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PRACTICE QUESTION PHASE FOR 2016 CFA LEVEL 1:


Every single In-Chapter Example (further referred to as Example) and End of Chapter Question (further
referred to as Question) in the CFA curriculum has been categorized into either one of the following 4
categories:
1. Wave 1: These are high priority examples and questions that must be attempted.
2. Wave 2: These set of questions should only be attempted after the Wave 1 questions from ALL of the
18 study sessions have been completed.
3. Question Workshop: These are the examples and questions that will be taken up during the
workshops. You are not expected to have attempted these questions before attending the workshops.
4. Skip: These examples and questions are either not related to any specific LOS or are too long to be
tested on the CFA exam. By omitting these examples and questions, you will be better able to
concentrate on the concepts that are more likely to appear on the CFA exam.

THE STRATEGY:
First of all, do not begin to attempt any of the examples or questions until you have a complete set of
notes for all the LOSs (Lecture and Homework). These notes will by far be the most important element
of your preparation. Once you have completed your LOS notes, you will be required to go through the
CFA book questions in 2 separate waves:
Wave 1: Review your LOS notes (lecture and homework) for a chapter and then attempt the Examples
and Questions for that chapter that have been labeled below as Wave 1. Therefore, upon the completion
of the first wave of questions, you will have performed the following tasks:
a) Reviewed your LOS notes (lecture and homework) from all 18 study sessions.
b) Attempted the Wave 1 Examples and Questions from all 18 study sessions.
Note: In the event that a chapter does not have any Wave 1 questions assigned, you should still review
your notes for that particular chapter before moving on to the next one.
Recommended: Flag the Wave 1 examples and questions that you may want to revisit at a later date.
Wave 2: Once you have completed all the requirements of Wave 1, you may then attempt the examples
and questions that have been labeled as Wave 2. Once again, you should review your LOS notes for
each chapter before embarking on the questions that have been identified as Wave 2 for that chapter.
Therefore, upon the completion of the second wave of questions, you will have completed the following
tasks:

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This two wave approach will ensure that you evenly absorb the material so that on exam day, you will
have retained knowledge from all 18 study sessions.

a) Reviewed your notes for all the LOSs (lecture and homework) again.
b) Attempted all the examples and questions that have been labeled as Wave2.

Follow these guidelines as you attempt the practice questions:


a) Never get stuck. Go immediately to the solution if a question gives you any difficulty. This will
ensure that you do not waste too much time on any one particular question, thus freeing you up to
cover more questions. What counts is not whether you are able to get a practice question right the
first time around, but whether youll be able to get a similar question correct on the exam.
b) To avoid burnout, make one weekday each week a non-CFA day. Every other day though, be sure
to attempt as many practice questions as possible. Every hour of prep is going to count! (The average
prep time should now be increased to at least 20 hours per week).
c) Do not worry about speed or grade when attempting these practice questions. Both speed and grade
will improve naturally as you attempt more questions. For now, your focus should only be on
understanding the concept underlying each question.
d) You are strongly encouraged not to use any 3rd party Q-banks. The CFA examiners will only be
drawing questions from the curriculum (which is where the assigned questions following below are
from).
Attempt the questions in the order of the readings that are presented below.

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NOTE: The Example and Question numbers that are in bold have video solutions available.

