Chartered Financial Analyst [C.F.A] is a globally recognized course offered by the CFA Institute, USA. Chartered Financial Analyst is considered to be one of the most respected degrees in Financial Services and Management and the pinnacle in Investment Management and Analysis.
CFA syllabus has 10 core subjects that are taught across three levels. There are three CFA Levels; CFA Level 1, CFA Level 2 and CFA Level 3. CFA admission 2023 is done on the basis of a merit list that would be prepared based on the candidates’ scores in graduation and work experience.
The basic CFA Eligibility is a Graduate from any discipline or in the final year of graduation or 4 years of work experience and possesses an International Passport. The minimum CFA Course Duration is 2 years. The average CFA Course Duration is 3-4 years.
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CFA course Fees are INR 40,000 – 1 LPA in top CFA colleges. CFA fees are USD 1200 for standard registration and USD 900 for early registration. CFA Fees in Rupees depend on the exchange rate. All students will need to submit the CFA Entrance Exam fee in USD.
After successful completion of CFA certification, candidates are offered various CFA job opportunities such as Investment managers, Portfolio managers, Risk managers or even Chief Financial officers. The average CFA course salary in India ranges between INR 3,50,000 to 35,00,000.
2.1 CFA Institute
2.2 Why Study CFA
3.1 CFA Eligibility/Requirements
3.3 CFA Cost
4.1 CFA Subject
4.2 Course Content
4.4 Reference Books
5.1 CFA Level I
5.2 CFA Level II
5.3 CFA Level III
7.1 USA
7.2 Australia
7.3 Canada
7.4 UK
8.1 CFA vs CA
8.2 CFA vs MBA
9.1 Top recruiters
CFA Course Details
- CFA Full Form is Chartered Financial Analyst. CFA is a professional degree offered by the CFA Institute, USA.
- CFA Course Duration ranges from 1.5 - 4 years. In order to seek CFA admission, the candidates must be graduate in any stream. However, candidates in the final year of graduation can seek admission in CFA Level I. Check: CFA Admission 2023
- The CFA course has no entrance examination. Firstly, the candidates need to register themselves before starting with the course.
- The candidates need to pass all three levels of the Chartered Financial Analyst course. The three levels are CFA Level I, CFA Level 2 and CFA Level 3.
- The CFA Course Fees in India range from INR 190,000- 5,86,000.
- The different sectors where the candidates can find jobs after the completion of the course are Banks, audit firms, Legal houses, investment etc.
- Candidates get opportunities to work as Chartered Financial Analysts, Investment Managers, Portfolio Manager etc. after completion of the CFA course. Check: How to become a Financial Analyst
- The average salary of a Chartered Financial Analyst without a CA degree can range between INR 4,00,000- 20,00,000.
- After completion of the degree, a Chartered Financial Analyst gets placed in top financial companies such as JP Morgan, PwC, HSBC, PBC, Ernst and Young, etc.
CFA Full Form
CFA full-form Chartered Financial Analyst is a professional Postgraduate certification course offered by the CFA Institute, USA. The course curriculum includes Equity Investment, Corporate Finance, Derivatives, Financial Reporting and Analysis etc. The CFA course prepares the aspirants to become effective and ethical working professionals. In 2019, a record number of CFA aspirants, 24,997 (an overall increase of 16%), appeared for the CFA level 1, level 2 and level 3 examinations. Check: CFA Full Form
CFA Institute
CFA Institute was previously known as Association for Investment Management and Research (AIMR). The CFA Institute, through its exams and certifications, makes sure there are investment professionals who have a high set of quality standards. The CFA Institute also provides a Certificate in Investment Performance Measurement as well as an Investment Foundations Program.
The CFA Institute is governed by 20 board members each of whom is elected for a 3-year term. The headquarter of this organization is located in Charlottesville, Va., and has regional offices in New York, Beijing, Hong Kong, Mumbai, London, and Brussels. 31,000 investment institutions recognize it as a standard of choice.
