Third Party CFA Prep Books: Do You Need Them? Is CFA Curriculum Enough?

Third-party CFA prep materials decision:

CFA curriculum: 3,000+ pages per level vs prep notes: 1,200-1,500 pages

Average time saved: 100-150 hours using condensed materials

Trade-off: 5-10% content omission risk vs massive reading time reduction

Best approach:
Use third-party notes for first pass (Schweser, UWorld, etc.), then CFA curriculum End-of-Chapter questions to catch gaps. Always use curriculum for Ethics (10-15% exam weight, borderline pass tiebreaker).

Cost vs benefit: $400-1,200 for prep materials vs opportunity cost of retaking ($1,000+ exam fee plus 300+ study hours).

The CFA curriculum covers everything tested, so why spend an additional $400-1,200 on third-party prep materials?

Here’s the problem: CFA Level 1 curriculum is over 3,000 pages. Reading it cover-to-cover takes 200+ hours before you’ve done a single practice question. Most candidates run out of time for adequate practice—the most effective study method.

After passing all three levels using third-party materials, my view is clear: good prep providers are worth the investment for most candidates. Here’s why, plus when you should still use the curriculum.

Contents

Time is money
A calculated trade-off
Pick your prep provider to suit your needs
Should I ignore the CFA Institute curriculum then?
Bottom line: are third party CFA prep books worth the price?
Third Party CFA prep materials FAQs

Time is money

One of the biggest mistakes CFA candidates make is spending too much time reading, and not enough time on practice questions (which is one of the most effective study methods for CFA exams).

While making a study plan may help alleviate this, having to sift through the lengthy CFA curriculum pages – especially if third party alternatives can explain and summarize topics more succinctly – may take up your precious time which could be used for doing more practice questions.

For context, CFA Level 1 curriculum exceeds 3,000 pages versus approximately 1,200-1,500 pages for quality prep notes. If you read at 10 pages per hour (typical for technical material), that’s 300 hours for curriculum versus 120-150 hours for prep notes—a savings of 150+ hours that could be spent on practice questions. For detailed study timelines, see our CFA Level 1 Preparation Guide.

Third party CFA prep books tend to be more succinct whilst covering what you need to know from the Learning Objective Statements (LOS), therefore significantly reduce your reading time.

Another factor to consider is the opportunity cost in terms of wasted hours if you have to retake just one of these exams. Having the muster the motivation and discipline to retake exams is itself a challenge.

That said, it doesn’t mean that the CFA Institute curriculum should be completely abandoned though. In fact, the CFA curriculum is a great reference book especially at the higher levels of CFA exams, with lots of case studies and examples that you can refer to for extra clarity and practice (see later section on this).

A calculated trade-off

Now the third party CFA prep books will likely cut out testable details as well, so you are running the risk that you have never come across certain details tested on the exam.

You may lose a few points at Level 1 for this reason, but it can become an issue at Level 2 and Level 3 when the multiple choice questions are organised in blocks of 4-6 questions called vignettes. Each vignette may focus on a small obscure corner of the curriculum unlikely to be covered in your third party CFA study materials.

As a result, you might find yourself completely unprepared for a block of questions on a topic that you have otherwise spend a lot of time and effort on. There is obviously no guarantee that you would be able to remember these details even if you had glanced over them once when reading through the entire curriculum, but at least doing so leaves you with a fighting chance.

A good way to minimize this risk of omission when using third party CFA prep books is by doing lots of practice questions to identify any knowledge gap. Then, you can close that knowledge gap by referring to the CFA curriculum for that particular section. This – in my view at least – is a far more effective way to prepare for the CFA exams.

The best mitigation strategy is completing 6-10 full practice exams under timed conditions before exam day. This exposes coverage gaps while you still have time to review curriculum sections. For mock exam strategies, see our CFA Mock Exams Guide.

Pick your prep provider to suit your needs

The range and quality of CFA prep providers has increased exponentially in the recent years, which is great as it offers CFA candidates more choices to suit their needs, budget and study style.

That said, not all study notes are created equal, so be careful which one you pick.

