CFA: Chartered Financial Analyst

CFA - Chartered Financial Analyst - International Certified Financial Analyst Degree.



Diploma of economic institution has never been a document giving a guarantee a specialist is able to engage in high-level financial analysis. Usually, people receive necessary qualification directly at work in banks and companies. But some of them feel higher education and experience are not enough. Then men and women go to voluntary financial analysis training and receive a certificate of international standard.



Analytical Chartered Financial Analyst (CFA) degree is the most widespread. More than a hundred specialists already obtained it, and hundreds more are in the process of certification.



The degree of CFA is assigned by Association for Investment Management and Research, AIMR. The Association was founded in 1990 by combining Financial Analysts Federation (FAF, founded in 1947) and Institute of Chartered Financial Analysts (ICFA, founded in 1959). AIMR members include more than 40 000 people.



To become a CFA, one should pass three big exams and have large experience in profession for at least two years. Each exam is passed at one day all over the world, so the process of obtaining certificate is extended for three years. Sudden illness on the day of exam will automatically mean a delay for the whole year.



Just last year, AIMR started taking exams of the first stage twice a year. The reason is that many companies in the West use this level as a qualification minimum for people admission to work.



The minimum costs of obtaining certificate are $ 1500-2000 under the condition an applicant will treat purchase of teaching materials economically. "AIMR requires people reading books released by Association. But the cost of a set of textbooks for one year is $ 800, and special agencies offer several volumes with necessary reduced information for $ 200" - told one of CFA. If an applicant does not save money on textbooks and supplementary training courses for the exams, his expenses can rise to $ 5000.



CFA course is divided by topics in following proportions: up to 40% are taken by investment instrument issues, 20% - valuation asset and portfolio management, 10% - global markets. Some companies consider certificate of financial analysts as an alternative to MBA degree (Master of Business Administration). Of course, MBA program is much wider, but in the course of study at the CFA financial issues are worked out better, while education costs at least several times cheaper. So if one decided to focus on financial sphere of business, obtaining this or that financial analyst certificate may become a viable alternative to a complete business education.

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