The Ultimate Guide to CFA Practice Exams

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It’s the time of the year again – few weeks before before CFA exams… it’s crunch time!

We now know that practicing is one of the best ways to learn effectively for the CFA exams, with a good rule of thumb to aim to complete 5-7 sets of practice exams from a variety of providers before the big day, preferably under timed conditions.

The next question is, where can I get extra practice papers and which should I get? 

As per previous years, we’re happy to list CFA providers in an easy-to-choose menu. Just read on to see what are the options, why we like them, and decide whether it suits you!

Here are our favourite providers based on a balance of quality, affordability and variety, and where available we’ve highlighted available discounts, trials and freebies for our readers. 

Pick, choose, and good luck! We’re here for you in the forum if you have any questions.

Kaplan Schweser: Free 2021 question bank for L1 CBT – use code KS-QBL1

Kaplan Schweser CFA Mock Exam

​Kaplan Schweser has consistently delivered high quality and quantity of practice papers for CFA exams for a long time. They’ve also shared their expertise with us by writing a free guide on how to self-grade CFA Level III essay questions

Kaplan Schweser is giving away their new SchweserPro Qbank specifically for 2021 Level 1 CBT candidates, with over 3,500 practice questions and better analytics. All you need is use the code KS-QBL1 at check out. It’s definitely worth getting this if you’re considering CFA Level 1 soon.

If you’re interested in Kaplan Schweser, here are some other freebies you can try: 

UWorld: Free 15 day access to Level 1 learning platform

uworld cfa practice exam

UWorld’s all-digital learning platform is highly focused on passing the CFA exams via practice questions. 

They are offering full access to their Level 1 package for 15 days, mainly focused on 1,900+ practice questions accompanied with detailed explanations, calculator keystroke cards, and the ability to make flashcards and notes easily as you practice.

We had a test run of UWorld’s platform and really liked what we’ve seen so far, definitely worth checking them out!

Salt Solutions: Free Level 1 Beta Access

salt solution cfa practice exam

Salt Solutions’ CFA exam platform Beta is now live, has great early feedback, and is available at no cost.

It’s a full CFA exam product, so you can use this to prep for your CFA exam fully (it’s currently L1 only, with L2 and L3 coming soon).

Bloomberg: Get 14 day free trial for more practice

Bloomberg CFA practice exam

The Bloomberg brand needs no introduction, and have emerged as a strong online provider of CFA materials. Focusing on an online-learning approach, they’ve expanded their offering to cover all three CFA Levels. Bloomberg also offers a whopping 10 practice exams with one of their packages. 

Get your free two-week trial automatically here.

Prepatorial: Get 60% off Level 1 practice exam

Prepatorial CFA Practice Exam Level 1

Prepatorial is another new provider, offering mock exams for Level 1.

​Although a small provider, the questions are written by experienced charterholders, accompanied with SurePass guarantee and currently available on a large discount – 60% the usual $49 pricing for a full set of printable AM and PM practice papers with answers (discount automatically applied).

No frills, high quality, good value for money – if you’re looking to diversify for Level 1 practice, Prepatorial’s is a good one to try.

Finance Train: 20% off CFA mock exams (Level 1 & 2 only)

Finance Train CFA Mock Exams

While Finance Train is clearly a smaller provider compared to the others, they have long offered all 300 Hours readers 20% off their CFA products: L1 and L2 mock exams are just $20 and $32 respectively post discount.

​This makes their material one of the best value-for-money options in the market. If you’re looking for extra practice, this is definitely an option!

CFA Institute: Free practice questions and mock exams (all Levels)

CFA Institute's Mock Exams on Learning Ecosystem

Quite a lot of candidates every year don’t know that CFA Institute provides free practice materials for all registered candidates via their Learning Ecosystem.

Not only is it free, but it’s the closest thing to the actual exam that you can get, so you should definitely check it out and use it!

300Hours: Free CFA Practice Tests and mock exams (all Levels)

Free 300Hours CFA Practice exams

Finally, we also offer free practice tests at all CFA levels for our readers. It features automatic grading, analysis and all detailed explanations are included.

Just select your CFA level below:

So how many practice papers are you aiming to cover this month? Which ones are your top choices for your level? Share your plans and strategies with us through the comments below!

Zee Tan
Author: Zee Tan


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