Hi all,
So I’m just wondering (as I am just starting out) where the concencus is to turn to for mock exams?? Just the CFAI ones or are there other highly recommended sources?
I know I need to get going quickly here for my studying and go hard, which I will, but I am just wondering about effective sources of mocks so as to be efficient in my study.
Thanks!
The Schweser mocks are probably most popular and I believe are a relatively fair representation of the actual exam. I believe Elan mock exams are a bit more challenging. From what I’ve read on this board is that people generally score a couple points lower on the Elan mocks relative to the Schweser.
Although its no guaranteed indicator of passing the real thing, you should be shooting to score greater than 70% on the mock exams.
Practice exams (or mock exams) are crucial to passing any CFA exam. Especially the Level 1.
Right now, you should focus on reading your study material, taking notes of what you feel is important, taking notes of what you do not understand well (to come back to it after) and do all the practice questions at the end of each study session (take note of your wrong answers)
Then mid March, once you review all the material and study sessions, you should do the 3 practice exams that come with Schweser Notes. They will clearly outline your strong and weak points. Don’t freak out if you get many questions wrong. This will actually be the best thing for you. With the exam day approaching, this will put your mind back into focus and create a sense of urgency. You should then review all the reading again and really focus on your “weak areas” and on topics you got wrong on the practice exams. Redo all the practice questions again and focus on the ones you got wrong.
Then, in May, do another (or the same) set of practice exams and the CFA mock exam. You should see a tremendous improvement in your results.
Use the last few days before the exam to review concepts, make sure to understand everything and memorize the formulas and financial ratios. Also, make sure to practice Ethics questions. Most candidates overlook Ethics, but they are extremely important for the exam.
Best of luck,
Financial Analyst Warrior
For level 1, you can get away with doing 4-6 mocks, but L2 i will say at least 8, if not 10.
Anyway, get started with mocks ASAP. do not try to do mocks in late May. Do mocks more than once.
People say “don’t waste the mock exams early” i think it’s stupid, because if you start doing mocks in January on the section you have studied, do you reallyt hink you will remember everything by May? if you do, then you don’t need to review in the first place!
So do the mock questions early and do them again before the exam. that really helped me pass my exams!
BEST OF LUCK!
NANA