CFA Level 1 (May 2021) - What study materials do you recommend?

Hey guys,

I’ve just registered for the CFA exman in May 2021. I am still unsure what study material I should order. Some details about me:

  • Master of Science in Banking & Finance
  • Certified public accountant
  • Planned study time: 2 weeks intensive before the exam + 2 months before (each Sunday about 8 hours)

Questions

  1. What study materials do you guys recommend for passing with the above-mentioned prerequisities? (Qbanks, Schweser notes etc.)
  2. What calculator do you guys recommend? I already have the BA II Plus Professional but no experience with it.
  3. Is the access to Qbanks somehow limited?

What are the cheapest options to get the necessary study materials?

Thank you guys.

Michael

From browsing the forums, it seems that Schweser doesn’t do a great job in explaining the theory. It will show the formulas you need, but without much explanation on how they arrived at the formula or why it works. This is great if all you want to do is memorize, but not so great if you want to understand the material.

Given your background in Finance and CPA, you should be familiar with the finance material. It might be a good idea to review Probability and Statistics, but this shouldn’t be difficult for you (if the threads here are any indication, expect questions more or less on the level of introductory Probability and Statistics. For example, you should know what a Normal distribution is, how to apply Bayes Theorem and how to use Chebychev).

Definitely read on Ethical and Professional Standards. Don’t skip it.

Note that there are only two types of calculators allowed. The TI BA2 Plus Pro is generally considered the superior one. In the exam day, it will be your best friend. Learn to use it well so that you can quickly calculate annuities, bond yields, amortizations, etc. Don’t forget to always check if the calculator is in the BGN mode or in END mode! You don’t want to miss a problem just because you forgot to switch the calculator back to END when calculating an annuity. You may also find the time conversion useful (e.g. if you have to answer questions on Dollar-Weighted Rate of Return). If your calculator is old, it might be a good idea to buy a new one as a backup. Calculators can misbehave if the battery is running out. There are actually great tutorials on Youtube on how to use the calculator effectively.

Your exam registration includes an e-book, so in theory that should suffice. For most people with no prior background, getting a physical textbook on Corporate Finance and Probability is strongly recommended.

Finally, you’ll want to try as many challenging problems as you can. In other words, mocks, mocks and more mocks.

edit: anything in the curriculum is fair game. Make sure you understand all the material listed in the curriculum.

Hi guys the best website i found for affordable 2025 cfa study materials which has schweser notes and quicksheet is in this image