Did you know–75% of CFA® Exam candidates use mock exams as their primary way to prepare for the CFA exam.
A good CFA® mock exam will help to familiarize students with the structure and content of the exam. In addition, they can assist students in figuring out what part of the test they still need to study for as well as provide a time estimate for each question.
In general, the more CFA® practice exams a student takes that emulate the actual exam-taking experience, the more comfortable and prepared they will feel on your official test day.
CFA® Mock Exam Providers
These companies offer CFA® practice exams along with helpful additional features, such as software for scoring and analyzing answers as well as accurate simulators of the exam’s interface and time limits. Some of these companies sell their mock exams separately while others include them in their standard course packages.
Below is a list of the pros and cons of the top rated CFA Practice Exam providers:
#1 – Wiley CFA Prep Test Bank
Level 1: $245 for 2 full-length CFA® mock exams and 4,000 practice questions
Level 2: $195 for 2 full-length mock CFA® exams and 1,200 practice questions
Level 3: None
CFA® Levels Available: I and II
Format: The Wiley Efficient Learning CFA format includes practice exams and stand-alone test banks for Level I & II can be purchased separately from courses along with 2 full-length mock exams.
Custom practice exams? Yes. The Quiz Planner allows the creation custom exams by topic.
Design & Content: Practice questions and mock exams closely resemble the actual CFA® exam in style, structure and construction. All answers are included. Students’ Wiley CFA reviews report that the questions they saw on the exam were very similar in structure to Wiley’s mock exams.
The downside to this resource is not being able to view the correct answer immediately after answering questions in a practice exam. Instead, students have to complete the entire test and then go back to see which questions were right or wrong.
Wiley CFA Review Course Discount Codes [Up To $209 OFF]
#2 – AdaptPrep CFA Test Bank
Level 1: $149 for dynamic practice exams with 2,500+ questions
Level 2: $249 for dynamic practice exams with 1,000+ questions
Level 3: $249 for dynamic practice exams with 600+ questions and 3 mock essay exams
CFA® Levels Offered: Level I, Level II, Level III
Number of Practice Questions: 2,500+ (Level I), 1,000+ (Level II), 600+ and 11 essay questions (Level 3)
Format: Unlimited custom practice exams and quizzes generated by the Exam Engine.
Custom practice exams? Yes
Design & Content: AdaptPrep recommends taking at least 7 practice exams and score 70% or higher. The difficulty of the dynamic practice quizzes will increase as scores improve until reaching Level 7.
AdaptPrep CFA Review Course Discount Codes
#3 – Apptuto CFA Test Bank
Level I and II: $199.99 for unlimited mock exams.
CFA® Levels Available: Level I and Level II
Number of Practice Questions: 3,500+
Format: Test Question Database and Analytics as part of course.
Custom practice exams? Yes. Additionally, Apptuto’s Similar Question Generator makes it possible to practice the same formulas several times by creating similar questions. Quizzes can also be generated based on specific readings instead of an entire section with options to tweak the type and difficulty of questions. Mock practice exams can even be set up with the same grading weight as the real exam (based on the CFA® Institute’s guidelines).
Design & Content: The test bank is part of Apptuto’s line of CFA prep courses and cannot be purchased separately. Many different types of mock exams can be generated from the 3,000+ question test bank.
#4 – Analyst Prep CFA Test Bank
Level 1: $199 for 8 PDF mock exams with 3,000+ practice questions
CFA® Levels Covered: Level I
Number of Practice Questions: 3,000+
Format: Downloadable PDF
Custom practice exams? Quizzes can be customized.
Design & Content: Analyst Prep offers a free trial and two premium programs for CFA exam prep. Either of the two premium packages offer access to the 8 PDF mock exams with over 3,000 practice questions in a license that is unlimited until the student passes.
The user interface is extremely easy to use and the questions are organized by topic. All practice questions were written by the company and have never appeared on previous CFA® exams. Students can compare their score with other users in their dashboard as well as adjust their study schedule.
Top 5 Benefits To Taking A CFA® Mock Exam
1. Familiarity With the Exam
Mock exams are often based heavily on actual exams from previous years, sometimes even incorporating a significant amount of old test material. This is how they do such a great job providing students with a feel for the structure and content of the CFA® Exam.
This is the best part:
Becoming more familiar with the content and structure of the exam directly correlates into an increased chance of passing on the first try. Students who feel more acclimated to the CFA exam will be able to answer questions more quickly and accurately.
2. Knowledge of Study Needs
On the real exam, certain topics will have a greater emphasis than others, with more questions in the exam focused around them. By taking mock exams, students will gain greater insight into which topics are covered more extensively and concentrate their studying more on those areas.
3. Identification of Weaknesses
Practice exams can help to identify strengths and weaknesses for the test taker. If a student frequently gets questions wrong on their practice exam that focus on the same subject or come in the same format, they can weed out this weakness by focusing their study sessions around these problem areas.
4. Effective Scheduling of Study Sessions
Here’s an interesting fact:
Research has shown that separating information in separate ‘chunks’ while studying makes it easier to retain that information. Mock exams can be a great way to evenly space out study time by taking one at the end of each session.
Using this method, students can study, take a practice test, see their progress, and go back to studying. It’s a bit like ‘supersetting’ a workout at the gym and it can produce similar results.
5. Stress Reduction
Want to know the number one reason people fail the CFA exam?
It isn’t misunderstanding the course material. It isn’t failing to get enough sleep the night before either.
It’s stress! Stress can turn the most prepared student into a quivering wreck on the big day. Fortunately, taking mock exams can help to relieve any pre-test anxiety; a student who studied with practice exams will already be very familiar with the structure and content of the CFA exam and they will know how much time to spend on each section. Removing the unknown factors results in diminished anxiety.
How Many Mock CFA® Exams Should I Take?
In general, it’s better to take more mock exams than less. However, a good recommendation is for students to try their hand at around 5 or 6 exams at the very least. That may seem like a lot, but getting more practice means that students will be faster and better at answering CFA® questions correctly. Unfortunately, most comprehensive commercial review courses do not offer 5 or 6 practice exams in their bundled course.
This is the good news:
Mock exams can be bought either individually or in sets from many of the same test prep companies. These often come in separate packages that serve as supplementary study materials for their CFA prep programs.