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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. The live pass mark normally sits between 65% and 75%. Aim for 75% or above in mocks.
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. CFA UK publishes question ranges rather than exact counts. Topics 3 and 4 share the largest range. 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
- Ranges from the CFA UK syllabus
- Exam-style conditions
Topic 3 — Regulation of financial markets
Sections 3.1–3.7
- FCA, PRA and the regulatory framework
- Conduct of business, complaints and financial crime
Topic 4 — Legal concepts
Section 4.1
- Contract, agency, property and insolvency
- Wills, trusts and trustee duties
Topic 5 — Client advice
Sections 5.1–5.7
- Objectives, risk and asset allocation
- Suitable recommendations and reviews
Topic 1 — Financial markets and institutions
Sections 1.1–1.7
- Markets, venues and institutions
- Listing, governance and international markets
Topic 6 — Taxation in the UK
Sections 6.1–6.2
- Income tax, CGT, IHT and investment wrappers
- Calculations and basic tax planning
Topic 2 — Ethics and investment professionalism
Sections 2.1–2.2
- Ethical and compliance-driven behaviour
- CFA Code and Standards
How it works
Three steps — no complicated setup.
Step 1
Unlock full access
Create your account or check out as a guest, continue at £19.99/month 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 a free sample
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 a free sample
10 free questions · No account required.