I’ll be sitting for CFA L1 this December & I started with FRA since it has the highest weightage. While I’m using Elan Guides as my only source of study material, I realized there aren’t any practice questions. Other than the curriculum EOC questions, I need more practice questions so that I can get a hang of the topics. Although, I’m inclined to buy Elan Guides Practice Questions, I came across analystnotes which is a lot cheaper. Which one should I go for? considering the difficulty level that matches the CFA exam, should I go with Elan Guides or Analystnotes or any other 3rd party provider?
Thanks in advance 🙂
First, be sure to do the end of chapter questions in the CFA Institute material.
I’ve written up a little guide on evaluating question banks:
I’m obviously a bit biased, as we have our own question bank. That said, our team has used the the major question banks to study for their exams before we came out with Adapt CFA Level I last year. We are confident we’ve created a product that will prepare you for the exam as good as anything else available. We also are coming out with a major upgrade to Adapt after the June exam (You can preview it by signing up for our Level II alpha test). We have Adapt in other markets (primarily actuarial exams) and we have had over 800,000 exams taken on the system.
Since your need is primarily ongoing practice questions as your studying, you should choose a question bank that allows you to focus on those subsections. Adapt, for example, lets you choose to do a quiz based on the reading number. Last round we had several users take over 200 quizzes as they studied each section systematically.
The tendency for a lot of people is to over-read the sections and under-practice until they are ready for mock exams. You’re smart to consider integrating practice questions along the way. Our on-staff exam passing guru, Ben, wrote up this little guide on how to efficiently study and integrate practice problems:
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