An established name like Kaplan Schweser might be considered a safe pick, but less established study providers are typically cheaper and could be better.

I won’t get into an in-depth comparison of providers here, but if you are looking for good quality CFA study materials, have a browse around the Offers section for the latest deals.

Some of the CFA prep providers will even offer you a free trial, so you can take the service out for a spin before purchasing.

Should I ignore the CFA Institute curriculum then?

cfa candidate more recommended books orig

No, the underlying CFA curriculum is actually pretty useful in your overall CFA exam preparations, especially in Level 2 and Level 3.

It covers everything: As mentioned earlier, third party CFA prep providers may omit or simplify small sections of the curriculum to save candidates some revision time. So if you have identified any weaker topics when you’re doing practice questions, it’s worth checking the CFA curriculum for a more in-depth review of that particular topic.
Ethics: Studying ethics with the curriculum is a great use of your time, as it is relatively brief, yet carries a significant exam weight. The majority of the Ethics material will be repeated at all 3 levels, so it pays to learn it in details from the start. Lastly, the CFA Institute will pay special attention to your ethics score if you are a borderline pass, so it really pays to study this topic in detail from CFA curriculum itself.
End of chapter questions (EOC): These are questions written by CFA Institute peppered across the whole curriculum. I highly recommend that you use these EOC questions as practice and revise the answers until you are comfortable with all of them. This is actually one of the most underutilized resource amongst candidates.
An authoritative source to clear things up: Also, if you feel the explanation of a certain concept is a bit fuzzy in your study notes of choice, you can always revert back to the curriculum for another perspective. The curriculum is also the authoritative source of the Learning Outcome Statements (LOS) that examiners will refer to during the exam creation and grading process.
Learn! Last but not least, if you actually wants to learn the underlying topics in depth out of genuine interest, not just to stick the 3 letters on your business card, then there is obviously no better place to go than the underlying CFA curriculum.
For Level 3 candidates, the curriculum becomes more valuable for your chosen Specialized Pathway (Portfolio Management, Private Markets, or Private Wealth). The pathway case studies and examples often mirror actual exam essay questions in structure and complexity.

Bottom line: are third party CFA prep books worth the price?

are third party cfa prep books study material necessary

There certainly are CFA candidates who passed the CFA exams with just the CFA curriculum (especially Level 1 and 3). This may be doable if you’ve a lot of time to prepare, with relatively light work and life commitments.

For most of us who are finding it tough to juggle work, life and studying, I would say that any study materials that can save time and boost your chances of passing the exam is overall a good return on investment.

Whether it is saving reading time via more succinct books, or getting more practice questions for testing – good third party prep materials do add value, and there are more high quality choices now, which is good news for candidates!

Third Party CFA prep materials FAQs

Can I pass CFA exams using only the curriculum without third-party materials?

Yes, but it requires significantly more time commitment. The curriculum is comprehensive but verbose — CFA Level 1 alone exceeds 3,000 pages. Candidates who pass using curriculum-only typically need 400-500 hours versus 300-350 hours with condensed prep notes.

This approach works best if you have light work commitments, enjoy academic reading, or are retaking and already familiar with content structure. It’s also viable for Level 3 candidates who need the curriculum’s depth for essay questions.

However, most working professionals find the curriculum’s length makes it difficult to leave enough time for practice questions—which are more effective for retention than passive reading. If you’re working full-time and studying on weekends, third-party materials significantly improve time efficiency.

Which third-party prep provider is best for CFA exams?

It depends on your learning style and budget.

Kaplan Schweser is the most established (used by 50%+ of candidates) with comprehensive notes and question banks, but costs $600-1,200. UWorld offers excellent video lectures and adaptive question banks at similar pricing.

For tighter budgets, Salt Solutions ($400-600) provides solid notes with good practice questions. Let Me Explain offers high quality, super good value video lecture courses ($10-12 per month) ideal for mastering concepts.

Don’t buy blindly—most providers offer free trials. Test 2-3 providers for a week before committing. Check how they explain a topic you find difficult (e.g., derivatives, pensions) to see whose teaching style clicks with you.