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WAVE 1:
For each Reading, review your Lecture and Homework LOS notes before attempting the questions.
Reading 5: Examples 1,2,4,5,6,7,8,9,10,11,14 and Questions 2,3,4,5,7,9,10,11.
Reading 6: Examples 1,2,3,6 and Questions 1,2,3,4,5,8.
Reading 7: Examples 7,8,13,15 and Questions 2,11,16,21,22,24,25.
Reading 8: Examples 5,8 and Questions 5,7,8,10,16,17,19,20.
Reading 9: Examples 8, 9 and Questions 7,8,9,11,12,13,14,19,20.
Reading 10: Examples 4,5,7 and Questions 1,5,6,12,14,20,21,22.
Reading 11: Examples 1,2,7,9 and Questions 1,3,4,5,7,8,13,16,17.
Reading 12: Examples 1 and Questions 1,2,3,4,5,6,7,8,9.
Reading 35: Examples 6 and Questions 1,3,4,5,6,7,8,9,10,12,15,16,17,18.
Reading 36: Examples 1,3,4,5,6,7,12 and Questions 1,2,3,4,5,6,7,8,9,10,11,26.
Reading 37: Examples 5 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16.
Reading 38: Examples 6,7,8,9 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16.
Reading 39: Examples 6 and Questions 1,2,3,4,5,6,7,8,9,10.
Reading 40: Examples (n.a.) and Questions 1,2,3,4.
Reading 41: Examples (n.a.) and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15.
Reading 42: Examples 1,2,3,4 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19
Reading 43: Examples 1(parts1,2,3), 2 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,16,17,18,19,20,21,
22,23,24,25,26,27,28,29,30,31,32,33,35,36,37,38,39,40.
Reading 44: Examples 2,3,4,6 and Questions 15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,
34,35,36,37,38,39,40.
Reading 45: Examples 2,3,4,5 and Questions 1,2,3,7,8,9,10,11,12,13,14,15,16,17,18,19,20.

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Reading 59: Examples 1,3,6 and Questions 1,2,4,5,6,7,8,9,11,12,13,14,15,20,21,22,23,24,25,26,


30,31,34.

Reading 58: Examples 6,7 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15.

Reading 60: Examples 1,2,3,4 and Questions 1,3,5,6,7,8.


Reading 61: Examples 1 and Questions 1,2,3,4,5,6,7,8,9,10,11,14.
Reading 46: Examples 5,6,19,20 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13, 15,16,17,18,19,20,21,22,
23, 24,25,26,27,28,29,30,31,32,34,35,36,37.
Reading 47: Examples (n.a) and Questions 6,7,11,12,13,14,15,16,17,18,19,20,21,25,26,28,29,33,34.
Reading 48: Examples 3 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18.
Reading 49: Examples (n.a) and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,
20,21,22,23,24.
Reading 50: Examples (n.a.) and Questions 1,2,3,7,8,9,10,11,12,13,14,15,16,17,18,19,20,22,23,25,
26,29,30,31.
Reading 51: Examples 1,2,3,4,5,7,8 and Questions 1,2,3,5,6,7,8,9,11,12,13,14,15,16,17,18,19,20,21,22,
24,25,26,27,28,29,30,31,32,33,34,35,36.
Reading 52: Examples 1,2,5,8 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17.
Reading 53: Examples 1,4,8 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22.
Reading 54: Examples (n.a.) and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,22,24,25,26,27,28,29,30,
43,44.
Reading 55: Examples 4,5,6,7,8 and Questions 1,2,3,4,5,6,7,8,9,10,11,12.
Reading 56: Examples (n.a.) and Questions 1,2,3,4,5,6,8,10,11,13,14,15,16,17,19,20,21,23,24,27.
Reading 57: Examples: 1,2,3,8,9 and Questions 1,2,3,4,7,8,10,12,13,14,16,18,19,21,24,25,27,29,31,
32,33,35.
Reading 22: Examples N.A. and Questions 1,2,3,4,5,6,7,8.
Reading 23: Examples 2,3 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20.
Reading 24: Examples N.A. and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18
Reading 25: Examples 1,2,3,4,5,12,13,14,15,16,17,20 and Questions 3,5,6,8,9,11,12,13,15,16,17
Reading 26: Examples N.A. and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21

Reading 29: Examples 1,2,8 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17


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Reading 28: Examples 5,6 and Questions 1,2,3,4,5,6,7,8,9,16,20,21,22

