What is a Question Bank and How Should CFA® Program Candidates Use It?

A question bank is a collection of exam-style questions used by thousands of students to adequately prepare for the exam. They are designed to reflect the current CFA exam curriculum, exam standards and by extension, the examiners’ approach. The questions are subdivided into topics and readings so as to facilitate efficient revision. Each question is accompanied by a detailed solution that serves as a guide to candidates and gives them an idea of the quality of answers they are expected to produce in the actual exam.

Why should CFA Program candidates use a question bank?

Research has proved that practice using exam-style questions increases your chances of passing the exam on the first attempt. By using a question bank, you’re able to master exam techniques that will help you learn the best way to approach every question. Unprepared and stressed CFA Program candidates complain that the time provided is too short. The question bank gives you instant access to thousands of exam-style questions. This way, you develop the techniques and speed required to enable you to maximize your score in the shortest possible time. Our question bank is carefully prepared to highlight the topics that crop up regularly in many different contexts.

A logical approach to exam preparation can be summarized into three main stages:

1. Intensive reading

This point introduces you to basic concepts, common terminologies, and vocabulary. It may be accomplished by reading notes, listening to audio files, tutorials, and video content. This stage prepares you for the next one. For instance, it’s only logical to understand the concept of compound interest, before learning how to calculate it! CFA Institute advises candidates to spend a minimum of 300 hours at this stage.

2. Practice

At this stage, you test your understanding of concepts and theories learned in the first stage, by attempting practice questions. This is where our question bank comes in handy. Using our earlier example, the best way to learn how to calculate compound interest is by practicing, say, ten questions on this area. A common pitfall among candidates is spending too much time reading, leaving little time for practice. The question bank is meant to help you avoid this scenario, which often leads to failure.

3. Perform:

Here is when you undertake a mock exam under timed exam conditions. The good news is we have printable mock exams for just that!

Our materials

Study Materials

Having outlined the logical route to exam preparation, you might be wondering how best to use our materials. We always advise candidates to acquire our detailed, printable study notes together with the crash course summaries and formula sheet. Study the course notes in detail annotating them and making side notes as well. The course summaries help you grasp the most important concepts that form the gist of the final exam. The formula sheet should help you memorize all formulas at a glance. We also have video notes perfect for revising on the tube, train or restaurant. You don’t have to worry about the size of our printable materials as they come condensed to improve portability. For instance, Level I CFA® Program Study Notes offered by AnalystPrep are light and easy to carry, yet so informative.

Practice Materials

After a thorough study using a combination of the above tools, we recommend using the question bank to assess your general understanding.  Our experience is that 80% of the CFA Program curriculum is best learned through practice. It’s, therefore, critical to take the questions seriously. You should purpose to attempt all the questions. This method is the only way to ensure that you’re adequately prepared to handle questions from all corners of the CFA Program curriculum.

To get the most out of Level I CFA® Program Study Materials offered by AnalystPrep, diligence is crucial. You should read the question and understand the key terms. Best students do not jump straight to viewing the correct answer. Instead, take your time to analyze the possible solutions presented and pick the one that you think is most likely correct. When you get a wrong answer, do not skip the question. Instead, go through the answer word by word until you’re satisfied that you now understand your mistake. This is the only way to learn. You could even write down the particular area in which you experience problems, for further revision later on.

Know your strengths and weaknesses

We have established that most students fail because of concentrating their revision only on the areas they fully understand. As such, it’s important to spend plenty of time on areas appearing a little challenging, so as to assimilate all the new concepts. When it comes to calculations, avoid merely viewing the answers. Make a point of writing down the answers on paper, as this helps you memorize the general procedure, including the formulas themselves.

Performance Stats

It’s a fact that candidates are more likely to remember a concept if they keep on reviewing it from time to time. For this reason, we advise you to use our study tools repetitively. Just because you have read the entire set of the study notes does not mean that you will remember everything two weeks before the exam. Studying and revision should be a continuous repetitive process. Even though we refresh the material available from time to time, we give candidates enough time to re-attempt questions and assess how well they have dealt with weaknesses. Do not worry about accessing our website. We’ve put in robust measures to ensure you can log in anytime, anywhere, without any connection problems.

At AnalystPrep, we’re determined to provide you with all the tools you need in your quest to attain the highly coveted and rewarding status of a certified financial analyst. Our curriculum guide will enable you to learn in a fraction of the time. The crash courses together with condensed formula sheets are simply the best in the market. You can also use our video tutorials whenever you’re on the move or in your office. Our question bank provides you instant access to thousands of exam-style questions to help you prepare adequately. Join us today and thank us later!