The CFA Institute offers various certificate programs such as a Certificate in ESG Investing, Investment Foundation Certificate, and Certificate in Investment Performance Certificate. However, it is mainly known for its Chartered Financial Analyst Course. Over 178,000 Chartered Financial Analysts have graduated from the CFA Institute and influence over 162 markets (Nations) globally.
Why Study CFA Course?
Chartered Financial Analyst is one of the most renowned commerce courses available. Students with a CFA certificate earn almost the same money and respect as a CA or CS course. Chartered Financial Analysts have huge demand and they will have the opportunity to work in various financial corporations.
The following are some of the perks of doing the CFA course:
- A Global Certification: The certification offered by the CFA institute is accepted in over 165 countries around the world. The CFA institute is considered to be the golden standard of professional credentials for investment professionals.
- Huge Opportunities in the Financial Market: Overall investment, mobile wallets, and mutual funds will expand job possibilities in the finance sector in the future. The investment market, particularly the investment banking sector, is anticipated to increase from USD 102.84 billion in 2020 to USD 111.45 billion in 2023, with a total value of USD 137.97 billion by 2025. As a result, CFA charter holders will have a plethora of job options in the future.
- Good compensation: After completing the course, a Chartered Financial Analyst may expect to earn between INR 3,50,000 and INR 35,00,000 per year. According to the CFA Institute, a Chartered Financial Analyst may make a basic income of INR 94,02,021 per year in the international market.
- Scope of career advancement: CFA course graduates are often hired in higher-level positions in the financial business. According to the CFA Institute, the majority of Chartered Financial Analysts are hired by the world's leading financial institutions like JP Morgan Chase, UBS, RBC, Bank of America ML, HSBC, Wells Fargo, Morgan Stanley, and others. As a result, becoming a member of such an elite alumni network, involved in the top firms mentioned above, would not only assist applicants to have a successful career but also provide happiness in life.
- Chance to be a part of an exclusive alumni network: CFA institute reports that there are only 178,000 Chartered Financial Analysts from 162 countries around the world. Thus, being a part of such an exclusive alumni network, and being engaged in top companies would not only help the candidates to have a robust career, but also satisfaction. The popularity of the CFA Course had led to an increase in the number of Chartered Financial Analysts around the world. Every year the number of Chartered Financial Analysts has been increasing by 7%.
- Develop financial skills: The program enables applicants to gain the abilities required to operate in the financial sector. Subjects in the CFA course curriculum include portfolio management, wealth planning, derivatives, corporate finance, and alternative investments which helps students to have a better grasp of the financial sector and its services.
- Entrepreneurship Option: Candidates after the completion of the CFA course can also use their certificate and the acquired skill sets to start their own consultancy firms. Investment management is a good entrepreneurial option because 71% of Indians prefer to take financial advice from a qualified professional.
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Who should study CFA Course?
- Candidates who wish to pursue a career in the field of financial services should opt for the course.
- Candidates who have an interest in the following job roles as Portfolio Managers, Risk Managers, Financial Advisors, etc should opt for the CFA certification course.
- The chartered Financial Analyst course also offers the candidates to shift from traditional courses such as BCom, MCom, etc and move to a professional course that allows better job prospects.
- CFA certification courses can also be taken up by candidates who want to turn into entrepreneurs and start their careers as financial consultants.
- Candidates with previous work experience in the finance field can take up this course to improve their job prospects.
When to study CFA Course?
The CFA program requires a huge amount of effort and discipline to compete. Just to put things into perspective, as of 2020, there are 167,000 Chartered Financial Analysts from 151 countries around the world. The aspirants must take stock of the following points to decide the perfect time to pursue the course.
- Candidates must gather an overall experience of 4 years before they take up the Chartered Financial Analyst.
- The Chartered Financial Analyst course is comparatively expensive, with average fees that range between INR 190,000- INR 586,000, candidates must gather financial means to carry on with the course.
- As the CFA courses are comparatively difficult the working professional has to dedicate a good number of study hours to complete the course.
CFA: Admission Process
The CFA certification course requires no entrance examination for the admission process. The candidates need to register themselves with the CFA institute in order to start their course. The following are some of the eligibility or requirement criteria for the CFA program.
