I am just about to start my level 3 studies in a few days and I am torn between studying the original books and going for the schweser stuff. Schweser was enough for me for the first 2 parts, however for the final level, there is a strong sense of not wanting to fail the exam and having to wait another year! (not to mention the significant exam fee). I just want to get it over and done with the first time.
I know this topic has been argued to death in these forums but as I understand there is no general consesus on one of the options with some advocating the schweser and others cfa books.
For what its worth I counted the total pages in schweser (1340) and cfa books (2307). So thats like a 1000 extra pages. I am quite confused over here. Any level 3 passers can offer some help or maybe those who have experience of both these options?
I guess it all boils down to this: “Does some content/questions show up on level 3 exam, that were simply not covered or covered well enough in schweser notes?”
Or maybe it varies from topic to topic, for instance for some reading you can get by with schweser without any problems whatsoever and for some reading you must/should read original books.
Don’t change your strategy if is working. I used schweser for all 3 levels. However, I don’t think I would have passed level 3 with doing the blue box examples and EOCs in the CFA books. I have heard that even the good people at schweser say behind closed doors that the blue box and EOCs are a must. Good luck.
I used Schweser for L3 and it was fine. The material is there - I don’t know if some people just like the material to be presented in the way that CFAI does it.
Maybe you can do a 50/50 approach, where you read Schweser for quantitative topics, but read CFAI for fluffy topics.
Schewser does a fine job. Yes it misses a few things. But look at the passing scores; perfection (or close to it) is not required. Dont throw out the CFAI books though. You should do the EOC questions and review the blue boxes. Ultimately, do as many practice questions as you can. Additionally, I think the Schweser practice tests are good, but the EOC questions are pretty weak.
agree with the 3 day course, there are invaluable exam passing strategies there, i thought. when i walked out of the exam, all i could think of was thank god i did that 3 day course… of course i had to as i hadn’t been studying for months as i should have been, but still.
Schweser does a fine job of condensing the information. I did the EOCs as I was doing my first pass and then did the blue box examples and practice exams during my review in the last month before the exam. Areas that I was unsure about I consulted the CFAI books. I tries to read just the CFAI books for level II and found that they were just way too wordy for me to be able to retain the information and be able to desifer what was important. Just my 2 cents.
To avoid survivorship bias, you might also ask the retakers how they studied. Nearly half of all candidates fail, but you don’t often hear of people who study the curric and don’t pass.
I was in a group of five study partners. Four passed, one failed. The one who failed used only Schweser. One of those who passed also used Schweser. The other 3 used mostly/entirely CFAI. Btw, all of 5 of us cleared Level 2 primarily with Schweser.
Schweser misses a lot of subtleties, particularly with the wealth management/IPS stuff. Level 3 is largely a CFAI in-house project and Schweser sanitizes it in ways that can hurt you, particularly in the a.m. session.
do the CFAI books - it is only Sept, you have lots of time to get thru them
i read the CFAI texts, did all of the blue boxes and EOCs and only used Schweser for the lecture videos to summarize/review everything once i was done with a SS
The CFAI books are a must. Material you will be tested on L3 exams is based on those books only. There is a lot of very suttle things you might consider unimportant or easy - do not allow to be fu…ked by your initial impression - you will be certainly knocked up by the a.m. session. Be prepared to surprises.
Schweser is to be employed for testing your knowledge only.
Let me start by saying that this is my first attempt at level 3.
My strategy for the first two exams have been read CFAI material, then read Schweser material, then memorize (practically) Schweser materal. It has been my impression that there is enough in Kaplan to pass the exam (and then some) should you know their material backward and forward. After going through all the material twice I use the Schweser books to refresh concepts that I am lacking on time and time again up until the exam. I find shorter, more concise, explanations to stick with me better over time and I understand the concepts when I dont have to read 3 pages explaining the same thing over and over again. Of course do EOCs and as many practice exams you can get your hands on.
But then again this is my first time taking level 3, and from the sounds of it, a different beast all together.
Good Luck to all level 3 candidates and congrats to all charterholders who passed
I tend to think CFAI textbooks are designed to TEACH you the curriculum and assumes you have little to no background in the materials. Schweser is probably designed more to HELP YOU PASS the test. So in my opinion, if you have the background in the materials, and by now, having finished level I and II, you do, then Schweser should be more than enough to pass.
I failed L3 on my first attempt, and I partially attribute that to not emphasizing CFAI curriculum and blue boxes. That is where the AM questions come from. Schweser is not as good as it is on levels 1 and 2 because the exam is much more encompassing and conceptual, not just regurgitation.
I think for the quantitative parts Schweser might be fine, but readings that don’t have a lot of formulas in them should probably be read in CFAI and fully understood. That type of stuff is heavily tested in the morning and that is what will ultimately make or break you.
Don’t forget that one of the most important parts of L3 is studying the test itself and practicing writing until your hand is sore. Time management is very important.
Save time by reading the study guides opposed to CFAI books.
Devote time saved to practice problems and tests.
Re-read the study guides and take notes. At the very least re-read and take notes on the sections you struggled with most on the practice problems.
Do more practice problems / tests and re-read your notes.
I might be biased, but I did not once crack the CFAI books and this approach helped me pass all 3 levels on first attempt. I think most of us here can agree that on a standalone basis none of the topics are overly complicated. However, the AMOUNT of material makes the test difficult. In my opinion when faced with a LOT of material, being successful comes down to REPETITION, and the approach I outlined provides plenty of it.
What Schweser is designed to do and what it actually accomplishes are two completely different things. Unlike the other levels, this test is much less about external knowledge and much more about the CFA way. This is their final gate. The obstacles are not that easy to see.
Go pluck your way through Schweser’s IPS sections and read their advice on how to draft one. Sounds clear, concise and definitely on track. Then go examine how this subject has been actually tested in past CFA exams. Look at the CFA answer key and you’ll notice that Schwezer is way, way off the mark in places.
Not only this, but you may find yourself having to spend valuable study time doing fact-checks on Schweser and raising silly questions on AF about problems that don’t exist in the curriculum (like, what happens when ability and willingness to take risk diverge).
You won’t really understand and appreciate this until next May when you start your review.
Stick to CFAI books and avoid the mistake I did which i deeply regret. good luck