CFA Level 2 free practice questions with answers
Read question 1 and its full worked answer from paper 1 of our 20-paper CFA Level 2 set, then download the 3-page PDF. These are original practice questions, not official past papers. Page updated 3 November 2026.
Basic EPS is closest to:
A $2.000
B $1.867
C $1.750
Correct answer: B — $1.867
- Basic EPS = (net income − preferred dividends) ÷ weighted average common shares.
- = (300 − 20) ÷ 150 = 280 ÷ 150 = $1.867.
- Why the other options are wrong:
- A ($2.000): Preferred dividends must be deducted to get earnings available to common shareholders.
- C ($1.750): Basic EPS uses only the weighted average common shares outstanding. methods
Basic EPS = (NI − preferred dividends) ÷ weighted average shares.
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Questions about this sample
What is in the CFA Level 2 free sample?
The first 3 questions from paper 1 of the set, in the real exam layout, followed by the step-by-step worked answers. It is a 3-page PDF; this page shows question 1 with its answer.
How many full CFA Level 2 papers are there?
20 original papers for candidates preparing for the CFA Level 2 exam. Each is 22 item sets with 88 questions (3 options each) in 264 minutes, with a worked solution for every question. Papers start at A$19.99 and download instantly as a PDF.
Are these official past papers?
No. The sample is taken from our own original practice paper and is not an official past paper or affiliated with any exam authority.