CFA charter demonstrates dedication, ability, analytical skills, and ethical grounding required for several roles like portfolio managers, research analysts, risk managers, financial advisors, etc. There are many areas in the finance sector where CFA designation is a must.
Be it Fintech, Alternative investment, Foreign exchange, Buy side and sell side research, Asset management, CFA charterholders are given preference by the employers. The direction and growth that the charter provides to financial career by establishing your credibility among top employers explains why you should pursue CFA exams.
CFA charter is one of the most well-known professional qualifications in the world of finance. It offers career mobility to the charterholders and irrespective of the country from where they have earned their charter, it helps them to be recognized favorably in the hiring process of financial services firms worldwide.
CFA Institute has a global network of over , charterholders. It offers access to unmatched career prospects and networking opportunities. The CFA Institute estimates the average candidate should expect to spend at least hours preparing for each level.
In fact, the average candidate spends an average of hours preparing for each exam hours for level I; hours for level II; hours for level III. Before entering the chartered financial analyst CFA program, be sure you've considered the costs, the time commitment, and whether it's likely to help you to get to where you want to go in your career. Once you've considered the time required to pass the levels, you must next look at the professional requirements needed.
Before a candidate can become a CFA, they must have accrued 48 months of acceptable work experience. Fortunately, the CFA Institute's definition of acceptable experience is fairly broad, encompassing such areas as trading, economics, and corporate finance. However, there are a number of candidates who enter the program and are not in fields where anything they do can be construed to be within the realm of acceptable experience.
Some of these candidates may find that while they are able to pass the educational requirements, they will not receive the designation because they do not have the required professional experience. Finally, before candidates can receive their charters, they must join the CFA Institute.
If you need help, the CFA Institute's website explains the process in detail. To help you decide whether to pursue the charter, let's take a look at how it might be beneficial to you and your career. First, there is an educational benefit; you will learn a great deal and add a great credential to your CV. Then, there is a boost to your reputation. People in the business know the time and dedication it takes to earn the charter.
When they see you have earned it, they will likely believe you have the ability, dedication, ethical grounding, and analytical skills necessary to do the job in question. There also may be financial benefits.
You may see your salary increase after you've become a CFA or you may surpass other applicants who don't have this designation when competing for a new job. The operative word here is "may. There are a number of financial fields in which having the charter is a substantial plus. The obvious one is investment management. As the investment industry continues to become more competitive and more commoditized, it will become almost imperative for any credible investment manager to earn the charter.
Outside of investment management, there are a number of other professions in which charter holders will benefit considerably:. Beyond this list, there are a number of professions in which having the CFA Charter helps, but where it is not a career roadblock if the financial professional does not have it. The CFA charter is not a guaranteed path to riches and glory.
Before taking the plunge, carefully consider several drawbacks to earning one. Becoming a CFA is a huge investment in time—a minimum of hours per year over three years. On another, it is also more effective to an individual who does not have the time or the resources to go through a full-time MBA program in a top-tier university. Today, be it Fintech, Foreign Exchange, Alternative Investments or other offbeat profiles, The charters are the most preferred options for employers.
Having gone through a rigorous syllabus, charters are quite well prepared for all kinds of demanding profiles. The charter is known to be the most prestigious and valued qualification in the finance and investment industry. People widely understand and know the intense process that candidates need to go through before getting the charter. This makes it easier when stepping into the industry, as charter holders gain instant recognition and respect, making it easier for them to take up interesting roles or positions.
Being part of these societies will not only increase your networking opportunity but also your chance of landing a dream position. Openings in areas such as asset management, hedge funds, fixed income, equity research etc. Top investment firms value this knowledge base and give more preference to charter holders than other candidates from related fields.
The designation is one of the most preferred gateways for a global career in finance. Most of these surveys do not remove the effect of work experience either, which is one key driver of salary increase over time. Our latest Hours salary and compensation research does this properly though. Here is what we found: on average, compared to non-candidates, CFA candidates saw an increase in pay by:. Ultimately, suffice to say that acquiring a CFA charter will open more opportunities in finance to you and make it easier for you to explore others.
Want to share your experiences? Leave me a comment below! You just need a bachelors degree to sit for the exams. Good luck, and if you have a specific question, post it at our forum!
We have written a comprehensive guide on CFA work experience , check it out, hope that helps! Its a serious finance out here. No wonder how many of us pass this exam but the knowledge we get by reading the books is true a added advantage.
A cut above the rest! Great post!
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