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Sample practice questions
Six free questions with full explanations — answers revealed.
According to the CFA Institute Code of Ethics, which of the following is a member's PRIMARY obligation?
Standard III(A) requires members to place client interests above all others, including employer interests.
A bond with a modified duration of 6.5 will experience an approximate price change of _____ if yields rise by 75 bps.
Price change ≈ −Modified Duration × ΔYTM = −6.5 × 0.0075 = −4.875%. Prices fall when yields rise.
Under the constant-growth DDM, which factor will NOT affect the intrinsic value of a stock?
The Gordon Growth Model: V = D₁ / (r − g). Dividends, required return and growth affect value; a logo does not.
A long forward position on a stock with no dividends has a value at expiration equal to:
A long forward profits when the spot price at expiration (Sₜ) exceeds the agreed forward price (F₀). Value = Sₜ − F₀.
An investor's utility function is U = E(r) − 0.5 × A × σ². With A = 3, E(r) = 12%, σ = 20%, what is their utility?
U = 0.12 − 0.5 × 3 × (0.20)² = 0.12 − 0.06 = 0.06.
Which of the following is classified as a financing activity on the cash flow statement?
Financing activities include transactions with capital providers — dividends paid to shareholders is a financing outflow under US GAAP.
Formula reference sheets
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Free study guides
In-depth guides written by Prof. Rahul Malkan's team for every stage of prep.
CFA Level I — Complete Curriculum Roadmap
Reading-by-reading study plan with time estimates, difficulty ratings, and key formulas.
Ethics & Professional Standards Deep Dive
The most important topic for CFA success. Complete scenario analysis and common pitfalls.
How to Study for CFA: 300-Hour Framework
Proven schedule broken down by week and domain — covers all three levels.
Mock Exam Strategy Guide
Time management, question prioritisation, and avoiding common exam-day traps.
CFA Level II Vignette Mastery
Step-by-step approach to reading and answering item-set questions efficiently.
Exam-day tips from toppers
Spend the first 60 seconds scanning all questions before answering any.
Ethics questions often have two plausible answers — the difference is always in the detail of the Code.
For fixed income and derivatives, draw timelines before calculating.
Eliminate obvious wrong answers first; then reason between the remaining two.
If unsure, guess — there is no negative marking on the CFA exam.
Don't spend more than 90 seconds on any single question during the exam.
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