No matter how well your CFA preparation is going and, how confident you feel, I can assure you that it will happen. It will not necessarily be a complete disaster but it will certainly feel like a big letdown. Why? Because part of us tries to encourage ourselves and one way to do so is to track progress. When we start studying and, doing practice exams, our initial scores will be on the lower end of things. That’s fine as long as we make progress. Right?
So what happens when out of the blue, you correct your mock exam and get a bad or even terrible result. One that instantly makes you think about the unthinkable ; failing the exam. No doubt, it becomes very easy to get on a negative spiral.
Don’t Waste Your Time
There are a million different reasons not to go in panic mode. The main one of course is that it would be foolish to draw conclusions from an exam that is not representative of the actual exam. The mock exam evaluation is based partially on your result but that isn’t what it’s really about.
How To Correct CFA Mock Exams
As great as it would be to spend 9 hours correcting the exam and understanding every single question, it is not worth it. Time is your most important ressource, treat it as such. What you should do when correcting your mock exams is the following. Go through each set of questions and ask yourself:
-Is this question set testing a concept that I have been missing consistently?
-If yes, did I understand it correctly?
If you answered yes and no to these two questions, then you should spend 10-30 minutes on this set, trying to understand not only the question but the theory behind it. Yes, you understood me correctly. I’m saying that for 70% or so of the question sets, I would not spend significant time correcting them. You could perhaps spend a minute or so per question but don’t lose too much time. You should focus all of your time on questions that you are missing consistently.