For L2, I used Schweser and CFAI interchangably. It worked quite well, espcially where CFAI materia was poorly worded.
For L3, Schweser simply wasn’t working for me. I couldn’t get the deeper understanding of concepts that I needed to pass. Where CFAI readings were well written, Schweser was less digestible. Where CFAI was poorly organized, Schweser added little insight.
L1 and L2 are mostly about common financial concepts that any external study aid – Schweser included – can easily cover. L3 is much more about CFAI’s approach to things, and the best that Schweser can do is to distill down what CFAI says in their books. This is particularly true with the individual and institutional IPS readings.
The only question then, is do you want to trust a 3rd party to tell you what you need to know.
Gotta admit that the cheap side of me likes the idea not having to pay for the Schweser notes this go around! I’ll probably get both though and feel it out. It sounds like the EOC and blue boxes from CFAI are a no brainer, but not sure yet if I’ll actually read CFAI notes or stick with what has worked with Schewser.
Thanks to everyone for taking the time to share your experiences and for all of the great feedback. It really helps to hear from those that have been there and done that. Hope to join you guys in that boat next year.
They are both written in different ways. CFAi is written for you to learn about the past, why it’s important to know what you’re reading, and what people in the industry think about it. It’s almost more for a casual read/study. The schweser books are written for you to pass, that’s all. They talk a little bit about the history behind it all but, it’s geared more towards you passing the exam. Like I said earlier, if you are truly interested in finance, the CFAI books are the way to go. The people who wrote them are very well accomplished in the financal industry. However, if you just want to pass the CFA exam and don’t necessarily have the time to read the CFAI books, schweser is clearly the better option. Keep in mind though that test questions come word for word out of the CFAI books and although wordy, I felt like I knew what they wanted or were asking from reading their books. Just my two cents…
The individual IPS, institutional IPS and behaviorial sections are tested in the morning, and for 2012 counted for 1/4 of the overall test score. Those exams with their answers are publicly available to Schweser, and yet it surprises me how poorly and off-track they are covered in their materials.