For detailed provider comparisons, see our CFA Study Materials Guide.

Should I buy the full prep package or just notes and questions?

Start with notes plus question bank (mid-tier packages, $600-900). Skip expensive packages with video libraries unless you specifically learn better from videos than reading.

The most valuable components are condensed study notes (save 150+ hours reading), comprehensive question banks (2,000+ questions for practice), and mock exams (simulate exam conditions). These alone give you 80% of the value.

What’s usually not worth extra cost: video lectures if you read efficiently, tutoring unless you’ve failed twice, flashcards if you make your own, formula sheets available free online.

There are exceptions of course. If you’ve failed previously, consider full packages with instructor support to diagnose what went wrong. For first-time takers, mid-tier packages are sufficient.

See current offers on our CFA Prep Deals page.

Do third-party materials cover everything tested on CFA exams?

No—they intentionally omit low-yield details to save reading time. Coverage is approximately 85-90% for Level 1, 75-80% for Level 2, and 70-75% for Level 3. The gap widens at higher levels because Level 3 tests nuanced judgment that requires curriculum case studies.

This creates a calculated risk: you might encounter 2-4 vignettes (8-24 questions) where third-party materials didn’t cover specific details. However, spending 100+ extra hours reading curriculum to capture that remaining 15-25% often isn’t efficient.

A better strategy could be to use third-party materials for comprehensive coverage, then identify weak areas through practice questions and fill those gaps using curriculum sections. Always complete all CFA End-of-Chapter questions—these expose coverage gaps before exam day.

For Level 3 specifically, combine third-party notes with curriculum for your chosen Specialized Pathway.

When should I buy CFA prep materials—early or closer to exam?

Buy 4-6 months before your exam when you start studying.

Don’t wait for “better deals” close to exam—you’re wasting valuable study weeks. Most providers offer early-bird discounts anyway (10-20% off if purchasing 6+ months out), so buying early actually saves money while maximizing study time.

Avoid buying right after CFA registration (typically 9-12 months before exam) unless you plan to start immediately. Materials may be outdated if curriculum changes occur, and motivation fades over 12+ month timelines.

An exception is if you failed and retaking, buy immediately after results to capitalize on momentum while material is fresh.

Check our Offers page for current discounts.

Are expensive live classes and bootcamps worth it for CFA?

Only if you’ve failed twice or have severe time management issues. Live classes ($2,000-5,000) don’t significantly improve pass rates versus self-study with good materials—CFA success correlates more with practice volume than instruction format.

Bootcamps (intensive 3-5 day review courses) work well for last-minute cramming if you’ve covered all content but need structure for final revision. However, at $1,500-3,000, they’re expensive for what’s essentially guided review sessions you could replicate with mock exams.

For most candidates, a better investment would be a mid-tier prep package ($600-900) plus extra question bank ($100-200). This gives you 3,000+ practice questions versus 20-30 hours of passive lecture watching.

An exception is if you genuinely struggle with self-study discipline, live classes provide accountability worth the premium.

What is your choice of study material for your CFA exam preparations so far? Do you study exclusively from CFA curriculum / third party study materials only, or a bit of both? Share your experience with us below!

Meanwhile, you may find these related articles of interest:

Get and customize 300Hours’ free CFA study planner
How Much Does CFA Exam Cost? A Detailed Breakdown
Check out 300Hours’ Offers section for the latest deals from CFA prep providers
How to study effectively: Proven strategies that work for CFA, FRM and CAIA exams
CFA Level 1: How to prepare and pass CFA in 18 months

2 thoughts on “Third Party CFA Prep Books: Do You Need Them? Is CFA Curriculum Enough?”

Thomas

25 Aug 2021 at 4:48 pm

Do you know if prep providers such as Wiley, Schweser etc will issue the 2022 books anytime soon ? I am struggling to find those, and they only propose a printed version of the CFAI curriculum for the moment.

Thx for the answer!
- Zee Tan
  
  02 Sep 2021 at 9:33 pm
  
  You can find Kaplan Schweser’s release schedule here.