7 Best Study Materials For CFA Level 1 & How To Get Them?

Want to build a strong career in core finance? The CFA exam is a key step to getting there. It’s a respected qualification that can open many doors for you. But these exams are tough, and they get even harder as you move through the levels. To pass, you need to prepare well, and choosing the right study materials is crucial. With so many options out there, it can be hard to find reliable ones.

That’s why we’ve put together a list of the best CFA study materials to help you start your preparation the right way. So, let’s get started.

Top 7 Recommended CFA Level 1 Study Materials

Kaplan Schweser

• Overview:

  Kaplan Schweser is one of the most trusted names when it comes to CFA exam preparation. They offer a range of study packages designed to cater to different learning styles and budgets. The study packages are comprehensive and include everything from books and practice questions to live and OnDemand classes. Kaplan Schweser’s materials are tailored to help you build a strong foundation in the CFA curriculum and give you the best chance of passing the CFA Level 1 exam.

• Packages and Costs:

  • Ultimate Package (£1,149.00): 15 study tools, live/OnDemand classes, community forum, PassProtection™.
  • Premium Package (£829.00): 13 study tools, OnDemand classes, optional live classes (£299.00 extra).
  • Essential Package (£559.00): 13 online tools, OnDemand classes, guided study.
  • Basic Package (£259.00): 8 online tools, OnDemand classes, community forum.
  • Learning Style: Focus on reading, practice, and classes.

• Pros:

  • Kaplan Schweser provides everything you need to study, including detailed notes (SchweserNotes™), practice questions, and mock exams.
  • You can choose from different packages that fit your schedule, whether you prefer live classes or learning on your own time with OnDemand videos.
  • Access to a community forum where you can ask questions and get help from instructors and other CFA candidates.
  • PassProtection™: If you don’t pass the exam, Kaplan Schweser offers a free retake of the study package.

• Cons:

  • If you don’t enjoy reading or prefer more interactive learning methods, the traditional approach of Kaplan Schweser might not be the best fit.
  • Some of the more comprehensive packages can be expensive, which might be a concern if you’re on a tight budget.

Did you know, you get 200+ hours of Offline CFA Level 1 Coaching when you enroll with Proschool? Plus Free Study Material

Salt Solutions

• Overview:

  Salt Solutions is an online platform designed to help you prepare for the CFA exams. It focuses on video lessons and practice questions to guide your study. The platform offers everything you need, from online manuals to video lessons, making it a complete solution for CFA candidates. It also includes tools like a study scheduler, analytics to track your progress, and custom quizzes to focus on your weak areas.

• Salt Solutions CFA Level 1 Packages
  • Video Lessons: 70 hours of HD-quality videos with animated visuals.
  • Study Manuals: Printable online manuals for each reading.
  • Practice Questions: 2,000+ questions with detailed explanations.
  • CheckPoints Scheduler: Tool to manage study goals.
  • Analytics: Track your progress and compare it with other candidates.
  • Review Notes: Concise notes for quick revision.
  • Practice Exams: 3 sets of practice exams to mimic the real test.

• Pros:

  • Great for visual learners with its video lessons and animations.
  • Comprehensive package with practice questions and exams.
  • Cost-effective compared to some other prep options.

• Cons:

  • Might need to supplement with additional reading for a thorough understanding.

Salt Solutions’ CFA exam platform is now available for Level 1 and has received positive early feedback. They are currently offering a free mock exam for CFA Level 1. Their platform is complete, so you can use it to prepare fully for your CFA exams. We especially liked the short, clear videos with high-quality production, along with study notes, which give you flexible study options. Give it a try!

Also Read – CFA Level 1 Study Plan | For College Students As Well As Working Professionals | By Proschool Experts

AnalystPrep

• Overview:
  

  AnalystPrep provides a comprehensive study solution for the CFA Level I exam. Their package includes easy-to-read study notes that cover every Learning Outcome Statement (LOS) in detail. You’ll have access to 3,000 exam-style practice questions and 5 full-length mock exams, which closely simulate the actual test. They also offer formula sheets to help with important calculations and provide 24/7 instructor support to address any questions or concerns you might have during your study. This combination of resources aims to make your preparation as thorough and effective as possible.

• Packages:

1. 1. Practice Package – $349
      • Access to the question bank
      • Computer-based testing (CBT) mock exams
      • Performance tracking tools
   2. Learn + Practice Package – $499
      • Includes everything in the Practice Package
      • Video Lessons
      • Study notes
      • Essential review summaries
   3. Unlimited Package (All 3 Levels) – $799
      • Access to all question banks for Level
      • Mock exams for all levels
      • Performance tracking tools
      • Video lessons and study notes for all levels
      • Essential review summaries

• Pros:

  • Excellent practice materials with 3,000 questions and 5 mock exams.
  • Strong support with 24/7 instructor help.
  • Performance dashboard helps track your progress effectively.

