Which CFA Study Program Do You Recommend?
Good afternoon monkeys,
I have recently been doing research for the CFA 1 exam which I plan to take in June 2016. I’m looking to get a head start on the studying process. For those who have taken the CFA 1 exam, I am curious what your study program you chose.
I am also looking for reviews on the following programs, so if anyone has any experience with these can you let me know how it worked for you:
- Analyst Success
- apptuto
- Bloomberg Exam Prep
- Fitch Learning
- Kaplan Schweser
- Learn Signal
Which Study Guide is the Best?
The best study guide is the one you will use. While most people in the WSO forum have used Schweser, or a combination of Schweser plus the CFA Institute curriculum, it’s all about spending the time to read the material and take practice tests.
WSO users share their success stories below:
From Certified Asset Management Professional – Assistant Portfolio Manager @ChiCubsFan"
Used Schweser for all levels. I had the basic notes packages for level I and II, passed level I pretty easily. Level II was a struggle but not because of the condensed notes and more my study methods using those resources and life happenings at the time. Level III I used schweser predominantly again and passed first try.
From WSO User @dude_bro"
Currently using AnalystNotes for condensed notes and Allen Resources for notes/Qbank for Dec L1. Both have been great so far for me.
From Certified Risk Management Professional – Vice President @SSits"
- I used Schweser only and never touched the official notes.
- I took Schweser books + audio + video lectures.
I think you can do without the video lectures. However, books + audio is a good approach, as you can listen to the audio when travelling to work, walking the dog, running around the park. My understanding is that getting the same information in two different forms works better on the brain for memory, even if it's word for word the same. Something along the lines of your stimulating the same conceptual understanding from different stiumuli directions, building up more and stronger access points to the concepts/memories.
From Certified Private Equity Professional – 2nd Year Analyst @Middle Market PE"
Schweser. Hands down.
Talk to your local CFA society, my old one offers discounts on the notes AND on the live mock exams through Kaplan, which I would HIGHLY advise you take. They also proctor 2 live tests a year for candidates.
From Certified Investment Banking Professional – 2nd Year Analyst @saw23"
You should get Schweser. Couple that with CFAI end of chapters questions and you should be fine.
Check out their 'Secret Sauce' too to review material on the train, at lunch, etc...
Recommended Reading
Taking level 1 this December and using Schweser. Will let you know if it works...
I used Schweser because it was the most popular one, and it worked. The CFAI books are dense so you need something to condense the material into its essential components.
When studying for the CFA exams, I had read good things about Elan (now Wiley, I believe) but I've never seen a sample to say it is good or bad. Schweser is more than sufficient for Level 1.
Agreed. Used Schweser for all levels. I had the basic notes packages for level I and II, passed level I pretty easily. Level II was a struggle but not because of the condensed notes and more my study methods using those resources and life happenings at the time. Level III I used schweser predominantly again and passed first try.
@cubsfanatic8228: Thank you for the info. I plan to hit the CFA myself. How long did it take to pass all three levels?
Currently using AnalystNotes for condensed notes and Allen Resources for notes/Qbank for Dec L1. Both have been great so far for me.
I used Schweser only and never touched the official notes.
I took Schweser books + audio + video lectures.
I think you can do without the video lectures. However, books + audio is a good approach, as you can listen to the audio when travelling to work, walking the dog, running around the park. My understanding is that getting the same information in two different forms works better on the brain for memory, even if it's word for word the same. Something along the lines of your stimulating the same conceptual understanding from different stiumuli directions, building up more and stronger access points to the concepts/memories.
Does Kaplan have practice tests that I can take
They did when I used their notes (completed Level 3 in 2008).
6 practice exams I believe along with around 5,000 QBank questions. CFAI also offers a free mock exam
This is correct. Also helpful, at least in my experience, were Schweser's website functions. If you use their study packages, you will also have a user dashboard on their website. If you use the practice exams they give you, you can enter the results into the practice exam section of the dashboard (or just do the online version of their exams rather than the book version although I preferred actually filling in he bubbles and such) online. It will give you a breakdown of your score and show you how you did on each section and compared to other people taking them. I found that helpful as I could see where I was doing worse or better than others.
