The December 2012 CFA® Level I exam is only two weeks away. Here are my thoughts on the most effective strategy over the little time that you have left.
If you’ve not done so already, re-do the curriculum questions. After attempting the questions read the solutions very carefully.
Work through the past CFAI Mock Exams (2009 and later). Since the course changes a little every year keep the following in mind:
a. Ethics, Quant, FIS, Derivates and Alt. These topics have hardly changed since 2009. Hence all the questions on these topics are still valid.
b. FRA and CF. Minor changes since 2009. Do all the questions. If a question looks very unfamiliar check the LOS reference in the solution.
c. PM and Equity. These topics changed in 2011 so the 2011 Mocks is 100% relevant. Earlier mocks are about 85% relevant. If a question looks very unfamiliar check the LOS reference in the solution.
d. Econ. This changed completely in 2012. No point doing earlier CFAI Mocks.
Do the CFAI Sample Exams.
Note that everything I’ve said above has to do with questions developed by CFAI. Remember your exam is developed by the CFA Institute. Hence their questions are the best possible practice.
Write down the most important formulas and review then day and night. Keep the formula sheets under your pillow when you sleep. The important formulas need to be in your conscious and sub-conscious memoryJ
When you do practice questions you should not look at the formula sheets. This will help you determine whether you remember the formulas or not.
One week before the exam do the 2012 CFAI Mock in an exam-like setting.
If you still have time, do practice exams from Schweser or other prep providers.
Revise/review material in areas where you are making mistakes.
You’ll notice some topics which are difficult and only appear once in the whole CFA Level I curriculum. (Example: Bayes Formula). Don’t get hung up on this material. It is much more important to be on top of the important topics which show up multiple times across the curriculum. Hopefully by now you’ve figured out those topics.
Bottom line is that you need to do as much practice as possible. The questions cover the most important concepts and by doing the questions (and going over solutions) you automatically revise the concepts.
Not to kill your buzz, but I’m fairly certain (although not positive) that using mock exams from previous years is a violation of the CFA code & standars. There is probably a reason the CFA institute does not have them available on their website.
If I appeared in 2011 and I failed, I could have the mock exams with me still. So you mean to say its a violation for me to use that in 2012?
The violation is if you share it with people who are not candidates or posting it in a website (torrents) where you cant guarantee that only candidates have access to it.
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently registered CFA candidates and copying, posting to any website, e-mailing, distributing, and/or reprinting the mock exam for any purpose.
In your case using the 2011 mock in 2012 should be OK since you gained access to it by registering for the 2011 exam. However, sharing the 2011mock with anyone who was not registered for the 2011 exam would be a violation.
When grading yourself on the mocks, most people review the ones that they got wrong, but I think it is equally important to read over the solutions of the ones that you got correct as well. There are generally very few questions that you know 100%, so for the rest that you were at all unsure on, you need to know “ok, I was right on that”. Otherwise you are going to get to the exam, encounter a familiar question, and then not remember whether you got it right or wrong on the mock when you went with your first guesstimate.