Assuming I’m coming back next year, the approach will be to use CFAI for core reading and when there aren’t EOC questions use Stalla/Schweser for those. But it’s obvious you MUST ABSOLUTELY MUST know how to solve each EOC question in CFAI as well as any example problems they walk thru in the chapter. I did the EOC questions but didn’t focus on the nuances at all.
FWIV, I used the schweser notes exclusively for L1 and L2. I passed L1 with flying colors last year. >70% in all topics. That’s the extent of information they gave me. For L2, although I found the actual exam tough even though I felt I was really well prepared, and its very much within the realms of possibility that I will fail (I expected to pass last year, this year its close call), I dont think I have the notes to blame for it at all. I found the actual exam tough, but everything that I saw in the exam was something I should have managed to answer if I had “photographic” memory. Schewser notes covered every base in my opinion. All 120 questions in the exam were covered in the notes. One question about contango/backwardation that I found was not covered, I thought was also vaguely addressed in the CFAI text. Another question about the intangible asset valuation using a required rate of return also I think was neither addressed in the Schweser nor CFAI text imho. Other than that, as far as I can remember, Ethics, AI, FSA, EI, FI, Derivatives, Eco all of thsee were 100% manageable if say I had all my Schweser Notes in front of me for the exam, or I was super brilliant and had managed to memorize every word in the notes. However, there were couple of questions in Portfolio Management vignette which I thought were curve balls not addressed adequately in the notes. Not sure however, whether those were addressed in the CFAI text, or they were truly curve balls. My suggestion to anyone. Sure if you have the time, and b**ls to study from textbook, do it by all means. You cant go wrong with that. However, I know if I did that, by the time I finish book 5, I would have forgotten what I read in book 1. My suggestion, during your first read itself, make sure you do extensive highlighting on the text, as you cant really re-read the whole text twice. It would just kill you, unless again if you are an extra terrestrial or one of those top ranking students. Discl : I do not own WPO stock, but I could buy it in future. WPO owns Kaplan Schweser. I certainly dont work for them.
schweser peeps if you’re reading this - an undue amount of errors. your errata list is extensive. just terrible. please take the pictures of those lovely people off the covers of your books. nobody is smiling while they’re learning about full vs. partial goodwill. that asian woman was in my nightmares. they are REALLY annoying. it’s bad branding. just bad. put some trees, sunshine or scenery on your covers, since we don’t get to see any for months at a time… that’s all.
I used a combination of both CFAI and Schweser in 2009 (fail) and 2010. Schweser is invaluable and I will continue to use them. Some of the stuff in CFAI is incomprehensible to me. They explain things in such a way as to make topics more confusing. Schweser “dumbs” it down into digestible chunks. I think using both is a good way to get all the material. Use Schweser notes for the core reading and then go back and do EOC’s for CFAI and Schweser. If you are unsure on a topic, read the CFAI material. Areas like portfolio management (2nd half) and partial/full goodwill are examples where you would need to use CFAI.
I believe I fail. The exam kicked my butt. Welcome to Level II ! I am going to read the CFAI books and do the EOC questions first next time around. Then I am going with Stalla this time for a change of pace. I will still have all my 2010 Schweser books, so I can look at the power point / lectures. But I will not be doing Schweser 2 years on a row for the same level. I don’t fault Schweser for my expected result though. I hope I can change the date in my computer and view the Schweser videos again…
topher Wrote: ------------------------------------------------------- > I used a combination of both CFAI and Schweser in > 2009 (fail) and 2010. Schweser is invaluable and I > will continue to use them. Some of the stuff in > CFAI is incomprehensible to me. They explain > things in such a way as to make topics more > confusing. Schweser “dumbs” it down into > digestible chunks. > > I think using both is a good way to get all the > material. Use Schweser notes for the core reading > and then go back and do EOC’s for CFAI and > Schweser. If you are unsure on a topic, read the > CFAI material. Areas like portfolio management > (2nd half) and partial/full goodwill are examples > where you would need to use CFAI. +10. First the Ibbotson-Chen or whatever was in Schweser’s notes (sell-side model). In the real exam I remember it saying both Ibbotson-Chen AND sell-side model so stop the bickering on this question. Schweser actually does a pretty decent job IMO. You guys are setting yourselves up for a big disappointment if you think the CFAI material is your golden ticket. As topher said, a combo of the two is probably the best option. Schweser helps cut through all the crap and use the EOC Q’s, practice exams and these forums to mop up anything else. For the real exam, I honestly don’t recall anything I hadn’t seen before. The only reason I guessed on anything or missed was either I forgot, messed up a calc and or got tricked.
I read the CFAI books and used Schweser. I did 95% of the CFAI EOC questions and no schweser or Qbank questions. If I fail, it is because I did not do enough questions and practice exams. Thus, if I take again, I am buying QBank as well as any other questions I can get my hands on. I understand the concepts, now I have to apply them to questions to REALLY understand them.
