What is a better way to pass the CFA exam - the official materials that you get shipped when you apply, and pay for even if don't want to, or the shorter unofficial materials such as (among others) Schweser Notes?
CFA Institute recommends the minimum of 250 hours to prepare for the Level 1 exam. In my practice, this number can go way up, depending on your background and the availability of time. It is good if one majored in quantitative methods and already has a CPA, then CFA should be less of a challenge, but for the vast majority of candidates, it tends to be the first encounter with at least one of the topics on the broad CFA curriculum. So, it is safe to add up 30-50 hours for each area you are completely unfamiliar with.
Plus, CFA exam-takers are usually employed, so they have to spread the study over their weekends and nights, and the total length of the preparation period is very long. Unsurprisingly, many people forget what they studied in the beginning by the time they get to the end.
I know both people who used only CFA official preparation kit, and those who only used Schweser Notes. I would say that the pass rates among both groups is roughly the same. This year, there are 76 readings in the CFA Level 1 prep books. A reading in Schweser Notes varies somewhere between 4 and 25 pages, the official materials are about twice as long.
For anyone who prefers to sleep at night, I believe the choice is obvious.
CFA Institute recommends the minimum of 250 hours to prepare for the Level 1 exam. In my practice, this number can go way up, depending on your background and the availability of time. It is good if one majored in quantitative methods and already has a CPA, then CFA should be less of a challenge, but for the vast majority of candidates, it tends to be the first encounter with at least one of the topics on the broad CFA curriculum. So, it is safe to add up 30-50 hours for each area you are completely unfamiliar with.
Plus, CFA exam-takers are usually employed, so they have to spread the study over their weekends and nights, and the total length of the preparation period is very long. Unsurprisingly, many people forget what they studied in the beginning by the time they get to the end.
I know both people who used only CFA official preparation kit, and those who only used Schweser Notes. I would say that the pass rates among both groups is roughly the same. This year, there are 76 readings in the CFA Level 1 prep books. A reading in Schweser Notes varies somewhere between 4 and 25 pages, the official materials are about twice as long.
For anyone who prefers to sleep at night, I believe the choice is obvious.
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