CFA CFA General Goal: 7 Mock Exams before Exam Day [Addendum]

Goal: 7 Mock Exams before Exam Day [Addendum]

  • This topic has 27 replies, 11 voices, and was last updated Apr-17 by vincentt.
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    • Sarah
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      That was never the original plan. I was thinking of just sticking to Schweser’s volume 1 exam booklet. At least that was the plan before I started using this forum. Actually after I started using this forum I also learned that CFAI offered a free mock. Imagine my delight!

      Now after finishing the morning session I want to tear out my hair. I am hoping that the real exam isn’t this frustrating or convoluted or riddled with so many MISTAKES. Granted they did put up a revised version as of May 23rd but the language is sometimes pretty impenetrable.

      And. I. Am. Native. To. English.

      I would love to discuss questions but that is a violation I believe. On every single page it states that it is a violation to copy/paste or share the material.

      Now I am coming up with less that polite theories of why they explicitly prohibit sharing, but I’ll let your imagination run wild.

      I feel like I have wasted a full day trying to get through the morning session and the debriefing period made me feel like a mad hatter. Even after the revised version I still think there are mistakes…will I e-mail the institute inquiring about it? No. Just no.

      I regret going for 7 mocks, I should have stuck to 6. The CFAI mock exam has put my blood pressure outside the realm of reasonable.

      Any other level II candidates losing their sleep over the CFAI issued mock exam?

      [Addendum]
      I would like to add that this isn’t a post reflecting my shaken confidence or anger because my score fell well below the 70% needed to comfortably assure a pass. Neither happened. I just believe that people who haven’t done the CFAI level II mock (can’t comment on other levels) might rethink doing another exam for their 7th mock. I would suggest it might be more useful to opt to redo the first mock they attempted. While I have no problem with curve balls and tricky questions it is unfair test of knowledge when the exam isn’t accurate. With the few days left it is silly to spend it being frustrated with a question you don’t understand only to later to realize that the solution provided is incorrect.

    • Sophie Macon
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      @Diya – don’t worry. One bad paper shouldn’t topple your confidence. You’re ready and prepared now! Just spend the last few days with some light revision or light questions.

      Good luck! 😀

    • Sarah
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      @Sophie it keeps me up at night. I think I am a little disappointed at how poorly CFAI handled the mock exam. I had so much respect for them.

    • vincentt
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      i second that @diya there’s so much error in CFAI’s mock, and those are not minor errors at all..

    • Snippy
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      Is this just for Level 2? And why was the mock revised btw?

    • vincentt
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      i don’t know bout other levels, you may check on the website. Just go to the download page for the mocks it should state when it was last revised, etc.

    • Snippy
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      Okay, got it. The Level 1 mock seems to have been revised on 23rd May too.

    • Zee Tan
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      @diya The CFAI-issued mock always made be doubt myself, because it’s always a curveball compared to Schweser. But it’s a good balance to give you a good idea of what happens at the exam, so whatever doesn’t kill you…

    • Sarah
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      @Zee I felt like I needed to add more to my blog post after reading your comment.
      I don’t think this year’s mock is a representation what happens in the real exam, I am not exaggerating the level of mistakes I found in the mock exam. From what I recall from the level I exam it was pretty straightforward and easy to comprehend – remembering the correct solution is another matter . 😉

    • sankrutimehta
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      @Diya: So I am to do my mock tomorrow 12 pm IST. Do you suggest I skip it for doing a better reading of secret sauce?

    • bceagles
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      I just finished the 2013 CFAI Mock (AM & PM) under timed conditions and got a 73% on both (44/60) which I’m pleased with considering I found the PM test to be extremely confusing. I found the first FRA vignette (PM) to be the most difficult I have come across in all of the tests that I have taken (4 of 6 wrong). Analyst forum has a thread called surveymonkey that calcs people’s submitted scores for the mock and I think the average is around 68%. Keep cranking!

    • Sarah
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      @Sankrutimehta short answer is depends. If you want to do it to get a feel for what the real exam has in store for you, don’t do it. The real exam can’t be that messy. If you have lots of practice under your belt and want to do “extra” practice go for it but some of the answers are just plain wrong. If you have particular topics you feel like you need to spend time on. Spend time on those topics instead. Review small details that might be on the exam but has been glossed over by Schweser. Re-read all the LOS and make sure you know what they are talking about.

    • Snippy
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      @Diya I hope that the L1 mock isn’t as messy because I’m planning to do it tomorrow too.

    • lulu123
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      @sidmenon

      it isn’t messy !

    • vincentt
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      @sidmenon L1 can’t be messy, as the messy part comes from the vignette.

    • jhtan
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      Anyone else noticed that most of the questions in the CFAI mock are actually from the sample exam? Are they getting lazy!??

    • Zee Tan
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      @Zee I felt like I needed to add more to my blog post after reading your comment.
      I don’t think this year’s mock is a representation what happens in the real exam, I am not exaggerating the level of mistakes I found in the mock exam. From what I recall from the level I exam it was pretty straightforward and easy to comprehend – remembering the correct solution is another matter . 😉

      @diya Strange. I remember the quality being fairly good in my years. Quality dropping…?

    • peru969
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      The l2 pm cfai mock was much harder compared to the am one.somewhat shattered my confidence.I thnk I ll stick to schweser qbank for the remaining few days

    • Snippy
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      Okay @vincentt and @lulu123. Thanks!

    • peru969
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      Can somebody help me with nwcinv formula. Is it the same net operating asset? I am always confused.’

    • Alta12
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      OMG. Struggled with Mock afternoon session. Devastated.

    • Alta12
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      @peru969 NWC = (Current assets – Cash) – (Current liabilities – ST debt)

      NOA = (Total assets – Cash) – (Total Liabilities – Total Debt)

    • Alta12
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      @diya @vincentt does the answer to Q53 in the CFA mock makes sense to you?

    • Sarah
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      @Alta12 morning or afternoon session?

    • Alta12
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      @diya afternoon.

    • vincentt
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      @alta12 yup it does, as far as I can see, are you asking about the control premium?

    • Alta12
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      @vincentt Thanks I worked that one out in the end. I had firm value not EQ.

      What about PM Q52? I applied the higher growth rate for 2 years to calculate terminal value but it was meant to be for 1 year only. The wording in the vignette was a bit confusing with the placing of the semicolon. Did you have any trouble with the wording?

    • vincentt
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      @alta12 i don’t have issue on this but for Q10 PM is crap since they missed out the entire sentence with important information.

      As for Q52 PM, even though it stated that the annual growth would be 10% for 2013 and 2014 but they have given you the FCFE items for 2013 so you would only need to grow by a year (2014).

      Next year (2013), FDF will realize $1m in CFO……”

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