CFAI books your thoughts?

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dude7984

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Hi im new to the forum, taking level 1 dec 2007. pretty excited, and nervous of course. basically my question is...
my company paid for everything, so i had no choice in study materials, my manager (who used his personal opinion on the matter) ordered me the CFAI books. I do not have the money to buy schweser books or other stuff (right outta college=broke). After reading through the forums all day ive realized that schweser is obviously the prefered study materials.
so basically... Is there anyone out there who can actually say they solely used CFAI books for level 1 and passed. All i read about is schweser and im getting a little nervous. I guess im looking for some reassurance from anyone who can attest to the fact that they survived this huge test on the CFAI books.
thanks and good luck to all, i look forward to participating in the forums.



Edited 1 time(s). Last edit at Friday, July 27, 2007 at 12:51AM by dude7984.
 
I'm sure there are people out there who have passed solely on CFAI books, but it will be so much easier if you have a few additional tool for practicing.

Maybe you could argue towards your boss that you've done some thorough research on these boards (make some notes on what people have said) and that you've now come to the conclusion that "less is more" is not always the case, and that he would protect his investment in you much better if he added on some additional material. For example the QBank and a series of practice exams (or the Stalla equivalent as per your preference). After all we're talking about some 300 hours of studying on your part, a huge effort, and your facing the odds of an exam with only a ~40% pass rate (some years as low as ~36%). I find it would be silly of your boss to back you up only in part. You might also want to ask for a week off the day before the exam. If you're boss has the charter he'd know what it's about. That's my opinion.
 
I am very confused myself. I am from non-finance background and have borrowed schweser's notes from a friend. They are too prim, and most of the time go off my head.
Are CFAI books more elaborate ? I am planning to give in June 2008. Should I take up any of the classroom courses ? If yes what is recommended around Chicago area ? ..
I was just reading FSA frm white and sondhi book. It looks like a bible to me and every time I attempt to read, I simply get lost here and there.
Is there anyone from totally non-finance background here, who has passed the test ? what so they suggest ? I have a degree in statistics and work for a banking corporation, but still all the financial jargon is too much work for me.
Please advise !!!

Thanks a lot in advance,
 
dude7984, do you think you can read and master approx. 2,500 pages of material in 3 months, leaving you a month to review?

It didn't work for me in 6/06 partially b/c it took (me) about 6 mo. just to get through it all, leaving barely any time to review and take practice exams. I used the Schweser notes to pass in 12/06.

Unless you have absurd amounts of free time, read fast enough to make Will Hunting look like Lloyd Christmas, or already understand a significant portion of the curriculum, I suggest getting on eBay and similar sites to find some notes on the cheap. June LI candidates just got their results this week and some of them must be looking to sell their books. I just checked and saw a set of notes on eBay for $100 that ends in 3 days, not bad.

Good luck, and use the search function to cruise this forum for other sound advice that's been posted recently.

Cheers.
 
I found the CFAI books very useful, but then again I studied for 6 months. The books are useful only if you have a lot of time to devote to your studies - far and above what is actually recommended.
 
The CFAI books are allright, but its a good idea to buy Schweser too.

My job paid for everything including an expensive course. I've studied 300 hours for free so my boss get a better analyst quite cheap. So I'm pretty sure he paid with pleasure.

An additional 500 dollars is nothing for a big firm!
 
I think if you can't afford to buy Schweser/Stalla you haven't been in the finance industry long enough to take this test. Get a credit card and borrow the money if you have to. Call Mom and Dad. Sell the TV you won't be needing. Hold-up a liquor store.

I admire anyone who goes through Sondhi and Fried, but that book is way more in depth than is needed for the CFA exam. Schweser can easily get you a > 70% on FSA in a small fraction of the time that it will take with Sondhi and Fried unless you are really good at distilling important info from insignificant info. Why do it?

It's really obvious how to pass this exam:
1) Get the study guides
2) Read study guides while taking tests
3) Read CFA books where you want more detail or just don't get it from study guides
4) Post and answer questions on AF without being dogmatic (an aside - Every test there is always some level I candidate that tells me what an idiot I am, that they really know [blah], and then they fail the exam. I wish I could tell you that I didn't enjoy that. Who would that be this time...).
5) And of growing importance - Take each of those shameful rip-off online CFAI practice exams


I guarantee that if you follow that plan and post enough that I know you that I will absolutely bet real money on your passing the exam.
 
as always JdVs advice is extremely valuable, I (currently awaiting L3 results) am seconding his post

I would just add that taking as many mock exams was very important for my L1 preparation, the exam is rather fast faced - 240 Qs in 6 hours and just practising when to skip a question and when to spend an extra 30 seconds can make the difference - I particularly liked the BSAS exam by the Boston CFA society but administered as mock exam Saturdays in many locations inside and outside North America, it gave me good first feel how Exam day was going to be and whilst I was hysterically nervous at the mock exam I was ok on exam day, it helps as well to discover any weak spots

another point is that going through the assigned questions in the back of the CFAI readings helps a lot (well maybe not White Sondhi and Fried which must be the worst book on this planet with all the real info in the footers)- and I have experienced that a few questions in each of the the three exams very copy pasted from the text books

there is a free of charge Ethics selftest as well on the CFAI webpage, I have been drilling this one and the Qs in the back of the book until I knew them by heart, understood why CFAI thinks that something is right and why other responses are considered as wrong

and yes, I took each time the week before the exam off (from my vacation days, no study leave from my employer), not a sine qua non condition but it helps to stay focused

hope this helps and wish you good luck and a lot of stamina for your CFA journey
 
CFAI books are enough if you have a academic background in finance or related area. If not, use the CFAI books (because the material for the test comes straight from it) and another source to help clarify. The CFAI books can be a bear to get through if you are teaching yourself new stuff.
 
