{"id":4006,"date":"2025-08-18T14:56:43","date_gmt":"2025-08-18T22:56:43","guid":{"rendered":"https:\/\/mcclatchymhstg.wpenginepowered.com\/sabe-careers-education\/?p=4006"},"modified":"2025-09-04T19:58:11","modified_gmt":"2025-09-05T03:58:11","slug":"cfa-exam-practice-questions","status":"publish","type":"post","link":"https:\/\/www.sacbee.com\/careers-education\/cfa-exam-practice-questions\/","title":{"rendered":"Guide to CFA\u00ae Exam Questions (+ Practice Questions)"},"content":{"rendered":" <p class=\"wp-block-paragraph\">If you\u2019re thinking about becoming a CFA\u00ae charterholder\u2014or you\u2019re already knee-deep in prep mode\u2014you\u2019re probably getting anxious about the big day. In particular, answering those questions correctly. Here\u2019s something you should know: a large number of CFA\u00ae candidates get tripped up because they focus so hard on studying content that they forget to learn the format. <\/p> <p class=\"wp-block-paragraph\">And honestly? <strong>The format matters. A <\/strong><strong><em>lot<\/em><\/strong><strong>.<\/strong><\/p> <p class=\"wp-block-paragraph\">So whether you\u2019re eyeing the CFA\u00ae Level I exam or staring down the Level III beast, this guide breaks down what you\u2019ll face at each stage. I\u2019ll even help you spot some sneaky wording tricks the CFA Institute likes to throw in. There are even practice question sets for every question type and every level. <\/p> <p class=\"wp-block-paragraph\">Let\u2019s dig in!<\/p> <p class=\"custom_key wp-block-paragraph\"><strong>Key Takeaways<\/strong><\/p> <ul class=\"wp-block-list custom_underline\"> <li><strong>Know the Format First:<\/strong> Understanding the structure of CFA\u00ae exam questions is just as important as knowing the material itself.<\/li> <li><strong>Each Level Gets Tougher:<\/strong> From basic definitions at <a href=\"https:\/\/www.sacbee.com\/careers-education\/cfa-level-1-exam\/\">Level I<\/a> to full-on essay analysis at Level III, the exam evolves as you go.<\/li> <li><strong>Practice With Purpose:<\/strong> Focused practice using CFA\u00ae exam-style questions helps you get comfortable with both the content and the time pressure.<\/li> <li><strong>Don\u2019t Fear the Vignette:<\/strong> For Levels II and III, learning to break down item sets and case studies is key to scoring well.<\/li> <li><strong>Stay Cool, Stay Consistent:<\/strong> Success isn\u2019t about cramming\u2014it\u2019s about steady, strategic studying and learning how to think like the exam.<\/li> <\/ul> <h2 class=\"wp-block-heading\" id=\"h-what-to-expect-on-the-cfa-exams-without-the-panic\"><strong>What to Expect on the CFA\u00ae Exams (Without the Panic)<\/strong><\/h2> <p class=\"wp-block-paragraph\">Let\u2019s break it down level by level. You\u2019ve got three in total, and each one steps up its game, starting with understanding terms and ending with applying everything like a seasoned analyst.<\/p> <h3 class=\"wp-block-heading\" id=\"h-cfa-level-i-exam-learn-the-basics-then-learn-them-again\"><strong>CFA\u00ae Level I Exam: Learn the Basics (Then Learn Them Again)<\/strong><\/h3> <p class=\"wp-block-paragraph\">This is your intro to the world of finance and investment analysis (and trying to remember what \u201cpresent value\u201d actually means after your third coffee of the day). It\u2019s all about recognizing terms, formulas, and basic concepts.<\/p> <h4 class=\"wp-block-heading\" id=\"h-format\"><strong>Format<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>180 multiple-choice questions<\/li> <li>Two sessions, each 135 minutes long<\/li> <li>90 questions per session<\/li> <li>All questions are equally weighted\u2014no trick scoring<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-question-style\"><strong>Question Style<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>Every question has 3 answer choices (A, B, or C)<\/li> <li>Two types: sentence completions and direct questions<\/li> <li>Example format:<br><strong>&#8220;Which of the following is most likely&#8230;&#8221;<\/strong> or<br><strong>&#8220;A basic assumption of technical analysis is&#8230;&#8221;<\/strong><\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-what-they-re-really-testing\"><strong>What They\u2019re Really Testing<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>Can you define stuff? Like \u201cfuture cash flows\u201d or \u201cmarket value\u201d?<\/li> <li>Can you do fast math on concepts like bond price or interest rates?<\/li> <li>Can you manage your time? You&#8217;ve got about 90 seconds per question.