As I write this note we have about 6 weeks remaining for the exam. At this stage one of the most frequently asked questions is: “Where should I practice from?”
Here is my response:
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Curriculum blue box examples. If you’ve been following my advice, you should have been working through the curriculum examples as part of your regular study. At this stage it will be useful to revisit these examples and make sure you understand/remember the key concepts.
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Curriculum practice problems. Ideally you should have been working through the curriculum practice problems as part of your regular study. If not, you must do these questions before the exam.
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CFA Institute Website Assessments. You’ll find topic-wise case studies on the CFA Institute website. CFA Institute has put a lot of time and effort in creating these practice case studies. Once you have reviewed a particular topic you must do the CFA Institute case studies. If you perform poorly on the first few case studies, then review/study some more before attempting the rest.
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CFA Institute mock exam. The final part of your review should involve taking the full length mock exams made available by CFA Institute.
If you complete the above and are looking for more practice, then you can turn to mock exams made available by prep providers. In the final 2-3 weeks you should attempt as many full-length mock exams as possible. I encourage my students to do at least three in an exam-like setting.
Some candidates insist on working through CFA Institute mock exams from the past. For such students I have the following comments:
- Many of the case studies you’ll find on the website are based on cases in past mock exams. These cases have been updated to reflect the 2016 curriculum. Hence do the online case studies before thinking about past mock exams.
- The curriculum changes every year so when working through past mock exams there is always a chance that some material is not part of the 2016 curriculum. I’ve summarized the major changes since 2009. I do not guarantee the accuracy of this information and if you do attempt past mock exams the responsibility lies with you.
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Topic
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Comment
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Ethics
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In 2015 the reading on soft dollar standards was dropped. Hence skip cases/questions based on soft dollar standards.
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Quant
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Minimal deletions since 2009. In 2016 a new reading on simulations was added. Most questions from 2009 onwards are largely relevant.
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Economics
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Changed substantially in 2013. Most questions from 2013 onwards are largely relevant.
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Financial Reporting and Analysis
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There have been a few changes. Reading on ‘Post-Employment Benefits’ was changed substantially in 2013. In 2015 the following readings were dropped: ‘The Lessons We Learned’ and ‘Evaluating Financial Reporting Quality’. These were replaced by a reading called ‘Evaluating Quality of Financial Reports’.
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Corporate Finance
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Minimal deletions since 2009. You’ll see questions on DOL and DFL in the 2010 afternoon mock; this material is no longer in the course. In 2015 a new reading on corporate performance, governance and business ethics was added.
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Equity
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The following readings were dropped in 2013: ‘Note on Asset Valuation’, ‘Industry Analysis, Valuation in Emerging Markets’. In 2014 two new readings were added: ‘Industry and Company Analysis’, ‘Your Strategy Needs a Strategy’.
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Alternative Investments
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Readings on real estate were changed completely in 2013. Reading on hedge funds was changed in 2012. Reading on private equity is essentially unchanged since 2009. A primer or commodity investing was added in 2014. In 2015 the reading on commodities was dropped.
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Fixed Income Securities
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This topic was overhauled in 2015. In the 2016 the reading on asset-backed securities has been dropped.
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Derivatives
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In 2013 the reading on credit derivatives was changed. Other readings are largely unchanged since 2009.
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Portfolio Management
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This topic has been through a lot of flux over last few years. Only the reading ‘Portfolio Management Process and IPS’ has remained unchanged. I’d suggest that you avoid past paper questions related to this topic.
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Keep in mind that the mock exams are the property of CFA Institute. The more recent mock exams specify the following terms of use:
By accessing this mock exam, you agree to the following terms of use: This mock exam is provided to currently registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and may result in disciplinary and/or legal action: accessing or permitting access by anyone other than currently-registered CFA candidates; copying, posting to any website, emailing, distributing and/or reprinting the mock exam for any purpose.
If you would like a detailed sheet with more details of the relevancy of specific past mock exams, drop me a short email
Best wishes,
Arif Irfanullah, CFA