Ways to Get the Most from an FRM Question Bank
FRM practice questions can increase your confidence levels when you finally face the actual exam. They train you in the techniques of answering exam questions. These tests sharpen your understanding of examination lingo and expose the areas that you should improve. Here is how to mine the most value from the practice questions:
Do it like in a real exam.
Remove all distractions before attempting practice questions from an exam question bank. Time yourself. Set goals, including a pass mark that you must attain when you get it scored.
Take the tests with all the seriousness you would confer to the real thing on the exam day. If possible, when you are done, get a friend or educator to mark the test for you. This objectivity will help to reveal your actual level of preparedness.
Choose the right tests.
There is never a shortage of FRM question banks. But not two of these educational resources are the same. In some cases, the questions are cheap and not well structured. In other cases, the practice questions might be what’s not covered in the syllabus.
Choose a good question bank and pick relevant tests. Sifting through online review forums and speaking to past FRM candidates can reveal the most useful exam preparation resources.
Track your performance
Monitor your test scores to perceive how your performance has changed after some time. Use Google Sheets or even a straightforward Excel sheet to track performance and set goals. The most significant thing here is that you must record your scores every time you take the tests. It can be super energizing to see and improvement pattern.
Diarize your failures
This is a useful tool in boosting your FRM preparedness. Keep a notebook of all the questions for which you provided incorrect answers. Make sure to either duplicate the question or summarize it with its clear answer. Note down the mistake you made in answering it and summarize the small lesson you learned when answering such a question. Learn from them by regularly reviewing this ‘failure diary’ of yours like you do other notes.
Review notes in between tests
Tests are only useful if you have studied for what you are testing yourself on. Try not to hop into tests after tests without taking time off to study actual content. After getting your score from a self-test, it would be helpful to note down content sections you need to study. These could be new topics in your syllabus or topics that you learned many months ago. You need new knowledge, and you also need to refresh your old knowledge. After that, take more tests, then review more content.
Audit your current self-testing strategies
Most candidates often end up committing errors when taking tests from FRM question banks. Instead of just assuming that failure means unpreparedness, take time to evaluate your exam strategies. How did you answer each question? Did you waste time on one question and failed to answer all questions at the end? Did you confuse concepts?
Consider that the FRM exam is not just about knowing the material. You must know how to manage time in the exam. You must be adept at applying financial risk management theories to practical situations. Candidates must approach a question not with a narrow mind, but ready to use many or all FRM concepts if needed to solve it. They should be out-of-the-box thinkers.
Learn to relax
Remember to relax and stay calm whenever you take a test in the wake of all these realizations. On the off chance that you don’t understand a question, take a deep breath. And if you perform dismally in today’s test compared to last week, tell yourself that it is all right. Some FRM topics are more challenging than others. Some FRM test questions are also harder than others. Keep practicing. Don’t be discouraged.
Test early and frequently
Like with other academic pursuits breezing through the FRM preparation without appropriate testing is a folly. Even if you come from a financial background, early testing is recommended. Ideally, you should test yourself after each topic.
Try not to postpone your testing until the final day of the real exam. It’s genuinely hard to get any value from them if practice tests are done in the 11th hour to the actual exam. Early testing gives you time and room to find out and strengthen all your areas of weakness.
Containerize your study practice tests
FRM exams comprise of many topics. You need a strategy that ensures that you don’t over-prepare in one area and fail to prepare in other areas. Every topic matters and carries points in the FRM exam. It would be best to segment tests for each section. It will help you commit a perfect measure of attention and research.
Gather FRM test materials and acquaint yourself with each topic on a fundamental level. Test yourself separately for each topic. After reviewing each topic and immersing yourself in the content broadly, take full tests, and tally your score.
Take more tests towards the exam date
When your FRM test date draws nearer, you ought to do FRM mock tests and practice in real exam-like conditions. These mock tests are an excellent way to spend your study break. The full tests can also help you recall all that you need before you finally face the exam.
Remember to review your notes and the ‘failure diary’ mentioned before. Learn from your errors right off the bat, and you will have much better possibilities of succeeding in your FRM exam. Practice more regularly as you approach the real exam to improve your preparedness.
Don’t be overconfident.
As mentioned earlier, it can be easy to lose hope if your test scores reveal a dismal performance. But that, as we have seen, could be because the test was tough. In the same way, some questions can extremely be easy and cause you to swell up with pride when you get everything right. Don’t be overconfident.
Do more tests and average your scores over a month or two. The mean score will reveal your actual level of exam-readiness. Anything else can be misleading. Even if you pass highly in FRM practice tests, keep studying and keep taking the tests.
FRM question banks are an indispensable asset during FRM exam preparation. Use the above strategies to get the most from the practice questions.