CFA exam 1,2,3 Strategy

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nk1018

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Let me preface this post by acknowledging that everyone is and should be different in terms of their studying habits. Our brains just don’t all work the same way.
After reading numerous posts providing advice on how to prepare, I found myself puzzled that so many people advise going though the CFAI curriculum and doing all the the blue box and EOC questions. This may be the most thorough, but given that most CFA candidates are full-time workers and time is a major constraint, this seems FAR from optimal nor is it necessary.
I was fortunate enough to pass all 3 exams in first try, and have never read a single page out of CFAI curriculum. About two months before each exam, I went through the Kaplan Schweser notes, and did all the questions at end of chapter. Schweser cuts out all the unnecessary material for the exam (I’m not talking about topics, as all topics are tested, but the bulk and throughness of CFAI books). 3-4 hours, for 50-60 days before the exam.
I don’t recall one question on any of the 3 exams that the Schweser notes did not cover. Sure, I have gotten plenty wrong, but it was NOT because Schweser didn’t provide sufficient review. The Notes are also concerned with organizing the curriculum for people trying to cram (i.e. most test-takers). They are afterall, written by people who do test-prep for a living.
After going through Schweser notes twice each, doing all the practice exams helps reinforce the material in your head in a way that is likely to be tested. Reading explanations for the practice exam answers (which are quite in depth) can then help you identify the topics you haven’t quite mastered.
Again, I realize everyone studies differently. I am not trying to imply that I am intellectually superior in any way. I merely hope that my post can assuage the anxiety of anyone who is daunted by the task of perusing through 5-6 rather THICK CFAI volumes. Studying should be as stress free and enjoyable as possible; and taking the easiest, the most efficient route does not punctuate you as a slacker. Some would even argue that learning through the notes is superior for retention.
Lastly, I DO NOT work for Schweser or any other test prep material company, nor am I or any family member affiliated in any way :) Good luck!
 
At the end of the day, all you need is to retain enough knowledge to correctly answer 2 out of every 3 questions to pass. More people have had success doing so by repeatly practicing CFAI EOC/BBs/Mocks combining with studying from 3rd party guides and/or CFAI text than those who solely rely on reading 3rd party guides. Therefore, I plan to follow the steps of the majority of the ppl who succeeded and not take chances by convincing myself that I’m of “superior intelligence” and can comfortably skip EOCs/BB/Mocks.
 
@nk1018
You may say you DO NOT work for Schweser but your post is meant to exactly do so. I doubt many on AF will agree with you, specially for passing Level 3 (one above already disagrees strongly!).
 
@mygos
You can choose to believe what you want about my occupation. I can’t prove I don’t work for someone on an internet forum.
As far as people disagreeing with me, on the contrary, I doubt anyone with a brain would disagree with me that Schweser notes is a more time efficient way to study for CFA exams. Just count the # of pages in CFAI vs Schweser, its not rocket science. That was the sole premise of my post. I didn’t claim that it is the only way, just the quickest and the most optimal for a time constrained candidate.
Cgy5487 claims majority passed using CFAI over just Schweser. I have no clue where he gets that statistic from. He must have polled every test taker around the world this year. It seems that both of your replies are aimed at trolling my post and ignoring the overarching theme that I was trying to provide. Which is that:
For those who find it difficult to put in 300+ hours due to work or family, don’t assume you need to thoroughly go over the rather bulky CFAI curriculum. There are not many, if any, questions on the exam that will catch you by total surprise if you master the Schweser notes or any other reputable test prep material (including practice exams).
 
I know plenty of people who have passed just using a prep provider. I agree with NK1018 that the bloue box and some of the EOC questions are not a particularly efficient method of revising. I remeber being asked to do a huge number of easy calculations for L2, and just giving up and going to the multiple chocie questions.
However, the study guides are just looking to get you a pass, whereas the CFA materials aims to give you investment knowledge. If you’re particularly interested in a topic, or really don’t understand it, the CFA books are very good.
 