<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-topics-amp-exam-weight-roughly\"><strong>Topics &amp; Exam Weight (Roughly)<\/strong><\/h4> <ul class=\"wp-block-list\"> <li><strong>Session 1:<\/strong> Ethics, Quantitative Methods, Economics, Financial Reporting, Corporate Issuers<\/li> <li><strong>Session 2:<\/strong> Equity, Fixed Income, Derivatives, Alternatives, Portfolio Management<\/li> <\/ul> <p class=\"wp-block-paragraph\">\ud83d\udca1 <strong>Pro Tip:<\/strong> The actual exam format avoids words like \u201cexcept\u201d or \u201ctrue\/false\u201d\u2014but loves qualifiers like \u201cmost likely\u201d or \u201cleast accurate.\u201d Learn to spot &#8217;em fast.<\/p> <figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-1024x1024.png\" alt=\"CFA Exam Questions\" class=\"wp-image-4008\" srcset=\"https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-1024x1024.png 1024w, https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-300x300.png 300w, https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-150x150.png 150w, https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-768x768.png 768w, https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info-280x280.png 280w, https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA\u00ae-Exam-Questions-info.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure> <h3 class=\"wp-block-heading\" id=\"h-cfa-level-ii-exam-analyze-and-apply\"><strong>CFA\u00ae Level II Exam: Analyze and Apply<\/strong><\/h3> <p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sacbee.com\/careers-education\/cfa-level-2-exam\/\">Level II<\/a> is where things get serious. You\u2019re not just recalling info\u2014you\u2019re applying it to real scenarios, like you\u2019re already working in the industry.<\/p> <h4 class=\"wp-block-heading\" id=\"h-format-0\"><strong>Format<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>22 \u201citem sets\u201d made up of vignettes + 88 multiple choice questions<\/li> <li>Two 132-minute sessions, 11 item sets each<\/li> <li>Each vignette is followed by 4 related questions<\/li> <li>20 item sets are scored, 2 are unscored (trial questions)<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-what-s-an-item-set\"><strong>What\u2019s an Item Set?<\/strong><\/h4> <p class=\"wp-block-paragraph\">Think of it like a mini case study. You get a story (the vignette), and then multiple choice questions that all rely on that one passage.<\/p> <h4 class=\"wp-block-heading\" id=\"h-topics-you-ll-see-any-time-any-session\"><strong>Topics You\u2019ll See (Any Time, Any Session)<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>Ethics, Quant Methods, Financial Statement Analysis, Equity, Fixed Income, Derivatives, Alt Investments, Portfolio Management, Economics, Corporate Issuers<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-key-skills\"><strong>Key Skills<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>Interpreting data<\/li> <li>Evaluating data under pressure<\/li> <li>Understanding how variables interact (like the effect of interest rates on bond price)<\/li> <li>Using judgment (hello, investment horizon)<\/li> <\/ul> <p class=\"wp-block-paragraph\">\ud83d\udca1 <strong>Real Talk:<\/strong> A common trap is rushing through the vignette. Don\u2019t do it. Take your time with the setup so you don\u2019t miss key details. Yes, even that tiny number on the third line matters.<\/p> <h3 class=\"wp-block-heading\" id=\"h-cfa-level-iii-exam-tie-it-all-together\"><strong>\u270d\ufe0f CFA\u00ae Level III Exam: Tie It All Together<\/strong><\/h3> <p class=\"wp-block-paragraph\">You\u2019ve made it to the final boss. <a href=\"https:\/\/www.sacbee.com\/careers-education\/cfa-level-3-exam\/\">Level III<\/a> is about putting all the puzzle pieces together\u2014how you\u2019d handle complex situations using everything you\u2019ve learned.<\/p> <h4 class=\"wp-block-heading\" id=\"h-format-1\"><strong>Format<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>11 item sets (like in Level II)<\/li> <li>11 essay sets (yep, you gotta write now)<\/li> <li>Two 132-minute sessions, a mix of both types in each session<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-new-twist-you-pick-a-path\"><strong>New Twist: You Pick a Path<\/strong><\/h4> <p class=\"wp-block-paragraph\">You choose one of these specialized pathways:<\/p> <ul class=\"wp-block-list\"> <li>Portfolio Management<\/li> <li>Private Markets<\/li> <li>Private Wealth<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-what-s-the-essay-format-like\"><strong>What\u2019s the Essay Format Like?<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>You\u2019ll get a vignette followed by open-ended questions<\/li> <li>Some ask for a single answer and a justification<\/li> <li>Some give you a few things to explain in separate paragraphs<\/li> <li>Occasionally, you\u2019ll see multiple choice here too (but not as often)<\/li> <\/ul> <h4 class=\"wp-block-heading\" id=\"h-what-you-ll-need-to-do\"><strong>What You\u2019ll Need to Do<\/strong><\/h4> <ul class=\"wp-block-list\"> <li>Integrate topics (like using ethical guidelines while analyzing performance)<\/li> <li>Think critically\u2014what&#8217;s the correct answer <strong>and<\/strong> why?