How to pick an exam prep service for the CFA Institute program?

First, remember that the curriculum should comprise most of your coursework.

The only ones the Council of Examiners use when constructing exam questions are the Learning Outcome Statements (LOS) developed for the CFA Institute program. Even though the programs are distance learning self-study, we know that different candidates have various learning preferences. Some candidates may find that review resources, like study manuals or prep courses, facilitate their learning.

Gather as much knowledge as possible before selecting any service provider or reviewing products.

These are some inquiries to make:

• Question the credentials of the instructors:
  • Are the instructors for the review courses professionals in the fields they teach? Why would you spend money to learn financial statement analysis from an authority on a fixed income? Verify the subject-matter expertise of the lecturers.
  • Does the test preparation company predict which specific subjects will be tested? An exam may cover any topic subject to a learning outcome statement (LOS). Exam preparation classes should help you prepare for the exam, not speculate about its content. There are no “solutions” to the LOS; instead, you should focus on learning the material and the LOS that goes along with it.

Verify the accuracy of the information:

• Does the test prep company claim to use actual questions from previous exams? The CFA Institute has not released any authentic Level I multiple-choice questions or genuine Level II or Level Ill item sets since 1995. Additionally, the CIPM® exam questions are kept private.
• Are the instructors who wrote the study guides CFA® charter holders CIPM certified professionals, or do they hold a different degree? Check to see if your teacher has “been there, done that” or, at the very least, has much experience assisting students with exam preparation. However, you should be aware that the longer it has been since a person participated in the program, the less direct knowledge they have of it. The outcome of the ongoing global practice analysis for all three programs—ensuring that the curriculum is current and aligned with professional practice—is a revised Candidate Body of Knowledge.

Consider the following:

• The CFA Institute does not work with any preparatory providers nor endorse, promote, or attest to the reliability of their products or services. 

• The Approved Prep Provider Program was developed by CFA Institute for providers who produce their preparatory goods and services or license-approved primary materials but added value using their instructors.  
• The Approved Prep Provider Program providers know how important it is for candidates to comprehend the curriculum, voluntarily follow the rules, and adhere to strict communication standards. Additionally, remember that the CFA Institute is consistently the best source of information for candidates looking to enrol in the CFA Program and CIPM Program.
• Some test preparation services encourage candidates to study for the exam outside of the required course, and some even offer advice. Although they can enhance the curriculum, preparatory materials should never replace carefully studying the suggested curriculum.
• The Approved Prep Provider Program participants agree to emphasize the importance and value of the curriculum in effectively preparing for the exam and the role of their study materials as supplemental materials to support the recommended curriculum.

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