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Seems like you could save a nice chunk of materials using last years stuff. Anyone had any experience with this? Thanks!
I've tried it once, it didn't really work for me as I was too paranoid that I was leaving out material.
If I had to do it again I'd not bother. Yes you save some money, but the 'expected value lost' from the increased risk of failing makes it not worth it.
I would have to guess that the expected value lost from 1 year has to be small. For example, I doubt they are are reshaping entire sections and exactly how many new concepts could be added and then make their way to questions on the exam itself.
Also, I'm really just talking about Schweser notes. I think the bulk of my studying would come from the CFA materials themselves.
There are notes (Elan's are quite dependable) that go through the changes that happen from year to year. It really depends on your personal choice and whether you can afford the $1000 or so for new notes. But undoubtedly it would be a slight hassle to ensure you're studying the right material.
Elan 2013-2014 L1 changes here: http://www.elanguides.com/docs/Los-changes-2013-2014.pdf
I would highly recommend by the most current materials. For June 2014 level II they added whole new sections.
An extra couple hundred bucks to give yourself the best shot at passing seems well worth it compared to the alternative: putting in 6 months of work, failing due to curriculum gaps, and then having to repeat the process again but this time actually buying the current curriculum because you finally realized your mistake.But to be fair, people pass the exam while "punting" whole sections even with the most up-to-date materials, so I suppose you could probably get by on one year old materials.
You may want to check this thread out too: http://www.analystforum.com/forums/cfa-forums/cfa-level-ii-forum/91334864It looks like they've dropped a whole bunch of readings for level II, and added only 1 or 2.