CFA® Program Level I Practice Exams: 2026

This course contains the use of artificial intelligence.

Financial analysis questions often turn on a small distinction: a cash flow's date, an accounting assumption, a client's constraint, or the difference between an instrument's price and its current value. Practice identifying that decisive condition before choosing an answer.

Prepare with 360 original questions for the 2026 CFA Program Level I curriculum, arranged as two complete 180-question practice examinations. Each examination is split into two 90-question tests, giving you four session-length tests in total. Allow 135 minutes per test. This course does not cover the 2027 curriculum.

Every question offers three answer choices with one best answer, feedback explaining each choice, a reasoning path and a review suggestion. Calculation explanations show the steps or formula needed to reproduce the result. Use the first attempt under time pressure, then revisit the governing rule and recalculate numerical answers without looking at the key.

What you will practice

• Professional conduct, conflicts, suitability and GIPS scope.
• Returns, probability, sampling, regression, economics and exchange rates.
• Financial reporting, corporate decisions and equity valuation.
• Bond cash flows, yields, credit, interest-rate risk and securitization.
• Derivative payoffs and valuation, alternative investments and portfolio decisions.

The topic mix in each complete examination falls within the published 2026 topic-weight ranges. The questions sample the curriculum's major tasks; two practice examinations do not replace the full curriculum or test every learning outcome.

Study approach

• Read every condition before selecting an answer.
• Review why the alternatives fail, especially where a similar rule would apply under different assumptions.
• Use a fresh timed examination after reviewing your errors rather than treating remembered answers as mastery.

The 70% practice target is a self-study setting, not an official minimum passing score. Practice percentages do not reproduce CFA Institute scoring or predict an examination result. This objective-question course does not complete a Practical Skills Module, register you for an examination or award a credential.

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