Hi, I got a band 10 in Decemeber exam, with only studied CFAI books for 4 weeks intensively, and will re-sit for June exam. I just want to ask if anyone who passed L1 with CFAI Textbook only, given enough time is spent, or supplement with preps (notes, and /or QBank). I graduated (one year ago) with undergrad majors in Statistics and Finance, with accounting (financial and managerial accounting), economics (micro + macro), and investments courses (plain vanilla and exotic options, black scholes, Ito’s Lemma, martingales, Poisson process, Brownian motion, random walk, futures, commodities, bonds duration and convexity, currencies, etc). My math background is pretty strong, and need to refresh the Ethics, Econs and FSA parts. I am budget-conscious and paying the exam fee and any prep material myself. Although it is only barely more than 100 days to exam, but, unfortunately, I have all the time during the day and night to study, and I can contribute 10-12 serious hours a day, 7 days a week. I have studied the material from December exam (obviously not well enough) and from my undergrad background. If it is possible to pass with CFAI books only, then I don’t need to buy Schweser notes which the package is expensive. I am reading CFAI books so far and I don’t mind the dry and wordy books if that saves money. I am thinking if you guys really suggest to use the prep, then may be I will buy the $350 basic package and use the notes to reinforce and practice. Some posts said QBank is not that good but some said it is good, so I don’t know if it is worth to spend the extra $250 increment to upgrade for Notes with QBank and Practice Vol2 (the $600 package). I searched some posts here, and it seems to me that CFAI books are essential and preps (such as Schweser) are to reinforce the concepts and for practice. Many people passed with only Schweser and commented CFAI books to too long and too wordy, but there are also some people said Schweser alone is not sufficient to cover the entire syllabus. Of course, I want to pass this time and don’t want to waste 6 months nor to pay another exam fee in December. If I got a band 10 for 4 weeks of all-day study with CFAI books, in an exam with 34% pass rate, then I hope with 4 months of all-day study this time, I should improve by one more band, and move to the pass zone. Thank you in advance. Any comment about textbooks Vs preps, and schweser note Vs. QBank, and how did you pass L1, are very welcome.
Sorry to hear that you missed out in Dec- that too by such a narrow margin. I am using Elan’s Ultimate Package and I am really happy with their materials. For you I would recommend you at least get their guides. They’re only 50 bucks and if you get the eversion there’s no shipping either. I am studying exclusively from their books and videos and schwsers qbank, and so far I am doing really well. Since you’ve failed you probably get their 40% discount as well. Best of luck!
I suggest you pick up the 2009 Schweser books from someone for cheap. It sounds like you have a very solid background in the material and PLENTY of time to study.
I’m a Band 10 fail as well. Similar academic background and I didn’t put a great deal of effort in. ie. I started 6 weeks out & read 6 out of the 10 topics. I’m using the texts this time around. As I study, I frequently re-read the LOS and keep asking myself how the reading fits in with the LOS, whether I understand what the LOS is asking, and I’ve made detailed notes. I used Schweser last time but I’m definitely retaining more by doing the CFA readings. The CFA end of chapter questions are incredibly important IMHO, I think people really underestimate their usefulness in understanding what the exam will cover.
I think the CFAI books are the way to go. It’s better to read a lot because you’ll still retain a lot of info. I have a friend who passed with the Schweser in just 6 weeks, but he had been working in finance for about 10 years before sitting for the exam. I’m just going to use the CFAI books.