CFA Eligibility
The CFA aspirants have to meet the following CFA requirements or eligibility criteria in order to qualify for the course.
- The candidates must pass their bachelor's or equivalent programs from any stream from recognized universities or colleges.
- Candidates who are in the last year of their Bachelor's degree program can also register for the CFA course. However, candidates must complete their Bachelor's course prior to the date of registering for CFA level 2 exam.
- Candidates must have a minimum work experience of 4000 Hours or a combination of 4000 hours of work experience or higher education acquired over a minimum period of 3 sequential years before registering for the level 1 exam.
- An Interesting CFA Requirement is that those who are doing internships or articleship or have their own business will also be counted as work experience, on the basis you are able to show that you are paid for this. Check: CFA Jobs
- The work experience need not be in the field of investment market but the candidates must demonstrate the following skills Leadership and teamwork, Business communications, Critical thinking and problem solving, time management, professional judgment, analytical skills and adaptability
- Another CFA requirement is that the candidates must have an international passport.
- One of the most important requirements for Chartered Financial Analyst is that the candidates must be fluent in English as the study material, as well as the exams, would be conducted in English
- Candidates are also required to submit a professional compliance statement.
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- Admission to the CFA course is provided on the basis of a merit list.
- The CFA institute considers work experience along with graduation marks as the basis of the criteria for admission.
- The candidates need to create their accounts on the CFA website before they can enroll for the examination.
- The candidates can opt for scholarships during the time of the registration process.
- The candidates can select the different exam cycles according to their preference for the different levels of examination.
- Candidates can only register for the next level after they pass the previous level.
Check: Finance Courses in India
CFA Course Fees
The CFA Course Fees for enrollment is USD 350. CFA Course Fees in India are INR 27,090 in the enrollment phase. The rescheduling fee for changing the exam date is USD 250. The detailed CFA Course Fees are mentioned below:
| Registration Type | CFA Course Fee (USD) | CFA Exam Fees in Indian Rupees |
|---|---|---|
| Early Registration | 900 | 69,660 |
| Standard Registration | 1,200 | 92,880 |
CFA Syllabus
The entire CFA course has been divided into three levels. The levels are CFA Level 1, CFA Level 2 and CFA Level 3. CFA level 1 Syllabus mainly constitutes of basic concepts of the academic disciplines of Finance and Investment. The candidates can only move to the next level after passing the previous level exam. The curriculum is designed in such a way that the candidates gain in-depth knowledge in investment depth, investment decision making, financial accounting, derivatives, stock market, etc.
CFA Level 1 Syllabus
The general CFA syllabus includes the following subjects such as :
| CFA Subjects | Weight Given in CFA Level 1 | Weight Given in CFA Level 2 | Weight Given in CFA Level 3 |
|---|---|---|---|
| Ethical and Professional Standards | 15-20 | 10-15 | 10-15 |
| Quantitative Methods | 8-12 | 5-10 | N/A |
| Economics | 8-12 | 5-10 | 5-10 |
| Financial Statement Analysis | 13-17 | 10-15 | N/A |
| Corporate Issuers | 8-12 | 5-10 | N/A |
| Equity Investments | 10-12 | 10-15 | 10-15 |
| Fixed Income | 10-12 | 10-15 | 15-20 |
| Derivatives | 5-8 | 5-10 | 5-10 |
| Alternative Investments | 5-8 | 5-10 | 5-10 |
| Portfolio Management and Wealth Planning | 5-8 | 10-15 | 35-40 |
CFA Subjects
The Course content of the different levels of the CFA Exam namely, CFA Level 1, CFA Level 2 and CFA Level 3 revolve around 10 core curriculum topics. Although the CFA course syllabus involves almost the same subjects in each level of exam, the difficulty level of the exam is increased with the levels of the exam.
