It's that time of year again, so I'm posting one of the hundreds of CFA questions.
In addition to normal reading, video sessions, etc., I'd assume many are using the q-bank to determine where they're at with respect to being up to speed.
How do these questions stack up compared to the exam itself? When increasing the difficulty settings the questions are exponentially more difficult. Perhaps someone can shed some light on how to properly use the q-bank
Analyst forums has some advice but I'd looking to get some more opinions. Thanks in advance.
Using the CFA Level 1 Questions in the CFA Question Bank
Our users have differing opinions on the usefulness of the CFA question bank. Some feel that it is better to spend your time just memorizing material and some feel that it is important to use these questions to become efficient at answering these types of questions.
OP, don't waste your time on qbank. L1 is a straight-up facts-based exam. Just brute force memorize the material and regurgitate it on exam day. Do pay attention to the examples in the text, memorize the methodology. Make sure you are familiar with your financial calculator.
People will point out that doing questions is good because they reinforce the material. My problem with that is two-fold. First, my friends have told me that the practice questions were different than what they see on the exam. Two, its just more efficient (though much more boring) to keep going over the material in your head until its cemented.
I should point out L2 and L3 are completely different types of exams and with those you should do plenty of practicing.
However, user @sharpie19 shared a different perspective.
For level 1 the format is just brute force doing 1 question every 90 seconds, so you have to be very efficient, so doing as many practice problems before the day of the test is crucial. I like the q-bank because it is really efficient, you have question in front of you and you try to work it out then click a button so you can see the answer and the explanation without having to flip back and forth through an answer key or something. Also if you do nothing but read and memorize methodology you won't be able to interpret questions quickly.
In order of emphasis, save the more important parts closer to the test date (Assuming you're also using schweser):
- CFAI mock tests/ Sample Tests
- Schweser Mock Exams
- CFAI End of Chapter Questions
- Schweser Q-Bank
- CFAI Blue Box Examples
- Remaining Schweser questions in the book
You can check out some video questions below.
Read More About the CFA on WSO
- How Much Time is Needed to Study for CFA Level 1 Exam?
- CFA Level 1 Candidate on Resume?
- Who Has More Career Oppourtunities? CFA or CPA?
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