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Mock exams

EQ_ArbitrageEQ_Arbitrage United StatesPosts: 8 Associate
Just finished the CFAI mock exam.  I'm torn between doing another one tomorrow(2days before the test) or just brushing up on qbank questions. When is a cutoff to stop taking practice test?


  • ArbitrageurArbitrageur Orange CountyPosts: 32 Jr Portfolio Manager
    Here are my two cents as a fellow LIII candidate:
    You are unlikely to learn anything new right now (and it's important to admit that to yourself!). With that being said, I personally plan on taking an AM session tomorrow primarily to work on my timing strategy for constructed response. If you're confident that time won't be an issue for you then I'd skip any more practice exams. You want your brain to be as well-rested as possible.

    Go over past mock exams and see how you could have improved your answers. Focus on questions you should have gotten right. Did you repeatedly make any careless mistakes? Is there one concept you keep getting backwards? 

    Don't spend too much time with Qbank except for GIPS and Ethics since Q-bank questions are much easier than the actual exam. I do think Ethics and GIPS is best practiced by doing the questions though. I'd also consider re-reading your GIPS notes shortly before the exam. If you made flash-cards now would also be a good time to drill them, but again focus on the ones you're reasonably sure will be tested.
  • Agree wholeheartedly with @Arbitrageur.

    It's all about speeding with caution.  Read the question twice just to be sure you know exactly what they are asking (sounds/is obvious, I know, but in every mock I have lost a few points - and time - through starting my answer before reading the question properly!).

    Another thing I've been doing is revisiting past exam questions, at random (using Randbetween function on excel, setting years between 2006-2014 and questions 1-12.... I have excluded 2015 because I only completed that a few days back and found it to be pretty easy).  Also the CFA Topic Tests are good.  Also using Excel, I've been tracking my estimated multiple-choice score, weighting each topic against the proportionate number of topic tests provided and topic score as the average score.  Maybe overdoing it a little, but it's good to have something to indicate how my scores are progressing.

    I too have some GIPS summary notes (which is pretty much just a list of required/recommended disclosures) which I will be reviewing between exams.
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