The core curriculum topics have been tabulated below.
| CFA Core Curriculum Topics | Description |
|---|---|
| Ethical and Professional Standards | It introduces the candidates to ethical behavior and the need for professionalism in the investment market. |
| Quantitative Methods | Deals with Descriptive Statistics, Probability Theory and Investment decision-making aspects. |
| Economics | This subject deals with the supply and demand analysis of individuals and firms, along with microeconomic concepts and market structure. |
| Financial Statement Analysis | It offers a thorough explanation of the financial reports along with their standards and procedures. |
| Corporate Issuers | It deals with corporate governance and stakeholder management. |
| Equity Investments | It is related to the study of the security markets, indexes and equity investment areas of the economy. |
| Fixed Income | Helps in Learning about fixed income securities, factors risking it, measures to maintain them and its measurement techniques |
| Derivatives | It helps in understanding the basics of derivatives and the framework of the derivative market. |
| Alternative Investment | This involves the concept of hedge funds, private equity, real estate, infrastructure and others. |
| Portfolio Management and Wealth Planning | This helps with the proper understanding of the fundamentals of portfolio management and wealth planning. |
CFA Course: Level wise weightage
As stated the courses remain the same throughout the entire curriculum of CFA Certification course. However, the weightage of the core curriculum varies according to the level of CFA course.
| Core Curriculum Topics | CFA Level | Weightage |
|---|---|---|
| Ethical and Professional Standard | CFA Level 1 | 15-20 |
| CFA Level 2 | 10–15 | |
| CFA Level 3 | 10–15 | |
| Quantitative Methods | CFA Level 1 | 8–12 |
| CFA Level 2 | 5–10 | |
| CFA Level 3 | 0 | |
| Economics | CFA Level 1 | 8–12 |
| CFA Level 2 | 5–10 | |
| CFA Level 3 | 5–10 | |
| Financial Statement Analysis | CFA Level 1 | 13–17 |
| CFA Level 2 | 10–15 | |
| CFA Level 3 | 0 | |
| Corporate Issuers | CFA Level 1 | 8–12 |
| CFA Level 2 | 5–10 | |
| CFA Level 3 | 0 | |
| Equity Investments | CFA Level 1 | 10–12 |
| CFA Level 2 | 10–15 | |
| CFA Level 3 | 10–15 | |
| Fixed Income | CFA Level 1 | 10–12 |
| CFA Level 2 | 10–15 | |
| CFA Level 3 | 15–20 | |
| Derivatives | CFA Level 1 | 5–8 |
| CFA Level 2 | 5–10 | |
| CFA Level 3 | 5–10 | |
| Alternative Investment | CFA Level 1 | 5–8 |
| CFA Level 2 | 5–10 | |
| CFA Level 3 | 5–10 | |
| Portfolio Management and Wealth Planning | CFA Level 1 | 5–8 |
| CFA Level 2 | 10–15 | |
| CFA Level 3 | 35–40 |
CFA Books
The candidates can follow several reference books while preparing for the CFA certification course.
| Book Names | Authors |
|---|---|
| Investment Banking: Valuation, Leveraged Buyouts and Mergers & Acquisitions | Pearl and Rosenbaum |
| The Handbook of Fixed Income Securities | Frank J. Fabozzi |
| Strategic Value Investing: Practical Techniques of Leading Value Investors | Stephen M. Horan, Robert R. Johnson and Thomas R. Robinson |
| 2021 CFA Level I | Kaplan Schweser |
| CFA Level I | Bhupesh Ananad |
| When Genius Failed: The Rise and Fall of Long Term Capital Management | Roger Lowenstein |
| The Cartoon Guide to Statistics | Larry Gonick and Woollcott Smith |
CFA Course Exam
The CFA exam for the different levels is held around the entire year. The weightage of the course curriculum varies according to the different levels of the exam. The passing rate of the different levels is comparatively less as it hovers between 40-50%.
CFA Level 1
The CFA Level 1 exam has been changed to computer-based from paper-based format. This exam will be conducted in February, March, May, July, August, and November.
CFA exams are now held across India with limited capacity and added restrictions. Aspirants who have missed the November exam due to the ongoing pandemic can opt for the Online Proctored Test (OPT) offered by the CFA Institute. Additional data regarding OPT will be provided to the candidates via email.
CFA Level 1: Registration Process
- First, candidates should create an account on the CFA Institute website, and give the necessary appropriate information and select their preferred exam center.