Reading 27: Examples 1,2,3,4,5,6 and Questions 1,2,3,4,5,6,7,8,9,10,12,14,18,21

Reading 30: Examples 1,3,13 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22


Reading 31: Examples 2(Part2,3), 3(Part2) and Questions 1,2,3,4,5,6,7,8,15,16
Reading 32: Examples 3(Part1,2,3), 15 and Questions 1,2,5,6,7,8,9,10,11,12,13,14,15,16
Reading 33: Examples 3 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16
Reading 34: Examples 12 and Questions 1,2,3,4,5,6,7,9,10,11,12,13,14
Reading 1: (n.a)
Reading 2: This reading accounts for 15% of the CFA Exam. So you must ace this reading.
All the in-chapter Examples: however you may just read the comment section of each
Example, referring to the case in the Example only if further information is required.
All End of Chapter questions: 1-40.
Reading 3: (n.a)
Reading 4: Examples (n.a.) and Questions 1, 2, 3.
Reading 13: Examples 6,7,9,10 and Questions 1,2,3,4,5,6,7,8,9,10,17,18,19,20,21,22,23.
Reading 14: Examples 2 and Questions 1,2,3,4,5,6,7,8.
Reading 15: Examples (n.a.) and Questions 1,2,3,4,5,6,7,8,9,11,12,13,14,15,16,17.
Reading 16: Examples 2,5 and Questions 1,2,3,9,10,11,12,13,14.
Reading 17: Examples 10 and Questions 1,2,3,4,5,6,7,8,9,10,15,22,23,24,25.
Reading 18: Examples 6 and Questions 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16.
Reading 19: Examples1,2,3,4,7,8,14,18 and Questions 1,4,5,6,7,8,10,14,17,18,20,24,28,30,32,33
Reading 20: Examples 2,8 and Questions 1,2,3,4,5,11,12,17,21,22,23

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Reading 21: Examples (n.a.) and Questions 1,2,3,4,5,6,7,8,11,14,19.

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WAVE 2:
For each Reading, review your Lecture and Homework LOS notes before attempting the questions.
Reading 5: Examples 3,12,15,17 and Questions 1(a,b),8,12,13,16,17,21.
Reading 6: Examples 5 and Questions 6, 9(a).
Reading 7: Examples 1,4,5,6,9,10,12,14 and Questions 1,3A,3C,6A,6B,7,8,20.
Reading 8: Examples 4,9 and Questions 1,2,3,4,11,14.
Reading 9: Examples 6,7 and Questions 1,3,4,15A,15B,17.
Reading 10: Examples 1,6 and Questions 2,4,9,13,15,16,17,19.
Reading 11: Examples 4,6,8 and Questions 6,9,12,14.
Reading 12: Examples 2,3,5 and Questions 10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28.
Reading 35: Examples 2,3 and Question 2, 11, 13.
Reading 36: Examples 2,8,9,11 and Questions 12,13,14,15,16,17,18,23,24,25,27.
Reading 37: (n.a).
Reading 38: Examples 1,2,3,4,5,10 and Questions N.A.
Reading 39: Examples 1, 2, 5 and Questions N.A.
Reading 40: (n.a)
Reading 41: (n.a)
Reading 42: (n.a)
Reading 43: Examples 3,4,5,6,7,8,10 and Questions N.A.
Reading 44: Examples 1,5,8 and Questions 2,3,4,5,7,8,9,10,11,12,13.
Reading 45: Examples 1,7,8 and Questions N.A.
Reading 58: Examples 1,2,3,4,5 and Questions (n.a.)

Reading 61: Examples 2,3,4,5,6,7 and Questions N.A.


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Reading 60: Examples (n.a) and Questions 2,4.

Reading 59: Examples 2,4,5,7,8,9 and Questions 3,16,17,18,19,27,28,29,32,33,35.

