AFAI1 Mock Paper 1 — Investment Unit 1
Entry-level AFAI1 mock: macroeconomics, core asset classes, UK collectives and ISA wrappers. 20 standalone questions plus two short case studies. 45 minutes, pass mark 21/30.
- Questions
- 30
- Minutes
- 45
- Pass (70%)
- 21/30
Sit it timed
The timer starts when you press the button. You can still finish after it runs out — it is there to mimic exam pressure, not to lock you out.
Free preview: the first 5 of 30 questions, with a timer to match. Unlock the full paper
Answer options are shuffled on every attempt. Your progress is saved as you go, so a refresh won't lose it.
About AFAI1 Mock Paper 1
This is mock paper 1 of 3 for AFAI1, the Investment — Unit 1 unit of CeMAP. The 3 papers in this unit run easier → harder so you can build up to exam standard rather than being thrown in at the deep end. This one sits in the easier tier: the wording is clean and the wrong answers are less subtle than the ones the examiner writes, so it is the right place to find out what you actually know.
Every question carries a written explanation, so a wrong answer tells you which rule you have misread instead of just costing you a mark. Questions are original, written against the 2025/26 five-unit CeMAP syllabus, and cover the material the way the examiner tests it — precise recall where recall is tested, and judgement where the paper wants judgement.
Format, timing and pass mark
AFAI1 Mock Paper 1 follows the live AFAI1 format: 20 standalone questions + 2 case studies × 5 linked questions, in 45 minutes — about 90 seconds a question. Pass mark 21/30 (70%), as in the real assessment. There is no negative marking, so answer everything. 2 case studies carry linked questions: read each scenario once, carefully, before answering any part of it.
What this paper tests
The 30 questions in AFAI1 Mock Paper 1 break down across 11 topic areas:
- Collectives5 questions
- LISA4 questions
- Risk & return4 questions
- Cash3 questions
- Charges3 questions
- Economy3 questions
- ISAs3 questions
- Gilts2 questions
- Corporate bonds1 question
- Equities1 question
- Property1 question
Try two questions from AFAI1 Mock Paper 1
These come from the free preview of this paper. Answer them, then reveal the explanation.
Economy
The Bank of England's Monetary Policy Committee is tasked with keeping CPI inflation at which target?
- A2.5%
- B2%
- C0%
- D3%
Reveal the answer
B is correct. The Government sets the MPC's inflation target at 2% CPI. If inflation is more than one percentage point away from target, the Governor must write an open letter to the Chancellor explaining why and what the Bank will do.
Economy
When the Bank of England raises Bank Rate, which outcome is most likely in the short run?
- AEquity prices always rise because companies earn more interest
- BBond prices rise and mortgage rates fall
- CBond prices fall and savings account rates tend to rise
- DInflation immediately falls to the 2% target
Reveal the answer
C is correct. Higher interest rates make new bonds more attractive, so existing bond prices typically fall (yields and prices move inversely). Lenders usually pass higher base rates through to savers and borrowers. Equity effects are uncertain and not automatic.
Scored under 70%? Revise these next
A near miss is almost always a calculation you cannot do under time pressure, a definition you half-know, or a rule you have never read in the examiner's words. Start with the topic areas above where you dropped marks, then:
- →Drill the calculations on the CeMAP formula sheet — LTV, income multiples, SDLT, APRC, ERCs and rental cover, each worked through.
- →Nail the terminology in the CeMAP glossary — a surprising share of wrong answers are a term you nearly knew.
- →Re-read the syllabus coverage on the AFAI1 exam guide, then sit the next paper in the ramp.
The other AFAI1 mock papers
3 timed mocks for this unit, running easier → harder. Sitting the whole ramp is what moves a borderline score to a comfortable pass.