Best CFA® Exam Level 1 Question Bank Options - Financial Analyst Insider

Best CFA® Exam Level 1 Question Bank Options

Probably the single most useful thing I did to pass level 1 of the CFA exam was to use the right sample question bank.  The first level of the CFA exam includes so many different topics that you really need to constantly reinforce new material that you read with practice questions to commit the information to memory.

This article will outline how to get the most benefit from the right sample question test bank and help you select the right option for your learning style.

CFA Level 1 Sample Question Bank vs Full Prep Course

The first thing that you need to decide is whether you plan to rely on a more comprehensive prep course or you just need a supplemental dedicated test bank bank product to practice sample questions from the exam.  A more comprehensive course option would include video lectures, study notes, and a test bank product.

The major tradeoff with this option is the price.  A comprehensive course bundle offers a lot of value, but it comes at a higher price point.  The benefit of this option is the ability to access the included study materials for a lower price than if you were to buy each product separately.

Benefits of a Dedicated Test Bank

The other option is to purchase a supplemental test bank product by itself.  The major benefit of this option is a lower price point.  This is a great choice for CFA candidates that plan to study with the CFA Institute text books.

You might also find it useful to utilize a secondary test bank just so you get exposed to extra sample test questions.  When I studied for the CFA exam, I took so many practice questions that I started to recognize the same questions.  The problem with this is that your mind recognizes the right answer because you already remember the correct answer choice since you saw that question many times before.

Working with a supplemental question bank is a great way to get exposed to extra questions without paying full price for an expensive prep course bundle.

I found the ability to use a secondary test bank to be invaluable for the topics I found most difficult on the CFA exam.  In my case, Quantitative Methods, derivatives, and accounting were my hardest sections.  Those were also the sections that I needed to practice as many sample questions as possible so a supplemental question bank was incredibly helpful for those sections.

Adaptprep Learn Test Bank

Adaptprep offers an ideal supplemental test bank product at a much lower price point than some of the larger prep course providers.  If you already have a primary prep course or just need access to extra practice questions, Adaptprep’s Learn product offers tremendous value.

The Learn product includes full access to a large online based test bank with over 2,500 practice questions.  Additionally, you have full access to detailed analytics to track your progress and access to dedicated message boards where students can post questions that will be answered by dedicated CFA exam prep coaches.

Additional features include:

  • Test Bank with over 2,500 questions.
  • Over 50 video based solutions to practice questions.
  • Proprietary algorithm that increases the difficulty based on your individual progress.
  • All practice questions include detailed solutions so you will be better prepared in the future for those question types.
  • Dedicated message board with access to coaches and teachers that answer questions from students.
  • Available for all 3 levels of the CFA exam.
  • Available for just $149.

For more information, you can also read our full review of Adaptprep.

Kaplan Schweser

Schweser is one of the most well known CFA prep course providers.  The reason is because Schweser has a consistent track record of helping students to pass the CFA exam with a variety of high quality study materials suited for a range of learning styles.

Schweser makes a great choice for students looking for a more comprehensive review course as well as for students just looking for a dedicated test bank product.

For students looking for a more comprehensive study package, you have a choice between a package that includes live instructor led classes or a package that just includes the core study  material.  Choosing the core study material is a great option for students that are comfortable creating their own study schedule and sticking with it.

Premium Package

The classroom based lectures are available as video on demand or you can attend live classes in certain cities around the country.  This makes a great choice for students looking for a more structured study program.

The premium package includes the following features:

  • Schweser study notes
  • Schweserpro Qbank access.
  • 40 hours of video based lectures.
  • 4 full length practice exams.
  • Quicksheet formula summary sheet.
  • Instant link to ask real-time questions to instructors.
  • Weekly online classes which you can watch live or recorded.
  • Schweser Pass Protection.  If you don’t pass, you can access the course free for the next CFA exam.

Essential Course

Students that are more comfortable structuring their own study plan have a more cost effective option with Schweser’s Essential course.

The Essential course includes access to the Schweser core study material without the extra cost of the classroom lectures.  Students that prefer this package still have access to the test bank product and Schweser’s pass guarantee.

The Essential course includes the following:

  • Schweser study notes.
  • Dedicated Qbank for the CFA exam.
  • 4 full practice exams.
  • Formula quicksheet.

CFA Level 1 Qbank

Students that just need access to a dedicated question bank will like the option of purchasing access to Schweser’s sample question test bank without being required to purchase a more expensive product bundle.

Schweser’s question bank includes over 3,800 questions that are available on your computer, tablet, or mobile phone.  Schweser also offers a dedicated app that you can download from the Apple or Android stores.

Additional features included with the Schweser test bank include:

  • Detailed analytics to track your progress by topic area and learning outcome statement.
  • Advanced learning adaptive platform monitors your progress by topic area and matches question difficulty levels to your progress.
  • One of the largest number of sample question databases with over 3,800 questions.
  • Mobile friendly access with a customized app that you can download to your phone.

You can also read our detailed review of Schweser.

Wiley CFA Sample Questions

Wiley offers a high quality CFA exam prep course program.  Students looking for access to additional practice questions will benefit from Wiley’s comprehensive study guide product that covers each section of the exam and includes extra practice questions with detailed explanations.

For more information, see our full Wiley CFA review.

Udemy Targeted CFA Online Courses

CFA candidates that are struggling with specific topic areas on the exam might find it more helpful to focus on a highly targeted course that offers extra practice exam questions with step by step video based explanations and solutions to practice problems.

Udemy offers a variety of CFA exam online courses for specific exam topic areas.  Some of the most popular courses include the following topic areas:

  • Derivatives
  • Financial Reporting & Analysis
  • Fixed Income
  • Quantitative Methods

The best part about using Udemy for targeted topic areas is the low price.  If you just need a refresher on a specific topic like accounting or derivatives, you can take a specific course for less than $50.  For more information on Udemy’s CFA courses, click here.

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