Average Cfa Mock Exam Score
Elgin Carmona
Broadly speaking, there is a noticeable and significant drop in CFA pass rates for all 3 levels in 2021, coinciding with the transition to computer-based exam. That said, there are early signs in 2023-2024 that these are recovering.
Although CFA Institute has implied that the low CFA pass rates are temporary due to the pandemic, we think there are more nuanced reasons for the drop in pass rates, as explained in this separate article.
Therefore, our previous advice has been updated to reflect the stronger trend towards long term average, i.e. a CFA Level 2 mock exam target score of 65% and above is a good score to aim for.
We know that essay can be the trickier part for most, so do check out our guide on how to ace the essay section in CFA Level 3, and more importantly, how to accurately self-grade the essay section of your mock exams.
Taking mock CFA exams is an important step in the process of preparing for a CFA exam.\n Surprisingly, some CFA candidates do not use them, but those who do, report being much more confident in their knowledge and skills when it comes time to sit for the exam.
Another option is to ask questions about your performance in an online forum or directly to a CFA prep instructor. They may be able to quickly point you in the right direction to\n keep you on track for exam day.
Taking mock CFA exams is an important step in the process of preparing for a CFA exam. Surprisingly, some CFA candidates do not use them, but those who do, report being much more confident in their knowledge and skills when it comes time to sit for the exam.
Another option is to ask questions about your performance in an online forum or directly to a CFA prep instructor. They may be able to quickly point you in the right direction to keep you on track for exam day.
Kaplan Schweser is a CFA Institute Prep Provider. Only CFA Institute Prep Providers are permitted to make use of CFA Institute copyrighted materials, which are the building blocks of the exam. We are also required to update our materials every year and this is validated by CFA Institute.
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CFA Institute does not endorse, promote, review, or warrant the accuracy or quality of the product and services offered by Kaplan Schweser. CFA Institute, CFA and "Chartered Financial Analyst" are trademarksowned by CFA Institute.
Most Recommended: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates were interviewed online in English. The survey was fielded to subscribers of 300Hours.com.
95% Recommendation Rate: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates was interviewed online in English. The survey was fielded to subscribers of 300Hours.com.
Leader in CFA Prep: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.
My strategy was to do every Becker Lecture, every MC/SIM problem for each lecture section as you go along until you get them all right (just redoing the ones you got wrong), then did all 3 Mock exams, and read the Becker final review book. I tried to not cut any corners and it worked for me. I worked full time while doing the exams, so sacrificed many lunches and many weekends/nights studying, but if you want it bad enough you will make it happen! A great support system is definitely helpful as it seems like a long time, but you'll have it done before you know it. You can and will do this! Best of luck!
I posted here about a year ago after I got my first scores so now here they are all together, in the order I took them; Becker definitely beats you down in the interest of not allowing overconfidence, but you shouldn't rely on this boost either. Just can provide a little relief if your practice test scores are surprisingly low.
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Clearly, there is a significant difference between my mock exam scores and actual scores. Understanding the basics of how the CPA exam is scored is important for gauging your performance on mock exams and keeping your cool on exam day. Each section of the exam is scored on a scale from 0-99 points, with a score of 75 points required to pass. This is not a percentage scale, but a points-based scale. So scoring a 75 does not mean that you correctly answered 75% of questions. Mock exam scores are simply the percentage of questions answered correctly. Another factor to consider: some of the questions in the Becker mock exams are rejected test questions that the AICPA decided were not suitable for testing. This would also make the mock exam scores lower and the difficulty higher than the actual exam.
CPA exam scores are not curved, meaning that the performance of other test takers does not affect your score. According to the AICPA, the exam is scored and scaled so that the exam is not easier or more difficult to pass at different times. A 75 today should mean the same as a 75 earned 10 years ago.
My previous experience and education were helpful in preparing for the exam. I had a busy season internship in the audit practice of BKD, a national CPA and advisory firm. This was extremely helpful on AUD as the simulations are very similar to some of the fieldwork I did during my internship. It was great working for a firm where the engagement staff, in-charges, directors, and partners took the time to invest in me as an intern, helping me understand the work I was doing, while contextualizing it in the big picture. They also gave me the opportunity to work on most of the financial statement accounts and many other parts of the engagements.
