A Smarter Way to Pass the CFA® Exams

Complete prep for Level I, II, and III: practice questions and item sets, mock exams, flashcards, and readiness tracking, with Savvy, your AI study partner, built in.

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Everything You Need for Every CFA Level

Organized by topic and learning module across Level I, II, and III. Practice each level the way it's tested, then keep what you learn with spaced review.

ITEM SET · FIXED INCOME
Question 2 of 4
11:20
Anna Weber manages a bond portfolio for a pension client. She expects yields to fall 100 bps over the next month and wants to estimate the change in the portfolio's value.
EXHIBIT 1 · PORTFOLIO BONDS
Modified duration6.2
Convexity48.5
Market value$25.0m
Using Exhibit 1, the estimated change in the portfolio's value is closest to:
A+6.20%
B+6.44%
C+5.96%
Hint: start with duration, then add the convexity term.Why B? Duration gives 6.20%; convexity adds the rest.−6.2 × (−1%) + ½ × 48.5 × (1%)²≈ 6.44%
ITEM SET · FIXED INCOME
11:20
Anna Weber expects yields to fall 100 bps over the next month and wants to estimate the change in her bond portfolio's value.
EXHIBIT 1
Modified duration6.2
Convexity48.5
The estimated change in the portfolio's value is closest to:
A+6.20%
B+6.44%
C+5.96%
Hint: start with duration, then add the convexity term.Why B? Duration gives 6.20%; convexity adds the rest.

Practice Questions and Item Sets

Multiple-choice questions for Level I and vignette-based item sets for Levels II and III, by topic and learning module. Every answer is explained, right and wrong.

Fixed Income · FormulaQuestion
Estimate a bond's % price change using duration and convexity.
Tap to reveal
%ΔP ≈ −ModDur × Δy
+ ½ × Convexity × (Δy)²
Duration is the line; convexity bends it.
FORGOTHARDGOODEASY
Next review in 4 days

Flashcards and Formula Visuals

Flashcards on spaced repetition for formulas, key terms, and Ethics standards, plus visuals that show what a formula does before you memorize it.

Level I › Equity Investments
Dividend Discount Models
Valuing a stock by its dividends

A share is worth the present value of its future dividends, discounted at the required return.

If dividends grow at a constant rate forever, the sum collapses to one line:

GORDON GROWTH MODEL
V₀ = D₁ ÷ (r − g)
D₁$2.00r9%g4%→V₀$40.00

Here $2.00 ÷ (9% − 4%) gives a value of $40.00 per share.

The model only works when the required return is above the growth rate.

GORDON GROWTH MODEL
V₀ = D₁ ÷ (r − g)
D₁$2.00r9%g4%→V₀$40.00

Interactive Lessons

Clear explanations, worked examples, and visuals that turn dense readings into concepts you actually understand.

Savvy, the Oncourse CFA study partner

Savvy: Your AI Study Partner

Savvy is your AI study partner, built for the CFA exams. It's there whenever you need help, learns how you study, and helps you the way you learn best.

9:41
LEVEL I
12
M29
T30
W1
T2
F3
I've got today's plan ready for you.
Fixed Income +160minEDIT
Lesson & Exercises
Duration and convexity • 15 min
Practice Questions
20 questions • 30 min
Flashcards
12 formula cards • 15 min
Plan updated until Friday
Ask Savvy anything
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Always Know Where You Stand

A readiness score for every learning module shows what's exam-ready and what still needs work. Timed mocks and custom quizzes close the gaps.

LEVEL I READINESSPractice set done · 17 / 20▲ 6 this week
55OUT OF 1003 of 10 topics exam ready
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
Ethical and Professional Standards81Exam ready
Fixed Income54Developing
Equity Investments58Developing
LEVEL I READINESS
Practice set done · 17 / 20▲ 6 this week
55OUT OF 100
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
3 of 10 topics exam ready
Ethical and Professional Standards81Exam ready
Fixed Income54Developing
Equity Investments58Developing

Readiness Tracking

A readiness score for every topic and learning module, built from what you know, what you remember, and what you can apply under time.

