I used Schweser and I also own a set of the 2008 official reading materials (though didn’t have time to read it in depth).
I took Schweser’s on-line program as well (lectures). I found that strategy worked well for me. I would probably not have managed on Schweser material alone since I had some gaps that needed to be filled in from the original literature, but by and large I managed on the study notes and practice exams. The lectures were a bit superfluous but I found it worthwhile since I didn’t at the time have the necessary discipline to sit down week after week on my own with this material.
Sometimes in the past I have read posts that it’s approximately the same material as in Level I, but that is (was) true only to some extent. It was helpful to have some knowledge about Quant, regression and various instruments, but when it came to operational risks for instance, or legal risks, it’s new material (compared to Level I).
The original study material consisted of two thick (very thick indeed) binders with quite a lot of material, sometimes very theoretical bordering on the difficult and boring. Some of the CFA material - at least for Level I - seems to have been taken out of a school text book. This was not entirely the case with the FRM material; it was more challenging to read (the Schweser notes were however not more challenging than the CFA Level I ditto).
The exam itself was quite gruelling in spite of being shorter (2 x 2.5 hrs as I recall). I felt terrible when I first saw those questions. After the exam itself I was convinced I had not passed so it was a nice surprise to, in January, learn that in fact I had passed and, as of April, may now use the designation. The pass rate was approximately that of the CFA Level I, around 40% or thereabouts (I don’t recall the exact numbers).
MehdiOchre, FRM