Best CFA Level II Study Materials 2026: Schweser vs Wiley vs Mark Meldrum

There is no shortage of CFA Level II study materials. There is, however, a shortage of honest, detailed comparisons that help you make the right choice for your learning style, budget, and timeline.

This guide evaluates the major prep providers for 2026 based on: content quality, vignette practice quality, explanation depth, video content, platform features, and cost. It also gives you a recommended combination strategy based on where you are starting from.

Key Facts

| Provider | Format | Approx. Price (2026) | Best For | |----------|--------|---------------------|---------| | Kaplan Schweser | Notes + QBank + Video | $599–$1,099 (package-dependent) | Comprehensive structured prep, most popular | | Wiley CFA Review | Notes + QBank + Video | $499–$999 | Candidates wanting more detail in explanations | | Mark Meldrum | Video + Notes | $299–$499 | Supplemental video explanations for hard topics | | IFT (Irfanullah Financial Training) | Video + Notes | $249–$449 | Video-focused learners; strong on ethics/derivatives | | CFA Institute Official | Curriculum + Mocks | Included with registration | Authoritative source; non-negotiable supplement |

Prices are approximate and change annually. Verify current pricing at each provider's website.

Table of Contents

• The Non-Negotiable Foundation: CFA Institute Materials
• Kaplan Schweser: The Market Standard
• Wiley CFA Review: The Detail-Oriented Choice
• Mark Meldrum: The Video Specialist
• IFT (Irfanullah Financial Training)
• Free and Low-Cost Supplements
• Recommended Material Combinations
• How to Choose Based on Your Learning Style
• Common Material Selection Mistakes
• FAQ

The Non-Negotiable Foundation: CFA Institute Materials

Before evaluating any third-party provider, establish one principle: the CFA Institute's own materials are the only authoritative source for exam content. No third-party provider has access to the exam questions in advance. All prep providers work from the same publicly available CFA Institute curriculum.

What CFA Institute Provides (Included with Registration)

Curriculum Readings: The full Level II curriculum, accessible through the CFA Institute online learning ecosystem. These are the source documents that all prep providers work from. They are long (roughly 3,000+ pages equivalent), dense, and not optimally structured for self-study — but they are definitive.

Blue Box Examples: Worked examples embedded in each reading that are essential practice. These are not optional.

End-of-Chapter Questions: Practice questions for each reading. These are high-quality and directly aligned with LOS. Do all of them.

Mock Exams: CFA Institute typically provides one or two official mock exams. These are the single most valuable practice resources available because they are constructed by the same organization that writes the actual exam. Do every available official mock exam.

Topic Tests: Additional question sets available through the CFA Institute learning ecosystem. Use these to reinforce weak topics.

What CFA Institute Does Not Provide Well

The official curriculum is comprehensive but not optimized for test preparation. It is organized as educational material, not as a study guide. Most candidates find it too slow to read cover-to-cover given the 300–400 hour time budget. This is where third-party providers add genuine value.

Kaplan Schweser: The Market Standard

Schweser is the dominant third-party prep provider for CFA exams by registration numbers and community prevalence. When you read a passing candidate's study plan on Reddit or a CFA forum, Schweser is the most commonly cited resource.

SchweserNotes

The SchweserNotes condense the official CFA curriculum into roughly five volumes of exam-focused summaries. Each reading is compressed to the most testable material with key formulas highlighted and LOS explicitly addressed.

Strengths:

• Significantly faster to read than the official curriculum
• Consistently updated with current LOS
• Formula summaries at the end of each reading
• Large community of users means abundant study group support

Weaknesses:

• Sometimes too condensed for hard topics (Derivatives, Fixed Income) — explanations can feel insufficient for first-time encounters with complex concepts
• Candidates who need conceptual depth may find gaps in Schweser's explanations on the most technical content

Schweser QBank

The Schweser QBank contains thousands of practice questions organized by topic, LOS, and difficulty. The Level II QBank includes both item-set (vignette) questions and standalone MCQs.

Quality of Vignette Practice: The vignette questions in the Schweser QBank are generally well-constructed and accurately represent the format. However, they are slightly easier and less ambiguous than the actual exam on average — this is a known limitation.

Strengths:

• Largest question bank of any provider
• Performance analytics show strength/weakness by topic
• Regular updates as curriculum changes

Schweser Mock Exams

Schweser provides six mock exams (three full AM/PM pairs) at the premium tier. These are widely regarded as good practice, but are generally considered slightly easier than the actual exam.

Schweser Videos (SchweserPro)

Schweser offers video lectures for each topic. Quality is consistently professional but somewhat dry. Most candidates who use Schweser for notes do not rely heavily on the video lectures as a primary learning tool — they use videos for specific topics where the notes feel insufficient.

