As exam day approaches many candidates ask about past CFA Institute Mock Exams.
My response: before worrying about past mock exams make the most of material which is easily available for 2015 Level I candidates. This includes:
· Examples in the curriculum (especially the ones in MCQ format)
· Practice problems in the curriculum
· Topic-wise practice tests available on the CFA Institute website
CFA Institute also makes mock exam available on its website. You should attempt these mock exams once you’ve reviewed all ten topics.
If after doing the above, you still feel that more practice is needed, then you can consider past CFA Institute Mock Exams. However, keep in mind that the CFA Program curriculum changes every year. If a question seems unfamiliar simply read the learning objective specified in the answer document. If you don’t see the learning objective in your curriculum then do not worry about that question. In any case, here are some high level guidelines related to changes since 2009.
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Topic
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Comment
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Ethics
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Minimal changes since 2009.
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Quant
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Minimal changes since 2009. The reading on Technical Analysis was updated in 2011.
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Economics
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Changed substantially in 2012.
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Financial Reporting and Analysis
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There have been a few changes. For example over the years the emphasis has shifted from U.S. GAAP to IFRS. A brief segment on pension obligation has been added, while asset retirement obligation has been removed. In 2015 the following readings have been dropped: Financial Reporting Quality: Red Flags and Accounting Warning Signs, Accounting Shenanigans on the Cash Flow Statement. These have been replaced by a new reading on financial reporting quality.
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Corporate Finance
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There have been a few changes since 2009. In 2013 the reading on Financial Statement Analysis was removed.
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Portfolio Management
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This material was updated in 2011. Minimal changes since.
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Equity
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This material was updated in 2011. Minimal changes since.
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Fixed Income Securities
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This material has changed substantially in 2014. In 2015 are reading on asset backed securities has been added.
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Derivatives
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Major changes in 2015. Readings on forwards, futures and options have been dropped. These have been replaced by a reading on derivative pricing.
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Alternative Investments
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The material has changed substantially in 2013. Minimal changes since.
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The mock exams are the property of CFA Institute. The more recent mock exams specify the following terms of use:
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; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose.