The Chartered Financial Analyst (CFA) designation is a globally recognized credential administered and granted by the CFA Institute.
Often, the CFA designation is mandatory for professionals working in asset management, portfolio managers, and equity research analysts.
In order to become a CFA charter holder, candidates must pass three exams of progressive difficulty (Levels I, II, and III).
Historically, the pass rates on the CFA exam are well-known to be on the lower end.
The most recent CFA pass rates are the following:
- CFA Level 1: 36% [February 2022]
- CFA Level ll: 44% [February 2022]
- CFA Level lll: 43% [November 2021]
The ten-year average pass rate for the CFA exam is published by the CFA Institute, which further confirms the difficulty in passing the exam.
For those planning to sit for the CFA exam in the near future, the decision on which CFA prep course and study material to pick can be instrumental to your performance.
So to ensure that you’re prepared as much as possible for the CFA exams, we’ve compiled our list of the top five CFA prep course and study material providers.
1. Kaplan Schweser
Kaplan Schweser is by far the most established, long-standing provider of CFA exam preparation material.
For each exam, Kaplan Schewser offers its CFA products in three packages that are each priced differently:
- PremiumPlus Package: Starting at $1,299.00
- Premium Package: $999.00
- Essential Package: $699.00
Kaplan Schewser’s three tiers are summarized below:
- The Premium Package is the recommended option for most candidates, as it includes all the necessary information and tools to pass the CFA exam and was specifically designed for the most common exam-taker profile.
- The PremiumPlus was designed for non-traditional candidates who lack a background in accounting or finance and need more active support in a live online class.
- The Essential Packages were made for candidates that already have a strong understanding of the curriculum but need to learn the exam structure and curriculum and review the concepts covered.
The Kaplan Schweser curriculum is the most widely recommended option by most and it is the “safe choice” for L1.
In other words, you can’t really go wrong with Schewser at the end of the day.
One increasingly recommended preparation approach has been relying mostly on the SchweserNotes, QBank, and mock exams for those that prefer to learn by reading, and supplementing those materials with free videos posted by Mark Meldrum.
2. Wiley Efficient Learning
Wiley Efficient Learning has quickly established itself as a top, industry-recognized CFA prep material provider.
Wiley’s offerings for CFA packages are flexible in-depth and pricing.
- The core, standalone self-study course is priced at $645, which is most suitable for those that would rather read than watch online video content.
- For those wanting virtual or live instruction over video lectures, the price increases to $995, as well as email support access to instructors, flashcards, and more.
- The highest-priced package goes for $1,395, where Wiley provides a final review course, a full mock exam, and a book.
Wiley’s CFA offerings are well-regarded for being up-to-date with the current curriculum, meaning that there are no outdated questions contained because the material is constantly updated.
- 2,000+ Practice Exams
- 90+ Hours of Video Instruction
- 2 Full-Length Mock Exams
- Final Review Course (”Cram Session”)
In terms of ensuring passing the exam, Wiley is arguably the best choice given their “access until you pass guarantee” and performance tracking measures.
3. AnalystPrep
AnalystPrep is a modern online education platform with a very convenient end-user experience.
Signing up for the courses that meet your specific needs and the instant access make the purchase process much more efficient overall, which sets the tone for the rest of the course.
The video course content is designed to be concise and is taught by qualified professionals.
One distinct feature of AnalystPrep is its organic community of other students that actively seek to help each other in the forums, in addition to the instructors providing guidance.
As a relatively newer company in the CFA prepration market, the material is up-to-date and the level of engagement from the instructors is one major positive aspect to AnalystPrep that makes it stand out.
4. Bloomberg Exam CFA Prep
Bloomberg is a household name in financial software and data analytics, but it took some time to build a reputation in the CFA training space.
Bloomberg Exam CFA Prep provides a modern learning platform — with many similarities to AnalystPrep in numerous aspects — however, with far more resources and technological capabilities such as adaptive AI to identify your specific weak areas to focus on.
The base self-study and instruction-based package are priced at approximately $700, but for those that choose to, more access to practice questions and instructor support can be purchased.
In addition to its top-notch tech platform, Bloomberg’s CFA Prep course is packed with over 10,000+ questions and seven mock exams at the base level, which is far more than its competitors.
For those that purchase the Ultimate Package, which is priced at roughly $2,000, four more exams are received, as well as unlimited Q&A support with instructors and five private tutoring sessions.
5. Fitch Learning
Fitch Learning is a well-known company in the education sector. Fitch Learning’s online platform targets a specific niche of exam-takers, which are those with busy schedules and likely working full-time jobs (or currently in school).
The lessons are intentionally “bite-sized” and easier to get through than other providers, making the curriculum less time-consuming to complete.
One criticism of the curriculum is that the video content contains less depth and more questions, and longer videos do not necessarily one course is better than the other — which is indicative of just how comprehensive other providers have become.
- LI Practice Questions: 3,800+
- LII Practice Questions: 3,700+
- LIII Practice Questions: 2,200+
But the amount of repetition and constant reinforcement makes it easier to truly develop a complete understanding of the material, instead of being overwhelmed with too many questions and a seemingly endless number of videos.
Fitch Learning is thus a great option for those with limited time and who are not looking for a significant amount of instructor support or classroom availability.
