Cost Be D*mned, I’m Buying Every Resource I Can for CFA Prep

Some candidates go all out to be in the less-than-half group that pass the CFA exams because the journey to becoming a Chartered Financial Analyst (CFA) is rigorous and demands a high level of dedication and resourcefulness.

We wondered what the averages were? in candidates' approaches to supplementing their study materials beyond the core CFA Learning Ecosystem.

According to the survey, 50% of the respondents purchase one additional material, 23% do not buy any, 20% purchase three, and a smaller group of 6% opts for five or more. This distribution prompts an interesting discussion on what study materials should ideally offer and why candidates' pursuit of more content and more variety of materials varies so widely.

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What Do Candidates Seek with More Materials

1. Depth of Understanding

First and foremost, study materials should aim to deepen understanding. The CFA curriculum is vast and complex, making it essential for supplementary materials to break down difficult concepts into digestible parts. This need is likely why half of the candidates opt for one additional resource, seeking a different angle or explanation that complements what is provided by the official materials.

2. Diverse Learning Formats

Everyone has a unique learning style. Some prefer visual aids like charts and videos, while others benefit from the tactile feel of flashcards or the structured guidance of a workbook. Effective study aids should cater to these diverse preferences, enhancing the learning process. This diversity in learning preferences might explain why a significant portion of candidates—20%—invest in three additional resources, aiming to cover all bases to reinforce their learning.

3. Practice and Application

Practice is crucial in solidifying knowledge. Thus, good study materials should provide ample practice questions and realistic mock exams that mirror the format and difficulty of the actual CFA exams. This aspect of preparation is likely a key reason for those investing in multiple extra resources, as 6% of candidates purchase five or more supplementary materials, potentially to gain as much exam-like practice as possible.

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4. Up-to-date and Relevant Content

The world of finance is ever-evolving, and the CFA curriculum is updated accordingly. Supplementary materials must not only align with the current curriculum but also remain abreast of the latest financial regulations, tools, and market trends. This ensures that candidates are studying the most relevant and up-to-date content, preparing them for real-world application upon earning their charter.

Why the Varied Investment in Study Materials?

The varied levels of investment in supplementary materials can be attributed to several factors. The decision to buy all available materials could stem from a desire to leave no stone unturned. For these candidates, more is better, and they likely view the cost as a worthwhile investment toward passing the exams.

Conversely, almost a quarter of candidates rely solely on the CFA Learning Ecosystem. This could be due to budget constraints or a strong confidence in the comprehensiveness of the CFA Institute's resources. Additionally, some candidates might have extensive background knowledge or experience in finance, making them feel more prepared with fewer resources.

Moreover, the investment in extra materials can also reflect personal circumstances such as available study time, learning habits, or even anxiety and personal pressure to succeed. The choice to buy multiple study aids could indicate a strategy to compensate for perceived deficiencies or to enhance confidence through thorough preparation.

This poll reflects a broad spectrum of strategies CFA candidates employ in their study routines. Whether through a minimalist approach or by amassing an arsenal of study aids, each candidate’s choice reveals their personal blueprint for success. As the journey to becoming a CFA charterholder remains a formidable challenge, understanding and leveraging the right materials in the right amount can make all the difference.

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