What is your approach to mocks? - exam like conditions or flipping between answer guide?

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danv0330

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I passed level 2 without ever attempting a real mock - that is, I worked through multiple practice exams using the solution page, but never in a (closed book) timed setting. I only passed marginally, so I know I will need to step it up now for level 3. Not sure if I should start on mocks now.. or take a few more weeks to study the material.
As title implies.. Do you begin taking mocks when you have mastered practice questions or is it always a work in progress.. How do you deal with questions you just dont know how to answer?.. is there a point in guessing on a mock? does it take you longer than 3 hours?
 
The Level 3 CFA morning will be the most time-pressured portion in the entire 3 exams. Repeatedly practicing it under exam conditions is essential.
If you do not have enough mastery to tackle an entire mock with a reasonable chance of getting at least half points spot on, then tackle individual questions under time pressure as 1 point = 1 minute. The IPS questions that come at the beginning of exams are generally the biggest time sinks in CFA and also the ones where practicing getting it under the time they ask for is most essential.
If an answer is not apparent in the morning, write down basic facts of the scenario and move on. If you are lucky, just showing that you understand what is going on can get you a point or two. Do not waste more than a few minutes thinking about it. You do not have time to think. In the afternoon, circle B and move on. If you have time at the end, come back.
Guessing on mocks shows you your educated guessing ability (i.e excluding one answer or knowing which seems unlikely). Educated guessing is a big boost in multiple choice. In the morning, it might net you 1 point in a few big questions. Your guessing should not take a lot of time however, else it is counterproductive.
The majority of candidates will run out of time in the morning. A useful skill is going for the easiest questions first so as to maximize your writing. Your mocks will help you figure out which these questions are for you. For most people, it will not be question 1.
 
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