As I write this note we have about 6 weeks remaining for the exam. At this stage one of the most frequently asked questions is: “Where should I practice from?”
Here is my response:
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Curriculum blue box examples. If you’ve been following my advice, you should have been working through the curriculum examples as part of your regular study. At this stage it will be useful to revisit these examples and make sure you understand/remember the key concepts. Pay particular attention to the exam-style (MCQ) questions.
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Curriculum practice problems. Ideally you should have been working through the curriculum practice problems as part of your regular study. If not, you must do these questions before the exam.
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CFA Institute Website Assessments. You’ll find topic-wise assessments on the CFA Institute website. CFA Institute has put a lot of time and effort in creating these practice assessments. Once you have reviewed a particular topic you must do the CFA Institute assessment.
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CFA Institute mock exam. The final part of your review should involve taking the full length mock exams made available by CFA Institute.
If you complete the above and are looking for more practice, then you can turn to mock exams made available by prep providers. In the final 2-3 weeks you should attempt as many full-length mock exams as possible. I encourage my students to do at least three in an exam-like setting.
Some candidates insist on working through CFA Institute mock exams from the past. For such students I have the following comments:
- Many of the questions you’ll find on the website (assessments) have been taken from past mock exams. These questions have been updated to reflect the 2016 curriculum. Hence do the online questions before thinking about past mock exams.
- The curriculum changes every year so when working through past mock exams there is always a chance that some material is not part of the 2016 curriculum. I’ve summarized the major changes since 2009. I do not guarantee the accuracy of this information and if you do attempt past mock exams the responsibility lies with you.
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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 were dropped: Financial Reporting Quality: Red Flags and Accounting Warning Signs, Accounting Shenanigans on the Cash Flow Statement. These were replaced by a new reading on financial reporting quality. In 2016 several FRA readings were updated.
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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. In 2016 a new reading on risk management was added.
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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 a reading on asset backed securities was added.
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Derivatives
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Major changes in 2015. Readings on forwards, futures and options were dropped. These were replaced by a reading on derivative pricing.
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Alternative Investments
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The material was 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.”
Best wishes,
Arif Irfanullah, CFA