Passing the CFA Level 1 exam is mostly a hazing ritual. That’s the honest truth. It isn't that the math is impossibly hard—most of it is just basic algebra and some statistical distributions—but the sheer volume of material is designed to break your spirit. You’re looking at ten topics, thousands of pages of official curriculum, and a pass rate that usually hovers around 35% to 40%. Choosing your CFA Level 1 prep materials isn't just a shopping decision. It’s a survival strategy. If you pick the wrong books, you're going to spend 300 hours studying the wrong things and end up failing because you couldn't recall a specific financial reporting standard on exam day.
Most people start by looking at the official CFAI (CFA Institute) curriculum. It’s included in your registration fee. It is also, quite frankly, a slog. The prose is dry. It’s written by academics and practitioners who want to be 100% precise, which means it takes 50 pages to explain something that a good prep provider can explain in five. I’m not saying skip it entirely—the Blue Box examples and End-of-Reading (EOC) questions are gold—but relying solely on the official books is a recipe for burnout.
Why the "Standard" Advice About CFA Level 1 Prep Materials is Often Wrong
You’ll hear people say you need 300 hours. That's a lie. Well, it's a statistical average, but averages are dangerous. If you come from a non-finance background, 300 hours might get you halfway through Fixed Income and Ethics. If you’re a literal CPA, you might breeze through Financial Statement Analysis (FSA) in a weekend. The biggest mistake is treating every topic with equal weight because your prep provider gave them equal page counts.
Focus on the heavy hitters. Ethics, FSA, and Equity Investments are the pillars. If you bomb FSA, you're basically done. The CFA Level 1 prep materials you choose should reflect this reality. They need to prioritize the high-weight sections. Kaplan Schweser is the "de facto" choice for most, and for good reason. Their "SchweserNotes" are legendary because they condense the fluff. However, they aren't the only game in town anymore, and for some people, they’re actually too brief.
The Rise of Video-Based Learning
Some people just can't learn from a textbook. I get it. Mark Meldrum has become a cult hero in the CFA world for a reason. His videos don't just teach you how to pass; they teach you the "why" behind the finance. When you’re staring at a screen at 11:00 PM trying to understand the difference between a MacDur and a ModDur in bond pricing, having a guy with a whiteboard explain it in plain English is a godsend.
His stuff is cheap, too. You can buy individual sections. That’s a huge shift in the market. Traditionally, you had to drop $1,000+ on a full suite of CFA Level 1 prep materials. Now, you can mix and match. You might use Schweser for the quick-read notes but buy Meldrum’s video package for Derivatives or Fixed Income because those topics are notoriously unintuitive.
The Secret Weapon: The QBank
Practice questions. That’s it. That’s the secret.
You can read the books three times and still fail if you haven't hammered the QBank. UWorld has recently made a massive dent in the market here. Why? Because their explanations are visual. When you get a question wrong—and you will get thousands wrong—UWorld shows you a high-res diagram of why. It’s much more effective than a paragraph of text saying "Option B is correct because of the formula on page 402."
Honestly, the CFAI's own ecosystem has improved a lot. Their online learning ecosystem (LES) has thousands of questions. They are often harder and more "wordy" than the actual exam, but that’s good practice. If you can handle the convoluted phrasing in the official CFA Level 1 prep materials, the actual exam will feel relatively straightforward.
Don't Ignore Ethics
Ethics is 15-20% of the exam. Most people think they can wing it because they're "good people."
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Bad move.
CFA Ethics is a very specific set of rules. It’s about GIPS standards and Soft Dollar Standards and Mosaic Theory. You need to read the official CFAI "Standards of Practice Handbook." This is the one time where the official CFA Level 1 prep materials are mandatory. Third-party summaries of Ethics often miss the nuance that the examiners love to test. Read the Handbook. Read it twice. Read it again the week before the exam.
The Strategy for the Final 30 Days
The last month is where the exam is won. You need mock exams. Not just one or two. You need at least four or five.
- Schweser Mocks: Good for testing breadth.
- CFAI Mocks: These are the closest to the "vibe" of the real test.
- Salt Solutions: A newer player that has a very slick, modern interface and great analytics.
Do not wait until you feel "ready" to take a mock. You will never feel ready. Take one, see where you’re bleeding points, and go back to your CFA Level 1 prep materials to patch those specific holes. If you’re scoring 70% or higher on mocks consistently, you’re in the safe zone. If you’re in the 50s, you need to pivot your strategy immediately.
Usually, a low mock score means you’re spending too much time on "low-yield" topics. Stop obsessing over the obscure formulas in Quantitative Methods that might show up in exactly one question. Go back to FSA. Go back to Ethics.
A Quick Word on Calculators
You only have two choices: the TI BA II Plus or the HP 12c.
95% of people use the TI. Just get the TI. Make sure you know how to set the decimal places (it defaults to 2, which is useless; set it to 9) and how to switch between Chain and AOS (Algebraic Operating System) modes. Your CFA Level 1 prep materials should have a specific guide or video on calculator keystrokes. If they don’t, find a YouTube tutorial. You don't want to be figuring out how to calculate an IRR manually during the exam.
Putting It All Together
So, what should you actually buy? If I were starting today with a decent but not infinite budget, I’d grab the Kaplan Schweser Essential Package for the condensed notes and the QBank. Then, I’d supplement with Mark Meldrum’s videos for any topic that feels like Greek. Finally, I’d use the free CFAI questions provided with registration.
It’s a lot. It’s meant to be. But the charter is valuable specifically because it’s a grind. Everyone who has those three letters after their name sat in the same chair you're in, wondering if they’re actually retaining anything. Most of us weren't. We just did enough practice questions until the patterns became second nature.
Actionable Next Steps for Candidates
- Check your background: If you’re an accounting pro, skip the expensive FSA deep-dives. If you’re a liberal arts major, prioritize a provider with heavy video support like Mark Meldrum or Salt Solutions.
- Order your calculator today: You need muscle memory. Use the TI BA II Plus for every single practice problem starting now.
- Download the CFAI "Standards of Practice Handbook" PDF: It’s free. Start reading 5-10 pages a night before bed. It beats scrolling on your phone and it'll save your Ethics score.
- Map out your "No-Fly" zones: Identify the three months before your exam. That's when your social life dies. Be okay with that.
- Focus on the QBank early: Don't wait until you've finished the books to start questions. Do 10-20 questions every single day, even on topics you haven't fully mastered yet. It reinforces the learning.
Success in Level 1 isn't about being a genius. It’s about discipline and using the right CFA Level 1 prep materials to filter the signal from the noise. Get your materials, make a schedule, and stick to it. The 300-hour clock starts whenever you're ready.