A good CFA® mock exam will help you become familiar with the structure and content of the exam, allow you to figure out what you still need to study, and give you an idea of how much time you will have for each question.
The more CFA® practice exams you take under similar conditions to those of the actual exam, the more comfortable and prepared you will feel on your official test day.
To skip ahead and see the complete CFA® mock exam provider rankings, click here.
Top 4 Best CFA Practice Exam Test Banks
Top 6 Reasons To Take A CFA® Mock Exam
1. Familiarize Yourself with the Test
Mock exams are often based on actual exams from previous years, so you will get a feel for the structure and types of questions that typically appear on the CFA® Exam. Being familiar with the content and structure of the exam will help you answer questions more quickly and accurately.
2. Learn Which Topics to Study
Certain topics are emphasized more than others and tend to appear more often on the exam. By taking mock exams, you will get a feel for which topics are tested more frequently and be able to concentrate your studies more on those areas.
3. Identify Your Strengths and Weaknesses
Practice exams will help you understand your strengths and weaknesses. If you frequently tend to get a certain type of question wrong on your practice exam, you will know what to go back and study. You’ll also know which areas you’ve mastered, so you can save time by not spending any more time on those topics.
4. Retain and Apply Knowledge
Practice exams give you a chance to apply what you’ve studied. Many of us learn by repetition and use. You are more likely to remember what you’ve studied and be able to answer questions correctly if you practice them repeatedly.
5. Spread out Your Study Sessions
Research shows that “chunking” information while you are studying makes it easier to retain. By spacing out your studies and taking practice exams at regular intervals, you can study, take a practice test, see your progress, and go back to studying some more. This will help you avoid cramming at the last minute, which is much less effective.
6. Reduce Stress and Anxiety
Practice exams will make you feel more prepared on the day of the exam and reduce test-related anxiety. You won’t waste time reading instructions you already know or trying to figure out the structure and content of the test if you are already familiar with it from taking practice exams. Studying with many practice tests will also give you the experience to know if you need to move more quickly through questions, or if you are on track with your current pace.
How Many Mock CFA® Exams Should I Take?
As the saying goes: practice makes perfect. The more exams you take, the better, but we recommend you try your hand at least 5 or 6 exams, if not more! That may seem like a lot, but research shows that the more practice you get, the faster and better you will become at answering CFA® questions correctly, which is the key to passing the exam.
Most commercial review courses do not offer that many practice exams in their bundled course, but fortunately, you can buy mock exams individually or in sets from many test prep companies. For your convenience, we’ve compiled a list of companies that will let you purchase mock exams below.
CFA® Mock Exam Providers
There are several companies who offer CFA® practice exams along with the software to score and analyze your answers, simulate the actual test’s computer screen and the timing for each question, and help you identify areas of weakness that will require further study. Here are some of the best CFA® practice exams:
#1 – Wiley CFA Test Bank
lefel 1: $195 for 2 full-length CFA® mock exams and 4,000 practice questions
lefel 2: $145 for 2 full-length mock CFA® exams and 2,000 practice questions
lefel 3: $125 for 950 practice questions
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CFA® Levels Available: I, II, and III
Format: Practice exams and stand-alone test banks for Level I & II can be purchased separately from courses along with 2 full-length mock exams. For Level III, 950+ practice questions and answers are in ebook format only and no mock exam is offered.
Can you create custom practice exams? Yes, for CFA® Level 1 a Lefel 2 exams only. The Quiz Planner allows you to create custom exams by topic.
Design & Content of Online Test Bank: Practice questions and format of mock exams closely resemble the actual CFA® exam in style, structure and construction. Answers are included. Past students report that the questions they saw on the exam were very similar in structure to Wiley’s practice questions.
Drawbacks include not being able to view the correct answer immediately after answering questions in a practice exam. Instead, you have to wait until you’ve completed the entire test and then go back to see which questions you got right or wrong.
Bottom Line: Although it may have an intimidatingly high price, Wiley offers an excellent source of mock exams for students looking to test their readiness. These are some of the closest approximations to the real thing.
#2 – AdaptPrep CFA Test Bank
CFA® Levels Offered: Level I, Level II, Level III
Number of Practice Questions: 3,000+ (Level I), 600+ (Level II), 11 Essay Questions (lefel 3)
Format: Generate unlimited, custom practice exams and quizzes with the Exam Engine.
Can you create custom practice exams? Yes
Design & Content of Online Test Bank: AdaptPrep recommends you take at least 7 practice exams on which you score 70% or higher, which will get you an Earned Level of 7 (levels are based on your skill level and the difficulty of the exam). AdaptPrep states that this will give you the experience confidence to sit the exam and pass. You can customize the difficulty of the quizzes, and exams get more difficult as your scores improve.
Bottom Line: AdaptPrep earns its name by offering impressive adaptive learning technology implemented into their CFA mock exams. This allows for a nearly unlimited amount of practice quizzes and exams.
#3 – Apptuto Test Bank
Price: $199.99 (Test Bank cannot be purchased separately from the CFA® Level I and II online courses).
CFA® Levels Available: Level I and Level II
Number of Practice Questions: 3,000+
Format: Test Question Database and Analytics as part of course.
Can you create custom practice exams? Yes. In addition, Apptuto’s Similar Question Generator makes it possible to practice the same formulas several times by creating similar questions so you can focus on one type of content or approach. You can also create quizzes based on specific readings instead of a whole section, and choose the type and difficulty level of questions. Mock practice exams can also be set up to have the same subject weightings as those on the exam (based on the CFA® Institute’s guidelines).
Design & Content of Online Test Bank: The test bank is part of Apptuto’s various online courses, so you have to purchase the course that includes other features, such as online recorded lectures, one-on-one coaching sessions, slides, review notes, and online games to help keep study sessions interesting when you compete with other CFA® candidates for points, gems and badges. You can create many different types of mock exams from the 3,000+ question test bank.
Bottom Line: This CFA study tool includes additional material for review on top of 3,000 practice questions.
#4 – Analyst Prep Test Bank
CFA® Level 1 Mock Exams (Two Included)
CFA® Levels Covered: Level I
Number of Practice Questions: 1,500+ (premium version)
Format: Test Bank and 2 full-length mock exams.
Can you create custom practice exams? Quizzes can be customized.
Design & Content Evaluation of Online Test Bank: Analyst Prep offers a free trial as well as a premium version. For just $99 you get access to over 3,000 practice questions, 4 full-length printable mock exams, performance stats, video lessons, Q&A forum, curriculum summaries, formula sheets, and unlimited custom quizzes. Furthermore, you can keep it until you pass. The goal from the company’s founders was to create extremely affordable yet quality exam prep materials.
The user interface is extremely easy to use and the questions are organized by topic and were written by the company (you won’t find that they’ve appeared on previous CFA® exams). Users can compare their score with other users in their dashboard where they can also adjust their study schedule.
Bottom Line: Although they only offer study materials for the first level of the exam, Analyst prep provides enough practice questions and exam simulations to ensure students are prepared to pass Level 1.