At University of Louisville, I had some excellent professors like Dr. Elizabeth Payne (audit), Prof. Lisa Blum (commercial law, intro tax, and advance tax), Dr. Karcher (intermediate accounting I & II), and Dr. Fu (corporate finance), which were key in helping me build a foundation in accounting upon which I could prepare for the CPA exam.
For AUD and BEC, I went through most of the sims at the end of each unit. However, about halfway through studying for FAR, I stopped doing the sims and I did not do any of the sims in REG. In studying for FAR, I was running out of time and needed to pick up my study pace. After finding out that I did well on FAR without doing most of the sims, I decided against doing any of the sims in REG except for the ones in the mock exams. This gave me more time to focus on understanding the lectures and going through the MCQs which I found to me more helpful. At this point after passing 3 sections, I had a handle on the structure of the sims, so understanding the material was most important for me. I still did the sims on the mock exams in all of the sections, which I found helpful.
In my final week before the exam, I would begin my final review. I would usually take a day to go back through all of the lectures, not watching the videos, but skimming the pre-annotated book. If there was a concept that I was still shaky on, I would watch the lecture at 2x speed and maybe do a couple of practice problems.
Then, I would take my first mock exam. I almost always studied in coffee shops, so usually, I would listen to classical music, but for the mock exam, I put on some white noise which blocked out everything. I would take the mock exams seriously and treat them like the real exam: no notes, no phone, no talking to anyone, and only taking a break after the third testlet when the timer stops.
I would repeat this process with the second mock exam (and again for the third mock exam in REG - Becker did not have a third mock exam until around the time I started studying for REG). I would review all of my notes the day before and the morning of my exam. This final review was critical to my performance because my studying was spread out over many weeks. I would begin to forget material and, sometimes, I would not spend enough time on my weak areas. The final review was an opportunity to recall everything I knew and shore up weak areas.
I would always schedule afternoon exams, usually around 12:30 or 1. This gave me plenty of time to prepare and get to the exam center. During the semester, I had to drive 45-75 minutes to get to an exam center from Williamsburg, where I only had to drive 15 minutes in Louisville. When I was in Williamsburg, I would leave 3.5 hours early, giving myself plenty of time to make it through any major traffic, get lunch, and look over my final review notes one last time. I never hit terrible traffic, so I always ended up spending a lot of time at Chick-fil-a, which was completely fine with me.
Like I said before, there are many good strategies for passing the CPA exam. This is what worked for me. Put in the time and you too can pass the CPA exam. If you have any questions, feel free to comment below or reach out directly!
I had originally spent way to much money on another study system which required a ton of memorizing and gave no help at all on how to actually study for, prepare for, and actually take the test. I felt doomed. I had been out of practice for nearly 4 years and my original Registration number was going to expire in a few short months, so it was now or never. I had already renewed it the most times allowed. I submitted my paperwork in July 2020, and my new supervisor suggested Therapist Development Center to me. I still felt my time was running low and starting back in practice after a four year break meant I had a lot of information to brush up on. TDC was so easy because they helped me lay out my exact plan and when I would study. I would listen to the post casts in my car and as I fell asleep every night. The information was sinking in. When I got to the First of the final mock exams I scored a 58. I was mortified! I had previously been scoring in the 70's and 80's. I reached out to the online coach and she got back to me right away. She assured me the final two mocks were very difficult. I made sure I had enough time to do the second mock and go through all of the rationales prior to my big day. The computers were down when I arrived for my test time and I didn't start till an hour after my appointment. They had given us a dry erase board to use during our test so I used that time to write down all the tips I had remembered Amanda telling us regarding taking this test. There were also some Dx criteria I wrote down that I know would be hard to remember if I was under stress. I wrote as much down as I felt I needed to and then I was ready to start. I followed all of Amanda's guidance on food, and taking a break etc. I finished with 5 minutes left even after taking my break and having some food (the clock is still running even though I stopped to eat), and I'm glad I did because I was recharged and ready to go. The final 15 questions were so hard because I was realizing I was almost DONE! My anxiety was high at this time. I just kept breathing and staying calm, and reading each stem word by word. Relieved was an understatement when the proctor handed me that piece of paper that said "Congratulations." I sat in my car and just cried for a few minutes, tears of joy, and happiness and relief. I know I never could have passed if it were not for these study materials. Thanks to this entire team for creating such an amazing course to help us achieve our goals of licensure! Also, I was able to go onto Breeze and input my info and upgrade my license and it was done instantly after paying with a credit card. I was licensed that very same moment!
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