I passed level 2 without ever attempting a real mock - that is, I worked through multiple practice exams using the solution page, but never in a (closed book) timed setting. I only passed marginally, so I know I will need to step it up now for level 3. Not sure if I should start on mocks now… or take a few more weeks to study the material.
As title implies… Do you begin taking mocks when you have mastered practice questions or is it always a work in progress… How do you deal with questions you just dont know how to answer?.. is there a point in guessing on a mock? does it take you longer than 3 hours?
The Level 3 CFA morning will be the most time-pressured portion in the entire 3 exams. Repeatedly practicing it under exam conditions is essential.
If you do not have enough mastery to tackle an entire mock with a reasonable chance of getting at least half points spot on, then tackle individual questions under time pressure as 1 point = 1 minute. The IPS questions that come at the beginning of exams are generally the biggest time sinks in CFA and also the ones where practicing getting it under the time they ask for is most essential.
If an answer is not apparent in the morning, write down basic facts of the scenario and move on. If you are lucky, just showing that you understand what is going on can get you a point or two. Do not waste more than a few minutes thinking about it. You do not have time to think. In the afternoon, circle B and move on. If you have time at the end, come back.
Guessing on mocks shows you your educated guessing ability (i.e excluding one answer or knowing which seems unlikely). Educated guessing is a big boost in multiple choice. In the morning, it might net you 1 point in a few big questions. Your guessing should not take a lot of time however, else it is counterproductive.
The majority of candidates will run out of time in the morning. A useful skill is going for the easiest questions first so as to maximize your writing. Your mocks will help you figure out which these questions are for you. For most people, it will not be question 1.
I have been practising past papers in near exam conditions and in addition i have used http://www.analystninja.com/ which has really helped me esp their independent marking and feedback.
I time myself on each individual question, but I immediately go and look at my answer and score it right then and there. That way I immediately get feedback if I screwed up my answer instead of realizing it hours later and then having to try to answer it again. The only way this approach changes relatice to the real exam is that on the real exam you don’t know immediately how you’re doing so technically if I’m scoring horribly on the mock exam’s there is actually more pressure on the following questions than there would be on the real one when my ignorance is bliss.
For what it’s worth, my approach for each study session is to revise my notes and blue box examples, build and review flash cards for memorization, do Qbanks, do practice tests, redo a couple of EOCs, and then get at the previous year essay exams for the relevant sections. I’ve sacrificed 2 prior year exams for these purposes.
In the last 2-3 weeks, I’ll be going full mock mode and work on the time management.
I did a couple of mocks one question at a time at the beginning of my review, but switched to exam-like conditions thereafter. Time management and endurance are key factors to being able to do well in the morning session, and you’re not going to get the proper practice by only doing one question at a time.
WARNING: DO NOT SPEND MORE THAN THE ALLOTTED TIME ON SINGLE QUESTION/SUB-PART
You will most likely get behind, freak out and fail. Happened to me a few times on mock exams.
I did the same as above - did my first few mocks a couple of questions at a time, would then go back and mark them so I got instant feed back. I found that I was taking about 2hrs 30 miniutes over all to complete all the questions - I put this down to not having to sit the whole 3 hour session at once, and could approach the questions a while being a little fresher.
Just sat my first fully timed AM mock this morning - took the 2009 AM CFAI paper and finished in 2hrs 10 minutes with around 66% (obviously subjectively marked somewhat - although I try to be harsh on myself).
I’m finding that the AM sessions I’ve done aren’t half as much as a time squeeze as I though they were going to be. That’s not to say I wont be freaking out on the actual real exam day and need the full time…just that I’m pleasently surprised I had ample time left over if I had needed to go back and check.
I did actually miss out one 11 minute question which was no longer relevant so I guess really I’d say I finished with about 30+ mins to spare.
