Anybody start taking practice tests yet?

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cgottuso8190

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I know L3 retakers and past charterholders have chimed in with advice on the AM section - do any of you have any insights gained from your experience with practice tests.
I just took my first full (AM/PM), timed Schweser practice test today. AM session was going great, I was getting cocky, then a question stopped me dead in my tracks and my previous momentum was gone for the remainder of the session. I would probably offer this as advice from my (obviously) VERY limited experience: if you’re stumped by a question at first glance, don’t try to work it out - instead, skip it and come back if you have time. It’s easy to see how you can get wrapped up in trying to work through a question on topic you have only a tenuous grasp on. Also, I didn’t come up against the 3 hour mark for the AM session. I kept a record at the top of each question of the total time I should have the current question finished by (i.e. If question #1 was allotted 15 minutes, #2 allotted 20 minutes and #3 was alloted 10 minutes, then I noted at the top of #3 that I needed to be moving on to the next question 45 minutes in).
Schweser compared my PM session to 30 others that scored over 30-something percent. Are any of you guys in that bunch?
 
I did all the schwesers (six of them) and CFA AM and PM exams from 2009. I firmly believe that it’s the practice exams from CFAI that are the biggest value add. also don’t get comfortable with a typical question layout or number of questions (ex, each practice exam has 9 questions, therefore I can expect 9 on exam day).
for all L3’ers out there don’t make it into a science trying to predict whats on and what’s not on the test. practice AS IF you were writing the real exam - no half ass chicken scratch writing answers. I think that the more you treat the AM practice questions like the real thing, the better you will be prepared.
because AM is short answer simply getting the questions right on the mocks isn’t good enough, you must have a thorough understanding of the underlying principles. CFAI likes theoretical questions (as in non computational).
 
I think this is the right time to start practice tests if you have not aready started. As this enable to to create the loop
Test - Learn - Update - Test.
At close of loop you will be there ready to clear exams
 
Hey cgotusso,
First taker here. Funny that, I sat the first Schweser paper yesterday as well. I scored 68% overall
AM: 115/180 (64%) PM: 43/60 (72%)
I found the first IPS question pretty difficult compared to others I have attemped (CFAI + Finquiz). Derivatives tripped me up on the PM. The rest of the exam wasn’t all that bad. How did you score in both of the sections. What was the Schweser online average in the MC anyway?
In terms of strategy for the AM, remember that you get marks for working calculations so even if you don’t get the final answer they will grant you marks for calculations that you have written down (if correct). So it’s best to move on if you can’t get something out.
 
I took schweser practice exam #1 yesterday as well, so consider me part of that 30. It’s the first one I’ve taken for level III and I’m using it mainly to see how I’m doing and to establish a baseline for the next month of intensive study session specific review. I’ll come back to practice exams and old AM sessions the last month before the test.
 
I was wondering-what will add more value-more practice tests or redoing eoc’s and blue boxes?
 
hi cgottuso. How’s the study going? Today I did my first practice exam. Schweser PM. I got 72%. I hope to do the AM section soon so will report back then.
 
Wow! I’m jealous! I took one pm session only few days back and scored 35%!!
Still pushing myself with courage!! I didn’t come this far to quit!
 
I scored a 66% average on the first Schweser test. AM was pretty rough - I scored a 61% and in the PM section I scored a 71%. I SERIOUSLY need to improve on the PM section as I hear it’s what’s going to get me through.
@Trogul (I’m having trouble adopting your new name) - the Schweser average yesterday was 67% for 30 tests. I’m reviewing today and noticed 10 more people scored over the 35% threshold and the average is now 69% (40 total testers). I agree that the IPS question seemed to have a lot of moving parts at first glance. Also, f*** a constructed response GIPS question. I will pray daily that we don’t suffer that on June 7.
@Paul - studying is rough, motivation is a struggle every single day at L3. Never ran into trouble with it for the past two levels, but I’m totally over this stuff. Hope to continue to take a full test every weekend until test day (with several in the final week) and brush up on exposed weaknesses during the week. Hope you’re doing well.
 
cgottuso8190 wrote:
studying is rough, motivation is a struggle every single day at L3. Never ran into trouble with it for the past two levels, but I’m totally over this stuff.
Click to expand...
my thoughts exactly
 
You guys are making me feel bad. I still have 2 books to go before I get to practice exams.
 
Study is going well for me, although concentration and focus are missing at times. I am also going to try to do a practice exam every week too to get the necessary practice on the constructed response part of the exam.
This CFA is a bit of slog. I am looking forward to the summer!
 
Do all schweser and CFA practice exams. What I used to do was print the answer sheets and study them days prior to the exam. You can learn a lot from reviewing answers.
 
I got 65% in the morning of the 1st Schweser practice test. I ruined my score with 0 out of 17 points on the tax planning section. I agree that one question can throw you off completely and ruin your concentration and flow!
 
are there any other materials except cfai past years and schweser practice tests for practice??
i was avoiding full lenghts exams and saving for may..but it seems the time has come..
any extra sets of exams to work on?
 
gringo_bob wrote:
Has anyone done a CFAI past paper yet?
Click to expand...
I’ve briefly skimmed one (2010 maybe?) and it’s much less intimidating than looking at a L2 CFAI mock last year.
 
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