Can using outdated study-prep books for the GMAT exam be effective for studying?

I am entering into my Junior year of college, and I find it to be a very good time to take the GMATs. I have come across this dilemma when taking the SATs, and that is what is so special about the most updated version of a study prep book? I find myself looking at prices that are cut in half from last years version, and I wonder what really is the difference between, say 2011 and 2012. I would like to do very well on my exam, but I do not want to be locked into one source of prep material because it was so expensive, nor do I want to spend over my limit, because I find myself needing more practice. I am aware of the free resources online, which I will take full advantage of. I feel that outdated material is very effective for studying, as the concepts never change, and you get a lot of bang for your buck in a matter of sense. I was just wondering if I am missing something on this issue, or if I have it right. Please let me know what is the right way to go. Thanks

 

GMAT and CFA are different.

GMAT -- bear in mind there was an additional section that was recently added. CFA - Yes, 1-2 years back will not be an issue. I'm also assuming you mean the Schweser notes, otherwise when you register for the CFA program, you will receive new textbooks no matter what (they will make you pay for them).

 

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