Most of the people that decided to enroll for the CFA® exam have the same worry – how will those CFA questions look like. On the CFA level 1 exam you will get multiple choice questions with three possible answers. The questions on level 1 exam are short, but due to the fact that you have a total of 240 questions on both sessions your eyes will get tired after a while so it is highly recommended to underline key words in each question.
Also, you have to be careful because you don’t need all the data provided to calculate certain ratios or to conclude which answer is the correct one. Furthermore, pay attention to exceptions that were emphasized in readings, they are questioned very often.
CFA institute has listed some rules they follow when preparing the test. You can find detailed description of the multiple choice question format on the CFA Institute web page.
As mentioend on the CFA Institute web site, ”The Level I CFA exam does not use except, true, or false in item stems and avoids the use of not in item stems whenever possible. When appropriate, stems will include one of the following qualifiers: most likely, least likely, best described, most appropriate, most accurate, least appropriate, or least accurate. Each stem supports only one item on the exam.“
Furthermore, “The Level I CFA exam does not use any of the following choices: all of the above, none of the above, A and B only, B and C only, cannot determine, cannot calculate, or not enough information to determine.
Choices consisting of words or sentences are typically ordered from shortest to longest; choices that are quantitative are ordered from the smallest number to largest number. The choices agree grammatically with the stem; language common to all choices is placed in the stem.”
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[...] has showed that CFA Level 1 exam candidates tend to “grind” through QBank, because the multiple choice question format is suitable for that kind of studying, while level 2 candidates tend to spend more time revising [...]