• Cons:

  • May be more expensive compared to some other options.
  • Could require additional resources for comprehensive preparation.

84% of our Proschool students recommend that you join Proschool for your CFA Level 1 Journey

Bloomberg

• Overview:
  

  Bloomberg Prep offers a comprehensive and user-friendly CFA study platform with micro-lessons, an online format, and an engaging user experience. Their platform includes up to 10 simulation exams and 10,000 practice questions, which is double what many competitors offer. They also provide a free Level I Pre-Reading course.

• Packages

  • Essential Package: $699 for all content, including 7 full exams and a money-back guarantee.
  • Premium Package: $1,199 for 9 full exams and 20 Ask-a-Tutor questions, plus the money-back guarantee.
  • Ultimate Package: $1,999 (on sale for $1,199) for 11 full exams and 100 Ask-a-Tutor questions, with a money-back guarantee.

• Pros:

• • Innovative learning approach with micro-lessons.
  • Extensive resources, including up to 10,000 practice questions and 10 simulation exams.
  • High user satisfaction with a 98.2% satisfaction rate.
  • Personal support from CFA charter holders through one-on-one tutoring and Ask-a-Tutor.
  • Adaptive learning technology customises study based on your performance.
  • Money-back guarantee if you complete the course and fail the exam.
  • Free Level I Pre-Reading course available.

• Cons:

  • Some concerns with the accuracy of the question bank.
  • Higher price compared to some other study materials.

Also Read – Breaking Down the Cost of CFA in 2024 + Essential Budgeting Tips

CFA Institute

• Overview:

  CFA Institute provides a range of resources to help you prepare for the CFA exams. You can access free mock exams and high-quality practice questions directly from the CFA Institute. These materials are designed to be as close to the actual exams as possible. They also offer official study guides and practice packs that include additional mock exams and questions.

• Packages:

  • CFA Program Practice Pack: Available for Level I exams. Level I packs include 1,000 practice questions and five additional mock exams. This package is priced at USD 299 and is available only through the CFA Institute.

• Pros:

  • Directly aligned with the CFA exam format and content.
  • High-quality questions are created by the same teams who write the actual exam.
  • Includes practice exams that closely mimic the real exam experience.
  • Offers a money-back guarantee if you fail the exam after completing the course.

• Cons:

  • May lack additional study aids compared to some prep providers.
  • No detailed explanations for mock exam questions; feedback is limited to correct answers and overall performance.

CFA Institute does not offer a free trial for their Practice Pack. However, registered candidates get access to a variety of free resources, including practice questions and mock exams. This allows you to use official materials from the CFA Institute to start your preparation without any additional cost. Here’s the link to the CFA Institute’s Practice Pack.

Also Read – CFA Scholarships – Types, Eligibility & Application Process

UWorld

• Overview:
  

  UWorld offers a modern way to prepare for the CFA Level 1 exam. They provide various study tools, including QBank, mock exams, and video lectures. UWorld’s approach focuses on active learning, which means you get to practise with questions and receive detailed explanations. Their study materials are designed to help you understand the concepts thoroughly and improve your chances of passing the exam.

• Packages:

  • Elite Package: $1,199 (regular price $1,399)
    • Includes QBank, mock exams, expert-led video lectures, study guides (both printed and eBook), SimpleSheets+, ReadyDecks (smart flashcards), live online classes, and more.
    • Payment Option: Starting at $109 per month with Affirm.
  • Advanced Package: $699 (regular price $799)
    • Includes QBank, mock exams, study guides (both printed and eBook), SimpleSheets+, ReadyDecks, and some live online classes.
    • Payment Option: Starting at $64 per month with Affirm.
  • Core Package: $499
    • Includes QBank, mock exams, and study guides (both printed and eBook).

• Supplements:

  • QBank: $299
    • Extensive library of practice questions with detailed explanations.
  • Study Guides:
    • Digital Only: $200
    • Print Only: $225
    • Print + Digital: $250
  • Mock Exams:
    • Mock 1: $49
    • Mock 2: $49
    • Mock 1 & 2: $69

• Pros:

  • Innovative and comprehensive approach.
  • Includes various study tools and resources.
  • Flexibility with payment options.

• Cons:

  • Premium features come at a higher price compared to some other options.

Get CFA Level 1 Study Material when you enroll for Proschool’s CFA Coaching!