<\/li> <li>Apply logic to real-world investment scenarios<\/li> <li>Know how asset allocation or debt to equity ratio plays into a client\u2019s portfolio<\/li> <\/ul> <p class=\"wp-block-paragraph\">\ud83d\udca1 <strong>Watch Out: <\/strong>In essay questions, if it asks for 2 reasons, only your first 2 responses count. No bonus points for extra effort, so choose the best 2 and don&#8217;t waste your time on extras.<\/p> <style> #fca_qc_quiz_6418.fca_qc_quiz p:not( .fca_qc_back_response ):not( #fca_qc_question_right_or_wrong ):not( .fca_qc_question_response_correct_answer ):not( .fca_qc_question_response_response ):not( .fca_qc_question_response_hint ):not( .fca_qc_question_response_item p ), #fca_qc_quiz_6418.fca_qc_quiz a:not( .fca_qc_share_link ), #fca_qc_quiz_6418.fca_qc_quiz div:not( .correct-answer ):not( .wrong-answer ){ color: #151515; } #fca_qc_quiz_6418.fca_qc_quiz div.fca-qc-back.correct-answer, #fca_qc_quiz_6418.fca_qc_quiz div.fca_qc_question_response_item.correct-answer { background-color: #abdc8c; } #fca_qc_quiz_6418.fca_qc_quiz div.fca-qc-back.wrong-answer, #fca_qc_quiz_6418.fca_qc_quiz div.fca_qc_question_response_item.wrong-answer { background-color: #f57484; } #fca_qc_quiz_6418.fca_qc_quiz div.fca_qc_question_response_item p { color: #151515; } #fca_qc_quiz_6418.fca_qc_quiz{ border: #151515 0px solid; 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Receive Exclusive Discounts on CFA Courses<\/p><input type='text' title='Please enter your name.' id='fca_qc_name_input' style='display:inline-block; width:49.5%; margin-right: 1%; box-sizing:border-box;' placeholder='Your Name' class='fca_qc_text_input fca_qc_optin_input' name='fca_qc_name_input'><\/input><input type='email' title='Please enter your email address.' id='fca_qc_email_input' style='display:inline-block; width:49.5%; box-sizing:border-box;' placeholder='Your Email' class='fca_qc_text_input fca_qc_optin_input' name='fca_qc_email_input'><\/input><button type=\"button\" class=\"fca_qc_button fca_qc_submit_email_button\">Show My Results<\/button><br><\/div> <div class='fca_qc_your_answer_container' style='display:none;'><p class='fca_qc_your_answers_text'>Your Answers<\/p><div class='fca_qc_insert_response_above'><\/div><\/div> <\/div> <p class=\"has-text-align-center wp-block-paragraph\"><gwmw style=\"display:none;\"><\/gwmw><gwmw style=\"display:none;\"><\/gwmw><gwmw style=\"display:none;\"><\/gwmw><gwmw style=\"display:none;\"><\/gwmw><\/p> <h2 class=\"wp-block-heading\" id=\"h-final-thoughts-you-ve-got-this\"><strong>Final Thoughts: You&#8217;ve Got This<\/strong><\/h2> <p class=\"wp-block-paragraph\">Here\u2019s the thing\u2014prepping for the actual CFA\u00ae exam is tough, no sugarcoating it. But understanding how the questions work makes a <em>huge<\/em> difference. You\u2019re not just memorizing facts, you\u2019re building judgment, speed, and confidence.<\/p> <p class=\"wp-block-paragraph\">So, start with the structure. Get familiar with those multiple-choice questions, understand how the CFA Institute likes to frame things, and keep that future charterholder dream alive.<\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs\"><strong>FAQs<\/strong><\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1744696024967\"><strong class=\"schema-faq-question\"><strong>What kind of questions are asked in the CFA\u00ae exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">Mostly multiple-choice and item set questions, with essay-style questions at Level III\u2014all designed to test your ability to apply concepts, not just memorize them.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1744696028873\"><strong class=\"schema-faq-question\"><strong>What is the hardest topic on the CFA\u00ae exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">Most candidates say Ethics and Financial Reporting are the <a href=\"https:\/\/www.sacbee.com\/careers-education\/how-hard-are-the-cfa-exams\/\">toughest CFA\u00ae exam<\/a> due to nuanced rules and complex details\u2014but it varies by person!<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1744696030170\"><strong class=\"schema-faq-question\"><strong>Is 70% enough to pass the CFA\u00ae exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">Usually, yes! While the CFA Institute doesn\u2019t release official passing scores, scoring 70 % puts you in a solid position. Mock exams can help you predict what you&#8217;ll get on the actual exam.