CFA CFA Level 1 Usefulness of CFA mock exam vs. Schweser mocks?!!

Usefulness of CFA mock exam vs. Schweser mocks?!!

  • This topic has 18 replies, 9 voices, and was last updated Apr-17 by Vinod.
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    • lulu123
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      How useful and representative is the difficulty level of the CFA Institute Mocks?

      What about when those are compared to the Schweser books mocks?

      Which are better/ more representative of actual exam difficulty?

      Thank you in advance

    • imdnextbuffet
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      IMO, CFA mocks represents how the paper setting style gonna be like, in terms of the framing of questions, language used, etc. whereas schweser mocks are cocktail of every type of questions which can be asked in the exam (which doesn’t really mean that schweser mocks are better, is just that it puts you through rigorous twists and turns in questions). But at the end,never under estimate the god (CFA INSTITUTE), because they do tend to throw scariest googly one can ever face in the battlefield (exam). So without comparing, solve both mocks and schwesers mocks as much as you can. And try to keep consistency in the marks you get, and do check sectionaly too if you faring well or not.

    • Sarah
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      @imdnextbuffet covered all the bases.
      My own two cents would be if you have the time do as many mock/practice exams as possible. It helps you get a feel for which sections need more attention and how your time management is. Also when doing mocks give yourself half an hour less to compensate for actual exam stress. This served me well but don’t panic if you can’t finish your mock in 2.5 hours.

    • imdnextbuffet
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      @imdnextbuffet covered all the bases.
      My own two cents would be if you have the time do as many mock/practice exams as possible. It helps you get a feel for which sections need more attention and how your time management is. Also when doing mocks give yourself half an hour less to compensate for actual exam stress. This served me well but don’t panic if you can’t finish your mock in 2.5 hours.

      Totally true @diya time is the core essence. Well timed practise puts us in less frets during the actual exam.

    • Zee Tan
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      @lulu123 to add to that:

      • like @imdnextbuffet said, the CFAI mocks are important because they give you a feel of how the tone and type of questions will be, which is important because it varies slightly from how Schweser questions are framed.
      • Having said that – usually questions such as ‘which one is better’ may mean that you could be also asking ‘which should I prioritize’. To which the general advice is that you should definitely make sure you cover the free CFA practice exam, but you should also try to cover all practice exams (Schweser or not) that you have at hand. Practicing is the key to passing this exam!
    • Snippy
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      Agreed. Practice and practice, the only thing that’ll help you nail this toughy of an exam.

    • fabian
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      Start with Schweser, blend in CFAI mock somewhere in the middle. You can (and probably should) revisit the CFAI mock from time to time to remind yourself how they ask questions…

    • lulu123
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      @lulu123 to add to that:

      • like @imdnextbuffet said, the CFAI mocks are important because they give you a feel of how the tone and type of questions will be, which is important because it varies slightly from how Schweser questions are framed.
      • Having said that – usually questions such as ‘which one is better’ may mean that you could be also asking ‘which should I prioritize’. To which the general advice is that you should definitely make sure you cover the free CFA practice exam, but you should also try to cover all practice exams (Schweser or not) that you have at hand. Practicing is the key to passing this exam!

      “Free” CFA practice exams? Where are those?
      I was talking about the mock that we have to pay for (offered by CFAI)

    • christine
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      @lulu123 every CFA candidate has 1 free CFA Institute mock exam as part of registration. You should be able to find yours here (currently the CFAI website is down for maintenance though):

    • lulu123
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      @christine thank you!! I will check it when they fix the site

    • lulu123
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      @christine in that case though, should I bother going to the 6 hour mock that isn’t free? is it basically the same exam but this is extra and paid?

    • lulu123
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      as in same “type” of exam, sorry for spamming haha

    • christine
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      @lulu123 lol that’s ok. Basically I’d say finish your Schweser practice exams first if you have them, do the free CFAI mock, then you can try the CFAI sample exams (i.e. paid exams). They should be about the same price as Schweser Practice Exam Book 2 (for Level I) so I’d lean towards exams by the CFAI 🙂

    • lulu123
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      @christine thanks so much!! I just checked and yes the mocks are there! awesome

    • Vinod
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      Can anyone share free mock/practice exams apart from the one which is on CFA website( one free downloadable).
      Thanks.

    • Marc
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      @lulu123,

      Definitely recognize that there is a difference between the prep provider exams and the “vrai chose.” It is important not to get discouraged by prep provider questions that are in no way relevant to what you will encounter on the exam.

      For example, it is not uncommon for a prep provider to ask an ethics question along the line of “Joe Jones, CFA does blah, blah, blah and fails to inform his client. Has Mr. Jones violated Standard 5b (Communication with Clients and Prospective Clients)?”

      And your answer is yes, but that turns out to be wrong because if you had bothered to read the footnotes on page 56, you would have known that a portfolio manager is not obligated to disclose information regarding performance presentation on discretionary accounts with a value of less than $500,000 if it is the second Tuesday in November of a leap year and he is wearing purple shoes (and you should have assumed these last two things).

      Really? CFAI could write exams for a million years and never ask a question where the correct answer is something like that. So, by all means, answer any questions that you can get your hands on, but don’t fall into the trap of assuming that prep provider questions (especially on the subject of ethics) are representative of what you will encounter on June 1st.

    • lulu123
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      @lulu123,

      Definitely recognize that there is a difference between the prep provider exams and the “vrai chose.” It is important not to get discouraged by prep provider questions that are in no way relevant to what you will encounter on the exam.

      For example, it is not uncommon for a prep provider to ask an ethics question along the line of “Joe Jones, CFA does blah, blah, blah and fails to inform his client. Has Mr. Jones violated Standard 5b (Communication with Clients and Prospective Clients)?”

      And your answer is yes, but that turns out to be wrong because if you had bothered to read the footnotes on page 56, you would have known that a portfolio manager is not obligated to disclose information regarding performance presentation on discretionary accounts with a value of less than $500,000 if it is the second Tuesday in November of a leap year and he is wearing purple shoes (and you should have assumed these last two things).

      Really? CFAI could write exams for a million years and never ask a question where the correct answer is something like that. So, by all means, answer any questions that you can get your hands on, but don’t fall into the trap of assuming that prep provider questions (especially on the subject of ethics) are representative of what you will encounter on June 1st.

      This was more aimed at @Vinod.

      I was all happy about the CFAI mocks that I was able to finally find lol
      But yes, we have to be critical with any material used

    • Vinod
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      @lulu Thanks… I got the point.

    • Vinod
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      @lulu123 Thanks… I got the point.

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