I used CFAI texts as my main source of introduction.
However, my main source of learning came from Qbank.

This is war. You need to have all the amo you can get your hands on. I dont want to hear any BS about expenses. Open up a new credit card or take out a loan. The present value of the future cash flows that result from have those three sweet little initials after your name is insane.... insane = millions (assuming you have decent social skills and some motivation).

In conclusion - You can never be too prepared. Use a plethora of materials. Mix it up. CFAI, Schweser notes, Q bank, Special Sauce from Joey D...whatever you need...
 
I am studying for the level 1 dec as well and I am using only CFAI books, although I have read dozens of books for FSA already as I am an accounting major...I started reading in early June and am just about to start Corporate Finance Volume 4, the stuff isnt that hard mostly basics...my plan is to finish all the 6 books by august 20th, then make notes, mainly just the formulas/rations/econ relationships and do all the questions in the books and then do practice tests and the schweser q-bank and read the books again where I find problem areas....i also did some bittorent action and got some old schwerser notes, you could alwasy try that.

I have been getting hassled at work, a big 4 firm, for even studying this early..my managers are on level 3 and are saying for level 1 you just gotta cram and have it all memorized for the one day, i wouldnt suggest that....
 
Studied for 5 weeks using the CFAI books, did no practice problems and passed. No Schweiser and all that extra money wasting junk. Do you study better from creating your own summary notes, or using others'? I know from my experience that I do better making my own notes.



Edited 1 time(s). Last edit at Friday, July 27, 2007 at 02:35PM by mattybfinance.
 
Well im straight outta college (may) and have a undergrad in finance. everything in these six books is review for me for the most part... so i figure if i can put in 300+ hours (mostly on problems) and ill hope it'll retain. The CFAI books are a bear to read, so long and dull, but I am getting through them. I guess I was just worried that the CFAI books were not good enough to pass off of... but i guess its different for every person it seems.

You guys are definately right though on getting the q-bank. ill have to visit the site, see how much it is, and then ask the parents for "an investment in my future". So at this point I guess ill wing it with the books (since im half done) and then take tests/problems for the last 2 months.

dumb question... can i buy the q-bank seperate or does it have to come in some package with the books?

thanks for your thoughts, good luck everyone!
 
i havent bought the q-bank yet but i recall that its like US$290 or something, you can get it on its own....lol dude if you cant pass the CFA with the CFAI textbooks it would be a problem lol, schweser notes just condense the CFAI texts...everything you need is in CFAI you just gotta read it.
 
I am pasting this from a different thread...

My firm opinion: it's all about Schweser. Granted I have a background in finance/accounting from undergrad.

Using the CFAI books is simply a waste of your time. Yes, you will gain a more thorough understanding of the material with CFAI. However you will spend CONSIDERABLE more time learning things that are not imperative to the exam. Time is your single most valuable resource during the CFA Program. Given its scarcity, wouldn't you want to utilize it in the most efficient way possible? It's like reading an entire novel when you will only be tested on material from the cliff notes. I used Schweser exclusively (plus the CFAI practice exams) and scored >70% on all topics.

If you have an unlimited amount of free time for studying, then by all means read the CFAI texts. However if you are like most people and this is not the case, then I would only use the CFAI texts as a reference.

Just my two cents.
 
"Using the CFAI books is simply a waste of your time. Yes, you will gain a more thorough understanding of the material with CFAI."

I get a kick out of these kinds of statements. How can it be a waste of time if you gain a more thorough understanding? It may be a waste of time to someone who has been in the industry for years and already has a massive knowledge base; However, it is most definitely not a waste of time for someone relatively new in the industry and is trying to get ahead. To give credit to the above post, the author from the other thread did give good advice in the last paragraph. The textbooks do consume a considerable amount of time and if you don't have that time then use the books as a reference.

To answer the original poster's question: Yes, you can pass only using the books. I'm awaiting LIII results and have only used the books for each level.
 
I guess I should have rephrased that: it's not a "waste" of your time, but rather a "less valuable use" of your time.

This is assuming of coarse that your time is limited and your objective is to pass the exam.
 
JoeyDVivre Wrote:
-------------------------------------------------------
>Hold-up a liquor store.
>



Bambi Wrote:
-------------------------------------------------------
> as always JdVs advice is extremely valuable, I
> (currently awaiting L3 results) am seconding his
> post
>


You kinow, sometimes I give bad advice....
 
Thanks JoeyD and others for posting all the useful stuff.. I am waiting for June2008 registration to open and buying CFAI books is the first priority in my life now :)...

I have seen good amount of people here are from finance background either academically or have been in industry for a while... that makes soemwhat nervous at times about the prospect of slamming level 1.. but lets see !!

Thanks all of you for your generous posts !!
 
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