|Author||Topic: Did anyone use CFAI Textbooks only, or supplement with a third-party question bank?|
I got a band 10 in Decemeber exam, with only studied CFAI books for 4 weeks intensively, and will re-sit for June exam. I just want to ask if anyone who passed L1 with CFAI Textbook only, given enough time is spent, or supplement with preps (notes, and /or QBank).
I graduated (one year ago) with undergrad majors in Statistics and Finance, with accounting (financial and managerial accounting), economics (micro + macro), and investments courses (plain vanilla and exotic options, black scholes, Ito's Lemma, martingales, Poisson process, Brownian motion, random walk, futures, commodities, bonds duration and convexity, currencies, etc). My math background is pretty strong, and need to refresh the Ethics, Econs and FSA parts.
I am budget-conscious and paying the exam fee and any prep material myself. Although it is only barely more than 100 days to exam, but, unfortunately, I have all the time during the day and night to study, and I can contribute 10-12 serious hours a day, 7 days a week. I have studied the material from December exam (obviously not well enough) and from my undergrad background. If it is possible to pass with CFAI books only, then I don't want to buy any notes which prices on average over $500.
I am reading CFAI books so far and I don't mind the dry and wordy books if that saves money. I searched some posts here, and it seems to me that CFAI books are essential and preps are to reinforce the concepts and for practice. Many people passed with only AnalystNotes and commented CFAI books to too long and too wordy, but there are also some people said Analystnotes or Schweser alone is not sufficient to cover the entire syllabus.
Of course, I want to pass this time and don't want to waste 6 months nor to pay another exam fee in December. If I got a band 10 for 4 weeks of all-day study with CFAI books, in an exam with 34% pass rate, then I hope with 4 months of all-day study this time, I should improve by one more band, and move to the pass zone.
Thank you in advance. Any comment about textbooks Vs preps, and analystnotes/schweser notes Vs. QBank, and how did you pass L1, are very welcome.
|Sorry to hear that you missed out in Dec- that too by such a narrow margin. I'm a Band 10 fail as well. Similar academic background and I didn't put a great deal of effort in. ie. I started 6 weeks out & read 6 out of the 10 topics.
I'm using the texts this time around with the question bank from AnalystNotes. As I study, I frequently re-read the LOS and keep asking myself how the reading fits in with the LOS, whether I understand what the LOS is asking, and I've made detailed notes. I used Schweser last time but I'm definitely retaining more by doing the CFA readings.
I am using AN's AnalystPro package and I am really happy with their materials. For you I would recommend you at least get the online package for $69. They're only 69 bucks. I am practicing questions exclusively from the online site here and so far I am doing really well.
Best of luck!
|Hearing that neither of the two of you passed with your background(s) is probably the most depressing thing I have heard since I started my prep!! Good luck in June and I am sure you will pass with flying colors this time around.|
CFA Discussion Topic: Did anyone use CFAI Textbooks only, or supplement with a third-party question bank?
I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.