- If the candidates are eligible and wish to apply for any scholarship, they must register as early as possible and submit their scholarship application.
- If candidates are not awarded any scholarship, then the next step would be to pay their application and exam fee which can be done through credit card, wire transfer, etc., and the amount depends upon the time of registration by the candidates.
- There are 3 registration fee deadlines; the first one is the cheapest and the last one is the costliest.
- If candidates are registering for CFA Level 1 for the first time, then they are required to pay an additional one-time enrollment fee of USD 450.
- During registration, candidates should read and accept the Candidate Agreement.
- Candidates must also submit the Professional Conduct Statement (disclosing relevant reprimands, litigations, Investigations etc.) upon the first CFA exam registration and then annually and before every next exam registration.
- The results are declared after 60 days from the date of the exam.
Check out the Finance Certification Courses
CFA Level 1: Exam Pattern
The following are the CFA Level 1 Exam pattern and guidelines.
- The entire exam would be divided into two half each of a time period of 2 hours 15 minutes.
- There would be 90 MCQ questions for each half.
- The first session would cover topics such as ethics & professional standards, quantitative methods, economics, and financial reporting and analysis.
- The second session includes questions about corporate finance, equity, fixed income, derivatives, alternative investments and portfolio management
- Candidates get an average of 90 seconds to answer a particular question in the level 1 exam.
- It has been observed that the candidates must spend 303 hours a year to pass the CFA level 1 exam
CFA Level 1 Exam Dates
| Exam Period | Dates |
|---|---|
| February Period | 14–20 February 2023 |
| May Period | 16–22 May 2023 |
| August Period | 22 - 28 August 2023 |
| November Period | 11 - 17 November 2023 |
CFA Level 2
The CFA Level 2 exam is designed to evaluate a candidate's capability in the application of investment valuation concepts. In the CFA Level 2 examination, candidates will come across 10 topics that have been grouped into four areas which are: Investment Tools, Ethical and Professional Standards, Portfolio Management and wealth planning. The total duration of the level 2 exam is 4.5 hours.
CFA Level 2: Registration Process
- The process is almost the same for CFA Level 2, as it was for CFA Level 1.
- The eligible candidates can apply for the scholarship programs. If not, then the candidates are required to submit the exam fee payment before the deadline after selecting the exam center. There will be no enrollment fee this time.
- Candidates must read and accept the Candidate Agreement and submit a Professional Conduct Statement, as done for Level 1.
- The results are declared after 60 days from the date of the exam.
Check the CFA Colleges in India
CFA Level 2: Exam Pattern
The following are the exam pattern and the guidelines that the candidates must follow for the level 2 exam
- The duration of the CFA level 2 exam is for a period of 4.5 Hours.
- The exam is divided into two halves each of a duration of 135 minutes with an optional break in between.
- There are a total of 88 Vignette-supported Multiple choice questions. Thus there would be 44 questions in each session
- There would be 4-6 MCQs after each Vignette. Each MCQ is awarded 3 points for each correct answer.
- It focuses on the valuation of various assets and emphasizes the application of investment tools and concepts in contextual situations.
- The average passing rate is 45%.
- The candidates need to put in 27 hours per month and overall 328 hours a year to pass the level 2 exam.
CFA Level 2 Exam Dates
| Exam Period | Dates |
|---|---|
| May Period | 23–27 May 2023 |
| August Period | 29 August - 2 September 2023 |
| November Period | 18 - 22 November 2023 |
CFA Level 3
CFA Level 3 exam is the final level after which candidates can be certified as Chartered Financial Analysts. The CFA Level 3 exam focuses on wealth planning and portfolio management. CFA level 3 exam is graded for 360 points, which stands to one point per minute. The duration of the level 3 exam is 4.5 hours, which is divided into two sessions.
CFA Level 3: Registration Process
- To register for CFA Level 3 exam, candidates are required to fill it’s the registration form online on the official website of the CFA Institute with the necessary details and select the preferred exam center.
- The next step would be to select suitable eligibility criteria from the given options. Candidates are required to fill in the details of their profession, employer, employer location or education level.
