PopCFA · Practice

CFA Exam Practice Questions for Levels I and II

Over 9,700 MCQs across all 10 topic areas. Detailed explanations, topic-by-topic mastery tracking, and the entire Level I Ethics unit free — no card required.

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  • Content aligned to the CFA Institute 2024–2025 curriculum
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Content aligned to the CFA Institute 2024–2025 curriculum
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2 modules
Why this works

Three reasons learners actually pass.

The platform is built around retrieval practice: what the published research finds works, and what works in front of the examiner.

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Both CFA Levels Covered

MCQ practice for all 10 topic areas across CFA Levels I and II. Questions are organised by topic so you can drill exactly where you need to — from Ethics and Quantitative Methods through to Portfolio Management.

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Track Topic Mastery

Your progress dashboard shows mastery across every topic and unit. See exactly where you stand before exam day and focus your study time on the areas that need the most work.

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Learn From Every Question

Every MCQ comes with a detailed explanation covering the correct answer and the underlying concept or model it tests. Understanding the why is how you pass the CFA.

How it works

From landing here to passing the paper.

You're answering real questions before you finish reading this page. No content gating and no pre-assessment funnel.

01

Sign Up and Start Free

Create your account and get full access to the Level I Ethics unit at no cost — no credit card required. Explore the platform in full before you subscribe.

02

Practise by Topic

Work through MCQs organised by topic across both CFA levels. Each question is written to the style and difficulty of the real exam, with a full explanation after every answer.

03

Track Progress and Pass

Use your dashboard to monitor mastery across every topic. Consistent MCQ performance across all 10 topic areas is the strongest predictor of exam-day success.

The evidence

Active recall is the literature.

Decades of cognitive-science research find that retrieval practice (answering questions you might get wrong) produces more durable learning than re-reading or highlighting. We built a question bank disciplined enough to use it.

Read the research summary

Recall accuracy after 7 days

Roediger & Karpicke, 2006 (n=120, simplified)
Higher is better. Tested condition reflects retrieval practice, the mechanism behind this product.
FAQ

The questions serious applicants actually ask.

What CFA exam levels does PopCFA cover?
PopCFA provides MCQ practice for CFA Levels I and II. Level I covers all 10 topic areas tested across 180 standalone multiple-choice questions. Level II covers the same 10 topic areas at greater depth, tested through 88 item-set MCQs in vignette format. Level III (which shifts to essay and constructed-response questions) is not currently covered as it is not an MCQ-only exam.
How many practice questions are in PopCFA?
PopCFA contains over 9,700 multiple-choice questions across both CFA levels — covering all 10 topic areas with questions at easy, medium, and hard difficulty levels. Questions are organised by topic so you can focus your revision precisely.
What is the CFA exam format for Level I?
CFA Level I consists of 180 standalone multiple-choice questions across two sessions of 90 questions each (2 hours 15 minutes per session). Each question has three answer choices (A, B, C). There is no negative marking. The exam is delivered by computer at authorised Prometric centres and offered four times per year: February, May, August, and November.
What is the CFA exam format for Level II?
CFA Level II consists of 88 multiple-choice questions presented as 44 item sets (vignettes). Each vignette is a case study of 300–500 words followed by 6 MCQs. The exam is split into two sessions of 44 questions each (approximately 2 hours 12 minutes per session). Level II is offered twice per year: May and August.
Is PopCFA free to use?
Yes. The entire Level I Ethics unit — all 10 topics — is free to practise with no credit card required. A subscription unlocks all remaining Level I and Level II content across all 10 topic areas.
What is the CFA exam pass rate?
Pass rates vary by window, but Level I typically sees around 40–45% of candidates pass, and Level II around 45–50%. The CFA is a demanding qualification — most successful candidates study 300–350 hours for Level I and 350–400 hours for Level II. Regular MCQ practice is one of the most effective ways to build the conceptual understanding the exam demands.
How is CFA Level II different from Level I?
Level II tests depth of application rather than breadth of knowledge. Instead of standalone MCQs, Level II uses vignette item sets — a 300–500 word case study followed by six related MCQs. You must interpret financial data, apply valuation models, and draw analytical conclusions from context. The same 10 topic areas are covered, but with heavier weighting on Financial Statement Analysis, Equity Investments, and Fixed Income.
Why is CFA Ethics so important?
Ethics carries a tie-breaking rule at both CFA levels: if two candidates are otherwise equal, the one with the higher Ethics score is passed. CFA Institute also weights Ethics heavily in the final scoring. PopCFA offers all Level I Ethics topics completely free so you can build a strong foundation from day one.
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