My updates: first mock done.

Over the weekend I took my first L3 mock exam. It wasn’t under exam conditions, and the process I followed was to answer a question/vignette which I would then mark whilst it was still fresh in my mind. I also allowed myself to look up equations on my cue cards provided I knew that the equation existed and it was simply a case that I hadn’t memorised it yet (these WILL be memorised by exam day, and I get no value from sitting there trying to answer a question that I know requires an equation I can’t remember). In respect of the essay section, I also marked myself particularly harshly, and feel that I probably would have come out slightly better but do not want to get complacent.

I managed 49.4% on the essay section, and 66.6% on the multiple choice section. Overall therefore an average of 58%, which I am happy with for a first attempt. I thought I would highlight my observations from this first mock:

1) the essay section was easier than I expected. Don’t get me wrong, you have to know your stuff, but this was a part I was really worrying about.

2) I know more than I think. I always have. Problem when taking the CFA exams that I finish the readings and then forget half of what was covered in the syllabus. Whilst the same happened here, I don’t think it was to as great an extent. Also, there seems to be a lot of repetition throughout various study sessions.

3) the IPS appears to be a very important and heavily-weighted topic. Obviously 1 exam doesn’t make a great sample, but I think Schweser know that this is where you need to focus as it touches all parts of the syllabus. I actually like the IPS sections as I find them quite obvious (if that makes sense?) so hopefully this will bode well.

Next Stages:
The are 23 days left until the exam…and failure is not an option 🙂 my plan from here on is as follows:
1) spend the weekday evenings over the next two weeks learning all the equations I have written down on cue cards as I have gone through the syllabus. I know this doesn’t work for everyone, but I like knowing these off by heart. A classic example was in the mock exam where I was asked to calculate the missed costs of a trade, and without the formula you would have no hope (especially as in the essay section).

2) whilst doing the above, I also plan to go through all the EOC’s from the CFAI books as I haven’t touched these yet. These should all be done by Fri 24/05.

3) I also have at least 8 mock papers left plus any others I may wish to purchase. I will do two this weekend, two next weekend, and two the weekend after, leaving me 2 to do in the last week (which I have booked off work and am travelling back to the UK to stay with my parents so I have some peace and quiet).

4) In the last week I will then focus on going over topics I find difficult, and generally getting ready for the exam itself.

Hopefully this should lead to a positive outcome!

Good luck all…this is it!

P.s. sorry I have been a bit quiet on here recently…have been working hard offline. Once the exam is over I will definitely be back with a vengeance, aiming for the ‘Million Posts’ badge 😉