Taking CFA Mock exams is a crucial step in the process of preparing for a CFA exam. Surprisingly, several CFA candidates do not use them, however those who do, report being more confident in their knowledge and skills when it comes time to sit for the CFA exam.
What is the CFA Mock Exam?
A CFA Mock exam is a simulated test-taking experience that is provided by CFA prep providers for CFA candidates. CFA Mock exams are specially designed to build candidates’ confidence by immersing them in realistic testing situations and exposing them to the difficulty, format, and length of the CFA exam.
What is a Good Score for CFA Level 2 Mock Exam?
If you are a candidate of CFA level 2, now you may want to know about a good score for CFA Level 2 Mock exam. Well, here we are going to inform you about that crucial information.
On any CFA Mock exam, the candidates should be scoring above 65%. Several levels need a higher score. That is because the minimum passing score (MPS) is different for each level and gets adjusted after each administration. Assuming all CFA Mock exams are equally difficult, which they may not be, here are general CFA Mock exam scores candidates should aim for. Achieving these target CFA Mock exam scores should make the candidates feel very confident sitting for the actual CFA exam.
| CFA Mock Exam Level | Target CFA Mock Exam Score |
| Level I | 75% or higher |
| Level II | 70% or higher |
| Level III | 65% or higher |
From the table above, we are able to see that the CFA Level 2 Mock exam target score is 70% or higher. Therefore, we highly suggest you reaching 70% or higher for your CFA Level 2 Mock exam score.
How to Use CFA Mock Exam Scores to Improve a Study Plan?
A CFA Mock exam should be utilized to test the knowledge of the candidates about the curriculum, and expose them to the testing interface. CFA Mock exams should be utilized in the last several weeks of preparation. So, if a candidate takes a CFA mock exam and scores lower than the recommended target score, they have to start by using the CFA Mock exam software analytics to identify what is holding them back and focus on the problems. Another option is to ask the questions about your performance in an online forum or directly to a CFA prep instructor. Probably, they will be able to quickly point you in the right direction to keep you on track for the test day.
When Should CFA Candidates Take a CFA Mock Exam?
CFA candidates have to start taking CFA Mock exams several weeks before sitting for the actual CFA exam. If they have access to some CFA Mock exams through their prep provider, they are able to consider taking one a little bit earlier to begin identifying their strengths and weaknesses. However, they should avoid taking one too early. Also, if they take a CFA Mock exam too late, they will not have enough time to improve their performance in identified areas of weakness.
CFA Scoring System
Because the CFA exam grading is done by a mix of both human and machine, there can be several fluctuations in scoring. But developing a methodology to determine a minimum passing score can mitigate any noticeable effects of human grading variance. The multiple-choice questions for all CFA exam levels are graded by machine, with a 10 percent audit which is checked by humans. The essay portion of Level 3, also known as Constructed Response is graded by CFA Charterholders who journey to Charlottesville, Virginia to grade the responses during a process which takes two entire weeks.
The MPS (Minimum Passing Score) is considered a benchmark to determine if a candidate has passed or failed the CFA exam. The MPS (Minimum Passing Score) varies from year to year. It is set by CFA Charterholders on the Board of Governors of the CFA Institute. During this scoring phase, usually the Board of Governors sets the MPS (Minimum Passing Score) for Level 1 and Level 2 approximately six weeks after the exam completion and grading. For Level 3 the MPS (Minimum Passing Score) is set approximately seven weeks after exam completion and grading.
The candidates will not obtain a conventional numerical score for their CFA exams. After the Board of Governors have set the MPS (Minimum Passing Score), then it is used as the baseline and applied to all graded exams. Next, the candidates are allowed to view their results. A candidate will be given a final determination of “Pass” or “Did not pass” as their CFA exam score or result. Accompanying their pass or did not pass determination is a summary of how they performed in each topic on the CFA exam, and also the maximum possible points for each topic. That score is expressed as being in one of three ranges, either below 50%, between 50 and 70%, or more than 70%.
Actual CFA Level 2 Passing Score
For the CFA level 2, you will need a score of at least 70% to have a good chance of passing. The Board of Governors will determine the MPS (Minimum Passing Score) and determine whether each candidate is within the passing range. As long as you score well on the multiple-choice questions, you are going to have a good chance of passing the CFA level 2.
Actual CFA Level 2 Pass Rate
CFA Level 2 is often considered to be the hardest of the three CFA levels. On average, around 43 percent of candidates pass the CFA level 2 exam. It may seem like the first level would be harder, since it has a lower pass rate, however, that is not the case. The Board of Governors sets the MPS (Minimum Passing Score) so high for CFA Level 1 exam, only the most qualified candidates sit for the CFA Level 2 exam.