Reading 46: Examples 1,2,4,8,10,11,12,14,15,16,17,18,23,25,26,28,29,30 and Questions (n.a)


Reading 47: Examples (n.a) and Questions 1,2,3,4,5,8,9,10,22,24,27,30,31,32.
Reading 48: Examples 4,5,6 and Questions 19,20,21,22,23,24,25,26.
Reading 49: (n.a)
Reading 50: Examples 1, 3, 7 and Questions N.A.
Reading 51: Examples 6,10,17,18,19 and Questions N.A.
Reading 52: Examples 3,4,6,7 and Questions 18,19,20,21,22,23,24,25,26,27,28.
Reading 53: Examples 2,3,5,6 and Questions N.A.
Reading 54: Examples 1,2,3,4,5,6,7,8,10,12 and Questions 15,16,17,18,23,35,36,37,40,41.
Reading 55: Examples 1,11,12 and Questions N.A.
Reading 56: Examples 1,2,3,5,6,7,8,9,10,11,12,13,14,15,16,17 and Questions N.A.
Reading 57: Examples: 4,5,7,10 and Questions 5,6,9,11,15,17,20,22,23,26,28,30,34,36.
Reading 22: Examples N.A. and Questions N.A.
Reading 23: Examples 1 and Questions N.A.
Reading 24: Examples 3,4 and Questions N.A.
Reading 25: Examples 19,21 and Questions 1,2,4,7,10,14,18,19,20
Reading 26: Examples 1 and Questions 22,23
Reading 27: Examples N.A. and Questions 11,13,15,16,17,19,23
Reading 28: Examples 11 and Questions 11
Reading 29: Examples 7 and Questions N.A.
Reading 30: Examples 2,4,5,6,8,9,10,14,18 and Questions N.A.
Reading 31: Examples N.A. and Questions 12,13,17,19

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Reading 33: Examples 5 and Questions N.A.

Reading 32: Examples 1, 4 and Questions 3

Reading 34: Examples 7,9,13 and Questions N.A.


Reading 1: (n.a)
Reading 2: (n.a)
Reading 3: (n.a)
Reading 4: (n.a)
Reading 13: Examples 1,13 and Questions 11,12,13,14,15,16.
Reading 14: Examples 1,4,5 and Questions N.A.
Reading 15: Examples 3,6,11,12 and Questions 19,23,24,25,26,27.
Reading 16: Examples 4 and Questions 15,16,17,18,19.
Reading 17: Examples 9,11 and Questions 13,20,21,26,27,29,30,31,32,33,34,35.
Reading 18: Examples 3,4,5,8,9,10,11,13,16,19 and Questions 19,20,21,22,23,24,25.
Reading 19: Examples 9,10,12,16,17,19 and Questions 11,12,15,16,19,21,22,23,25,26,27,29,31
Reading 20: Examples 6,7 and Questions 6,9,10,13,14,15,16,20

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Reading 21: Examples 3 and Questions 9,12,15,16,17,18,20

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WORKSHOP QUESTIONS:
Reading 5: Examples 13,19,20 and Questions 6,14,18,20.
Reading 7: Questions 17.
Reading 8: Examples 12, 13 and Questions 6.
Reading 10: Questions 3, 10
Reading 36: Examples 10
Reading 37: Examples 1, 2, 4
Reading 39: Examples 7
Reading 44: Examples 7, 10
Reading 61: Questions 12,13.
Reading 46: Examples 9.
Reading 51: Examples 20.
Reading 54: Examples 9,11 and Questions 14,19,20,21,31,32,33,34,38,39,42.
Reading 56: Examples 4 and Questions 7,9,12,18,22,25,26
Reading 22: Examples 1
Reading 25: Examples 7,8.
Reading 27: Examples 7 and Questions 22
Reading 28: Questions 18
Reading 30: Examples 11,12
Reading 31: Questions 9,10,11
Reading 32: Questions 4
Reading 34: Examples 6,8,11

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Reading 14: Examples 3, 6

Reading 13: Examples 2, 3, 4, 5 Questions 24,25,26,27.

