CFA® Level I mock exams. Prove it under exam conditions.

How the CFA® Level I mocks work

Each mock is a complete Level I exam: 180 original multiple-choice questions with three options each, split into two sessions of 90 questions and 135 minutes. The questions follow the 2026 or 2027 curriculum (your choice) and its topic weights, so a mock tests each topic about as heavily as the real exam does. Every question is written for CheapMocks; none are taken from CFA Institute materials or past exams.

As on exam day, Session 1 covers Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis and Corporate Issuers, and Session 2 covers Equity Investments, Fixed Income, Derivatives, Alternative Investments and Portfolio Management. In Session 1 the ethics questions come first as one block; after that, questions from different topics are mixed, so you can't tell the topic from a question's position.

Taking a mock

The exam interface works like the one in the test centre. A navigator shows every question and which ones you have answered, you can flag questions to come back to, and you can highlight figures in a long question or strike through options you have ruled out. Your answers save as you go. The clock keeps running within a session and the session ends when time is up, but you can take Session 2 straight after Session 1 or on another day.

Your score report

When you finish a session you get your score straight away, and when you finish both you see the full report: your overall percentage, your score in every topic next to its exam weight, a grid of all 180 questions, and the time you spent on each. Every question has a full explanation showing the working, why the correct answer is right and why each of the other two options is wrong.

CFA Institute does not publish a pass mark, so the report gives an indicative band rather than a pass or fail: 70% or more is above the band, 60–70% is borderline and below 60% needs more work. Treat it as a guide to where you stand, not a prediction of your result.

Free and paid mocks

The first full mock is free, with no account and no card needed. Every other mock contains 180 new questions and comes with All Access, together with the question bank and CheapMocks Academy. Every new account gets 7 days of the Academy and question bank free, with no card; the other mocks are not part of the trial. For them, choose the monthly subscription (renews until you cancel, no refunds on monthly payments) or a 3-, 6- or 12-month pass (one payment, no renewal, 14-day money-back guarantee; see the Refund Policy). You can retake a mock as often as you like.

How to use mocks in your final weeks

• Take your first full mock once you have covered the whole curriculum, under exam conditions: both sessions timed, with no notes.
• Spend at least as long reviewing as you spent on the mock. Read the explanation for every question you got wrong and every one you guessed.
• Use the topic scores to decide what to revise, weighted by how much each topic is worth. Our Level I exam guide has a study guide for each of the ten topics.
• Drill weak learning modules with practice questions, then take a fresh mock to check that the gaps have closed.
• Sit your last mock a week or two before the exam, so there is still time to act on what it shows.

Want to see the style first? Try the free sample questions.