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CFA Exam Sample QuestionsMore Exam Information

View study session outlines and learning outcome statements by level

See the topic area weights

Learn more about exam grading and results

Get more details about how the exams are developed (PDF)

The sample questions below are provided as examples of the three types of question formats of each exam.

You should:

Be familiar with the overall analytical framework contained in the study session readings.

Focus on learning how to apply the concepts and principles in a variety of situations in which different investment challenges are presented.

Remember that every exam question is based on one or more learning outcome statements (LOS).

As you view the sample questions, remember that:

The sample questions below do not predict what you will see on your exam.

The curriculum changes frequently, but some concepts in the study sessions may be superseded by updated rulings issued after a reading was published.

You are not responsible for changes that occur after the material was written.

Level III essay guideline answers (below) are often more detailed than would be required for full credit on an examination. Bullet points and incomplete

sentences are acceptable as long as the meaning is clear and directly responsive to the question. Guideline answers represent one answer that received

full credit. Alternative answers may also have received full credit.

Note: All the following links open Adobe PDF documents.

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Level I (multiple choice): Sample Level I questions

Level II (item set): Sample Level II item set questions

Level III exams consists of both item set questions and essay questions

Sample Level III item set questions

2012 Level III essay questions (contains actual previous exam questions)

2012 Level III essay guideline answers

2011 Level III essay questions (contains actual previous exam questions)

2011 Level III essay guideline answers

2010 Level III essay questions (contains actual previous exam questions)

2010 Level III essay guideline answers

How to Become a CharterholderSee the steps involved in earning the CFA designation.

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