47 / 90
LEVEL I MOCK · SESSION 1 OF 2
1:18:40
Which action is most likely a violation of Standard I(C), Misrepresentation?
AUsing a firm research report with credit
BPresenting a forecast as a fact
Answer recorded, graded when you finish

Timed Mock Exams

Sit a timed, exam-style mock for your level before the real one, so you know your pace and exam day holds no surprises.

Create QuizLEVEL I
Fixed IncomeEquity InvestmentsDerivativesQuantitative Methods
Questions–10+
START QUIZ
Your quiz is ready · 20 questions, 2 topics

Custom Quizzes

Build a quiz from any mix of learning modules, choose how many questions, and practice at your own pace or against the clock.

Practice That Feels Like a Game

Two quick games built on CFA topics. Play one between study sessions to keep concepts fresh and find out what you haven't locked in yet.

Probe:Solve the Finance Mystery

Elle reads out one clue at a time and you say your answer out loud. The fewer clues you need, the better you know it.

1
CLUE 1
It's measured in years.
CLUE 2
It shows how much a bond's price moves when rates change.
Elle
Clue one. It's measured in years.
Elle is speaking…

Synapses:Find the Four Hidden Groups

Sixteen CFA terms, four hidden groups. Link the concepts that belong together before your lifelines run out.

Create groups of 4!
Test your LEVEL I knowledge
00:08
Sharpe ratioLoyaltyCouponFIFO
Treynor ratioWeighted averageDiligenceDuration
Fair dealingJensen's alphaYieldLIFO
ConvexityMisconductSpecific IDSortino ratio
LIFELINES
RESETCHECK
Perfect guess! Wohoo! 🎉

Learners love Oncourse

Real feedback from learners using the current Oncourse app.

Arjun Mehta
Arjun MehtaLevel I candidate

Studying full time, it was easy to read for hours and remember little. Oncourse moved me into questions early and kept formulas coming back until they stuck.

CFA
Rohan Iyer
Rohan IyerLevel I candidate, analyst

My evenings are short after work. Oncourse turns them into focused question sets and formula reviews, so I’m not rereading the same reading every night.

CFA
Emily Carter
Emily CarterLevel II candidate, parent

Between work and my son, I get pockets of time, not hours. Oncourse fits prep into those pockets and still keeps me on pace for Level II.

CFA
Kevin Zhang
Kevin ZhangLevel II candidate

I fell weeks behind and almost deferred. Oncourse rebuilt my plan from where I actually was, and I caught up without cramming.

CFA
James Whitaker
James WhitakerLevel III candidate

In final review, every hour matters. Oncourse used each mock to pick my next weak area, so I stopped redoing topics I already knew.

CFA
Hannah Brooks
Hannah BrooksRetaking Level II

After missing Level II, I didn’t want to start from zero. Oncourse focused my retake on the topics that cost me, and the vignettes finally clicked.

CFA

Get Oncourse Max

One plan for all three CFA levels. Start with a 7-day free trial on the annual plan.

Weekly$6.99per weekFor a short final review before exam day.Get started
Monthly$19.99per monthPay month to month while you work through your level.Get started

Prices in USD. Every plan includes all three levels.

Frequently asked questions

Which CFA levels does Oncourse cover?

All three: Level I, Level II, and Level III, organized by topic and learning module on the 2027 curriculum.

Can I study for the CFA exams around a full-time job?

Yes. Your daily plan is sized to the time you have, and you can tell Savvy when work gets in the way so the plan adjusts.

Can I use Oncourse alongside the CFA Institute curriculum?

Yes. Upload a chapter, your notes, or screenshots from the curriculum or any other course, and Savvy can explain them or quiz you on them.

I'm retaking a level. Can Oncourse help?

Yes. Readiness tracking shows which learning modules cost you points, and your plan puts those first.

Does Oncourse include official CFA Institute questions?

Oncourse questions are written by Oncourse and modeled closely on the CFA exam's item sets and multiple-choice formats for each level, so you practice the way you'll be tested and build exam readiness. They aren't official CFA Institute questions.

How much does Oncourse cost?

$134.99 a year with a 7-day free trial, $19.99 a month, or $6.99 a week. Every plan includes all three levels.

Savvy, the Oncourse CFA study partner

Start your next level with a free week

Practice questions, item sets, mock exams, flashcards, and Savvy for every CFA level.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. CFA Institute is not affiliated with or responsible for this product.