Schweser Packages and Pricing

| Package | Approx. Price | Contents | |---------|--------------|---------| | Essential | ~$599 | SchweserNotes, QBank (basic), one mock | | Premium | ~$849 | SchweserNotes, QBank (full), six mocks, video | | PremiumPlus | ~$1,099 | Premium + live online classes, additional mocks |

Recommendation: The Premium package provides the best value for most self-study candidates. PremiumPlus is worth considering only if you benefit significantly from live instruction.

Wiley CFA Review: The Detail-Oriented Choice

Wiley offers a genuine alternative to Schweser with a different content philosophy: more explanation, more depth, more conceptual grounding. For candidates who find Schweser's notes too compressed, Wiley is a natural choice.

Wiley Study Guides

Wiley's study guides are longer than Schweser's notes and include more worked examples and conceptual explanation. For hard topics like Derivatives and Fixed Income, the additional depth is often the deciding factor for candidates who choose Wiley.

Strengths:

• More complete explanations for complex topics
• Better integration of "why" alongside "how" (understanding versus memorization)
• Adaptive question platform adjusts to your performance level

Weaknesses:

• Takes longer to read than Schweser (a real constraint given limited study hours)
• Some candidates find the additional detail creates decision fatigue about what to prioritize
• Smaller community than Schweser (less forum support, fewer study groups)

Wiley Adaptive Question Bank

Wiley's question platform is adaptive: it adjusts the difficulty and topic distribution of questions based on your performance. This makes practice time more efficient — you are not practicing what you already know.

Quality: Wiley's questions are generally well-regarded and slightly harder than Schweser's on average, which some candidates prefer as better exam preparation.

Wiley Pricing

| Package | Approx. Price | Contents | |---------|--------------|---------| | Self-Study | ~$499 | Study guides, QBank, mock exams | | Gold | ~$749 | Self-Study + video lectures, extended access | | Platinum | ~$999 | Gold + tutoring sessions |

Recommendation: Self-Study or Gold for most candidates. Platinum is worth considering if you expect to need personalized support on specific topics.

Mark Meldrum: The Video Specialist

Mark Meldrum is a Canadian finance professor whose CFA video lectures have developed a genuinely devoted following. He has been teaching CFA candidates for over a decade and the depth of his explanations — particularly for Derivatives, Fixed Income, and Quantitative Methods — is widely praised.

Why Mark Meldrum Is Different

Unlike Schweser and Wiley, Mark Meldrum's approach is video-first. His lectures are long, detailed, and conceptually thorough. He explains not just what the answer is but why the formula works, where it comes from, and what it is trying to measure.

For candidates who struggle to understand derivatives pricing intuitively from a text summary, a Mark Meldrum video that walks through the binomial option pricing model step by step can be transformative.

Mark Meldrum's Strengths

• Exceptional conceptual clarity on hard topics
• Coverage of common misconceptions and exam traps
• Responsive to candidate questions (active online community)
• Lower price point than full-package Schweser or Wiley
• Notes included with video subscriptions

Mark Meldrum's Limitations

• Video-heavy approach is slower than reading notes for candidates who are already conceptually strong
• Practice question bank is smaller than Schweser's
• Best used as a supplement to another provider's notes and question bank, rather than as a standalone resource

Mark Meldrum Pricing

Mark Meldrum's Level II package is approximately $299–$499 depending on access level and exam window. This represents strong value for the video content quality.

Recommendation: Mark Meldrum is the best single supplement to add if you are using Schweser as your primary provider and struggling with any of: Derivatives, Fixed Income, or Quantitative Methods.

IFT (Irfanullah Financial Training)

IFT is a Pakistan-based online education company that has produced high-quality CFA video lectures for many years. Instructor Irfanullah Khan is known for clear, structured video explanations that closely follow the CFA Institute curriculum.

IFT's Strengths

• Very close alignment to the official CFA Institute curriculum (LOS-by-LOS coverage)
• Strong Ethics coverage — some candidates prefer IFT's Ethics videos over all competitors
• More affordable than Schweser or Wiley at similar quality
• Good community support through YouTube and forums

IFT's Limitations

• Practice question bank smaller than Schweser
• Less marketing presence means smaller community (fewer peer study resources)
• Some candidates find the lecture style more formal/academic than Mark Meldrum's

IFT Pricing

IFT's Level II package is approximately $249–$449. A free YouTube channel provides preview content across many topics.

Recommendation: IFT is a strong standalone alternative to Schweser for candidates on a tighter budget or those who prefer video-first learning.

Free and Low-Cost Supplements

Reddit (r/CFA)

The r/CFA subreddit has an active community of current candidates, recent passers, and experienced retakers. Study tip threads, material reviews, and topic-specific discussions are freely available. Useful for calibrating your preparation and troubleshooting specific issues.

AnalystForum

AnalystForum.com is the original CFA candidate forum, with detailed topic-specific Q&A threads going back many years. The search function can surface answers to specific conceptual questions in topics you find confusing.

