The majority of candidates are wondering how many practice problems they have to solve and what percentage they have to score during preparation, to be sure they have practiced enough to pass the CFA exam. Obviously you don’t have to achieve 100% score in each topic to be ready and pass the CFA exam. What is the optimal score and how much time to dedicate to practice problems?
Unfortunately there is no clear answer or guidance from the CFA Institute. The entire grading system is not public and, besides the topic area weights and survey reports, there is no other public data on grading system that can direct your learning effort.
However, a number of successful candidates have collected their experience over the years and there are some common guidance that candidates often stick to.
CFA Exam practice problems solving guidance:
- Try to solve as many practice problems as possible, but no less than 800 (total). Optimal number of practice problems is in the range from 800-1200. (e.g. some question databases have up to few thousand questions)
- When you start solving practice problems, you will most probably have lower score than necessary (say 20-30%). With experience, you will improve your performance and achieve 50%. Your goal should not be 100% but rather 70%-80%.
- Disperse your effort across various sections. There is no point in brushing up a section in order to achieve higher percentage if you are weak in other sections. Try to keep the knowledge and performance/score on the same level in various sections. Don’t try to neglect some sections, because you may fail the exam even if your performance in other sections is superior.
Besides the immense effort you have to put in the learning process, you have to be tactical in the preparation and revision phase. Determine the strategy and goals you want to achieve. Determine the weak points and practice. Once you achieve a satisfactory performance in all areas – you are ready.
Find out more details about TimePrep for CFA exam apps here!
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