Is it your dream to become a chartered financial analyst? Well, many people have that dream but fulfilling it seems a daunting task to them.
To pursue a chartered financial analyst career, you must pass a series of tests. These tests will certify your competence and integrity needed for a chartered financial analyst.
However, passing the CFA exam is undoubtedly a challenging task. Many candidates try their luck each year, but only a few pass the exam and fulfil their dream of becoming chartered financial analysts.
To pass the exam, you will require many skills, from analytical skills to expertise in economics, financial reporting, portfolio management, and investment analysis.
Qualifying the level 1 of the CFA exam will be the first step toward receiving the CFA designation.
However, even if it is the first step, it is as challenging as the final one. Candidates are tested in almost 10 complex topic areas.
The variety of topics, along with exam anxiety, is one of the main reasons most candidates fail. Some candidates register themselves but show up for the exam because they don’t feel prepared.
Are you feeling stressed already? Well, you don’t have to be anymore. Many websites or applications are available on the Internet to help the candidates pass the exams by going through their study plans and mock tests. It helps candidates to prepare better for the CFA exam.
However, most websites or apps provide excessively long materials for the readings and short for the questions.
Therefore, how to choose the best website or application for CFA exam preparation? Read on to know about the best websites/apps for CFA exam preparation.
5 Best Websites/Apps for CFA Level 1 Exam Preparation
To pass the CFA level 1 exam, self-study might not be enough. Therefore, you need to join an online course to get yourself prepare well for the exam.
These course instructors provide study material from the CFA’s curriculum. The level 1 exam is crafted from that curriculum too.
To help you reach the finish line, here are the 5 best websites/apps for the CFA level 1 exam preparation:
1. Kaplan Schweser (Most reliable)
Kaplan Schweser is undoubtedly the most popular and largest provider, offering products and packages for various exams, including CFA, CAIA, FRM, and FDP exams. For CFA level 1 exam preparation, Kaplan Schweser offers different packages.
The basic self-study package costs around $699 and features notes, mock exams, questions, and planning tools. This package might be a great choice if you only want access to practice exams.
However, if you want a package that includes OnDemand instruction as well as OnDemand review, you must opt for the premium package ($999).
Once you get yourself enrolled in the premium package, instructors will help you learn the material, practice exam-like questions and review your performance.
Also, you will have access to the community forum to get accurate answers to your questions and engage in meaningful discussions with CFA experts and candidates.
Pros:
- High reputation in the CFA prep market
- Reliable CFA level 1 Exam study packages
- Advanced study tools
- Precise notes and videos
- Challenging practice exams
- 6 mock exams available for each level
Cons:
- Highly expensive
- No free trial
2. Salt Solutions (Newest)
Salt Solutions is undoubtedly a newer option for CFA exam preparation launched in 2020.
However, it has gained popularity among CFA aspirants for all the right reasons. Salt Solutions have realized that CFA candidates find it hard to focus on a large volume of material with limited study time.
Therefore, they have taken the initiative to break it into smaller chunks to complete it in 10 to 30 minutes.
With this modular approach, it has become easier for candidates to focus and grasp a larger volume of material.
Also, instructors at Salt Solutions set weekly goals to keep all candidates on track. It offers everything to help you finish the CFA exam, from assignment questions to lecture videos, weekly goals and much more.
Unlike others, the platform has a user-friendly interface with a dark and light mode, making it easier on candidates’ eyes after long hours of studying.
Although Salt Solutions does not have many success stories yet, the thoughtfully designed platform looks promising, particularly for those CFA aspirants tired of staring at textbooks.
Passing all three CFA exams is undoubtedly a challenging task. However, it might be easier for CFA candidates to buckle down and focus with Salt Solutions.
The more you focus, the closer you get to the finish line!
Pros:
- 2 Phase study plan
- 2000+ practice questions
- Custom quiz creator
- Weekly study goals to keep you on track
- 9 mock exams
- Video answer explanations
- Free trial
- Monthly payment option
- User-friendly platform
- Light and dark mode settings
Cons:
- Highly-priced packages
3. Bloomberg Exam Prep (Most versatile)
Bloomberg is another great option for CFA exam prep that has an Artificial Intelligence-based learning platform to identify your weak areas.
At Bloomberg, there are three package options for CFA candidates – essential, premium and ultimate.
The essential package is priced at $700 but gives you access to all content and features. Also, you will get access to 20 ask-a-tutor questions, and 6 practice exams (more than all of its competitors).
However, with an ultimate package of around $2,000, you will get access to four more practice exams, unlimited question texting and five one-on-one tutoring sessions.
Pros:
- Well-designed dashboard
- Adaptive learning
- Private tutoring sessions
- Time-saving studying
- Free trial
- 6 Practice exams (basic package)
- 100% money-back guarantee
Cons:
- Not user-friendly platform
- Some users might find too many clickable areas overwhelming
- No final review
4. FinQuiz (Affordable)
FinQuiz is an excellent CFA exam prep option for self-reliant candidates. The platform provides all the study material and practice exams at an affordable price.
Products available for you to use at FinQuiz are chapter notes, smart summaries, formula sheets, a question bank, 6 mock exams and a study plan.
If you only want access to mock exams for CFA level 1, FinQuiz’s basic program, costing around $299, will be a great choice for you.
It features questions and mock exams that are quite challenging. However, if you want access to a complete package including a study plan, summaries and other tools, you must opt for the premium package priced at $599.
Unlike others, the premium package of FinQuiz is reasonably priced and contains all the content and features required by the CFA candidates to pass the exam.
Pros:
- Curriculum notes
- Smart summaries
- Question Bank
- Six mock exams
- Formula sheet
- Study plan
- 24/7 Instructor support
- User-friendly platform
- Reasonably priced premium package
Cons:
- Lacks advanced tools
5. Fitch Learning (Best Module Approach)
Another great CFA exam preparatory website or application is Fitch Learning which is quite known for its modular approach.
Fitch Learning understands that CFA exam preparation is quite overwhelming for the candidates, and the cost of premium packages exhausts them even more.
Therefore, Fitch Learning introduced a modular approach on their platform – candidates can buy the whole package or one product they need.
It helps candidates pay only for the tools or features they are using. The basic CFA exam preparatory course at Fitch Learning is priced at $695.
Later, candidates can add question sessions for about $195, additional mocks for $60, and review courses for $475.
Pros:
- Modular approach
- Weekday virtual classes
- Live and on-demand webinars
- Online portal and mobile application
- Lots of practice questions
- No pass, no pay policy (with restrictions)
Cons:
- Some candidates might find the notes not detailed enough
- Not properly structured question banks
- Some candidates might find the add-ons quite expensive
- Virtual classes are often canceled without any prior notice
Conclusion:
Do you want to pursue your career in finance? Well, then the CFA exam is worth taking. Considering the lower pass rate (43%), passing three CFA exams might be challenging.
However, once you have passed all three exams of CFA, you will have tons of opportunities to advance your career in finance.
Qualifying for CFA exams will provide you with knowledge and the opportunity to be the right candidate for many jobs such as relationship manager, financial advisor, corporate financial analyst, chief executive and much more.
Now, you must be wondering how to get yourself well-prepared for CFA exams? Fortunately, many reliable websites or applications help you prepare well for CFA exams with their study plans, practice questions and mock exams.
To help you determine the best CFA preparatory course for yourself, we have compiled a comprehensive list of websites or applications that stood out in terms of pricing, value, and packages.
You can pick any course from the abovementioned list that suits your requirements and budget the best.