- Read the Candidate Agreement and accept it after properly reading it.
- Candidates are required to select the format of the CFA study material they wish to get.
- Candidates must fill in the fees via credit card, wire transfer and other payment methods.
CFA Level 3: Exam Pattern
The following are the details and guidelines of the CFA Level 3 exam:
- The entire duration of the CFA Level 3 exam is for a period of 4.5 hours with each session divided into a period of 2 hours 15 minutes.
- There will be a total of 8-11 Vignettes followed by MCQs in the second session. The total number of MCQs for the Level 3 exam is 44.
- There are also essay-type questions that have varying points accredited to them.
- The candidates have to type the answers in the text box.
- The MCQs will have 3 or more choices.
- It focuses on effective wealth planning and portfolio management by requiring the candidate to synthesize all the concepts and analytical methods in the entire curriculum.
- The candidates are required to put in about 344 Hours a year to pass the level 3 exam.
- The average passing rate was 54%.
CFA Level 3 Exam Dates
| Exam Period | Dates |
|---|---|
| February Period | 21–23 February 2023 |
| August Period | 29 August - 5 September 2023 |
CFA Study Materials
Each of the CFA levels requires the candidates to devote around 300-340 hours of studies. The hours of studies are to be supplemented with proper notes and study materials. Various institutes offer relevant study materials at various rates but few of them actually stand out in terms of relevance.
Let us understand some of the prominent websites or publications that release CFA notes for all levels.
Kaplan Schweser
Kaplan Schweser is one of the most trusted institutions that offer notes for all three levels of the CFA examination. The notes are available in online mode or in the mode of hard copies. The Kaplan CFA notes have been divided into 2 package modes for each level. One is the premium package and the other is the essential package. Also, all their packages contain Schweser Pass Protection, which means if the candidates are not able to pass the exam then the institute will make the package entirely free.
- Schweser CFA Level 1: The Schweser CFA Level 1 notes are divided into 2 classes, the Premium package and the essential package. The premium package is pegged at USD 999 (INR 74,752) and essential at USD 699 (INR 52,304). The essential package contains core study material as well as exam-like question papers and Schweser pass protection. The Schweser CFA Level 1 premium package includes on-demand classes from tutors as well as workshops along with the study material and Schweser passes protection.
- Kaplan Schweser CFA Level 2: The Level 2 Package is also divided into two packages i.e Premium and essential. The Premium package costs USD 999 (INR 74,752) and the essential package costs USD 699 (INR 52,304). Like Level 1, Kaplan Schweser CFA Level 2 premium package has study notes with question papers, on-demand classes and workshops and pass protection. The essential course only have study material and Schweser pass protection
- Kaplan Schweser CFA Level 3: The CFA Level 3 notes are essential for passing the final stage of the CFA course. The Kaplan Schweser CFA Level 3 notes are divided in three packages, premium plus, Premium and essential. The Premium Plus package costs USD 1499 (INR 112,232), Premium Package is pegged at USD 1099 (INR 82,277) and the essential package costs INR 52,304 (USD 699). The premium plus package includes core study material, exam notes, questions, tutors on demand and also the opportunity to prepare exam strategy with experts. The premium package includes study material, questions paper,and expert guidance and the essential pack cocktails only the study material and question papers.
FinTree Juice Notes
FinTree offers Notes and summary videos for CFA level 1 and CFA Level 2 papers. The candidates are provided free samples of the notes for the Level 1 and level 2 exams. The study material offered by the FinTree Juice Notes costs INR 8000 for CFA Level 1 and Level 2. The course material includes PDF summary Video as well as 3 mock tests.
