Schweser or CFAI notes for Level III?

CFA Level III
#1

I read in a couple places that people recommend reading and studying the CFAI books/notes for level III rather than the Schweser notes. Is this true?

I have been fortunate to pass level I and II on the first try and I didn’t touch the CFAI materials. I only used the Schweser notes and practice exams. I didn’t purchase or watch any of the lectures either. Do you believe that I need to change my strategy for level III or should I stick with the Schweser notes and what has worked for me?

Also, I started my studying for level I and II in early January the last 2 years. Is there any reason to start earlier this year? I track my studying time and did 320 hours for level I and 380 hours for level II. Does that sound about right for the time commitment required for level III? Thanks

#2

For some people it’s true, but many people find that they get lost in the details of the CFAI books and it is self-defeating.

I wouldn’t change a strategy at this point that has been working. I would however to make sure to incorporate CFAI past AM exams + CFA end of chapter questions. But you can get by without reading the curriculum text.

I’d start a little earlier than January. I put in more hours for Level 3 than any other for what it’s worth.

Good luck.

#3

try using finquiz notes.

#4

I agree with the show. If it’s not broke, don’t fix it.

#5

Thanks for the response. It sounds like I can stick with Schweser, but need start a little earlier and put in more hours. Not exactly what I wanted to hear, but I did that with level 2 vs. level 1 so makes sense.

I think you’re right about getting lost in the details with CFAI materials too. The couple times I did open an e-book from CFAI, it looked like about 5 pages of material to 1 page of Schweser so I didn’t bother.

#6

I did only Schweser for all three levels, and found it very satisfactory and manageable. I studied a ton for Level 2 and 3 though. If I had to do Level 2 and 3 over again, I would definitely read and study Schweser, but skip the Schweser EOC, and focus on CFAI blue box and EOC. In any case, make sure you hit any and all practice exams you can get your hands on during that last month. Hit these HARD, practice over, and over, and over, and over again…

#7

Stick with Schweser. I don’t think you need to put in more time studying the curriclum for L3 compared to L2. L3 materials is shorter and easier than L2, at least IMO. However, the way the they test the material is more difficult than L2 (due to the essays and fact that the questions are a bit more vague and open to interpretation), so it’s important to dedicate more time to practice tests, with a focus on previous AM tests.

#8

I agree. I stuck with Schweser the whole way through and only read about 10 pages in aggregate from the CFAI books over the course of all three levels. If you have only used Schweser for levels I and II and passed, there is no sense in switching at this point.

The only time I would reference the CFAI books was when I was 100% convinced that something was incorrect or conflicting in the Schweser books (which happened a handful of times over the course of the three levels). That aside, they are unnecessarily dense and the salient facts are all in the Schweser books in a more manageable format (in my opinion).

#9

Great to hear that you can get by with just Schweser. I heard the same about EOC from CFAI for level 2, but never did anything about it. I’ve never heard of blue box, but found some discussions and guess it’s just examples from the CFAI books? I’m seeing more and more about blue box and EOC so guess I better put those in the toolbox this go around.

I definitely wish I took more practice exams for level 2. I left 5 weeks at the end for “review” but probably only spent half of that time taking exams. Thanks for the feedback

#10

Five of us studied, more or less together. One failed, four passed.

The one who failed used only Schweser.

Of the four who passed, one used only Schweser, two used mostly CFAI with some Schweser, and one used only CFAI.

Pick any five pages in the CFAI books and tell me which four you think don’t have to be read.

#11

That’s great to hear that the material is shorter and easier, but terrifying to hear that the testing is more difficult. I know the essays will make it tough, but I thought level 2 exam was damn hard. Maybe I should try to leave 2 full months at the end for practice tests if I can get through all of the material in time?

#12

Yikes! That’s the sort of talk I heard that prompted me to start this post. Do you know if the 3 who passed using primarily CFAI did the same for level 2? Or was this a switch for level 3 only?

I haven’t read 5 pages of the CFAI so can’t put your theory to the test, but I get your point.

I put in 15-20 hours consistently for 5 months on level 2 for a total of 380 hours, which felt like a ton! However, I just snuck by (50-70 on 3 sections) so I’m willing to go CFAI if I hear the consensus say it’s the wise move to improve my chances of passing level 3.

On the other hand, I am worried about getting lost in the details as the show pointed out.

#13

Thanks for the feedback and glad to hear you got through all 3 with Schweser. That’s what I would like to do, but am a little freaked out by some of the talk out there.

I’ve been very happy with the format and to the point style of Schweser, but I have to admit that several questions on level 1 and 2 were complete curveballs. There was an entire item set where I basically guessed on level 2. Don’t know if that’s the case for everybody or if I was limited with a big picture understanding of some material?

#14

We all relied more heavily on Schweser for Level 2.

Look, put both sets of books on your desk next to one another. The Schweser books are, what, 2/3rds as thick as CFAI books? Ask yourself how much of a time savings you gain.

Then go read the Individual and Institutional IPS readings in book 2. Compare the two approaches and I think you’ll see what CFAI material is worth reading.

#15

[quote=“Hank_Moody”]

Pick any five pages in the CFAI books and tell me which four you think don’t have to be read.

[quote=“metanoia”]

that’s a false argument. it’s not that there is one good page followed by 4 useless ones. it’s more that CFA texts just tend to be unnecessarily wordy. i prefer schweser for that reason and this whole idea of saying " i know a guy who passed/failed using only CFA/Schweser is completely irrelevant. i think everyone will agree, you should understand the material thru reading one or the other, then do TONS of practice questions. everything else is just a matter of preference.

#16

Okay, pick a section of text that is needlessly wordy.

#17

yeah, let me go waste my time doing that. whatever Mulder.

seriously, i’m not a schweser fundamentalist, but to claim that CFA curriculum could not be more concise is just laughable. no wait, I stand corrected, your sample size of 5 just convinced me!

#18

Use both…Definitly do the CFA EOCs and the Blue Box examples. I mostly read Schweser notes and filled in some gaps with the CFA books.

#19

Do you think you learned the material better in less time?

#20

I probably would have gotten better info from the CFA books, but I like how Schweser digests the information. That being said, the CFA texts are a must for practicing problems. Also, the Schweser Exams were very helpful for practicing for the test. I think the EOCs and mock exams were probably the most important things.

You gotta have a game plan for time management on the actual exam. I look at it like training for a boxing match. You cant just hit a bag, you have to get in the ring and spar.