CFA Study Material | Schweser, Wiley, Princeton, CFA Institute | What’s Best To Pass CFA Exams?

To be a Chartered Financial Analyst (CFA), you must take three challenging exams that test your competence and ethics. The goal of these tests is to sharpen the skills you get in financial modeling, economics, investment banking and other domains.

Moreover, these exams require preparation for which many candidates resort to prep courses that can supplement self-study or act as a full replacement. CFA Study materials can be in the form of self-study books/e-books, practice questions or mock exams, in person/ online classes or reviews prior to taking an exam.

To help you find the best resources and support for your exam preparation, we have culled out a list of CFA exam prep courses. So, let’s get started.

Comparison of Top 4 CFA Study Material Providers

1. Kaplan Schweser

• • Mock Exams

Kaplan Schweser offers a CFA Mock Exam modeled after the actual CFA computer-based test. This gives you access to tailored performance reports as well as a comparison of your scores in relation to the other CFA test takers. You can also take in-person mock exams all year round at Prometric centers through Kaplan Schweser without the fixed dates for practice tests as well.

• • Question Banks (QBanks)

CFA question banks are basically practice problems on the CFA that resemble actual exam questions and enable candidates to sharpen their skills anywhere, anytime. A successful question bank will keep candidates on the topic and provide comprehensive answer explanations.

Kaplan Schweser Level I QBank: Get thousands of practice questions that mirror the real exam so you’ll feel ready and less stressed come testing time. Kaplan Schweser – Great quality and user-friendly.

• • Flashcards

The benefit of the CFA flashcard is that it enables you to quickly review key topics and hammer home your knowledge.

Level I flashcards: Kaplan Schweser — These are created to help candidates memorize important CFA content, and also pick up the subjects or equations you require extra practice in.

• • SchweserNotes™

The SchweserNotes come in bite-sized pieces that first summarize and review every topic tested on the CFA exam. Print, online & eBook formats keep your study materials organized.

• • Schweser’s Secret Sauce® (eBook & Online)

Schweser’s Secret Sauce is tailored for the phase in which you are robbing up your final exam preparation. It includes:

• • • How to apply curriculum knowledge
    • Strategies for the day of the exam and how to manage time
    • Final one week study plan/li>
    • High-probability exam topics

It is available in print, online, and eBook formats.

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• • Pricing

    • Starting Price: $99
    • Free Trial: 7 days to try out materials

  • Pros

    • Proven Track Record: Over 30 years of success with high pass rates and experienced instructors.
    • Blended Resources: Offers traditional and digital study materials, including print, online, and mobile tools. Comprehensive resources in their 15-week Live Class and OnDemand Class.
    • Upgrade Options: Flexible study paths with individual study guides and a PremiumPlus Package that includes Live Instruction, OnDemand resources, and review products.

  • Cons

    • Higher Price Point: Premium packages start at $1,099, which may be expensive for those on a tighter budget. More affordable packages are available, like the Essential package.

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

2. Wiley Efficient Learning (Now UWorld)

Reputation: One of the biggest accounting and finance firms

Guidance: Offers extensive training for different parts of the CFA exam

Materials: Provides premium CFA Level 2 materials and highly-rated CFA Level 3 prep classes

• • Course Features

    • Study Materials: Covers CFA Level 1 and beyond with highly accredited expert instructors
    • Interactive Learning: Includes online classes, tutorials, webinars, and direct tutoring via email
    • Flexible Packages: Various levels based on the amount of material and hands-on help needed
    • Effective Self-Study: One of the most effective self-study online CFA prep courses.
    • Pass Guarantee: Unlimited access to CFA exam preparation materials until you pass.

• • Package Details

    • Self-Study Course: Includes all relevant materials, questionnaires, and mock exams
    • Second Level Package: Adds online mock exams, classes, books, hours of video lectures, and recordings. Key benefit: prompt instructor replies to questions, though response times may vary.
    • Ultimate Package: Offers additional  online classes, mock exams, specialized tutoring, and guaranteed instructor response within 1-2 days.
    • Self-Study Preference: The basic self-study option is best if you prefer minimal guidance.
    • Need for Guidance: Higher-tier packages are ideal if you require extensive support and guidance.