Wiley

• Overview:
  

  Wiley provides a Level I CFA Program Study Guide that is well-organised and easy to use. It simplifies the CFA curriculum into five volumes with around 1,300 pages. Wiley’s study guide is known for its clarity and focus, with colour-coded sections to help you find important topics quickly.

• Pros:

  • The guide helps you track your learning and manage your study time effectively.
  • Colour Coding makes it easier to understand and find information.
  • Includes all necessary topics without overwhelming detail.

• Cons:

  • The guide doesn’t come with all the online test prep tools by default. Additional practice materials must be bought separately.

Wiley Acquisition by UWorld

UWorld has recently acquired Wiley’s Efficient Learning test prep portfolio. This means UWorld now includes Wiley’s well-known study materials and expertise in their offerings. The acquisition strengthens UWorld’s position in the finance and accounting education field.

What This Means:

• Expanded Resources: You will get access to Wiley’s high-quality content and explanations under UWorld’s platform.
• Continuity: Wiley’s Efficient Learning customers will continue to use their materials at EfficientLearning.com.
• Enhanced Learning: UWorld’s new resources will offer even more comprehensive exam preparation tools.

Overall, the combination of UWorld’s and Wiley’s resources promises an even better experience for those preparing for finance and accounting exams.

Also Read – Breaking Down CFA Pass Rates by Levels and Years

How to Choose the Best CFA Level 1 Study Material for You

• Assess Your Strengths and Weaknesses: Figure out which parts of the CFA Level 1 exam you find hardest. Pick study materials that focus on those areas.
• Try Free Trials: Use free trials to test different study materials. This helps you see which ones fit your learning style best.
• Budget Considerations: Think about how much you can spend and find a balance between quality and cost. Look for payment options like UWorld’s FlexiPay if you need help with financing.
• Seek Community Feedback: Check reviews and forums to see what others say about the study materials. This can help you make a better choice.

Conclusion

CFA Level 1 is the foundational stage of the Chartered Financial Analyst program, focusing on basic knowledge and understanding of financial and investment principles. It covers a wide range of topics, including quantitative methods, ethics, economics, analysis, and financial reporting. To excel in this rigorous exam, it’s essential to have a structured study plan and access to high-quality resources.

For those aiming to master CFA Level 1, IMS Proschool offers a comprehensive course designed to support your success. With expert faculty, customised study plans, extensive practice materials, and robust placement assistance, ProSchool provides the perfect environment to achieve your CFA goals. Their well-rounded approach ensures you are thoroughly prepared for each exam component, making it a top choice for aspiring CFAs.

Start your CFA journey with confidence, knowing you have the right tools to succeed. Choose study materials that fit your needs, budget, and learning style to ensure a solid foundation for your exam preparation.

FAQs

What is the best CFA Level 1 study material for visual learners?

For visual learners, materials that include a lot of visual aids such as diagrams, charts, and videos are ideal. UWorld’s CFA Level 1 study materials are highly recommended as they provide detailed video explanations and visual aids. Additionally, Kaplan Schweser’s study guides and video lessons also cater well to visual learners by breaking down complex concepts into easy-to-understand visuals.

How much should I budget for CFA Level 1 study materials?

Budgeting for CFA Level 1 study materials can vary based on the resources you choose. On average, expect to spend around $300 to $600 for comprehensive study packages. This includes costs for study guides, practice exams, and video lectures. UWorld’s FlexiPay option can help manage costs by offering flexible payment plans. It’s essential to balance quality with affordability to ensure you get the best value for your investment.

Can I pass CFA Level 1 using only the CFA Institute materials?

Yes, it is possible to pass CFA Level 1 using only the CFA Institute’s materials, which include the curriculum books and practice questions provided to candidates. However, many find it beneficial to use additional resources, such as third-party study guides and mock exams, to reinforce their understanding and practice under exam conditions.

How do UWorld’s CFA Level 1 mock exams compare to others?

UWorld’s CFA Level 1 mock exams are known for their high-quality and realistic exam simulations. They offer detailed explanations and cover a wide range of question types, providing an accurate reflection of the actual exam format. Compared to other mock exams, UWorld’s tests are highly regarded for their thoroughness and effectiveness in preparing students for the real exam.

Is it necessary to use multiple CFA Level 1 study materials?

Using multiple CFA Level 1 study materials is not strictly necessary, but it can be highly beneficial. Different materials offer varying perspectives and methods of explanation, which can help reinforce learning and fill gaps in understanding. Combining resources like CFA Institute materials with third-party study guides and practice exams can provide a more comprehensive preparation strategy.