium sections, access code required. All 10 sections require a valid access code. Unlock the 1000-exercise premium bank to practise more widely, reinforce weak topics, and approach the CFA Level I exam with greater confidence. Buy a voucher or activate your code to unlock full access. Want to try first? Start the 50 free questions above, no code needed.

Each section contains Exercise 1 and Exercise 2. Both exercise links open in a new window.

CFA Level I Preparation Overview

Why This CFA Level I Page Is Stronger and Easier to Use

This page does more than list CFA Level I topic headings. It gives candidates a practical revision pathway through the Level I curriculum, with clearer organization and faster movement from topic overview to focused practice.

The structure separates CFA Level I preparation into recognizable investment domains so candidates can quickly identify whether they need to review ethics, quantitative methods, economics, financial reporting, corporate issuers, equity, fixed income, derivatives, alternative investments, or portfolio management.

This is especially useful for candidates who want a more manageable way to revise CFA Level I, strengthen topic-to-topic understanding, and improve their ability to answer knowledge, interpretation, calculation, and application-style questions instead of memorizing isolated facts.

Ethics and Investment Tools Strengthen core understanding of professional conduct, quantitative methods, economics, and financial statement analysis.
Valuation, Risk, and Asset Classes Improve handling of corporate issuers, equity valuation, fixed income, derivatives, alternative investments, and portfolio construction.
Structured Preparation Use the 10-section format to revise deliberately instead of treating the CFA Level I syllabus as one undefined mass.

Why Use This Page

Designed for clear, focused, and manageable CFA Level I preparation.

  • Study one major CFA Level I topic area at a time instead of mixing too many topics at once.
  • Build confidence in both conceptual understanding and practical exam application.
  • Use the section structure to identify weak areas and revise with more control.
  • Progress through CFA Level I with a clearer pathway across the major investment learning areas.

Why This Structure Works for CFA Candidates

Better Diagnosis of Weak Areas Section-based study helps candidates see whether difficulties come from ethics, quantitative techniques, economics, financial reporting, valuation, fixed income, derivatives, alternatives, or portfolio concepts.
More Efficient Revision Flow Candidates can alternate among ethics, formulas, financial statement interpretation, economic reasoning, valuation, risk, derivatives, and portfolio topics for a more balanced preparation routine.
Stronger Exam Readiness Focused topic review supports better concept recognition, calculation accuracy, interpretation, and confidence across CFA Level I questions.
Have Questions?

Frequently Asked Questions

Common questions from CFA Level I candidates about the exam, this preparation page, and how to use it effectively.

What topic areas make up the CFA Level I examination?

CFA Level I is organized around 10 core topic areas: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management and Wealth Planning.

Why is this page divided into 10 sections?

The 10-section structure follows the CFA Level I topic areas and makes revision easier. Candidates can focus on one investment knowledge domain at a time, then connect ethics, tools, reporting, valuation, asset classes, and portfolio management during practice.

What is the difference between Exercise 1 and Exercise 2?

Each section has two separate exercise sets so candidates can practise the same learning area more than once. Exercise 1 focuses on core understanding, while Exercise 2 goes deeper into interpretation, calculations, valuation logic, risk analysis, and exam-style application.

Do I need a voucher or access code to use the premium practice sections?

Yes. All 10 premium sections, including both exercises in each section, require a valid access code. The 50 free questions at the top of the page remain available without an access code.

Which CFA Level I section should I start with?

Start with Ethical and Professional Standards if you want to build the professional foundation first. If you prefer a tools-first route, begin with Quantitative Methods and Financial Statement Analysis, then move into economics, asset classes, and portfolio management.

Does this page cover valuation and portfolio topics?

Yes. Equity Investments, Fixed Income, Derivatives, Alternative Investments, Corporate Issuers, and Portfolio Management and Wealth Planning all support valuation, risk interpretation, asset allocation, and investment decision-making.

Can I use this page for last-minute CFA Level I revision?

Yes. The layout is useful for targeted revision because each section isolates a major topic area. For last-minute preparation, identify weak sections, complete both exercises, and review explanations carefully. The 50 free questions can also serve as a quick warm-up before deeper practice.