Financial Modeling & Valuation Analyst (FMVA) Practice Tests

Validates practical skills in financial modeling and valuation, including building Excel models, forecasting and valuing companies.

FMVA ends in a 50-question, three-hour final exam that mixes multiple choice with Excel modeling case studies. We compared the main options on exam realism, modeling practice and price.

CFI's own practice exam is the realistic rehearsal. It is included in your subscription but unlocks only after you finish the required courses, so use CFI's free 20-question modeling test for an earlier check.

Free skills check

CFI Financial Modeling Test

Twenty questions on model structure, formatting, Excel shortcuts, sensitivity analysis, lookups and auditing. CFI says 16 correct suggests you are ready for the core courses; it is a skills check, not a final exam rehearsal.

Great fit if you are deciding whether to start FMVA, or want a free check of your modeling basics before the courses.

Poor fit if you want to rehearse the final exam; it has no case studies (see CFI's practice exam).

Final exam rehearsal

FMVA Practice Exam

A shorter version of the final exam with Excel modeling case studies, unlimited attempts and a topic-by-topic breakdown after each. CFI does not share the answer key.

Great fit if you have finished the courses and want to rehearse the format and the Excel case studies before the final exam.

Poor fit if you want an answer key to learn from; CFI shows only strong and weak topics, so go back to the course material.

What to look for in a FMVA practice test

Excel modeling, not just recall. The final exam has 50 questions in 3 hours, including Excel modeling case studies, with a 70% pass mark. A useful practice test makes you build or update a three-statement model and a DCF, not only answer definitions.
It tests the core and prep courses only. CFI says elective content is not tested. Practice should follow 3-Statement Modeling, Operational Modeling, Comparable Valuation Fundamentals and DCF Valuation Modeling, which CFI names as the key courses.
Feedback you can act on. CFI's practice exam gives a topic breakdown but no answer key, so you need to trace mistakes through your own model and the course files. A bank with worked answers helps, but no independent FMVA bank is tied to CFI's case-study format.
Practice that unlocks late. The practice exam appears only after you finish all required courses and electives, which is why a free skills check is the only option early on. The course assessments (80% pass mark, unlimited retakes) are part of qualifying, not exam rehearsal.
Skip sites selling "real exam questions." Sites promising actual FMVA questions or a guaranteed pass are selling leaked or copied items. CFI's honor pledge bans memorised or copied answers, and breaking it means revoked certificates. A real practice test explains why each answer is right; a dump only lists answers.

How to use FMVA practice tests

Finish the courses, then take it more than once. CFI recommends repeating the practice exam until you feel confident. Candidates report taking it three to five times, with scores such as 80% on a first attempt and 84% after three.
Practise fixing a model that does not balance. An FMVA who took the practice exam three times says the key skill is finding the error when the three-statement model does not balance on the first try. Rebuild the practice case study from your course templates.
Watch the clock on the case studies. CFI suggests under 3 minutes per question and about 45 minutes per case study, 60 at most. The timer keeps running if you leave and the exam cannot be paused.
Use the topic breakdown to pick what to rewatch. Revisit the courses behind your weakest topics, and re-do the Excel exercises, rather than retaking the practice exam straight away.

CFI FMVA final exam overview ↗CFI certification practice exams ↗CFI final exam retake policy ↗Reddit: practice test scores and the 3-statement case ↗Reddit: practice exam three times ↗

FMVA practice test FAQ

Is there a free FMVA practice exam?

The practice exam has no separate fee but needs a CFI subscription and unlocks only after you finish the required courses. CFI's free 20-question Financial Modeling Test (name and email) checks your basics earlier but is not a final exam rehearsal.

How hard is the FMVA final exam?

It has 50 questions in 3 hours, includes Excel case studies and needs 70%. One recent candidate called the model very basic, while others who fall short point to the three-statement case study.

How many times can I take the practice exam and the final?

The practice exam allows unlimited attempts. If you fail the final exam you wait 30 days to retake it, with no fee beyond your subscription; once you pass you cannot retake it.

Are there third-party FMVA practice tests?

Not established ones. Udemy has no FMVA practice course, and independent free question sets have no link to CFI's Excel case studies, so CFI's own practice exam is the one to use.