I’m still trying to figure out what green figs or whatever those marijuana looking like plants are on the CFA cover have to do with Derivatives.
jlive1975 Wrote: ------------------------------------------------------- > I’m still trying to figure out what green figs or > whatever those marijuana looking like plants are > on the CFA cover have to do with Derivatives. haha. For me, Qbank for L1 was essential. I only worked a few hundred problems from the L2 Qbank before I ditched it.
I used Qbank for level 2. I found it didnt’ help. I did the EOC’s but I didn’t focus on them. For level 2, I’m reading the books and will re-evaluate how I feel.
meazza Wrote: ------------------------------------------------------- > I used Qbank for level 2. I found it didnt’ > help. > > I did the EOC’s but I didn’t focus on them. For > level 2, I’m reading the books and will > re-evaluate how I feel. I worked most of the EOC questions (All for Equity and FRA at least) but, one thing I did that I would advise everyone to do is to review/redo/complete every Ethics EOC question just before the exam. I did this on Friday and I would honestly say that of the 12 questions on the exam, 8 or 9 were slight variants from the EOCs. Ethics might end up being my best section this year!
I will likely get Schweser notes again. However, I learned that they only provide notes. That is: Read Schweser material, read CFAI and note all difference in the Schweser books, solve every single EOC + solve every example in the chapter. Only bother with advanced q-bank questions. Schweser notes are pre-filled paper, but not a substitute for reading the CFAI assigned reading.
Chuckrox8 Wrote: ------------------------------------------------------- > meazza Wrote: > -------------------------------------------------- > ----- > > I used Qbank for level 2. I found it didnt’ > > help. > > > > I did the EOC’s but I didn’t focus on them. > For > > level 2, I’m reading the books and will > > re-evaluate how I feel. > > I worked most of the EOC questions (All for Equity > and FRA at least) but, one thing I did that I > would advise everyone to do is to > review/redo/complete every Ethics EOC question > just before the exam. I did this on Friday and I > would honestly say that of the 12 questions on the > exam, 8 or 9 were slight variants from the EOCs. > Ethics might end up being my best section this > year! I did that on the Wednesday before the exam. I think I scored like 88% on all ethics questions in the CFAI book. I’m always confident of my ethics knowledge but I think that for me to have any chance at that exam, I would need to have cracked every single question as my mock progression has always been the same. Start on fire and slowly cool down as I reach the end to an average of about 70%.
I was very pleased I had taken the “May 22 mock exam” and - more importantly - reviewed all the accompanying video tutorials, all of them. Step by step explanations how to “crack” typical topics (based on the topic weights). Very good prep material, in my opinion, although it doesn’t hedge against the outlier-questions naturally. I noticed there were a few odd outliers on the real thing, as expected to be.
I totally agree with anyone who thinks that Qbank doesn’t help !! its a huge waste of time due to the repetition in it and it comes at the cost of precious exam prep time… you dont need any more than 1,000 of schwesers Qbank questions …thats 25 % of the bank and its mostly the same thing being asked at the end study units from the schweser notes. 50 properly constructed ethics questions can drill down all ethical concepts you need to know… schwesers bank gives you 400 and you still may end up failing. As to schwesers “Notes” i wonder why every one continues to think of them as “Notes” and being a shortcut when in fact they are almost as long as the CFAI text… would you ever call an 8 page report a summary of a 10 page report ??
All, Just came across this thread as I just passed L1 in June and am starting to think about my approach to my L2 studies. I was a heavy Schweser user this past year, and would probably use them again coupled with CFAI EOC’s and for topics I didn’t understand. Anyway, my question is how do you all feel about the Schweser vs. CFAI argument now since it’s August 10th and results are out. Have your opinions changed at all? (especially those who “relied” on Schweser) Thanks.
Yes I would say that my opinions changed. I relied completely on Schweser for L1 and felt they prepared me adequately, and I passed my first time. For L2 I took the Kaplan course and used the Schweser notes exclusively and did not pass this year. I plan to couple the same 2010 Schweser notes with the 2011 CFAI this time around, and I will take the advice of several on this post to make sure I go through every EOC question in the CFAI text as well as all the mock exams I can get my hands on. Obviously, each student is different, and I am not blaming Kaplan at all, I should have gone through many more item sets than I did. The 4 Schweser practice exams that come with the notes and the CFA Mock were definitely not enough for me. I would like to pose another question for anyone re-taking L2: When do you plan to start studying again? I was thinking October would be when I start re-reading the text, although I am afraid of burn-out and lack of retention 8 months later.
I have already begun some light reading in order to keep my head in the game and stop forgetting large amounts of material. Obviously I’m not going to drive myself too hard at this point, and will save questions for the start of the year. I can take a break now and then if necessary to avoid burnout. Very nice to have already been through the curriculum once before.