Lesson 16.3: Second Full-Length Mock and Progress Check

Introduction

In this lesson, we will conduct our second full-length mock exam and establish a progress check to evaluate improvement in crucial exam skills. The objectives of this lesson are clearly defined: we will take a second mock to verify improvement in pacing and constructed responses, ensuring that these aspects have stabilized. Additionally, we will identify any remaining high-priority weaknesses as this is critical for success in the CFA Level III examination. Completing the second mock will allow us to compare results critically against earlier performance.

Learning Objectives

Conduct a second full-length mock exam.
Verify improvement in pacing and essay technique.
Identify any remaining high-priority weaknesses.
Complete a comparison of results from the second mock with those from the first mock.
Confirm improvement in constructed responses.

The Importance of Mock Exams

Mock exams serve as a pivotal element in exam preparation. They simulate real exam conditions, helping candidates manage time and reduce anxiety. Through a practice mock, you develop familiarity with the exam's format and complexity, which aids in optimizing your performance on the actual test day.

Why Take a Second Mock?

Taking a second mock exam allows for a thorough assessment of growth since the first attempt. It highlights areas where improvement has occurred and facets that still need focus. Most importantly, it can provide insights into your exam strategy, whether your pacing is appropriate, and how well you articulate your constructed responses, especially when dealing with essay format questions.

Step-by-Step Process for the Second Mock

Step 1: Schedule Your Mock Exam

Choose a quiet environment and set aside a block of time that mirrors the actual CFA Level III exam schedule, which typically spans across two sessions:

Morning session: 3 hours
Afternoon session: 3 hours

This should total 6 hours, including breaks.

Step 2: Prepare Your Materials

Ensure you have all necessary materials ready:

Exam simulation software (where applicable)
Sample CFA Level III essay prompts
Notebooks for jotting down thoughts and responses
Stopwatches or timers to track your pacing

Step 3: Take the Mock Exam

Execute the exam strictly as if it is the real thing:

Budget Your Time: You have a strict time limit of 180 minutes for each section. This means you should allocate about one and a half minutes per question in the multiple-choice sections, which allows time for reading and comprehension. For essay sections, outline your answers first to manage your time effectively.
Follow Your Essay Strategy: For constructed responses, remember to structure your answers clearly. Use bullet points where appropriate and ensure you address all parts of the question. Avoid needless fluff; clarity and conciseness are your allies.
Track Your Progress: Regularly check the clock to ensure you’re on pace. If you find yourself lingering too long on any question, consider marking it and returning after answering others. This will help avoid losing critical time.

Example Scenario

Assume you are taking a mock with 6 multiple-choice questions and 4 constructed responses. If you relate to being slow on the constructed parts in your first mock, during the second mock:

Aim for a total of $6 \times 1.5$ minutes for multiple choice, which equals 9 minutes.
With 4 constructed responses, allocate $30$ minutes each initially, and $30$ for final review three responses.

Step 4: Review Your Results

After completing the mock, the next crucial step is to analyze your performance. This involves:

Comparing scores from the first and second mocks.
Identifying specific trends in what areas you performed better or worse. For example, if you scored $65\%$ on the first mock and $75\%$ on the second, noting questions you struggled with will be key.

Step 5: Analyze High-Priority Weaknesses

Once you identify where you improved, focus on evaluating high-priority weaknesses. For instance, consider:

Did you improve pacing in the constructed responses? Yes, your time went from an average of 40 minutes to 30 minutes.
How did your scores change in sections you were struggling with? Identify those specifically.

In our example, if you were failing sections requiring financial derivatives or ethics, make a detailed plan to tackle these areas in your review sessions.

Conclusion

The second full-length mock exam is an essential tool in your CFA Level III preparation. This critical assessment enables you to validate improvements, affirm your pacing and essay techniques, and isolate any remaining weaknesses. By systematically comparing your results from the first and second mocks, you set the stage for a focused final review that can solidify your understanding and readiness for the examination.

Study Notes

Mock exams are essential for preparing for the CFA Level III exam.
The second mock provides verification of improvement in key areas.
Time management is critical during the mock exam; allocate time wisely.
Focus on clarity in constructed responses and ensure to answer all parts of the question.
Identify high-priority areas for review based on mock performance.
Analyze mock results, noting any persistent weaknesses to target in final reviews.