CFA Level I Examination: 100 Practice
Questions with Answers and Detailed
Rationales
Question 1. What is the total number of questions on the CFA Level I examination?
A) 120 questions
B) 150 questions
C) 180 questions
D) 200 questions
Answer: C
Rationale: The CFA Level I exam consists of 180 multiple-choice questions, split evenly across two
sessions of 90 questions each .
Question 2. How much time is allotted for each session of the CFA Level I examination?
A) 1 hour and 30 minutes
B) 2 hours
C) 2 hours and 15 minutes
D) 2 hours and 30 minutes
,Answer: C
Rationale: Each session is 2 hours and 15 minutes (135 minutes). The total exam time is 4 hours and 30
minutes (270 minutes) .
Question 3. What is the total duration of the CFA Level I examination?
A) 3 hours
B) 3 hours and 30 minutes
C) 4 hours
D) 4 hours and 30 minutes
Answer: D
Rationale: The total exam time is 270 minutes (4 hours and 30 minutes), consisting of two 135-minute
sessions with an optional 30-minute break in between .
Question 4. How are the 180 questions distributed across the two sessions?
A) 100 in Session 1, 80 in Session 2
B) 90 in Session 1, 90 in Session 2
C) 80 in Session 1, 100 in Session 2
D) 120 in Session 1, 60 in Session 2
Answer: B
,Rationale: The 180 multiple-choice questions are split equally, with 90 questions in each session .
Question 5. What topics are typically covered in Session 1 of the CFA Level I exam?
A) Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments, Portfolio Management
B) Ethics, Quantitative Methods, Economics, Financial Statement Analysis
C) Portfolio Management, Equity, Fixed Income
D) Ethics, Economics, Corporate Issuers, Portfolio Management
Answer: B
Rationale: Session 1 covers Ethical and Professional Standards, Quantitative Methods, Economics, and
Financial Statement Analysis .
Question 6. What topics are typically covered in Session 2 of the CFA Level I exam?
A) Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio
Management
B) Ethics, Quantitative Methods, Economics, Financial Statement Analysis
C) Ethics, Corporate Issuers, Economics
D) Quantitative Methods, Fixed Income, Derivatives
Answer: A
, Rationale: Session 2 covers Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative
Investments, and Portfolio Management .
Question 7. What is the format of the CFA Level I examination?
A) Essay questions only
B) Multiple-choice questions with three answer choices
C) Multiple-choice questions with four answer choices
D) A combination of multiple-choice and essay
Answer: B
Rationale: The CFA Level I exam uses multiple-choice questions with exactly three answer choices (A, B,
or C). The format does not include essay questions at Level I .
Question 8. Is there negative marking on the CFA Level I examination?
A) Yes, there is a penalty for wrong answers
B) No, there is no negative marking
C) Yes, but only for unanswered questions
D) Only for certain topics
Answer: B
Rationale: There is no negative marking on the CFA exam. Incorrect or blank answers receive zero points
but do not penalize the accumulated score. Candidates should answer every question .
Questions with Answers and Detailed
Rationales
Question 1. What is the total number of questions on the CFA Level I examination?
A) 120 questions
B) 150 questions
C) 180 questions
D) 200 questions
Answer: C
Rationale: The CFA Level I exam consists of 180 multiple-choice questions, split evenly across two
sessions of 90 questions each .
Question 2. How much time is allotted for each session of the CFA Level I examination?
A) 1 hour and 30 minutes
B) 2 hours
C) 2 hours and 15 minutes
D) 2 hours and 30 minutes
,Answer: C
Rationale: Each session is 2 hours and 15 minutes (135 minutes). The total exam time is 4 hours and 30
minutes (270 minutes) .
Question 3. What is the total duration of the CFA Level I examination?
A) 3 hours
B) 3 hours and 30 minutes
C) 4 hours
D) 4 hours and 30 minutes
Answer: D
Rationale: The total exam time is 270 minutes (4 hours and 30 minutes), consisting of two 135-minute
sessions with an optional 30-minute break in between .
Question 4. How are the 180 questions distributed across the two sessions?
A) 100 in Session 1, 80 in Session 2
B) 90 in Session 1, 90 in Session 2
C) 80 in Session 1, 100 in Session 2
D) 120 in Session 1, 60 in Session 2
Answer: B
,Rationale: The 180 multiple-choice questions are split equally, with 90 questions in each session .
Question 5. What topics are typically covered in Session 1 of the CFA Level I exam?
A) Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments, Portfolio Management
B) Ethics, Quantitative Methods, Economics, Financial Statement Analysis
C) Portfolio Management, Equity, Fixed Income
D) Ethics, Economics, Corporate Issuers, Portfolio Management
Answer: B
Rationale: Session 1 covers Ethical and Professional Standards, Quantitative Methods, Economics, and
Financial Statement Analysis .
Question 6. What topics are typically covered in Session 2 of the CFA Level I exam?
A) Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio
Management
B) Ethics, Quantitative Methods, Economics, Financial Statement Analysis
C) Ethics, Corporate Issuers, Economics
D) Quantitative Methods, Fixed Income, Derivatives
Answer: A
, Rationale: Session 2 covers Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative
Investments, and Portfolio Management .
Question 7. What is the format of the CFA Level I examination?
A) Essay questions only
B) Multiple-choice questions with three answer choices
C) Multiple-choice questions with four answer choices
D) A combination of multiple-choice and essay
Answer: B
Rationale: The CFA Level I exam uses multiple-choice questions with exactly three answer choices (A, B,
or C). The format does not include essay questions at Level I .
Question 8. Is there negative marking on the CFA Level I examination?
A) Yes, there is a penalty for wrong answers
B) No, there is no negative marking
C) Yes, but only for unanswered questions
D) Only for certain topics
Answer: B
Rationale: There is no negative marking on the CFA exam. Incorrect or blank answers receive zero points
but do not penalize the accumulated score. Candidates should answer every question .
