CFA Program Main

Questions to Ask When Choosing a Prep Provider

 

 

You should find out as much information as possible before committing to any provider or review product. Here are some questions to ask: 

 

 

Question the Quality of the Instructors 

 

  • Do the instructors of CFA review courses specialize in the topic areas they are teaching? Why pay for instruction in financial statement analysis from someone who specializes in fixed income? Make sure the instructors know the topic they teach.
  • Does the preparatory provider predict what specific topics are going to appear on the exam? Any topic that is the subject of a learning outcome statement (LOS) is fair game for an exam question. Preparatory courses should help you prepare for the exam, not engage in speculation about what topics will appear on the exam. Your study should focus on mastering the Candidate Body of Knowledge™ and associated LOS; there are no "answers" to the LOS.

 

Question if the Content is Current 

 

  • Does the preparatory provider claim to use actual multiple-choice questions from previous CFA exams? CFA Institute has not released actual Level I multiple-choice questions since 1995 and does not release actual Level II and III item set questions.
  • Are the study materials prepared by CFA charterholders? Make sure your instructor is someone who has “been there, done that” or at least has significant experience in assisting CFA Program candidates for the exams. Candidates should be aware, however, that the more time that has elapsed since a person’s involvement in the CFA Program, the less direct knowledge that person has of the program. To ensure that the CFA Program retains relevancy and is consistent with current professional practice, a global practice analysis is conducted periodically, and the final product of the practice analysis is a revised Candidate Body of Knowledge.
  • Is the preparatory course teaching the current CFA Program curriculum and LOS? This sounds obvious, but some providers’ offerings are not up to date. Ask the preparatory provider which readings they base their materials on, and compare that with the curriculum you receive from CFA Institute.

  • Are the preparatory provider's practice exam offerings and other products consistent with the current CFA Program curriculum and exam question formats? Many preparatory providers' test banks are based on old material that is no longer included in the curriculum or exams. Make sure that the question formats and structures are also consistent with those of the current CFA Program curriculum. Prep Provider Guidelines Program participants agree to timely retirement of questions and material that are no longer consistent with the CFA Program curriculum and exam format.

 

Question the Accuracy and Delivery of the Material

 

  • When will the study materials be available? Study materials that are not available until February or March will not offer much study time for a June exam. (The CFA Program curriculum for the June exams is available July of the previous year.)
  • How are candidates informed about study material errata? Will the preparatory provider automatically send corrections to all users, or does the candidate have to seek out corrections?

 

Question the Provider's Claims

 

  • If the provider guarantees your success on the exam, how are guarantees handled for unsuccessful candidates? Do they refund part of your money? Do they give you a discount on next year’s products? If the product was not helpful for the exam you failed, will it help for future exams?
  • If the preparatory provider posts a pass rate for its products, how is that pass rate calculated? Prep Provider Guidelines Program participants agree not to publish their pass rates. Pass rates published by nonparticipating providers should be questioned: Do they survey each of the candidates that purchased their study materials? Do they conduct a sample survey? Do they only count as fails those candidates who ask for refunds and assume that all others passed?