YouTube

Multiple CFA educators post Level II videos on YouTube for free. Mark Meldrum posts some preview content; IFT has an extensive free library. For candidates on a tight budget, a combination of free YouTube videos and official CFA materials can cover most topics.

CFA Institute Learning Ecosystem

The ecosystem (CFA Institute's online platform, included with exam registration) includes curriculum readings, Blue Box examples, EOC questions, topic tests, and official mocks. This is genuinely comprehensive free content. Many candidates underutilize it.

Recommended Material Combinations

Combination 1: The Standard Path (Most Common)

Primary: Schweser Premium (notes + QBank) Supplement: Official CFA Institute mocks and EOC questions Add-on: Mark Meldrum videos for Derivatives and Fixed Income

Best for: Working professionals with moderate budgets who want the most community-tested approach.

Combination 2: The Detail-Seeker

Primary: Wiley Gold (study guides + QBank + video) Supplement: Official CFA Institute mocks and topic tests Optional: Mark Meldrum for Derivatives only

Best for: Candidates who found Level I notes insufficient and want deeper conceptual grounding before practicing.

Combination 3: The Budget-Conscious

Primary: Mark Meldrum subscription (or IFT) Supplement: Official CFA Institute curriculum readings and EOC questions Supplement: CFA Institute official mocks (free with registration)

Best for: Candidates with more time than money who can handle a video-first approach.

Combination 4: The Quantitatively Strong Candidate

Primary: Schweser Essential (basic tier) Add-on: Extra QBank questions or Wiley's adaptive platform Focus time: On official mocks and timed vignette practice

Best for: Candidates with finance PhDs, quantitative MFE backgrounds, or similar deep technical training who need practice volume more than content explanation.

How to Choose Based on Your Learning Style

| Learning Style | Best Primary | Best Supplement | |---------------|-------------|----------------| | Note-taker, text-based learner | Schweser Premium | Official curriculum for difficult topics | | Visual/audio learner | Mark Meldrum or IFT | Schweser QBank for practice volume | | Detail-oriented, conceptual | Wiley Gold | Mark Meldrum for Derivatives | | Efficient, wants minimum sufficient | Schweser Essential | Official EOC + mocks | | Retaker, failed by Band 10 | Keep primary; add targeted Mark Meldrum | More official mock exams |

Common Material Selection Mistakes

Mistake 1: Buying too much material and reading it all at low depth

More is not better. Two prep providers' worth of notes read once at low concentration produces less learning than one provider's notes read twice with active recall. Choose one primary source and go deep with it.

Mistake 2: Relying only on third-party providers and skipping official CFA materials

Official EOC questions and official mock exams are categorically more valuable than any third-party equivalent because they come from the same organization that writes the actual exam. Always include official materials regardless of what third-party provider you use.

Mistake 3: Prioritizing video lecture hours over practice time

Watching videos feels productive but builds passive understanding, not active application skill. By the time you are 8 weeks from the exam, you should be spending more time on timed practice than on any other activity.

Mistake 4: Changing providers mid-preparation

Switching from Schweser to Wiley halfway through because you are struggling with Derivatives is usually a mistake. Changing providers means re-reading material with a different structure. Instead, add a targeted supplement (a Mark Meldrum video on the specific topic) rather than abandoning your primary system.

FAQ

Q: Is it possible to pass using only the official CFA Institute materials? A: Yes — some candidates do. But the official curriculum is long and not optimized for test-prep efficiency. Most working professionals find a third-party provider's notes substantially faster to work through. The combination of third-party notes for reading and official materials for practice is the dominant approach for a reason.

Q: Has anyone passed using only free resources? A: Yes, but it is not common and the free resource landscape is more limited. CFA Institute's free materials (curriculum, EOC, mocks) are comprehensive. Supplemented with free YouTube content from IFT or Mark Meldrum, a motivated candidate can pass without paid prep materials — but the structured study path is harder to navigate.

Q: Should I use the same prep provider I used for Level I? A: Many candidates do, for familiarity and continuity. But the Level II content is hard enough that it is worth evaluating whether your Level I provider's coverage was sufficient. If you found Level I Schweser notes too thin on hard topics, Wiley or a Mark Meldrum supplement might be worth adding.

Q: Are there CFA Level II prep courses with live instruction? A: Yes — Schweser, Wiley, and several independent tutors offer live online or in-person classes. These add significant cost ($500–$2,000+) and may benefit candidates who struggle with self-directed study or who need accountability.

Q: How current are the prep materials for the 2026 curriculum? A: All major providers update their materials annually to reflect curriculum changes. Always purchase the most current edition and verify that your materials say "2026 curriculum" or are published in late 2025 or early 2026.

Q: Is Mark Meldrum sufficient as a standalone resource without Schweser? A: Some candidates do pass using only Mark Meldrum. However, the practice question volume in the Mark Meldrum platform is smaller than Schweser's QBank, which is a limitation. Most candidates who rely primarily on Mark Meldrum supplement with official CFA Institute topic tests and mocks to address the question volume gap.