  • Pricing

    • Self-Study Course: $645
    • Second Level Package: $995
    • Ultimate Package: $1,395

  • Pros

    • Over 110 hours of video content for thorough studying and reviewing.
    • Access to a student discussion board for interacting and discussing CFA prep with peers.
    • A vast collection of practice questions, along with on-demand online tutoring and virtual classes.

  • Cons

    • Only two mock exams, which is limited for a CFA review course.
    • One of the pricier options, even for the more basic packages.

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

3. Princeton Review

Princeton Review covers the CFA exam curriculum quickly and thoroughly, in less than half the time required by most other CFA courses. They offer a 7-day guarantee with a full refund available, allowing you to try the CFA review course along with the materials it includes before committing. Live online tutoring is a unique feature provided by Princeton Review. They offer a huge number of resources for all students, though some depth and detail are lost due to the speed of the Essential course. Despite the high quality, it is one of the more expensive options. Additionally, no prep materials are available for Level 3.

• Course Focus

Princeton Review is among the best CFA course providers for Level 1. This CFA review course focuses on the first level because it is the one students are most likely to fail. For most people to score well on the CFA test, 250–300 hours of study are required. The Princeton Review CFA review course, on the other hand, seeks to cut it down to only 120 hours.

• Course Content

  • Video Lectures: Offers at least 50 hours of video lectures covering all 10 main topics of the Level 1 exam.
  • Study Notes: Provides more than 900 pieces of study notes, ideal for memorizing and understanding smaller topics. These are complemented by flashcards for the most effective learning experience.
  • Practice Questions: Nearly 3200 practice questions are available, each with detailed solutions to help you understand your mistakes.
  • Mock Exams: Includes 4-6 mock exams designed to be similar to the real CFA exam.

• Course Options

The Essential On-Demand Course is available for both Level 1 and 2 exams. Another Level 1 option is the Ultimate Live Online Course. In addition to the CFA study material, you receive 24 hours of live online instruction from certified teachers.

• Instructor Quality

Each of the instructors has CFA charters and many years of experience teaching at top universities, working in finance, or both. The Princeton Review offers 1-to-1 instructor sessions, a benefit not provided by nearly all other CFA courses, where you are usually limited to emailing instructors.

• Level 3 Coverage

If you are looking for the best CFA course for Level 3, you may need to consider a different course. Princeton Review covers only a small amount of the Level 3 CFA exam, focusing entirely on being the best CFA Level 1 online course. This focus is understandable, as Level 1 is where students begin learning the basics of all the topics and concepts.

• Live Online Tutoring

Princeton Review also offers Live Online Tutoring. Instead of getting a course, you will be put in direct touch with a tutor. This allows you to receive personal advice tailored to your needs, along with a customized study plan that identifies your weaknesses without wasting time on your strengths. Even if you receive some online tutoring, you are still entitled to the full-access CFA course, which includes a complete series of questions, videos, slides, and mock exams.

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• Pricing

  • Tutoring: Costs $200 per hour. Discounts may be available from time to time. You can have up to 14 hours of 1-on-1 instruction. Though expensive, it is the most reliable way to pass the CFA exam.
  • Essential Course: Costs $499.
  • Ultimate Course: Costs $999.

Although these materials are on the expensive side, they remain some of the best CFA Study Materials for Level 1. Additionally, the course comes with a Pass Guarantee, meaning that if you fail the first exam, the tuition fee you paid for the premium course will be refunded.

• Pros

  • Efficient Coverage: Completes the CFA curriculum in less than half the time of most courses.
  • 7-Day Free Trial: Risk-free trial to evaluate the course before committing.
  • Live Online Tutoring: Personalized real-time help from certified instructors.
  • Extensive Resources: Includes 50+ hours of video lectures, 900+ study notes, 3200+ practice questions, and mock exams.
  • Pass Guarantee: Refund available if students do not pass the exam on their first attempt.

