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Free Topic 1 sample test — 10 MCQs with explanations, no account required.
CFA UK IMC Unit 1 · The Investment Environment
Mock exam practice for IMC Unit 1 — topic by topic
Standard multiple-choice (MCQ) practice for the CFA UK Level 4 Certificate in Investment Management — Unit 1. Markets, ethics, regulation, legal concepts, client advice, and taxation — with instant feedback and progress tracking. The live exam also includes gap-fill and item-set questions; this site focuses on MCQ practice (including calculation-style MCQs).
10 free questions · No account required.
Built for IMC Unit 1 candidates
Whether you are sitting IMC for the first time or consolidating Unit 1 before Unit 2, practise in the MCQ format you will use on exam day — with a clear target around 70% (the live pass mark typically sits in the mid-60s to mid-70s).
MCQ-only practice
Standard four-option multiple choice, including calculation-style MCQs. Gap-fill and item-set formats are not covered here.
Syllabus aligned
Version 23 topics: markets, ethics, regulation, legal concepts, client advice, and UK taxation.
Learn from every answer
See whether you were right or wrong immediately, with a short explanation after each question.
Full syllabus coverage
Every IMC Unit 1 topic is available as its own practice test. Work through topics as you study, or sit the full 85-question MCQ mock when you are ready. Browse all topics to see which are free or locked.
Full IMC Unit 1 mock exam
85 standard MCQs · 100 minutes — MCQ practice only
- All 6 syllabus topics
- Weighted towards the syllabus
- Exam-style conditions
Topic 1 — Financial markets and institutions
Free sample topic · ~10–20 exam questions
- Financial markets structure
- Institutions and participants
- How markets operate
Topic 2 — Ethics and investment professionalism
Ethics · ~5–15 exam questions
- CFA Code of Ethics
- Standards of Professional Conduct
- Ethical vs compliance-driven behaviour
Topic 3 — Regulation of financial markets
Regulation and legal concepts · part of ~25–35
- FCA / PRA framework
- Outcomes-based regulation
- Market institutions
Topic 4 — Legal concepts
Regulation and legal concepts · part of ~25–35
- Legal foundations for advice
- Contracts and duties
- Client protection concepts
Topic 5 — Client advice
Clients · ~15–25 exam questions
- Advice framework
- Suitability and disclosure
- Client outcomes
Topic 6 — Taxation in the UK
Taxation · ~10–20 exam questions
- Personal tax and investments
- Trusts where relevant
- Tax in advice scenarios
How it works
Three steps — no complicated setup.
Step 1
Start your free trial
Create your account or check out as a guest, start a 3-day free trial, then continue at £9.99/week unless you cancel.
Step 2
Choose a topic
Select a syllabus topic, sub-topic, or the full 85-question MCQ mock.
Step 3
Practise and review
Answer IMC Unit 1–style MCQs, read explanations, and track your scores over time.
What other IMC Unit 1 candidates say
Early feedback from people using the site to prepare for their exam.
“Topic 6 taxation used to slow me down. Drilling it separately — then sitting a full 85-question MCQ mock — made my revision far more focused.”
“The MCQ scenarios feel closer to the real paper than generic finance quizzes. I use the progress screen to see which topics I keep getting wrong.”
“Ethics and regulation used to blur together. Topic tests helped me learn the syllabus structure, and the explanations after each answer are what make it useful.”
Try free samples
10 free Topic 1 MCQs with explanations — no account required. Full access unlocks every syllabus topic and the full 85-question mock. Practice is standard MCQ only; the live exam also has gap-fill and item-set questions.
Try free samples
10 free questions · No account required.