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CFA - Chartered Financial AnalystIELTSPTETOEFLFRM - Financial Risk ManagerGMATCPA - Certified Public AccountantGRE

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Cramming, weeks outGo straight to your weakest subjects with subject mocks, key terms and formula sheets.

Mock practiceFour full-length papers in exam-day format, scored down to the learning outcome.

Levels I and II available now. Level III coming soon.

Explainer videoreal excerpt · Equity L1

The three forms of market efficiencyEquity · Level I · excerpt from the explainer

MCQ demotest what the video taught

An analyst claims that prices in a market fully reflect all publicly available information. The analyst also claims that trading rules based only on past prices and trading volume consistently earn abnormal returns in that market. The analyst's two claims are best described as:

Textbook notesreal excerpt · study library

Equity Investments · Level I · R03 · LOS 03.d

The three forms of market efficiency, a hierarchy

Eugene Fama (1970) developed the framework that organises tests of market efficiency. He defined three forms based on which information set is reflected in prices. The forms are nested: each higher form contains the prior. A market that is strong-form efficient is also semi-strong-form and weak-form efficient; a semi-strong-form efficient market is also weak-form efficient.

A finding that investors can consistently earn abnormal returns by trading on a given information set is evidence against efficiency with respect to that set. Abnormal return equals actual return less expected return given the security's risk.

Continues inside - structured notes for every reading.

The problem

Effort was never your problem.

Candidates who fall short are almost never the ones who did not work. They are the ones who worked on the wrong things, found out too late, and could not afford to find out sooner.

There is too much material.

The curriculum runs to thousands of pages. Every line of it looks important at midnight. Almost none of it tells you what actually carries weight on the day.

Nothing tells you where you stand.

You can read for three months and still not know whether you are close. Reading feels like progress. It is not the same as being tested.

The mocks come too late.

Most candidates sit their first full-length mock in the final fortnight. That is exactly when the result stops being useful, because there is no time left to act on it.

Good prep costs more than it should.

Serious packages run into the hundreds and beyond. So candidates buy the cheapest option, or nothing at all, and end up short on the one thing that actually shows them where they are.

LevelPrep is built around the opposite order. Test first, cheaply. Then study the gap.

What you get

Everything you need for the CFA

Interactive book

The full curriculum, made to work with, not wade through. Interactive charts, quick checks and progress tracking as you go.

Explainer videos

The concepts that don't survive being read, walked through on video. (Level I live now, Level II coming soon.)

Mock exams

Four full-length papers plus 20 subject mocks, built to exam-day format and timing, scored down to the learning outcome.

Revision notes & key terms

Every key term explained in plain English, plus formula sheets for the formula-heavy readings.

Free Resources

Free finance resources for everyone

A growing free library for anyone in finance. Explainers, resume and CV templates, study tools, and exam-prep resources. One free account opens all of it, no card, no catch.

Finance Games

Learn the language of finance through quick, addictive games.

Interview Prep Coming soon

Common finance interview questions, with frameworks for answering them well.

Valuation Templates Coming soon

Ready-to-use DCF, comps, and modelling templates for your own projects.

Resume Templates Coming soon

Finance-ready resume and CV templates that get past the first screen.

AI Prompts for Finance Coming soon

Tested prompts for research, analysis, and study, ready to copy and use.

Finance Explainers Coming soon

Clear breakdowns of the concepts that come up again and again.

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Pricing · CFA

One payment, per level

No subscription. Pay once for the level you're sitting.

4-Pack

A$29

one-time, per level

9 months access
4 full-length mock exams
The real exam-day interface
Full answer explanations
Progress tracked by topic

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Questions candidates ask

Which exams are available on LevelPrep?

CFA prep is live now. English testing, FRM, CPA, GMAT and more are planned. Use the exam selector to see current availability or join an interest list to help shape what comes next.

I already use another prep provider. Where does LevelPrep fit?

Use the 4-Pack or Complete for fresh questions, timed practice and another view of your weak areas. LevelPrep can sit alongside the materials you already use.

I only have a few weeks left. Can I still use it?

Yes. Start with practice to find the areas that need attention, then use the explanations and concise notes to review them. Choose the plan that fits what you have covered and the time left.

What does 'best value' mean at LevelPrep?

It means putting the price into the work you use: strong mock questions, full explanations, focused practice and useful progress insights. Every plan's price, contents and access period are shown upfront.

What if I don't pass?

With Premium, if you sit the exam for your level and don't pass, claim within 60 days of your result and we add 6 months of Premium access for that level, free. See the Pass Protection terms

How long does my access last?

9 months from the day you buy. If you upgrade, the upgraded plan starts a new 9 months.

Can I use LevelPrep on my phone?

You can use LevelPrep in your mobile browser, but a laptop or desktop gives you the best experience, especially for the timed mocks.

What is free, and what do I pay for?

The free library and resources open with an account. Paid plans add the full-length mocks, subject mocks, the full study library, explainer videos and scoring. Each plan lists its exact contents before you buy. Nothing free is taken away if you don't upgrade. With a free account you also get a 30-question diagnostic (45 minutes, weighted like the exam and scored by subject), and a 20-question sample mock you can try without an account.

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