Benefits of Practicing Exam-Like Questions

Our CFA exam questions and answer explanations prepared by practicing CFA charterholders with industry and educational experience, mirrors all exam question types and teaches crucial CFA concepts.

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Free Sample CFA Exam Questions

Try it yourself to know what value add you can get from our CFA sample questions and explanations. Furthermore, a complete rationale will be displayed once you submit your answer.

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Explore CFAI Question Format

Understanding the question types in each level of the CFA exam can help you build a successful preparation strategy. All UWorld CFA exam sample questions reflect the latest CFA Institute LOS and requirements.

A UWorld CFA MCQ with the associated rationale displayed

The Level 1 exam consists of 180 multiple-choice questions, each consisting of a stem (a question, a statement, and/or table) and three answer choices (A, B, or C). UWorld CFA offers candidates thousands of relevant Level 1 practice questions that exact the actual exam structure supplemented with detailed answer explanations.

A UWorld CFA vignette-style question

The Level 2 exam is standardized with 11 item sets for each session, for a total of 22 on the exam. Twenty are scored, and two are questions we are trialing that will not be scored. UWorld CFA offers candidates hundreds of vignette-style sample questions with precise explanations.

The Level 3 exam includes both item sets and constructed response questions, which are two distinct types of assessments. Item sets consist of multiple-choice questions based on a common scenario, while constructed response questions require candidates to provide more detailed, written answers.

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Frequently Asked Questions

UWorld CFA is a CFA Institute Approved Prep Provider, meaning our content adheres to the latest LOS. Questions and explanations are written by active CFAs and finance educators to reflect the exam format.
There are three question types across the three CFA exam levels: multiple-choice, vignettes with associated MCQs, and constructed-response questions. Our Qbank questions prepare candidates for the types of questions they’ll see on each exam.
The CFA exam scoring process is not as straightforward as simply receiving a numerical score. After a multi-step process, a minimum passing score (MPS) is determined and applied to all graded exams. In recent years, it’s been estimated that Levels 1 and 2 have had a MPS of close to 70%, while Level 3 has had a MPS of close to 60%.
When preparing for the CFA exam, the quality of the questions you practice is more important than the quantity. This is why all UWorld CFA sample questions are modeled after their associated exams and come with detailed answer explanations. That said, candidates should still expect to go through thousands of questions during their study process to cover all LOS.
While some CFA exam questions may be reused, candidates should not count on this in their study plan. Candidates should note that concepts are the same yearly, barring CFA Institute LOS updates. UWorld CFA content creators pay close attention to these changes and automatically modify our products to ensure candidates learn only what they’re expected to know for their exams. Therefore, it’s essential for candidates to always use the latest version of any study materials corresponding to their exam year.
CFA Level 1 consists of 180 multiple-choice questions split between two 135-minute sessions. UWorld CFA offers candidates thousands of relevant Level 1 questions with detailed answer explanations.
CFA Level 2 consists of 22 vignettes with 88 corresponding multiple-choice questions split between two sessions lasting 2 hours and 12 minutes. UWorld CFA offers candidates hundreds of vignette-style questions with comprehensive explanations.
Overall, the Level III exam contains 11 item sets and 11 essay sets for 12 points each.
Each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. This mixed distribution of item types across the two exam sessions creates a more-balanced delivery of questions throughout the exam.
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