For financial analysts, holding CFA charter can be a great way to boost your career opportunities and compete for top jobs. CFA, which stands for Chartered Financial Analyst, is an institution that offers various kinds of exams to test the competence of financial analysts. This program is recognized globally as a standard for measuring integrity and competence. Participants who pass the tests are considered better suited to handle their changing job requirements. Most people do not know that CFA institute offers mock exams to help them prepare for the test. CFA practice exams can be used to assess participant’s strengths in various topics. The tests are usually shorted than the main exam and are aimed to test one’s knowledge based on curriculum topics.
Benefits of CFA practice exams
CFA exams are offered for different levels with level one focusing on investment valuation and management tools and concepts. There are three main exams offered testing increasing complexities in different areas in the financial sector including ethical issues. Although you can find numerous materials and resources to help you become adept with these concepts and tools, it is still very recommendable to take a mock exam and assess your understanding of the topics. The advantages of taking practice exams are quite obvious and straightforward for any candidate. Some of the key benefits of practicing before you sit for CFA tests include the following:
• Reduces anxiety
It is common for people to feel anxious when faced with exams. Financial analysts are required to take CFA exams from time to time as way of ensuring they remain competent in the field. After graduation, scholars rarely turn to their books especially when they have secured their dream job. Reading through notes and books is a good way to remind you of the core concepts of financial analysis. However, reading only does not fully equip you for exam. Taking mock practice exams is the best way to gauge your responses when tested. It reduces the anxiety associated with examination and also boosts your confidence prior to sitting for the main test.
• A fast way to prepare for CFA exams
The fastest way to prepare for an exam is to take mock tests and see how you perform. These mock tests will help you assess your strengths and weaknesses on various topics. You can then identify which areas you need more learning before you sit for the test. Since financial analysts are usually already familiar with most of the topics and concepts from previous formal education, there is no need to go back reading the entire curriculum. Mock exams reveal the important areas that are tested helping you prepare for these key topics.
• They are usually free
CFA institute offers only a free test exam for candidates who have already registered for the exam. There are many other institutions and platforms that offer free CFA practice exams and finding them should not be an overwhelming task. However, candidates are advised to keenly review such institutions as some do not offer sufficient testing and may not be the best way to gauge your understanding on core topics. You can also find test exams at a small fee if you want to fully test your skills the entire curriculum. The most relevant practice exams can be found at https://analystprep.com/cfa-level-1-mock-exams/. Their exams are designed to replicate the level of difficulty of the actual CFA level 1 exam. You can also see a preview of what the exam looks like by simply clicking on “Preview PDF”.
• They offer study materials
Practice exams do not only test your level of understanding on various topics, but also provides answers and study materials to help you gain insights regarding related topics. Some institutions offer up to 300 hours of practice exams consisting of 13 different test papers to ensure candidates are fully prepared in all key areas of the unit. With questions, answers and referral study materials, candidates can quickly grasp the valuable concepts that will be tested on the main exam. This also saves candidates from purchasing any extra reading material as everything they need is provided.
Summary
There are many other minor benefits of taking CFA practice exams after registering for the main exam. There is no need to register and then fail; mock tests give you insights into how the main examinations are tested. In fact, most of the questions you tackle in practice tests may show up in the main exam which only goes on to show the importance of practicing. Nonetheless, candidates must ensure they take practice exams from reliable institutions and centers. Not all platforms that claim to offer mock exams will help you pass CFA tests. Some simply compile past exams questions.