Use this CFA question bank review to guide you through the process of using the FinQuiz question bank
I’ve gotten a lot of questions from CFA candidates about the FinQuiz suite of study materials so I thought I would try out the question bank software. It’s been almost five years since I took a test around CFA questions but I felt confident my score wouldn’t be too bad (hopefully). I’ve kept up-to-date on the curriculum through the blog and use most of the material in my job as an equity analyst.
I got access to the CFA question bank in the FinQuiz dashboard. The first page is a filter screen where you choose which readings you’d like to test. You can also filter the questions by ones you haven’t attempted, those answered incorrectly before or bookmarked questions. You can select to score as you go, randomize the questions and select how many of the 2,345 questions you see.
Starting the Question Bank Test
The testing page shows a timer at the top along with the Learning Outcome Statements (LOS) from which the specific questions are coming. Candidates studying for the CFA exams should pay attention to the timer and keep themselves to a timed-experience to better prepare for the exam.
The questions are very similar in structure to what you’ll see on the Level I CFA Program exam. Each question is two to four sentences long including data and sometimes a data table. Three potential answers are given and provided in a multiple choice format. If you chose, score as you go, you will see the correct answer after making your selection.
You can bookmark and write notes to each question for better reviewing when you finish the test. This is helpful for marking which questions had you stumped or other notes to track your progress. Each question also includes a feedback box for sending comments or notes to FinQuiz.
CFA Question Bank Results
I did pretty well, scoring 90% on the 30 Level I CFA Program questions though I had to think about quite a few and the time ran longer than I expected. It has been quite a while since taking a test on the Level 1 curriculum but I use the material quite a bit.
The reports to track your CFA question bank performance are really helpful. Immediately after finishing the test, you see a screen summarizing your question bank results. The screen lists each question with an ID, your selected answer and the correct answer if you made an incorrect choice. You see from which readings the questions came so you can review those where you might need more work.
You can review all the questions, those you scored correctly or incorrectly and those you bookmarked. The software gives you the option of retaking or deleting the test.
Clicking back to the dashboard shows your cumulative performance across each study session and all the question bank exams. This is a great way to track your progress studying for the CFA exam because you’ll know in which study sessions you need to review.
Over 2,000 questions means you’re not likely to run out of questions and can work the question bank into your regular studying. After reading the curriculum for each study session, do the end-of-chapter questions. The next day, review the FinQuiz curriculum notes and do another 30 questions from the question bank. The following week, review the study session with another 30 question exam to make sure you retained the material.
This study routine should give you a pretty good idea of which study sessions you need to spend some more time reviewing at the end of 18 weeks. Take a few full-length practice exams using the question bank to retest the entire material. Aim for at least 75% on each study session and you may want to aim for 80% or better on the core material like Ethics, FSA and Equity.
‘til next time, happy studyin’
Joseph Hogue, CFA