I’m sure this questions has gotten thrown around a lot already but here goes…I’m sitting for the June 2009 L1…wondering if ANYONE actually reads the CFAI books completely or is the best route to take is the SCHWESER study material? I know that it’s probably 1200pages of reading as opposed to the 3100pg from the CFAI material. Can someone give any opinions on there experiences
What is your background?
undergrad psych/ bus major…institutial broker now…been in the business for 8 years now…haven’t touch a text book since my series7/63…
I think you need to change your attitude about this exam a little or you will definitely fail. One out of four people who signs up for this exam passes it. Some of those are on their second or more attempt. Some have much more education than you (I taught statsitics and derivatives class in college prior to passing). Etc, etc. This exam is nothing like Series 7/63. It’s the difference between running a block for fun and running a marathon with a 3:30 cut-off time.
JoeyDVivre… My attitude towards this exam is nothing but serious. hence the reason I get up everyday at 4am to read a 1.5 hours before I go to work not to mention the 3 hrs I study after work. No sure what you based your judgment on my attitude but your comment was appreciated. Perhaps I came off as if I’m trying to take an easy road to studying??? I"M NOT…I’m hesitant to spend the additional money if I can read through the CFA material. The few people whom I’ve spoken to recommended i get Schweser ASAP…which is why I asked my question. Thanks… any advice is greatly appreciated!
I like the Schweser books because they are short and concise, which was best for me because I was short on time. But if I were in your situation and had 9 months to study, I would just use the CFAI books. Every single thing you’ll need will be in there, so why bother with Schweser? But on the other hand, Schweser are very good for revision purposes. If I were you, I’d concentrate on the CFAI texts and if you have a bit of cash I’d probably try and buy a second hand copy of Schweser (I got mine of ebay for £50), and use them when the time comes for revision. I know what you mean about the money though, I’m funding myself and this has been a very expensive exam! Hence I am so determined to pass. Good luck!
I was also advised by a friend to go for the Schweser materials, but actually have similar considerations as Bexter. Do you know maybe if there is an alternative for the QBank question for which one wouldn’t have to give out as much money as for Schweser notes plus QBank? Thanks for your answer(s).
Buy the study guides. They get right down to the point and focus on the important areas you need to know. I bought the Stalla guides and don’t think I would have a chance of passing without them. I was initially hesitant to buy them but when I got to thinking about it, why not pay the $$ now for the study guides instead of paying the $$ later to retake level I.
Primo, I would buy Schweser. I did and it was a tremendous help, especially now that I am reviewing. However, I also read every page of the CFAI texts and, since you have the time to do it, I would recommend you do that as well. Many will tell you that you can pass relying only on Schweser and they would be correct. To me the difference is that the CFAI texts explain why things are a certain way, while Schweser more tells you, “this is the way it is.” Learning the “why” more in depth is what helped make things intuitive for me, rather than relying on tedious memorization. I say this as someone with an educational background in economics and political science as well as a professional background in finance, by the way. Like you, I hadn’t touched a textbook or taken a test since I finished undergrad in late 1999.
I read just about every page of the CFAI text. I had the time (just as you do now), so I figured that it sure couldn’t hurt. And I feel like it has prepared me VERY well. On the other hand, if I find out that I passed the Dec. exam at the end of Jan., then I’ll probably go the Schweser route for L2 simply because there won’t be the time to go throught all the CFAI text.