Reading 17: Examples 13


Reading 18: Questions 17, 18
Reading 19: Questions 3, 13
Reading 20: Examples 3

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Reading 21: Examples 2,4,5,6

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SKIP QUESTIONS:
(Do not attempt these questions)
Reading 5: Examples 16, 18, 21 and Questions 1c, 15, 19.
Reading 6: Example 4,7 and Question 7, 9(b,c).
Reading 7: Examples: 2, 3, 11, 16, 17 and Questions 3B, 4, 5, 6C, 9, 10, 12, 13, 14, 15, 18, 19, 23.
Reading 8: Examples: 1, 2, 3, 6, 7, 10, 11 and Questions 9, 12, 13, 15, 18.
Reading 9: Examples: 1, 2, 3, 4, 5, 10, 11, 12 and Questions 2, 5, 6, 10, 15C, 16, 18.
Reading 10: Example: 2, 3 and Question 7, 8,11,18.
Reading 11: Example: 3, 5 and Questions 2,10, 11, 15.
Reading 12: Example: 4
Reading 13: Example 8, 11, 12
Reading 14: Example 7
Reading 15: Example 1,2,4,5,7,8,9,10 and Question 10,18,20,21,22
Reading 16: Example 1,3 and Question 4,5,6,7,8
Reading 17: Examples 1,2,3,4,5,6,7,8,12,14,15,16,17,18 and Questions 11,12,14,16,17,18,19,28.
Reading 18: Examples 1,2,7,12,14,15,17,18
Reading 19: Examples 5,6,11,13,15 and Question 2, 9.
Reading 20: Examples 1,4,5,9,10,11,12,13 and Questions 7,8,18,19,24
Reading 21: Examples 1, 7, 8 and Questions 10,13,21
Reading 23: Examples 4
Reading 24: Examples 1,2,5
Reading 25: Examples 6,9,10,11,18

Reading 28: Examples 1,2,3,4,7,8,9,10,12,13,14,15,16,17 and Questions 10,12,13,14,15,17,19


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Reading 27: Examples 8,9,10 and Questions 20

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Reading 26: Examples 2,3,4,5,6,7,8

Reading 29: Examples 3,4,5,6,9,10,11,12 and Questions 18,19,20,21,22,23,24,25


Reading 30: Examples 7,15,16,17,19,20,21,22.
Reading 31: Examples 1, 2(Part1,4), 3(Part1,3,4), 4,5,6 and Questions 14,18,20,21,22
Reading 32: Examples 2, 3(Part4), 5,6,7,8,9,10,11,12,13,14,16
Reading 33: Examples 1,2,4,6,7
Reading 34: Examples 1,2,3,4,5,10,14,15 and Questions 8
Reading 35: Example 1, 4, 5 and Questions 14
Reading 36: Example 13 and Questions 19-22.
Reading 37: Example 3, 6, 7
Reading 38: Example 11
Reading 39: Example 3, 4 and Questions 11, 12
Reading 41: Example 1
Reading 43: Example 1(part 4), 9, 11 and Questions 13, 14, 15, 34.
Reading 44: Example 9, 11 and Questions 1,6,14
Reading 45: Examples: 6, 9, 10, 11, 12 and Questions 4,5,6.
Reading 46: Examples 3, 7, 13, 21, 22, 24, 27 and Questions 14, 33.
Reading 47: Example N.A. and Question 23.
Reading 48: Example 1, 2
Reading 50: Examples 2, 4, 5, 6, 8, 9, 10, 11, 12, 13 and Questions 4,5,6,21,24,27,28.
Reading 51: Examples 9, 11, 12, 13, 14, 15, 16 and Questions 4, 10, 23.
Reading 53: Examples 7.

Reading 59: Questions 10,36.

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Reading 57: Examples: 6,11.

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Reading 55: Examples 2,3,9,10.