How to Get the Most from a Question Bank

Estimated reading time: 4 minutes



FRM practice questions can increase your confidence level when you finally face the actual exam. They train you in the techniques of efficiently answering questions.

These tests sharpen your understanding of the test lingo and expose the areas that you should improve.

Here are a few tips on how to get the most value from your practice questions:


Treat it like the real thing

Remove all distractions before attempting to practice from a 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 if it were the real thing. If possible, when you are done, get a friend or educator to mark the answers for you.

This objectivity will help to reveal your true level of preparedness.


Choose the right tests

There is never a shortage of question banks. But no two educational resources are the same. In some cases, the questions are cheap and not well structured.

In other cases, the questions might not be what’s covered in the syllabus.

Choose a good bank and pick relevant tests.

Sifting through online review forums and speaking to past candidates can reveal useful preparation resources and techniques.


Track your performance

Monitor your test scores to see how your performance has changed with time. Use an 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 really energizing to see an improving pattern.


Record your failures

This is a useful tool in boosting your 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 answer.

Note the mistake you made in answering it and summarize the small lesson you learned with such questions.

Learn from them by regularly reviewing this ‘failure diary’ of yours, just 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 a subject without taking time to study actual content.

After getting your score from a self-test session, it would be helpful to note those sections you need to re-study.

These could be new topics in your syllabus or ones that you learned months ago. You need new knowledge, and you also need to refresh your old knowledge.

After that, take more quizzes, then review more content.


Audit your strategies

Most candidates often end up committing some simple errors when taking tests from question banks.

Instead of just assuming that failure means unpreparedness, take time to evaluate your 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 the fact that this is not just about knowing the material. You must know how to manage your time wisely.

You must be adept at applying risk management theories to practical situations.

Candidates must never approach any question with a narrow mind, but must be ready to use several concepts if needed.

They should be out-of-the-box thinkers.


Learn to relax

Remember to 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 topics are more challenging than others- that’s just how it is.

Keep practicing and don’t get discouraged.


Test early and frequently

Like with other academic pursuits, trying to breeze through this challenge without appropriate testing is ill-advised.

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 thing. It’s genuinely hard to get any value from them if practice runs are done at the 11th hour.

Early testing gives you time to find and strengthen all your areas of weakness.


Group your study practice tests

The FRM exams comprise of many topics. You need a strategy that ensures that you don’t over-prepare in one area and fail to adequately prepare in other areas.

Every topic matter and carries points. It would be best to segment tests for each section. It will help you commit a perfect measure of attention and research.

Gather materials and acquaint yourself with each topic on a fundamental level. Quiz yourself separately for each topic.

After reviewing and immersing yourself in the content broadly, take additional assessments, and tally your scores.


Increase frequency towards the final date

When that date draws nearer, you ought to do mock assessments in exam-like conditions. This is an excellent way to spend your study break.

Such a method can also help you recall all that you need before the big day.

Remember to review your notes and the ‘failure diary’ as mentioned before. Learn from your errors right off the bat, and you will have much better possibilities of succeeding.

Practice more frequently as you approach the real thing 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, as we have seen, it could be because the test was tough.

In the same way, some questions can extremely be easy and cause you to swell 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 paint a better picture of your readiness. Anything else can be misleading.

Question banks can be an indispensable asset during your preparation phase. Use the above strategies to get the most out of them!


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