CFA curriculum not sufficient

cfa_2k6

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I purchased the CFA curriculum offered by the CFA institute and thought I was done spending money on L1. Though the books are comprehensive and all that, I feel that they are totally inadequete, because as I go through the readings (started with Econimics), there are no practice questions at the end of the readings, so I have no idea what parts to focus on, and what to expect in the exam. I think supplementing the readings with a question bank is absolutley necessary (and the CFA institute fails to mention that on their website- in fact I distinctly remember reading something like "the CFA curriculum is all that you need to prepare for the exam")
-no way.
 
Well, to some degree they're correct that the CFA materials are all you need. If you know everything that is in the material like the back of your hand, the type of questions they ask won't matter. I do think it's a good idea to get some practice questions and practice exams to get you comfortable with the format, but I wouldn't say it's required.
 
Not only is the curriculum insufficient, it is also rife with grammatically errors and some problems do not have the correct data to match the answers (or the answers don't have the correct data to match the questions)!

I will not be buying the CFA-published materials for L2. Sure Schweser and Stalla are more expensive, but if they provide a more accurate learning experience, it'll be worth the money.
 
My friend loaned me his Schweser material including CD reviews. The CDs were comical. They sound like some high school kid was practicing for speech class. Very unprofessional. I did buy the Schweser online tests, flash cards and cheat sheet myself. The first online test did not address GIPS at all.

I'm relying more on the CFA material since they are the entity that prepares and grades the exam. There were questions/answers in the Econ book that would have helped. But I do agree that the CFA material assumes that you are familiar with the concepts covered in their books and yes, they have errors and can be repetitive. I would use the supplementary readings and textbooks if you want practice questions in certain areas.

I did like that the CFA questions and problems that were provided were not multiple choice. It helped to go back and redo the problems that I got wrong and note what errors I made.

I'll stick to the CFA material for L2 (assuming I pass L1) and supplement with the other companies' materials. I am very very fortunate that my company pays for my study materials so cost is not too much of an issue, just time.
 
c_hayhurst Wrote:
-------------------------------------------------------
> Not only is the curriculum insufficient, it is
> also rife with grammatically errors and some
> problems do not have the correct data to match the
> answers (or the answers don't have the correct
> data to match the questions)!
>
> I will not be buying the CFA-published materials
> for L2. Sure Schweser and Stalla are more
> expensive, but if they provide a more accurate
> learning experience, it'll be worth the money.

"grammatically errors"? that's ironic. lol. that the hell was I thinking?
 
LOL. I would agree that the insitute does not give you enough questions for some chapters, but A) I don't think they owe you 5 dozen questions for every chapter, B) they do give you an LOS which helps you focus, C) if you have the material down I don't think it's a problem and D) with so many third party question providers why would they need to provide any questions?
 
Re: CFA curriculum not sufficient new
Posted by: jamespucyk (IP Logged) [hide posts from this user]
Date: April 30, 2006 12:57PM

D) with so many third party question providers why would they need to provide any questions?

So that the CFA curriculum truly becomes a one stop shop, as they claim it is right now.
 
Personally I like the Schweser notes. But this is coming coming from someone who is just out of school and has been exposed to 95% of the information in the level one LOS. I talked to one of my professors, who used to be a big Chicago trader and CFA instructor up there, and he agreed that the Schweser notes are a great tool for passing the level one exam.

The problem stems from what I would call when such materials create a "paper" CFA. I use this term as it was widely used in the Microsoft certifications, as many candidates could pass the exams using sample exams and shortened notes, but were not worth a thing when it came to doing the actual job.

To make this short: If you have been exposed to the material before, get the Schweser notes and hopefully find a buddy who has the text to reference for deeper understanding. Worst case scenario, you can usually Google a topic and get a plethora of information. If you are relatively new to finance and haven't attended a large variety of college level finance courses, I would recommend getting *both*, but in the least you are going to want to read the books. The "extra" material found in the books really helps nail the material down in terms of being able to analyze it as opposed to simply memorizing it. That extra understanding is going to be worth more to you in the long run when it comes to an interview or opportunity to display your skills.
 
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