• Cons

  • High Cost: Essential Course starts at $499, Ultimate Course at $999; tutoring costs $200 per hour.
  • Limited Depth: The essential course may lack detail due to its fast pace.
  • No Level 3 Materials: Only covers CFA Level 1, with no materials for Level 3.
  • Expensive Tutoring: The high cost of personalized tutoring may be prohibitive.

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

4. CFA Institute

The CFA Program Practice Pack provides additional CFA Study materials for Level 1 and Level 2 candidates. It includes extra practice questions and mock exams designed by the same teams that create the actual CFA exams. Available for $299, it is currently offered for Level 1 candidates and will be available for Level 2 candidates starting with the May 2025 exams.

• • Practice Pack Features

    • Additional Mock Exams:
      • Level 1: Five extra mock exams.
      • Level 2: Three extra mock exams.
      • Designed to replicate the difficulty, length, and topics of the actual exam.
    • Simulation Mock Exam:
      • Gives students a practice exam with the Prometric software interface and time limits to help them become more confident on the test day.
    • Extra Practice Questions:
      • Level 1: 1,000 practice questions.
      • Level 2: 750 practice questions.
      • Questions are created by the same teams that write the actual CFA exams and are sorted by curriculum topic area.

  • CFA Program Practice Pack vs. Third-Party CFA Study Material Providers

1. Mock Exams:

• • • CFA Program Practice Pack:
      • Level 1: Five additional mock exams.
      • Level 2: Three additional mock exams.
      • Replicates actual exam difficulty and format.
    • Third-Party Providers:
      • Number of Mock Exams: Varies widely, from 4-6 to 20 or more.
      • Quality: Generally high but may vary; some providers simulate the real exam closely.

2. Practice Questions:

• • • CFA Program Practice Pack:
      • Level 1: 1,000 practice questions.
      • Level 2: 750 practice questions.
      • Written by the CFA exam writers.
    • Third-Party Providers:
      • Number of Questions: Often 2,000+.
      • Quality: Varies; generally high but not always written by CFA exam writers.

3. Exam Day Simulation:

• • • CFA Program Practice Pack:
      • Simulation: Includes time limitations and a practice exam or mock exam utilizing the Prometric software interface.
    • Third-Party Providers:
      • Simulation: Some offer exam day simulations; quality and format can vary.

4. Study Materials:

• • • CFA Program Practice Pack:
      • Focus: Primarily additional practice questions and mock exams.
      • No study notes or video lectures are included.
    • Third-Party Providers:
      • Materials Offered: Usually include study notes, video lectures, and summaries in addition to practice questions and exams.
      • Comprehensive Coverage: Often more extensive with a broader range of study aids.

5. Accessibility:

• • • CFA Program Practice Pack:
      • Pricing: USD 299.
      • Access: Includes exam-quality questions and mock exams only.
    • Third-Party Providers:
      • Pricing: Varies widely, often from $149 to $999+ depending on the package.
      • Access: Typically includes a broader range of materials, such as video lectures, study notes, and sometimes tutoring.

6. Flexibility and Customization:

• • • CFA Program Practice Pack:
      • Customization: Limited to the practice questions and mock exams provided.
    • Third-Party Providers:
      • Customization: Many offer customizable quizzes and adaptive learning features to tailor study plans.

7. Study Plan and Tracking:

• • • CFA Program Practice Pack:
      • Tracking: Focuses on practice and mock exams; limited tracking features.
    • Third-Party Providers:
      • Tracking Tools: Often include performance tracking, progress reports, and personalized study plans.

The CFA Program Practice Pack offers targeted practice and mock exams that closely mimic the actual CFA exams but lacks the breadth of study materials and customization features found in many third-party providers. Third-party options often provide a more comprehensive set of study aids, including video lectures and personalized support, but can vary in price and quality.