For level 1 I just used the Schweser books, I didn't use their tests or Qbank. Those are good resources to use if you have them though. I did use them for level 2.
I would agree with the prior comments on using the Schweser material. It is a semi-condensed version of the CFAI material. I have heard people say that they came away with a better understanding when they used the CFAI material but the Schweser material is more than sufficient. I've also seen a few people use and like Elan.
I use the same approach with the text and audiobooks from Schweser for L1. The approach of listening and reading later helped to remember the material covered, especially for Ethics. Do have to say that the audiobooks are not the best for the more technical material.
Save your money and just read the CFAI books and definitely do the practice questions. It always made more sense to me to read the books assembled by the authors of the exam rather than a third party. Maybe it takes longer, but was successful in my case
None.
Seriously, just read the books in two months and then pound the mock exams mercilessly a month before the exam.
By the time month 3 rolls around you'll have forgotten what you read there anyway, so you might as well save yourself the additional money for the course. The mocks are what make or break you.
All those prep course books are floating around on the internet anyway. There's no secret sauce in them.
I used the CFAI material for Level 1 - skimmed through the easier sections and focused on the tougher. If you took upper level accounting classes along with finance classes, coupling this with mock exams (a must) will get you by.
I used Schweser Notes & did their weekly class for Level 2 (I passed, thankfully). I found the class to be quite helpful in keeping me on target and the notes were succinct so the reading wasn't daunting. I coupled that with referencing CFAI for sections I was struggling in and mock exams - earned me a pass.
No Level 3 suggestions as I am taking it this June. Good luck!
Schweser. Hands down.
Talk to your local CFA society, my old one offers discounts on the notes AND on the live mock exams through Kaplan, which I would HIGHLY advise you take. They also proctor 2 live tests a year for candidates. If you want, DM me and I'll pass it along
I've passed the first two levels so far. A good book that helped me get a bit more comfortable with the whole test was Direct Path to the CFA Charter. (I have no affiliation)
Level I - I studied with analystnotes which is cheap, I think around 100$ and worked for me. Level II - I read the books. Level III - I will read the books.
If you look around you can find some Chinese knock offs of schweser and good providers, although I haven't dealt with them so not sure of the quality.
If you have the time read the actual books, ya know the things that the tests are based on...
Use Schweser as needed
Kaplan Schweser is a good resource - used it for all 3 levels. I also recommend giving yourself time to complete the problems in the CFAI textbooks.
Also, use the Topic Tests that CFAI gives you on their website.
How do the topic tests on the CFAI website compare to the actual exam?
Schweser worked for me for Level I but I'm switching to the CFAI for Level II. I didn't find the QBank super helpful but like others have said, start taking mocks AT LEAST a month in advance. I took a ton of notes and barely touched them during the week I took off before the exam. If you're going to use Schweser for Level I, I'd suggest using the CFAI material for Ethics, FRA, and possibly Fixed Income. The CTRL+F function with their online text is clutch for quickly referencing formulas/sections you want to review. I cannot stress enough the importance of practice problems... best of luck.
Could someone explain to me why, like I`m a 3-year old I should do a part time MSF when I can do two levels of the CFA by then? Full disclosure: I am in Atlanta debating the MSF at Georgia State vs the CFA.
Currently doing analyst notes. Very condensed and to the point. I like it a lot for its simplicity.
Also got the Fitch learning videos. Haven't really used them but they're video lectures. Got them from Udemy for 10 bucks around New Year's Day, so look out for those if you're into videos. It has lectures on every single section.
Heard great things about Schweser.
Schweser ... passed on first try.
Schweser and CFAI books - I wouldn't mess with much else, it's all you need. I would honestly worry less about multiple providers and just focus on crushing practice problems and mock exams. Level I is all about repetition, the material is not difficult to grasp.
You should get Schweser. Couple that with CFAI end of chapters questions and you should be fine.
Check out their 'Secret Sauce' too to review material on the train, at lunch, etc...
Good luck!
