Practicing IPS questions (Q Bank)

AjFinance

Does anyone have thoughts on how to practice IPS questions (both partial and Full length). I did check out Schweser Pro but it isn't really of much help. Also the CFAI books tend to have lengthy answers to the EOC questions. Anyone using other sources or Q Bank for practicing questions before getting down to the Mock exams?

Reena

Hi @Ajfinance, I came across this little guide by finquiz, have you seen it already?

http://www.finquiz.com/downloads/l3ss4los14.pdf

AjFinance

@Reena Thanks I was looking for resources to practice IPS questions. But that link is helpful Nevertheless.

Sophie

Hi @Ajfinance, I used 6 Schweser practice papers and 1 CFAI mock when I did Level 3. You're right that the CFAI books tend to have lengthy answers, and that's not how you should write your answers in the exam (it should be short and sweet, bullet points).

Try a few IPS questions in Schweser and you'll notice the trend/style of answering questions to the point. It doesn't vary much, except the story of the individual circumstances, where you have to apply your knowledge here.

But it always asks about: return objective (adjusted), ability vs. willingness to take risk, time horizon, liquidity, regulation, individual circumstances.

The only providers I know which provide unbundled practice questions so far, besides the ones you'd mention, is Finquiz. I have not seen their practice questions personally so can't comment on that.

I have reached out to a few providers to ask as well. Will revert on this asap early next week.

AjFinance

@Sophie Yea Schweser is great. I went through one of the video lectures wherein they walk you through the previous year's IPS questions. The CFAI text answers seems to go on for ages. I also checked out ELAN guides but I guess they don't provide much material for Level 3. Thanks for the help though

Zee

BTW, there are 3 downloadable practice exams from the CFA Institute if you haven't done so already. These contain actual past questions, so they're the best you can get (and free!). The sample answers are quite short and to the point.

@AJFinance let me know if this helps.

	Questions	Answers
2012	Download Link	Download Link
2011	Download Link	Download Link
2010	Download Link	Download Link

AjFinance

Thanks @zee. I have in fact already downloaded these. I couldn't find it initially, so it was @christine to the rescue for the link

Sarah

I also downloaded the exams I'm sure they'll come in handy in some distant future =D

AjFinance

@Diya June 2014

Sarah

@AjFinance that is forever away in my books! I'll be almost a year older, gone through a full stack of books and actually have time between the two exams to prove to my friends that I am actually alive.

Some acquaintance haven't seen me in so long that they confuse my sisters for me.

Sophie

@Ajfinance, just so you know, I'm still hustling on this I found 2 good sources with Level 3 practice papers, but asking them if they would sell separately to you guys, and more importantly, if they can give you guys a discount!

Tends to take time with big companies....

AjFinance

@Sophie Really appreciate your help on this. Would have "superliked" that comment if there was such an option

Zee

AjFinance said:

@Sophie Really appreciate your help on this. Would have "superliked" that comment if there was such an option

@AJfinance fixed that for ya

AjFinance

@zee thanks

Sophie

LOL, thanks @AjFinance. I only just did notice that Level 3 gets less attention, which is annoying from a candidate's perspective!

Sophie

@Ajfinance - unfortunately my charm hasn't exactly work on the providers this time. It's just too much trouble for them to unbundle and sell their practice papers separately it seems.

However, there's an additional Level 3 mock paper that is due for sale tomorrow (April 17th) onwards, from BSAS, it costs $149 from their website for an online version.

Level 1 and Level 2 practice papers are also for sale at the same price, for the rest who are interested.

AjFinance

@Sophie No Issues. Appreciate your efforts I'll check out the BSAS paper.

I have a few practice papers. But the only thing is I don't really like taking the exam in parts. For example, just picking out IPS section and solving it. I do that for maybe a couple of papers. But mostly I like to take full exams. Guess I just have to balance it out.

Sophie

Yea, it's good to simulate real exam conditions too. Will be on the look out if I sniff out any more extras. Rest assured I'll let you and the rest of the Level 3's out there know

sankrutimehta

Hi guys..i do have some practice exams topic wise..leme know if u guys wana use them..i know i am a bit late but nevertheless

lakshya25

We could use some.