Also Read – CFA Jobs & Salaries In India After CFA Level 1, Level 2 & Level 3

What Makes Each CFA Study Material Provider Unique?

Choosing the Best CFA Study Material For You

When selecting the best study materials for the CFA exam, consider the following factors:

• Study Style (Self-Study vs. Guided)

1. 1. • Self-Study: Ideal for those who prefer working independently and have strong self-discipline. Look for comprehensive materials that cover all exam topics in detail.
      • Guided Study: Suitable for those who benefit from structured learning and support. Choose programs that offer live tutoring, interactive sessions, and personalized feedback.

• Budget Considerations

1. 1. • Cost: Evaluate the cost of study materials and ensure it fits within your budget. Remember that higher prices do not always guarantee better quality.
      • Value for Money: Consider what is included in the price, such as practice exams, video lectures, and additional resources. Some providers offer free trials or money-back guarantees.

• Time Commitment and Flexibility

1. 1. • Study Schedule: Determine how much time you can study each week. Choose materials that fit your schedule, whether you need a full-time course or part-time study options.
      • Flexibility: Look for materials that offer flexible study options, such as on-demand videos, adjustable study plans, and 24/7 access to resources.

• Success Rates and User Reviews

1. • Success Rates: Check the study materials’ pass rates and success statistics. Higher success rates can indicate effective preparation.
   • User Reviews: Read reviews and testimonials from other candidates who have used the materials. Feedback from past users can provide insights into the quality and effectiveness of the study resources.

IMS Proschool offers a top-notch CFA course with extensive training, experienced faculty, and flexible learning options. Their program includes personalized study plans, robust practice resources, and continuous support to help you succeed.

With a proven track record of training over 3000 aspirants and a high recommendation rate of 84%, Proschool ensures you have the tools and guidance needed to pass the CFA exams and advance your career. Plus, they provide valuable placement assistance and potential scholarship opportunities.

FAQs

1. What is the best CFA study material for self-directed learners?

For self-directed learners, materials that offer comprehensive coverage and flexibility are ideal. Notable options include:

• • Kaplan Schweser: Known for its concise and targeted study materials, it offers an extensive QBank and study notes that are well-suited for independent study.
  • AnalystPrep: Provides a large question bank, practice tests, and customizable quizzes, allowing learners to focus on their weak areas and track their progress.

2. How effective are the study material provided by the CFA Institute itself?

The study materials provided by the CFA Institute are highly effective because they are:

• • Official: Created by the same teams who write the CFA exams, ensuring alignment with exam standards.
  • Comprehensive: Include detailed curriculum, mock exams, and practice questions that cover all exam topics thoroughly.
  • Up-to-date: Reflects the latest exam content and format changes, providing accurate preparation.

3. Which CFA Study Material offers the best value for money?

The best value for money can depend on individual needs, but some highly regarded options include:

• • Wiley Efficient Learning: Offers comprehensive packages with a pass guarantee, providing extensive resources and support.
  • AnalystPrep: Known for its affordability and extensive question bank, along with performance-tracking tools. Their pricing tiers offer flexibility depending on the level of help required.

4. What are the advantages of choosing Princeton Review for CFA Level 1?

Princeton Review offers several advantages for CFA Level 1:

• • Personalized Tutoring: Provides live online tutoring and 1-to-1 instructor sessions, which is rare among CFA Study Material Providers.
  • Comprehensive Resources: Includes extensive study materials, video lectures, and practice questions.
  • Speed and Efficiency: Covers the CFA curriculum quickly, reducing study time while ensuring thorough preparation.

5. How do Schweser Notes and Wiley’s QBank compare in terms of preparing for CFA exams?

• • Schweser Notes: Offers concise, targeted study materials and an extensive QBank, making it effective for focused study and practice. It is well-regarded for its clarity and organization.
  • Wiley’s QBank: Provides a comprehensive range of practice questions and detailed explanations, along with study notes. It is effective for thorough practice and in-depth understanding, though it may be less concise than Schweser Notes.