CFA Level I – Full Mock Exam 2025 – Complete Practice Questions with Answer Key and Explanations

CFA Level I Mock Exam – Full Paper
Prepared for Commercial Distribution
(EXAM DATE: 20th MAY- 26th MAY, 2025)




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, INSTRUCTIONS

• This exam consists of 60 multiple choice questions (MCQs).
• Duration: 90 Minutes
• Choose the best answer for each question.
• No penalty for incorrect answers.
• Calculators are allowed.


Questions:
1. 1. According to the CFA Institute Code of Ethics, CFA members must:

 A. Maximize profits for their clients regardless of the law.
 B. Place client interests above their own.
 C. Always follow local law over the CFA Code.
 D. Avoid taking any investment risks.

Answer: B

2. 2. The future value of $1,000 invested at 6% annual interest for 3 years is closest to:

 A. $1,180
 B. $1,191
 C. $1,200
 D. $1,215

Answer: B

3. 3. An increase in interest rates is most likely to:

 A. Stimulate economic growth.
 B. Reduce the cost of borrowing.
 C. Decrease consumer spending.
 D. Increase inflation.

Answer: C

4. 4. Under IFRS, interest paid can be classified as:

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