How many mock exams should you take for the CFA, and how to read your scores
A mock exam is the nearest thing to the real day you can get, and it is the most expensive hour you will spend in preparation. Used well, it tells you about pace, stamina and weak topics. Used badly, it produces a number that either frightens or flatters you. This guide covers how many to take, how to take them, and how to read the result.
What a mock is for
Practice questions teach you the material. A mock tells you what would happen on the day, so it has to match the day:
- Length. Level I is 180 questions in two sessions of 90, each lasting 135 minutes, so a full mock takes 4 hours 30 minutes of testing.
- Pace. About 90 seconds a question.
- Conditions. No interruptions, your approved calculator only, and no notes. Only the Texas Instruments BA II Plus and the Hewlett Packard 12C families are allowed. See which calculator you can use.
- Format. Three answer choices, and a wrong answer costs nothing, so answer every question. See the format of each level.
A mock that samples the syllabus in line with the topic weights shows how you would do across the exam, not only in the topics you like.
How many?
There is no official number. The right count depends on how many weeks you have, and each mock costs more than its 4.5 hours, because the review should take about as long as the paper. A planning example, ours and not CFA Institute's:
| Weeks left | A reasonable pattern |
|---|---|
| 12 or more | One early half or full mock to learn the pace, then none until the final weeks |
| 8 | A full mock every two weeks from here |
| 4 | A full mock each week, with the days between spent on what it showed |
| Final week | A light review only, no new full paper |
Adjust it to your weak topics, since a mock you do not review is wasted. Your last full mock is best about a week before the exam, so that there is time to fix what it shows. See how many hours to study for the whole plan.
How to review a mock
Spend as long on the review as on the paper:
- Sort the wrong answers into gaps in knowledge, calculation slips, misread questions and running out of time. The fix differs for each.
- Read the explanation for every wrong option.
- Log the mistakes, and re-answer those questions a few days later.
- Look at topics, not only the total.
How to read the score
A mock score is a sample of what you know, not a verdict. Two papers of the same quality can differ by several points by chance alone, and the range around a single score on 180 questions is wide. See how to read a mock score.
CFA Institute gives two benchmarks you can use:
- 70% on practice problems. It suggests aiming for 70% or more.
- 50% and 70% by topic. On its own score report, a topic result entirely below 50% of the available points needs substantial work, and consistent topic scores above 70% are a reasonable signal of mastery.
Neither is a pass mark. The Minimum Passing Score is a scale score, 1600 at Level I, and the percentage of questions needed to reach it is not published and varies a little with the difficulty of the exam version. A mock percentage cannot be converted into a scale score. See what the CFA passing score is.
In the app, each mock result shows the 70% line, a range around your score, and the same 50% and 70% lines for each topic.
What to do with the result
- Strong across topics and near or above 70%: keep the pattern, and use the remaining time to hold the weakest topic steady.
- Weak in one or two topics: target them before the next mock.
- Low across the board: the problem is the plan, not the paper. Revisit the hours and the amount of practice, and consider whether this window is realistic.
- Running out of time: practise sets under the clock, and flag and move on from hard questions.
Common questions
How many mock exams should I take for CFA Level I?
There is no official number. Take one early to learn the pace, then several in the final weeks, spaced so that you have time to fix what each shows.
What score should I aim for on a mock?
CFA Institute suggests aiming for 70% or more on practice problems. It is not a pass mark, because the percentage needed to pass is not published.
Can I turn my mock percentage into a scale score?
No. CFA Institute does not report a raw score, and the raw score needed varies slightly with the exam version.
Should mock exams be timed?
Yes. Level I allows about 90 seconds a question, so a timed mock builds the pace and stamina you need.
Sources
- CFA Institute, The CFA Program: the exam format and the guide to understanding exam results, including the scale scores and topic lines.
Check the current exam format and benchmarks on the CFA Institute website.