We all receive a big study material packaged in a box through the CFA prospectus from CFA Institution after registration for each level examination. The books in the box create a kind of fear at first sight because they look similar to a pile of phone books, and since they seem very compactly crammed with information that needs to be mastered for the examination. When I saw the study pack for the first time in level 1, I asked myself: “How am I going to study all these in time?” That’s precisely where suppliers of third-party education material come into place coupled with Google research for an easier method to obtain the necessary knowledge.
There are numerous providers of knowledge material out there. The price of the study materials ranges from hundreds to thousands of dollars, based on the package delivered. Some offer complete video lectures, CFA practice questions banks, and their shortened version of the prospectus.
Do you require this to succeed?
The answer is: “No.” I stick with the main study material I obtained.
In my view, there is no shortcut to the CFA title. Like they say merely half-jokingly: The MBA you purchase, the CFA you receive. You have to distinguish the ideas to pass; you can’tfalsify it. Moreover, each level would be founded on the preceding level. Thus, you have to acquire this knowledge to longstanding memory. The main curriculum is outstandingly written. It covers all you need to know in the language of CFA Institution, backed up with many problems and case studies that aid you further in having a concrete knowledge of the study material.
Numerous learning providers just re-write the main curriculum in their specific language and claim it is easier to understand. Finance and investment have its individual universal language, and the main study material is printed in this language. Another excuse that’s frequently used is that you donot have sufficient time to cover the main study material sand that is why you must go through third-party education study materials. In the course of preparing for level 1 CFA exam, you must be able to cover the entire topics in the materials within six months. The CFA is not a rapid thing, so it isn’t bad if you take your time to understand and assimilate the materials. Taking a shortcut while reading the materials won’t work. Solve all the CFA practice questions availablein the main study pack. The exam problems will be similar, thus if you totally master these problems, you will be ready for the examination.
Where does shortcut work?
There is one phase where you can hasten the learning procedure: This is the evaluation stage; while reading the curriculum, you must take notes and create your reviews to help you to recall what you have read. However, how precisely can you drill the material for the test? Certainly take benefit of a study resolution when appraising the material, as these are cheap and worth it. I commend you take a look at the Fiscal Analyst CFA Education Notes. They charge the price of half a banquet and take a unique method at revising the curriculum. The Schweser QBank is moreover recommended for level 1, as this simulates problems you will discover in the exam. For level 2 and 3, I found the QBank needless.
Another valuable thing is to involve yourself in a study discussion group with other CFA applicants when you have read the mainstudy materials and have reviewed it. However, don’t do this too prompt, as you can’t learn how to fit in the discussion. When you’re at the point that you can solve practice exam question, it is perfect to access a reading group.This canfurthermore be just one additional student.
Conclusion: Start timely in your CFA homework with the main CFA study material. Online programs and modeling software furthermore enable students to have more time to produce and analyze themselves for competency in the examination. You will gain sufficient knowledge by methodically studying for each level and your expert career. I wish you all the best in the CFA examination!