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1744696031188\"><strong class=\"schema-faq-question\"><strong>Is the CFA\u00ae exam harder than the CPA exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">They\u2019re both tough, but in different ways. The CFA\u00ae exam is more finance-focused and concept-heavy across three levels, while the <a href=\"https:\/\/www.sacbee.com\/careers-education\/what-is-the-cpa-exam\/\">CPA exam is more rule-based<\/a> and accounting-specific.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1744696032307\"><strong class=\"schema-faq-question\"><strong>How many times can I fail the CFA\u00ae exam?<\/strong><\/strong> <p class=\"schema-faq-answer\">There\u2019s no limit to how many times you can take it, but you&#8217;re limited to two attempts per level per year.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>If you\u2019re thinking about becoming a CFA\u00ae charterholder\u2014or you\u2019re already knee-deep in prep mode\u2014you\u2019re probably getting anxious about the big day. In particular, answering those questions correctly. Here\u2019s something you should know: a large number of CFA\u00ae candidates get tripped up because they focus so hard on studying content that they forget to learn the [&hellip;]<\/p> ","protected":false},"author":11,"featured_media":5976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3,244],"tags":[],"class_list":["post-4006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-careers-education","category-finance"],"acf":{"external_author":[129],"external_editor":"","select_template":"default","not_show_feature_image":false,"hide_toc":false},"featured_image_src":"https:\/\/www.sacbee.com\/careers-education\/wp-content\/uploads\/sites\/6\/2025\/04\/CFA-Exam-Practice-Questions-768x427.png","author_info":{"display_name":"","author_link":"https:\/\/www.sacbee.com\/careers-education\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Guide to CFA\u00ae Exam Questions (+ Practice Questions)<\/title>\n<meta name=\"description\" content=\"Understand the format of CFA\u00ae exam questions across all levels\u2014plus try practice questions to get exam-ready and improve your study strategy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sacbee.com\/careers-education\/cfa-exam-practice-questions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guide to CFA\u00ae Exam Questions (+ Practice Questions)\" \/>\n<meta property=\"og:description\" content=\"Understand the format of CFA\u00ae exam questions across all levels\u2014plus try practice questions to get exam-ready and improve your study strategy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sacbee.com\/careers-education\/cfa-exam-practice-questions\/\" \/>\n<meta property=\"og:site_name\" content=\"Sacramento Bee - Careers &amp; 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The CFA\u00ae exam is more finance-focused and concept-heavy across three levels, while the <a href=\"https:\/\/www.sacbee.com\/careers-education\/what-is-the-cpa-exam\/\">CPA exam is more rule-based<\/a> and accounting-specific.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.sacbee.com\/careers-education\/cfa-exam-practice-questions\/#faq-question-1744696032307","position":5,"url":"https:\/\/www.sacbee.com\/careers-education\/cfa-exam-practice-questions\/#faq-question-1744696032307","name":"How many times can I fail the CFA\u00ae exam?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There\u2019s no limit to how many times you can take it, but you're limited to two attempts per level per year.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"first_category":{"name":"Finance","url":"https:\/\/www.sacbee.com\/careers-education\/finance\/"},"_links":{"self":[{"attributes":[],"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/posts\/4006"}],"collection":[{"attributes":[],"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/posts"}],"about":[{"attributes":[],"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/types\/post"}],"author":[{"attributes":{"embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"attributes":{"embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/comments?post=4006"}],"version-history":[{"attributes":{"count":0},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/posts\/4006\/revisions"}],"acf:post":[{"attributes":{"embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/external-author\/129"}],"wp:featuredmedia":[{"attributes":{"embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/media\/5976"}],"wp:attachment":[{"attributes":[],"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/media?parent=4006"}],"wp:term":[{"attributes":{"taxonomy":"category","embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/categories?post=4006"},{"attributes":{"taxonomy":"post_tag","embeddable":true},"href":"https:\/\/www.sacbee.com\/careers-education\/wp-json\/wp\/v2\/tags?post=4006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}