CFA® : Shweser vs. CFA® book

I'm signed up for the CFA level 1 in June as well. If you already know the material (studied it in college) then I would advise getting the Schweser guide, it's less bulky. However, if you don't know the material then you better get cracking on the CFA material because it explains the concepts very in depth and well.

I used Schweser for all three levels and only opened the CFAI books to do some practice problems. I preferred the shorter Schweser guides which I found to be more productive for me (less time reading more time practicing problems).

Use the Schweser book, if some concepts are too succinct, then you open the CFAI to get more context and color.

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I have also signed up. Do you think that Schweser Essential Self Study Package is enough to pass? I will rely basically on Schweser + some parts of CFAI books.

I only used the CFAI books, didn't bother with Schweser because I thought it was too expensive. I just checked the website and saw there's different study packages that aren't $1,500 but oh well.

What I did for studying:

1. I read and highlighted all the books. Never actually went back to re-read but I still think it helped.
2. Made note cards of all the formulas and anything else I didn't full grasp.
3. Copy and pasted all the practice problems at the end of each chapter into a word doc. Reviewed that.
4. Took each topic exam on the CFAI website at least 5 times. Mock exam a couple times.

I emailed an old professor, who has his charter and teaches a level 1 prep course, with the same question you're asking OP and he said he was only using the CFAI books because "after all, that is what the exam is based off of." I did the same just because I'd rather be safe that sorry.

Good luck and don't forget to put the effort in for ethics.

The CFAI books are the source. Also, an important thing to note is that lots of things change in the curriculum each year, even if the LOS are not affected. Because of this, we're slowly seeing more areas where provider's study notes - usually written 10+ years ago - are not teaching concepts the way the CFAI wants to test them. But its harder to catch since they weren't announced as changed readings.

We recommend a strategy designed by our two CFA coaches, who both passed in 18 months. It can save lots of hours. Since you likely already know quite a lot of the covered concepts, it ensures you do not overstudy but instead focus on where you need to learn. Here's the process: 1) Watch videos for the reading (its easier via video to understand what is the most important parts) and read study manual notes 2) Take a quiz (like from the Adapt question bank) to check how well you know the material 3) Read the Summary in the CFAI curriculum 4) Work End of Chapter problems in the curriculum 5) If needed, then go through the chapter (whole or just the needed parts).

Google for "AdaptPrep Complete Level I". On that page you'll see a video detailing the above strategy.

I hope that helps! Best wishes in June, I'm sure you're going to do great!

Quick question regarding the CFA L1: does the exam test you for both GAAP & IFRS? i.e. would it ask a question saying what is the cash flow from operations under US GAAP and what is it under IFRS?