You are lying if you think Schweser covers all of the questions you see on the exam. I can recell at least 5+ questions on level I exam that was not mentioned in Schweser notes.
What I said was, people who study using CFAI books + 3rd party guide should generally have a better chance of passing than those who rely solely on 3rd party guide. Almost everyone who passed the exams has recommended the EOC/BB in the CFAI text (including myself), and here you are telling people to disregard it completely like it’s a total waste of time. Could I have passed using just Schweser/Elans? Sure. But did I improve my chance of passing by doing the EOC/BB in addition to study using Swesher/Elans? ABSOLUTELY.
You logic is simply flawed. The fact that you passed without using CFAI text does not mean the same outcome can be expected for others who follow the same path. It’s just horrible advice/advertisement.
 
I failed L2 back in 2007 as a result of using Schweser only. The notes had a horrible Portfolio Management section. The exam surprised me as I didn’t see some of the topics at all.
 
@cgy5487
So let me get this straight…
There are 240 questions on CFA level 1. You took this exam at least 8 months ago. You are able to recall 5+ specific questions on it that you KNOW were not covered by Schweser. So you either went back thru Schweser cover to cover after the exam to make sure the material wasn’t covered (which seems pointless unless YOU work for Schweser), or you knew Schweser SOOOO thoroughly that you were able to make that distinction as you were taking the exam (in which case that might be the reason you passed).
You seem to be pulling #’s out of your arse for whatever reason to discredit me, especially regarding your statement that “almost everyone who passed the exam has recommended EOC/BB…” Do you know everyone who passed?
Also, you seem to have totally missed the point of my OP. Does EOC/BB increase your chance? Absolutely! Will others who follow my advice receive the same outcome? Not necessarily. These are BOTH things I said in my original post. It seems that you didn’t take the time to actually read and comprehend my text, which is rather ironic as your appreciation for thoroughness is evidenced by your adamant support for the CFAI curriculum.
So let me give you my “schweser” notes on the use of Schweser notes. For candidates who are time constrained, and thus discouraged by the thought that CFAI books, EOC, BBs are necessary to have a good chance to pass the exam: Not true.
 
@slash
You failed L2 back in 2007 as a result of NOT scoring above the MPS. Portfolio Management is 5-10% of L2. It is doubtful that Schweser’s shortcomings in that topic was the reason.
 
For the record, I studied with only Schweser from cover to cover for Level I. I agree with you that they did a stellar job putting together all the material you need to pass the exam. However, there were terms on the exam that I didnt even recogized. After the exams, there were also numerous posts on the forum complaining some questions were never mentioned in Schweser.
I did not know everyone who passed, but out of the people who passed and cared enough to write a post on forum, majority of them recommended doing at least EOC or BB. It may be a small sample of the entire population but it’s considerably more crediable than your sample, which is just you.
Your OP implicitly sends out a strong msg that when time is a constrain, it is ok to skip the EOC/BB in its entirety as long as you buy and study with Schweser. I urge you to think twice before giving that advice because everyone who has a normal life is on time constrain and yet not everyone has the same ability/intelligence to achieve what you have accomplished.
 
There is no question that CFAI curriculum’s coverage is greater than that of Schweser’s. Also, the Notes probably do miss a handful of questions every year, I should not have contended that fact. What I was trying to convey was that if you read and understood everything in Schweser’s notes front to back, then you are unlikely to fail because they missed big chunks of topics tested.
I also have no intention to belittle those who put in hard hours studying from CFAI material. That kind of dedication is in and of itself is admirable. The reason for my original post was in response to a lot of threads where people had doubts about taking the exam because they felt they didn’t have enough time to prepare. I would be willing to bet that SOME of that is because a lot of people on this forum recommend doing every EOC/BB in CFAI. I’m merely offering an alternative to those who need to cram.
There are a lot of people who pass without studying from CFAI, it is not just me. I’ve sought plenty of advice from charterholders in the industry who recommended just Schweser, which is why I took that route as well. I’m not sure why you are taking offense at my recommendation. If it does not apply to you, then so be it.
 
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