Thursday, October 18, 2012

CFA Practice Problems and Mock Exams, Where to get it from?

As we mentioned earlier, CFA mock exams and practice questions are the key to pass the CFA examination, it is crucial to practice as much as you can, but reading the books and CFA notes are very important in order to understand the concepts and theories, and in my opinion it is worthless to go too quickly to the CFA practice problems.
Let's take the example of a surgeon who has read 100's of books about medical science but has not practiced yet, without experience it is pretty sure that this surgeon despite being the best student in his class will not be able to perform any minor surgery, this is exactly the same thing for the CFA examination, eventhough you know the theories and concepts from the CFA curriculum by heart,  practicing , practicing and practicing is the only way to pass the test.

You can find CFA practice problems from several sources:

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  •  The CFA Institute has some Mock exams for free, they usually release it 2 months before the CFA examination, Mock exams from the CFA are very useful so you should keep it for your revision period just before the examination, moreover you can buy some more mock exams from the CFA institute.

    • On the other hand, many CFA prep providers propose practice problems, such as Schweser's question bank, those are already very usefule materials  as they have a massive amount of practice questions. Here are some link to find CFA practice questions and mock tests:
              - Schweser Mock Exams
              - Analystnotes.com mock exams
              - Investopedia Practice questions
    •  Finally, many CFA candidates say the best practice problems are the questions at the end of each chapter of the CFA books, so the best thing to do is to solve it as soon as you have understood the concepts of the chapter, I also recommend you to mark the most difficult problems so you can get back to it during the revision phase. 
    800 to 1200 practice problems is really the minimum amount of problems required to pass each level of the CFA examination, it sounds like a lot of practice but if you take into account that you cannot spend more than 2 minute on each of the questions (remember that the CFA multiple choice allows only 1.5min per question during the examination) so it makes a total of only 26 hours on practicing problems, which about 5 to 10% of your entire preparation  time.

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