Is it worth it to look at old exams prior to the last 3 years?

Does stuff get changed? Or am i safe?


There is definitely a +EV value in writing/practicing through previous AM Exams released by CFAI.

Obviously some topics are phased out while other new ones get introduced over the years, but the most beneficial subject to focus on is Individual + Institutional IPS.

I took the 2011 and 2012 exams yesterday. The 2011 exam was not much different than the 2015 curriculum. There were some terms in Behavioral that I wasn’t too familiar with but that’s about it. 2011 is definitely worth taking. I plan on doing a lot of these old exams, even if I have to slice up the old ones to get still relevant questions. The CFA exams are so much better practice than the Schweser AM mocks.

Check this thread for past exams’ relevancy;

+1 to what tozerrt said. I plan on using the very old exams for Individual and Institutional IPS. I’ve done very well on the Institutional, but Individual IPS has been rough on me. Lots of good practice available out there.

Thanks for posting the link Tommy. Very helpful.

I found it helpful

Very Helpful!!!

Where can I find older CFA practice or actual exams?

On CFAI’s website if you know how to look :wink:

I can only find the 2015 Mock on the CFAI Website, as well as these weird online tests grouped per topics.

Can anyone tell us where we can find the former actual CFA exams ?


Go to CFAI’s website, then:

CFA Program—> About the Exam —> Level lll ----> then you’ll see the morning sections for the 2012, 2013, & 2014 exams. Google will lead you to older exams, as well.

EDIT: Tommy did the searching for you…

Thank you so much ! I was really starting to believe that I was going nuts.

Thank you as well Tommy.

OMG this is nuts. Thanks man.

Please don’t mind me asking, but is the source reputable ?

The CFAI freely makes those exams available, so I don’t think there’s anything wrong with someone else doing the same. The actual documents made available by the CFAI don’t have disclaimers at the bottom about distribution the way the mocks from past levels do. You can find other US sites that make these old exams available, too.

My question was aimed rather at the authenticity of the content, as the google link is not sponsored by the CFAI.


Oh, the documents are fine. I’ve taken the 2011-2014 exams and they are all very well written questions and challenging. These aren’t fakes or .pdf’s with viruses, to my knowledge.

One thing is there are very few similarities between these exams. They are all basically completely different, aside from covering the Level III topics like IPS that’ll show up on every AM session. I’d expect the 2015 exam to be very different from whatever you see on past exams, which is why I think they make these available.