CFA® Program Level I · 2026 and 2027 curricula
Free CFA® Level I mock exam
A complete Level I mock, free: 180 original questions in two timed sessions, with every answer explained and a score report that shows which topics to fix. No account and no card needed.
What the free mock includes
- 180 multiple-choice questions with three options each, like the real exam.
- Two sessions of 90 questions and 135 minutes each. Take them back to back, or Session 2 on another day.
- The topic weights of your exam year, so every topic counts about as much as it does on exam day: the 2026 weights, or for 2027 the new ones with less Ethics and more Quantitative Methods (what changed).
- An exam-style interface with a question navigator, flags, highlighting and the option to strike through answers you have ruled out.
- A full explanation for every question: the working, why the answer is right and why the others are wrong.
- A score report with your score in every topic next to its exam weight, the time spent per question and how your score compares with everyone else who sat the mock.
See where you stand against everyone else
After each session your score report shows the average score of everyone who sat that same session, the standard deviation and where your score falls on the curve. These are the live numbers from 7 attempts at session 1 of this mock, with an example score of 68%.
How an example score compares
- Example score
- 68%
- Average
- 63.2%
- Standard deviation
- 6.3 pts
- Better than
- ≈ 75%
4.8 points above the average (+0.8 standard deviations).
Move over the curve to compare any score.
Questions per topic
The mock spreads its 180 questions across the ten topics close to the midpoint of each CFA Institute weight range, so your score per topic means something.
| Topic | Exam weight (2026) | Questions (2026 / 2027) |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 30 / 21 |
| Quantitative Methods | 6–9% | 13 / 21 |
| Economics | 6–9% | 13 / 13 |
| Financial Statement Analysis | 11–14% | 22 / 22 |
| Corporate Issuers | 6–9% | 12 / 13 |
| Equity Investments | 11–14% | 22 / 22 |
| Fixed Income | 11–14% | 22 / 22 |
| Derivatives | 5–8% | 11 / 14 |
| Alternative Investments | 7–10% | 15 / 14 |
| Portfolio Management | 8–12% | 20 / 18 |
What score should you aim for?
CFA Institute does not publish the pass mark; it sets the minimum passing score after each exam window. A steady 70% or more on full, timed mocks is a common target, because it leaves room for a harder paper. Look at your topic scores as well as the total: a weak, heavily weighted topic costs more marks than a weak small one. See the Level I pass rates for how many candidates pass each window.
Is it really free?
Yes. The free mock is the whole product, not a sample: all 180 questions, all explanations and the full report. You don't enter a card to get it, and it stays free. If you want more practice afterwards, every other mock, the question bank and CheapMocks Academy come with All Access: a monthly subscription or a 3-, 6- or 12-month pass. Every new account gets 7 days of the lessons, flashcards and question bank free, with no card; the other mocks need a plan. See pricing, all mocks or the question bank.
When to take it
A mock is most useful once you have worked through the whole curriculum, typically in the last six to eight weeks before the exam. Taking it earlier still shows you the format, but low scores in topics you haven't studied yet tell you little. Sit it under exam conditions, with both sessions timed and no notes, and then spend at least as long reviewing it as you spent answering it.
How it compares with CFA Institute's practice material
Registered candidates also get practice questions and mock exams from CFA Institute in its learning platform, and you should use them. More full-length practice, in a different style and with different numbers, helps you check that you understand a concept rather than remember a question. Our questions are original and written for CheapMocks; none are taken from CFA Institute materials or past exams.
What to do with your results
Start with the topics that score lowest and carry the most weight. Each topic has a free study guide covering every learning module, the key formulas and the most common mistakes, and the Level I formula sheet collects the formulas in one place. When you have revised a topic, test it again before exam day.
Free mock exam FAQ
Q.01Where can I find a free CFA Level 1 mock exam?
Here: CheapMocks gives every new account one full-length Level I mock for free, with 180 original questions, timed sessions and full explanations. Registered candidates also get mock exams from CFA Institute in its Learning Ecosystem.
Q.02Is 65% enough to pass CFA Level 1?
Maybe, but it is cutting it close. CFA Institute does not publish the minimum passing score and sets it again for each exam window. Most candidates aim for a steady 70% or more on full, timed mocks before exam day, so a hard paper or a bad session doesn't sink them.
Q.03Which CFA Level 1 mock exams are best?
Use CFA Institute's own mocks, because they are written by the exam's authors, and add independent mocks for more full-length practice with fresh questions. Whatever you use, a good mock follows the exam format (180 three-option questions, two 135-minute sessions) and the topic weights of your exam year, and explains every answer.
Q.04How many mock exams should I take before CFA Level 1?
Most candidates take three to six full mocks in the last six to eight weeks. Reviewing each one carefully matters more than the count.
Q.05Do I need an account or a card?
No. You can start the mock straight away, with no account and no card. A free account is optional: it saves your results, so you can take the second session on another day and track your progress. New accounts also get 7 days of the lessons, flashcards and question bank free.
Last updated 12 October 2026.