My Level 3 Schweser books are a complete mess of corrections and additions. In places, I’ve had to paste blank paper over entire sections and even whole pages and rewrite them from scratch. It sometimes looks as though whoever wrote the Schweser material did so from some source other than the CFAI text. I’ve been hesitant to post this issue until now, thinking that “this time will be different” as I start each new topic. But I’ve just started Capital Market Expectations, and the very first sentence on page 81 of book 2 is just plain wrong, if the CFAI book is to be believed. CFAI: CME = macro expectations. Micro expectations are not CME, they are key ingredients in security selection. CME feeds into formulating micro expectations. (CFAI Vol 3 p 6) Schweser: CME can be macro or micro (they are all in the same category) I don’t make flash cards. Each year I use highlightings and marginal notes in my Schweser books as final revision material. This has worked fine until now. This year, Schweser is killing me.
i don’t even understand how a term of “capital market expectations”… could be about micro expectations of specific securities. micro expectations of specific securities should driven by the individual analysis, cash flow, forecasting of that single security.
CME is about the expectations of overall capital markets… seems pretty straight forward.
It’s just occurred to me that the amount of time it takes to reconcile the differences between Schweser and the CFAI text completely negates the value of Schweser as a summary. So I’m now trying a new approach and working only with the CFAI books. Pity they aren’t printed on more sturdy paper.
i just finished the schweser books without references to cfai books. i plan to skim through the cfai books and answer questions in both set of books for each section. this post makes me nervous though…
I agree the Schweser text cause confusion, but macro and micro are related. The CFAI says CME = macro, but those macro asumptions support micro views.
If you have done a deep dive comparison of CFAI and Schweser, it would be an enormous value add to everyone here to post differences you have found.
I’m using Schweser because I just don’t have the time to use CFAI. I got sucked into CFAI for quant and economics for Level 2, and ended up spending 25-30% of my study time there, even though those are small sections on the actual test. Don’t want to make that mistake again.