I posted this in a reply to a thread but thought I would get some more responses with a separate thread:
I am debating switching to using just Schweser Notes and refering to the CFAi EOC as many have suggested here as I believe my current plan (Reading CFAi while taking notes, follow up with reading the SN and revising original notes followed by EOC/SN questions) may be a bit overkill however things seem to be sticking (although I guess we shall see when I finish everything) and the reason for the overkill is I have no finance background (I work in science industry) and all the material is rather new to me (other then a intro stats course in college 5+ years ago).
Any thoughts?
The other option was to push back the test date and maintain my current study plan (possibly squeeze in the GMAT in here as well) however paying another $700 is not very appealing.
If you stick around the forums long enough, you’ll see the general consensus is that the Schweser Notes are very adequate for L1. Read the SN and do a few practice tests like the schweser tests and you should be good to go
Agree with Iteracom, however, I personally used the CFA books and I enjoyed the additional depth / explanations. If you have the time and enjoy the subject matter, I’d recommend sticking with your course of study. However, if you’re just trying to get through (maybe the best move) then Schweser and Qbank should definitely be fine for LI.
I wasn’t sure if the general consensus that Schweser Notes were adequate for L1 applied to those without a finance background/experience.
My initial plan was to take CFA level 1 in June, followed by a short break and then GMAT and MBA applications, which may have been a bit over zealous. I guess if I push back to CFA L1 to December, I can really focus on the GMAT/MBA applications and make sure that is solid which in the longer term will allow greater chance of breaking into ER.
CFA institute texts (the free ones) are a little more thorough and explain the “why’s” a little better (but are longer), so if you lacked background, the CFAi texts may be your best bet. Although, I’m sure it’s perfectly possible to pass with Schweser if you have limited background. Best not to rush though, pursue a challenging but reasonable progression as you pointed out.
In terms of breaking into Finance, a top MBA is far better than passing L1, hands down
Schweser gets down to the gritty details like formulas and key concepts. The curriculum goes through a lot of history and background material that’s great to know from an intellectual standpoint…
For example, I doubt anyone will see a question like “so how did the bond markets perform in the mid 80’s that led to changes in trading of fixed income?”
It’s more likely you’ll see “calculate a bond’s X, or explain Y (some bond valuation measure)”
That’s where Schweser is helpful because it cuts right down to: “here is the formula for X, here is the explanation of Y”
Thanks for the feedback Black Sawn and iteracom, apperciate it. Looks like I will swamp my CFA books for some GMAT books momentarily. Too bad there is not a partial refund of sorts and that I will have to pay the ~$700 or whatever examination fee, such is life.