CFA® Level I 2026 Practice Exams: Reason, Calculate & Apply

This course contains the use of artificial intelligence.

A cash flow's date, an accounting assumption or a client's constraint can change a financial-analysis answer. These practice exams for the 2026 CFA Program Level I curriculum help you spot the decisive condition, select the relevant rule and check whether the calculation makes sense.

Practise analysis across the curriculum

Work through ethics and professional conduct, quantitative methods, economics, financial reporting, corporate issuers, equity, fixed income, derivatives, alternative investments and portfolio decisions. Questions compare plausible answers rather than treating a remembered formula as sufficient. A valuation result, for example, must still satisfy the model's assumptions.

Each question has three choices and one best answer, feedback explaining every alternative, an overall reasoning path and a review suggestion. Calculation explanations give the steps needed to reproduce the result. Recalculate independently after an attempt and identify whether an error came from timing, units, assumptions or the underlying concept.

Rehearse session-length pacing

The 360 questions form two complete 180-question practice examinations, each split into two 90-question sessions with 135 minutes per session. Attempt a fresh session under timed conditions, review uncertain answers, and return to your study materials before the next examination.

Prior study of the 2026 curriculum and familiarity with a financial calculator are recommended. This resource does not cover the 2027 curriculum or complete a Practical Skills Module. Its 70% study target is not an official minimum passing score or an exam-result prediction.

BrightRung Learning is independent. CFA Institute does not endorse, promote, review or warrant this course's accuracy or quality. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. No official examination questions are included.