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CFA Institute Practice Tests

Master your CFA Institute certification exams with official PlanetCert Practice Tests. Access real exam questions, detailed explanations, and our advanced adaptive simulator.

3 Exams
236 Questions
Updated Jan 26

CFA Institute Exam Catalog

3 Available Exams

CFA-L1

CFA Level I - Chartered Financial Analyst

N/A Q&A Jan 2026
Simulator Sample Questions
CFA-LEVEL-2

Cfa Level 2

176 Q&A Dec 2025
Simulator Sample Questions
CFA-LEVEL-3

Cfa Level 3

60 Q&A Dec 2025
Simulator Sample Questions

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CFA Institute Certification Pathway

A clear progression from beginner to expert.

CFA Charter Path

Complete all three levels in sequence to pursue the Chartered Financial Analyst designation.

CFA Program Level I

CFA-L1
180 multiple-choice questions across two 135-minute sessions.

CFA Program Level II

CFA-LEVEL-2
22 vignette item sets with 88 multiple-choice questions, two 132-minute sessions.

CFA Program Level III

CFA-LEVEL-3
11 item sets and 11 essay sets, two 132-minute sessions, with one of three specialized pathways.

Recent Changes

1947-06-11
CFA Program origins established: Analyst societies formed a national federation, and the CFA Prog...
1963
First CFA Program exam: The inaugural CFA® Program exam was taken by 284 candidates across 25 loc...
1969
First Standards of Professional Conduct issued: CFA Program standards were introduced, anchoring...
2004
Institute became CFA Institute: Organization name changed to CFA Institute to reflect global miss...
2021-2026
Program modernization and expansion: Shift to computer-based testing; Sustainable Investing Certi...
2023
Major CFA Program enhancements: CFA Institute announced six enhancements, the largest change set...
2025-02
Level III practical requirements expanded: A Practical Skills Module is required at each level, w...
2026
Current exam operations and maintenance cadence: Level I offered each quarter, Level II three tim...
May 5, 2026
Ethics updated across all CFA Program levels
May 5, 2026
Level I equities curriculum updated
May 26, 2026
Level I Quant Methods prerequisite reading retired
May 26, 2026
Level I topic families renamed
May 26, 2026
Level II corporate topic renamed to Corporate Finance
May 26, 2026
Python PSMs enhanced at Levels I and II

CFA Program credential ladder

flowchart TD A[CFA-L1\nLevel I] --> B[CFA-LEVEL-2\nLevel II] B --> C[CFA-LEVEL-3\nLevel III] C --> D[CFA Charter\n(4,000 hrs + 3 years + membership)] C --> E[Level III\nSpecialized pathway selection\nPortfolio Management / Private Markets / Private Wealth]

The perfect Fit for all professionals

Core audience for the CFA curriculum on analysis, ethics, valuation, and portfolio techniques.

Professionals advancing into investment management, risk and asset allocation disciplines.

Candidates starting in finance/markets who need a sequential global credential path.

Candidates with work history who plan to complete experience and membership requirements after passing all three levels.

Your Complete Exam Solution

Best-In-Class Practice Tests

Authentic, regularly updated questions that mirror the real exam. Verified, current material — not recycled dumps.

Topical Breakdown

Study by domain, pinpoint weak areas, and focus your time where it matters most. Every topic mapped to the official syllabus.

Flashcard Mode

Rapid-fire review to reinforce key concepts. Flip through questions and answers at your own pace before exam day.

Planet Cert has what you need

01:45:22

Planet Cert offers top-notch tools for perfecting your exam preparation. From our interactive Exam Simulator to our comprehensive Study Modes, we ensure you are fully equipped to tackle your CFA Institute certification. We even provide detailed rationales so you understand exactly why an answer is correct.

But the preparation doesn't stop at just answering questions. Our platform guarantees full coverage of the official syllabus, breaking down complex topics into digestible formats. After all, passing on your first attempt is the ultimate goal.

At Planet Cert, we're committed to making certification painless by building the most robust learning platform. Backed by industry experts, our practice materials are more dynamic than traditional tools on the market, and we're always looking to improve our students' experience and workflow.

Ready to start your CFA Institute journey?

CFA Institute FAQs

How many CFA exams are there?
The CFA Program has three levels: Level I, Level II, and Level III.
How often is each level offered?
Level I is offered in February, May, August, and November. Level II is offered in February, May, and August. Level III is offered in February and August.
What is the Level I exam format?
Level I uses multiple-choice questions with two sessions, each with 90 questions. Total is 180 questions.
What is the Level II exam format?
Level II has 22 item sets with 88 multiple-choice questions, split into 11 item sets per session.
What happens at Level III?
Level III combines vignette-based item sets with essay sets, and candidates select one of three specialized pathways.
Is there a pass/fail penalty for wrong answers?
No penalty is stated for incorrect answers on Level I and Level II multiple-choice style questions on the CFA pages.
What is required to become a CFA charterholder?
Pass all three CFA exam levels, complete 4,000 hours of relevant work experience over at least three years, and become a CFA Institute member.
Can a candidate reschedule a seat?
Rescheduling is possible before deadlines and may include a fee; some changes are not allowed between windows unless deferral rules apply.

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