The CFA Mock Exam
In order to successfully pass your CFA exam the CFA mock exam is something you need to go through continuously.
Whether it is a live exam or from an online service, the CFA mock exam can help measure how you will do when the actual CFA exam comes around in June.
Third-party providers generally started offering their live CFA mock exam over the last couple of weeks, normally on a Saturday to mimic the actual exam experience.
One of the most frequent questions asked this time of year is how difficult are the CFA mock exam compared to the actual CFA exam and how do I use the resource for success?
How hard is the CFA mock exam?
It is difficult to talk about how difficult the CFA mock exam is cause every candidates opinion differs, Candidates I’ve talked to have generally found that the CFA mock exam for level 1 by most providers were more difficult than the actual exam. Candidates that took FinQuiz mock exams last year said the Level II CFA mock exam seemed slightly easier than the actual exam but pretty close while candidates taking the Level II CFA mock exam from other providers claimed that it seemed much easier than the actual exam.
My CFA mock exam experience
My own experience with mock exams, so many years ago, seems to echo the opinion I’ve heard from candidates. Level 1 CFA mock exam seems very difficult because it’s all very new. The actual exam seems more generalized across the curriculum and not particularly detailed. The CFA level 2 exam is extremely detailed and it may be difficult for third-party mock exam providers to mimic the same level of difficulty.
The CFA Institute includes one mock exam in the cost of your registration. The mock exam is designed to mimic the actual test in length and relative weights but may not be exactly like the June exam. For level 1 and 2 CFA candidates, the mock exam is composed of two three-hour sections. The level 3 CFA mock exam is just one three-hour section and does not include an essay section.
For CFA level 3 candidates, you can replicate the exam experience by taking the mock exam along with last year’s morning essay section or a combination of previous year’s essay questions.
CFA mock exam put out by the institute
After talking to a few candidates, I’ve gotten to know that the CFA mock exam is normally a lot harder than the actual exam, one really can’t be certain until they have written the actual exam but this seems to be the case over the past years.
If you did not score as well as you would have hoped on the mock exam, use it as motivation to study harder but do not get too discouraged. Improve the mistakes this time that you may have done while taking preparations for your CFA exams. You may still have a very good chance at the June exam.
The CFA Institute also makes short practice tests available for an extra fee. The tests are shorter than the mock exams and based on specific topics to help you focus on your studying.
How to use the CFA Mock exam?
Rather than focusing on how difficult the CFA mock exam is you should think about how you can use them to your absolute benefit.
There are two ways in which the CFA mock exam helps you:
1. The CFA mock exam truly tests your knowledge on the topics that you studied; you would be surprised to know how little you remember from a topic while writing the CFA mock exam. The CFA mock exam tests you on many parts of each topic.
2. The CFA mock exam mimics the real exam, you will become aware of the exam structure the time you have and will need to answer every question. If you study and extremely hard to prepare for your CFA exams but you haven’t practiced any CFA mock exams then all your hard work will go in vain, because without the CFA practice exam is it highly unlikely that you will be able to manage within the given time and know what exactly to focus on.
I recommend taking at least one CFA mock exam per week. If you do not have access to a mock exam, you can construct one through end-of-chapter or question bank problems. Take these tests at the beginning of your study week to see in which topics you are weakest and might need extra study throughout the week. Taking at least two six-hour tests will also help you build up a little stamina ahead of the actual exam. Don’t get discouraged if you don’t do well in the mock exams, only practice will make you perfect.