CFA Practice Questions
Chartered Financial Analyst
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View all →- Behavioral FinanceMediumLevel IIA portfolio manager keeps a buy rating on a stock after three consecutive quarterly earnings misses, defending the original thesis as still intact. Which bias best describes this behavior?
- Behavioral FinanceMediumLevel IIAn equity analyst issues a strong sell on a sector after one quarter of weaker-than-expected industry data, calling it the beginning of a multi-year decline. Which bias is most likely?
- Behavioral FinanceHardLevel IIIA wealthy client refuses to diversify a concentrated position of inherited stock, citing family loyalty and a feeling that selling would be wrong. The client's total wealth comfortably covers retirement needs even if the stock falls 50 percent. Which advisor approach is most appropriate?
- Behavioral FinanceEasyLevel IIA retail investor refuses to sell a stock that has declined from 80 dollars to 50 dollars because they want to "wait until it gets back to even." Which bias is most directly displayed?
- Behavioral FinanceMediumLevel IIIA portfolio manager states they have 95 percent confidence that the next year's S&P 500 return will fall between 8 and 12 percent. Historical data shows annualized standard deviation around 15 percent. Which bias is most likely?
- Behavioral FinanceHardLevel IIIA client with modest wealth shows strong loss aversion that leads to holding underwater positions far past the point where the original thesis is supported. Which combination of interventions is most consistent with the CFA framework?
Select a Level
Level I — Foundations
337 questions
For most CFA Level 1 candidates, when should Ethics be studied in the overall schedule?
Which CFA Level 1 topic is most often underestimated in terms of study time required?
Level II — Asset Valuation
222 questions
A portfolio manager keeps a buy rating on a stock after three consecutive quarterly earnings misses, defending the original thesis as still intact. Which bias best describes this behavior?
An equity analyst issues a strong sell on a sector after one quarter of weaker-than-expected industry data, calling it the beginning of a multi-year decline. Which bias is most likely?
Level III — Portfolio Management & Wealth Planning
216 questions
A wealthy client refuses to diversify a concentrated position of inherited stock, citing family loyalty and a feeling that selling would be wrong. The client's total wealth comfortably covers retirement needs even if the stock falls 50 percent. Which advisor approach is most appropriate?
A portfolio manager states they have 95 percent confidence that the next year's S&P 500 return will fall between 8 and 12 percent. Historical data shows annualized standard deviation around 15 percent. Which bias is most likely?
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