CFA Institute Online Mock Exams

CFA Level I
#1

Hey guys,

This is my first post here although I registered many months ago and I’ve been pretty much lurking. I’m going to take the next week’s Level 1 exam.

I’ve been mostly relying on CFAI Topic Tests and Mock Exams for practice so far. I have some Schweser booklets but I haven’t done any of them because I find CFAI Mock Exam auto grading and electronic form of practice to be very very convenient.

Just wanted to ask whether the CFAI Mock Exams is a reasonable proxy to estimate the level of difficulty for the real exam itself or should I start hitting the Schweser practice exams too just in case (I know you’re going to recommend me to do Schweser, but meh :P)

Also, are we going to be provided with blank papers to do rough work on for the exam day? or do we do all the scribble on the question sheet?

Thanks in advance and good luck to anyone who are taking the exam next week as well.

#2

same thought here. anyone?

#3

I’ve read that, unfortunately, you just have to use the margins on the page of the question booklet…

Most people are saying schweser is harder as it contains more “random questions” on topics where you really need to remember that really small detail on some random page of the text. CFAI mock is easier in my opinion as well since I have done it, and people are saying the test is easier than both of them. If someone has taken the test please validate what I’ve read haha.

#4

CFAI topic tests and mock exam is not only the reasonable proxy, it is the BEST proxy of the difficulty level of the exam. The End-of-chapter problems (MCQs) are also as good proxy as the topic tests/mocks. No need to do Schweser mocks (do just 1 if u insist…). No blank paper will be provided. Schweser is harder because its questions appear to test your reading skill as well - CFAI ask simple direct questions. Good luck people!!!

#5

Hi, thanks so much for this information.

But given how the CFAI uses Angoff method to set the Minimum Passing Score (MPS) for each exam, does this mean that the MPS is likely to be high due to the perceived level of low difficulty?

#6

The fact that CFAI ask simple direct questions does not mean that answering the questions will be easy, particularly for the unprepared candidates. Therefore, the perceived level of difficulty will remain high! The (unofficial) Level 1 MPS has historically been around 68% if I am not mistaken. Aim for 70%+ and you can have a margin safety of at least 2%.

#7

thank you very much for your insight kevin.

#8

You will not be given scrap paper. Most questions are qualitative anyway. There are a few calculations but you will have to do them in the margins. It’s more than enough space though.

#9

Anyone have a good projection on what a good score is for AM and PM sessions of CFAI mocks? Wouldn’t mind knowing where I stand relative to status quo,

#10

I just finished AM mock. So disappointed on ethic part… got lower than 50%.

I would say probably above 70% would considered pass. It really depends on how other people performed on the exam day…

#11

If it’s any help, ethics is pretty easy to bump your grade up in a short span of time, since the concepts are easier to learn than harder concepts like SS9. As a testament to that, I got a 50 on ethics last week when I did AM, but got a 77 on ethics today after grinding ethics every night since.

And yea makes sense, people are saying above 68 on the real test is MPS, and since CFAI mock is a bit harder, 70 makes sense leaving a bit of margin for error from exam day choking.