If I do some of these topics tests, will I come to find that the same exact questions are used in the practice exams?
I feel like I recall that happened for L1 and it was frustrating in the middle of a 3 hour practice exam realizing that I had seen these questions before.
Without probing into the contents of Mock vignettes, I ran a search based on titles and found two matches with Topic tests. They are Yee (equity) and Scott (corp). Other than that the mock looks unique.
And you know one thing? If you want to take the mock now then I understand you would like unique questions to gauge your understanding. But if you take the mock very close to the exam date (say a week) I think it won’t hurt to redo same item sets and artificially raise your score. WIth that time frame you have no way of revising material so at least you will go into the exam with high expectations rather than fear.
I think there is great merit in doing the 83 (?) topic tests over and over again, if you have the time, until you score 100% in all of them. That way you will create solid templates in your mind.
I am saying this because initially I tried to shake the entire curriculum to pieces and comprehend everything but then I realized 1) the material is too much and 2) the exam rewards your correct answers not your level of understanding.
To that point – What are peoples’ thoughts on this statement: “If you can understand how to ANSWER all the problems in the various CFAI level 2 topic tests, and derivations of the same concepts, you will be prepared to pass.”
I almost envision this as a way to work “backwards.” Meaning, I’m still going through my readings, but within a few weeks, I will attempt to complete every topic test and understand how to get the answers. If the actual exam throws me something completely different from any of the topic tests, so be it – I feel like I have the bulk of the exam through those topic tests.
THOUGHTS??
May I just add that since CFAI does not differentiate between a borderline pass and outstanding score ( a pass is a pass) then I am all for that strategy, i.e. train and remember each item set as a template and not care about the academics or real life applications behind it.
I don’t find a problem here. This is exactly opportunity to master the examing material. Repeating tests is the key of success and live platform for learning formulas and concepts.
Unlike on L1, now there are topic tests with many vignette question forms each with 6 questions (and seems vignettes are being updated occasionaly) and if you 'd be able to master all of them and solve all vignettes with high score until the D-day, IMO, there is no any reason to worry about.
If same questions appear on real exam, would you complain?
Unfortunatley, CFA has similiar problems of all standardized tests: students place more weight on passing the exam than learning the material. You can see this when candidates say they’ll take 10 mocks exams all at the cost of understanding the theory. Learning strictly from 3rd party materials is essesntially the same thing. When I failed the year (band 7), I only studied from Wiley due to time constraints (Jan to May). Looking back I had a ton of holes in my understanding of what the hell was going on. I study now from the CFAI and now see alot of the connections among topics more clearly (no doubt my previous attempt helped). The narrow focus of passing the exam, theory be damned, not only devaules the worth of the CFA (as more who obtain it are less competent) but one can argue that you’re just hurting yourself in the long run.
Why not have your cake and eat it to? I’ve been studying since nov from the CFAI and will use 3rd party mocks for the last 6 weeks in order to actually pass it. Who knows I still might fail and then will have to change strategy again. Now If you dont the time to study from the CFAI I get it. By all means use 3rd party and do what you can to pass the exam. But you have time I think you’ll reap benefits down the road from throughly understanding the theory.