I’m sure this is asked frequently and so I apologise but I feel compelled to raise the question. The notes in Schweser seem so condensed, basic and simplified in comparison to the curriculum material books. To give you an example, in Schweser notes for the topic of ‘Financial Analysis and Reporting,’ on page 25 it describes the flow of information in an accounting system (LOS 23.f). All we have are a mere four lines, whereas in the curriculum notes they are greatly expanded upon. In Schweser, factual pieces of information are omitted such as what ‘T-Accounts’ are. This is only one example and probably not the best one at that; it just happens to be what I’m currently studying.
So… it blows my mind if Schweser notes on their own are truly sufficient to pass Level 1, provided all the concepts and information in the guide are understood and retained. Your thoughts?
Yes, it really is. I did and know others who also passed Level I using only Schweser Notes.
It true that Schweser Notes are simplified, may be sometimes too much. However, there is enough information to allow you to pass the exam.
If you want to feel comfortable and have enough time, study CFAI materials. If you want to spend less time with study and you are quite familiar with the topic (e.g. from previous study at University), study Schweser Notes.
I have read posts on Analyst Forum from people who claim they only used Schweser. I haven’t met anyone who has and if the prep course was really that great they would tell you the percentage of people who have passed using their prep course…on their first try.
I haven’t seen that information posted anywhere on their website.
A prep courses is a supplements not a replacement to the CFA textbooks.
Notes are sufficient. I passed all 3 levels on first attempt without even opening the CFAI textbooks. I used Elan for L1 and Schweser for L2 and L3. My undergrad was in engineering, but I was an IB M&A analyst for 1 year after graduation so that helped with accounting, equity valuation, and corporate finance, but there was still a ton of material I was unfamilar with. In my opinion, it’s more important to focus on practice questions than reading every single detail in the CFAI books. Time saved reading notes = more time for practice questions.
My friends gf only studied Schweser and claims she never opened a CFA textbook. She passed the June level 1. Her advice “study the shit out of ethics and FRA”
I passed by doing all the Schweser problems, all the Schweser mocks, the CFAI mock, and only the CFAI multiple choice EOC’s. Out of the CFAI texts, I only read the summaries.
I don’t think they are allowed to under their agreement with CFAI as an official study provider. I studied with 7city, and they also weren’t allowed to say what their pass/fail rate was.
I passed L1 using only the Schweser Notes, although I also had additional help from 7city. I think Schweser gives you enough to get through L1, but my advice would be get through the reading as quickly as possible, and start doing the mock exams. It’s at this point that I really started retaining the information. If you then have time, and there are certain areas that you just cannot get your head around, then go back and do the CFAI EOC’s.
I passed with Schweser, I recommended my friend to use Schweser only and he passed. Lvl 1 is the about breadth not depth. So IMO Schweser does a better job, since you only need a working knowledge of the material and Schweser is a lot shorter. I had a finance major for undergrad, so take my comment with a grain of salt.
Also you don’t even have to read Schweser, if you do every question in their test bank and read all the answer, I think it is possible to pass it, since their explaination is pretty well written.