Actually read the books. Use supplemental study materials to learn material you're struggling with. Practice exams and questions are where supplemental materials are the most valuable.
Using Schweser for lvl 1 in Dec. Just finished the readings, gona bang away on q-bank practice problems and mocks til the cows come home.
BPP: couldn't recommend it highly enough. Passed CFA LI in June this year; first time, without working in a financial institution, largely thanks to BPP and a bit from analystnotes.
You get practice questions by email every day, a massive book of questions, mocks etc etc.
Their guide book is fantastic: the CFAI materials are huge, and the guide book is great in what it says you can just skim through. The more time you spend on the more relevant materials, the better.
Most importantly, though, their practice questions and mocks are far harder than what you get on the day. If you can ace the BPP questions then you're sorted on exam day.
It is expensive, but I would argue it's worth it. The courses that offer abbreviated CFAI materials don't actually help you study any better, and there will always obscure bits of the syllabus that will come up on exam day that they have left out, but you might have picked up from the full CFA books.
Hope this helps.
I took and passed Level I this past summer. Spent about 2 months prepping hard with the Schweser books and nothing more. If you don't have alot of time to study, I'd recommend them because the material is fairly straight forward and condensed. I never took a mock exam or used the Q-Bank.....just did the questions in the back of each section and I was fine.
/
I used Kaplan Schweser and I'd also recommend doing as many problems from the CFAI books FIRST. You'll see a few questions on the real exam that Schweser doesn't touch on.
Passed Level 1 on the first try. I just used the books, took notes on them and did the odd problems at the end of every chapter. Then when I finished a section (or whatever the 3 or 4 chapter blocks are called), I would go back and do the evens. Spent a month doing mock exams, they were very useful as well, pirated them off the internet.
Thank you everyone for the advice it has been helpful so far. I am leaning towards a combination of Schweser and the CFAI books. I am having trouble finding the books for the CFAI and I have checked on their website. Can someone tell me where I can find the books everyone is recommending?
They'll send you all of the books once you register. No need to order the CFAI books separately.
I used kaplan schweser Fitch and the CFA institute. I would do kaplan schweser again it was both short and comprehensive.
I'm also registering to take L1 in June 2016 and definitely leaning towards Schweser. I've spent a good deal of time on other forums and talking to candidates/charterholders at my firm, Schweser seems to be the consensus.
Et saepe voluptas ut ipsa. Eveniet odit dicta exercitationem incidunt at distinctio suscipit. Suscipit in nihil et libero. Soluta optio quia eaque culpa occaecati voluptas quia. Et autem dolores est. Consequatur nulla sed sit delectus reprehenderit.
Magnam et ipsum itaque quam. Nulla omnis tempora qui ipsam quae eveniet. Odit voluptatem veritatis iure modi molestiae quod adipisci. Quia dolor qui dolor. Vel debitis sed occaecati veritatis aut velit cumque. Inventore distinctio sed itaque inventore.
Voluptatem dolorem voluptatem dolorum velit in. Quis magnam aut sit quibusdam quia dolores. Expedita quisquam ducimus maiores aut harum consectetur mollitia. Ipsam neque eveniet accusantium dolores cumque aut est. Vel consequatur exercitationem quod sit repellat optio. Aut dolorum aperiam molestias. Dolorem consequatur deleniti est sapiente.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Voluptas atque fugit et. Sed possimus qui voluptas natus. Beatae consequatur nihil quasi harum unde. Autem in tempora earum numquam nobis quod fuga. Provident enim delectus in cumque voluptatem eaque. Voluptas sit repellendus non mollitia nostrum.
Facilis eaque sit aut debitis. Cum quam qui earum aliquid sapiente. Veritatis perspiciatis ut nisi quis. Atque nam ut laborum quae corporis. Aut voluptate ducimus temporibus ad sint reprehenderit odit. Adipisci quo mollitia ab sunt ratione quod. Dolorum molestiae tempore facere facilis.
A dicta perferendis dolorum et assumenda quidem in. Eos veritatis quos quam recusandae et nisi doloribus. Quo sequi non est itaque. Omnis et temporibus voluptatum.