The Thesis
The CFA Institute publishes the official curriculum that every candidate must learn. The Institute also publishes its own question bank, learning ecosystem study sessions, and an official mock. But most candidates use at least one third-party prep provider for notes, videos, and additional questions because the official curriculum alone is dense and long.
The market has consolidated to four widely used providers: Schweser (Kaplan), Mark Meldrum, the CFA Institute Learning Ecosystem (LES), and Bill Campbell (especially for mocks and Level 3 essays). This article compares them and recommends combinations based on candidate type.
What Each Provider Offers
| Provider | Strengths | Weaknesses | Typical Use |
|---|---|---|---|
| Schweser (Kaplan) | Concise notes, large question bank, structured QBank tags, paper formula sheets | Sometimes summarizes too much, can miss nuance on Level 2 and 3 | Notes and supplemental QBank |
| Mark Meldrum | Strong videos, especially Quant, Derivatives, FRA; engaging style | Less effective for last-mile mock practice | Primary video instruction |
| CFA Institute LES | Official curriculum and questions; learning ecosystem | Long, dense reading; smaller QBank than Schweser | Authoritative source and end-of-chapter questions |
| Bill Campbell | Strong Level 3 essay practice; high-quality mocks | Less coverage of Level 1 and 2 breadth | Level 3 mocks and essay drills |
Recommended Combinations By Level
CFA Level 1
The high-volume goal at Level 1 is to cover the syllabus without drowning. Recommended:
- Primary content: Schweser Notes plus Mark Meldrum video lectures.
- Question bank: Schweser QBank plus the CFA Institute LES practice questions and end-of-chapter questions.
- Mocks: Two CFA Institute mocks, one Schweser mock, one Mark Meldrum mock.
- Skip: third-party flashcards. The CFA Institute LES vocabulary lists are sufficient.
Why this combination: Schweser keeps the volume manageable, Mark Meldrum's videos accelerate the harder topics (Quant, Derivatives, FRA), the LES questions ensure exposure to official wording, and the mocks come from different sources to stress different question phrasings.
CFA Level 2
Level 2 rewards understanding of the official curriculum more than Level 1. Recommended:
- Primary content: CFA Institute curriculum readings for FRA, Equity, and Fixed Income. Schweser Notes for the others.
- Video: Mark Meldrum for FRA (pensions, intercompany, currency) and Derivatives.
- Question bank: CFA Institute LES questions are the highest-quality source. Schweser QBank as supplement.
- Mocks: Two CFA Institute mocks, one Schweser, one Bill Campbell (item-set style).
- Skip: heavy reliance on summary notes for the heaviest topics. The wording matters more at Level 2.
Why this combination: Level 2 questions are vignette-based with multiple correct-looking answers; the official wording matters more than at Level 1. Mark Meldrum is especially strong for the multi-statement FRA topics that show up across multiple Level 2 readings.
CFA Level 3
Level 3 has a constructed-response (essay) section and an item-set section. Recommended:
- Primary content: CFA Institute curriculum. Schweser as supplement only.
- Video: Mark Meldrum for portfolio construction and behavioral finance.
- Essays: Bill Campbell mocks and his essay-specific drills. The CFA Institute essays from past years where available.
- Question bank: CFA Institute LES is essential. Schweser QBank can pad item-set practice.
- Mocks: Two CFA Institute mocks, three Bill Campbell mocks. The essay practice is where many candidates fail.
Why this combination: Level 3 is essay-heavy, and Bill Campbell's essays match the actual grading style closely. Schweser alone often does not give enough essay practice.
When To Use Just One Provider
A single-provider strategy can work for Level 1 if budget is tight. Schweser Premium Plus alone covers notes, videos, and QBank with enough volume to pass. Add the CFA Institute LES (it is included with the registration fee) for the official mocks and EOC questions.
At Level 2 and 3, one provider rarely suffices. The volume of practice required combined with the importance of official wording usually means at least two providers.
What To Avoid
- Buying every provider on the market. The marginal value of a third provider for the same content is low. Pick a combination of two or three and use them deeply.
- Skipping the CFA Institute mocks. They are written by the question authors and are the most accurate predictor of the real exam.
- Using only summary cards or flashcards for FRA. The depth required exceeds what a card can capture.
- Spending money on a "guaranteed pass" course. The pass guarantees usually require completion of unrealistic study volumes that few candidates actually do.
Cost-Benefit Snapshot
Most candidates land at the standard budget combination. The premium tier is worth it only for Level 3 where essay practice matters more.
Retake Strategy
If you fail and are retaking, do not throw out everything. Keep the notes and curriculum you already own. Switch one of your providers (often the video or the QBank) to expose yourself to different phrasings. Increase mock volume rather than re-reading.
A common retake mistake is buying a completely new prep package. The marginal value is low and the time is better spent on targeted question practice in the topics that produced the low band on your prior attempt.
Exam Framing
Provider choice is a means, not an end. Two candidates with the same providers can have wildly different outcomes based on how they use them. Picking the right combination matters less than:
- Doing the EOC questions, not just reading.
- Taking timed mocks under exam conditions.
- Reviewing missed questions to understand the wrong answer, not just memorize the right one.
- Practicing in our AcadiFi question bank to expose yourself to varied phrasing.
Use this comparison to make an informed choice, then spend the time on the work itself.