What you already have
CFA Institute's Level I page says: "Candidates have access to the CFA Program Learning Ecosystem, which includes the digital curriculum, practice questions, mock exams, and study tools." The same page says: "Successful candidates report spending over 300 hours on average preparing for each level of the CFA exam." So the question is not whether you have material. It is whether the material you have fits how you study and the hours you have.
What candidates actually do
CFA Institute surveyed 16,648 candidates after the May 2024 exams. The study resources they said they used:
| Resource | Share of candidates |
|---|---|
| Learning Ecosystem practice questions | 70% |
| Learning Ecosystem mock exams | 68% |
| A prep provider, digital, print or in person | 56% |
| Learning Ecosystem lessons | 51% |
And the main reason those who bought a course gave for buying it:
| Main reason | Share |
|---|---|
| The provider offered more concise study materials | 30% |
| The provider had more materials in my preferred study format | 16% |
| Others recommended that I hire a prep provider | 13% |
| The provider had more practice questions or mock exams | 9% |
Read those two tables together. Candidates do not buy courses because CFA Institute's material is missing. They buy them because the official curriculum is long, and a course is shorter.
When a course earns its price
- You are short of hours. Three hundred hours of curriculum does not fit in ten weeks of evenings. Concise notes and a planner that fits your weeks are the whole case for a course, and the most common reason candidates give.
- You learn from being taught. The Learning Ecosystem has lessons, but if you learn from a lecturer, a video course is the format you will keep turning up to.
- You want more questions than the official bank. The providers' banks run from about a thousand questions to several thousand per level, with answer explanations.
- You want someone to ask. Several courses include an instructor to put questions to, and some include live classes.
When it does not
- You have the hours, you read well, and you do questions on your own without being pushed. The official material is enough.
- You failed narrowly last time. You need practice volume, not a second full course. A question bank or mock pack costs a fraction.
- You are buying the reputation. No provider publishes a pass rate with a method behind it, and we repeat none.
If you do buy, start with a provider CFA Institute lists. Our guide to CFA Institute's prep provider list and its Approved label shows where the five we compare stand.
Sources
- CFA Program Candidate Survey, May 2024, Global, CFA Institute, read 25 Sep 2026.
- CFA Program Level I exam, CFA Institute, read 3 Oct 2026.
PrepProviders research. Published 3 Oct 2026.
Quick answers
What does CFA Institute give you when you register?
CFA Institute says: "Candidates have access to the CFA Program Learning Ecosystem, which includes the digital curriculum, practice questions, mock exams, and study tools." That is the full curriculum, practice questions and mock exams, included in the registration fee.
What share of candidates use a prep provider?
In CFA Institute's May 2024 candidate survey, 56% of 16,648 responding candidates said they used a prep provider, against 70% who used the Learning Ecosystem practice questions and 68% its mock exams.
Why do candidates pay for a prep course?
The main reasons given in the same survey: the provider offered more concise study materials (30%), the provider had more materials in my preferred study format (16%), others recommended that I hire a prep provider (13%), the provider had more practice questions or mock exams (9%).
How much does a CFA prep course cost?
At Level I, the cheapest full course in our data is $399 and the dearest entry course is $599, with top tiers above $1,000. Question banks and mock packs on their own start under $100.
Not sure which course suits you?
Eight questions match you to a provider, with the reasons.
Take the quizSome providers pay us a commission when you buy. Those links are marked.
- Visit AnalystPrep (opens in a new tab)Opens in a new tab. Paid link
- Visit Kaplan Schweser (opens in a new tab)Opens in a new tab
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