Study CFA course in India
Tabulated below is the list of colleges for the Chartered Financial Analyst course along with their fee structure.
| College Name | Average Fees |
|---|---|
| Global Centre for Entrepreneurship and Commerce (GCEC), Jaipur | INR 1,09,000 |
| Narayana Business School, Ahmedabad | INR 1,25,000 |
| International College of Financial Planning, New Delhi | INR 45,000 |
| Central India Institute of Management Studies, Jabalpur | INR 32,500 |
| Shri Chimanbhai Patel Institute of Professional Training, Ahmedabad | INR 65,000 |
| International College of Financial Planning | INR 40,000 |
CFA in India
India is the accounting hub of the world. Most Financial MNCs have their operations working in India. The relevance of a finance degree in a country like India is huge particularly in emerging times like now when the IMF has projected its growth rate at 10%. The relevance of a Chartered Financial Analyst is huge and some of it has been discussed below:
Indian KPO’s Research
International firm’s are focusing on reducing labor costs due to the COVID 19 Pandemic. Most of the KPO’s, Investment banking and financial Servicing firms are making moves to India due to cheap labor. A CFA degree will hold great value as it’s the highest credential in the Investment Finance Industry.
Indian Broker’s
The Stock Brokers in India are expanding their reach and scale of operations outside the National boundary. A CFA degree is favored for operations like these. The curriculum of the CFA course familiares the candidates in the different aspects of the primary and secondary markets and their functions.
Wealth Management Firms
The Wealth Management Industry is growing at 20% YOY. The demand for CFA has increased as the major proportion of HNI’s are coming from India. The wealth management firms in India require the CDA graduates to provide services for planning and managing the investment and financial planning of individual investors.
CFA Course after MBA in Finance
The CFA curriculum overlaps a lot with MBA finance particularly when it comes to CFA level 1. Most MBA graduates resist taking up another finance course but this is not entirely true. There are several reasons why an individual should take up CFA after completing an MBA in Finance degree. Some of them have been discussed below.
- Intensively Finance Focused: The foundation course curriculum of CFA level 1 is very much similar to that of the MBA in Finance degree. The second and third level of CFA is targeted intensively towards hardcore finance which provides a rewarding role in the investment industry.
- Variety of Roles: Chartered Financial Analyst opens up a wide range of job opportunities in Investment banking, Equity Research, Hedge funds etc adding an unparalleled weight in one’s resume.
- Adaptability in an ever-evolving finance world: Financial market is a dynamic sector with constant fluctuations and evolution.CFA’s rigorous curriculum helps to get prepared for the vagaries of investment as well as core financial markets.
University Affiliate Program
The CFA Institute also has started the University Affiliate program where the universities have incorporated a part of the CFA Program Candidate Body of Knowledge (CBOK), which includes the Code of Ethics and Standards of Professional Conduct.
It signifies that the programs are closely tied with the investment management program and help students prepare for the CFA exam.
CFA USA
The following is the list of different courses of the different universities that have incorporated a significant portion of the Chartered Financial Analyst course into their curriculum to help their student prepare for CFA exams.
| College Names | Course Name | Average Fees |
|---|---|---|
| Anderson University | Bachelor of Science in Business with a concentration in Financial Analysis | INR 32,17,599 |
| Arizona State University | Bachelor of Finance | INR 43,42,620 |
| Arkansas Tech University | Bachelor of Economics and Finance | - |
| Babson College | Bachelor of Science in Finance | INR 14,49,712 |
| Ball State University | Bachelor of Science in Finance | INR 27,68,595 |
| Barry University | Bachelor of Science in Business Administration, Finance | INR 11,38,661 |
| Seattle University | Master of Science in Finance | INR 66,643 per credit |
| Northern Illinois University | Bachelor of Science in Finance | - |
| Ohio University | Master of Financial Economics | INR 22,71,370 |
| University of Washington | Bachelor of Arts in Business Administration | INR 28,64,709 |
CFA in Australia
The following is the list of different courses of the different universities in Australia that have incorporated a significant portion of the Chartered Financial Analyst course into their curriculum to help their student prepare for CFA exams.
| College Names | Course Name | Average Fees |
|---|---|---|
| Australian National University | Master of Finance | INR 25,34,758 |
| Bond University | Bachelor of Commerce | INR 886,914 |
| Griffith University | Master of Finance | INR 18,52,444 |
| Monash University | Bachelor of Finance | INR 23,50,000 |
| Queensland University of Technology | Bachelor of Business in Finance, | INR 17,72,836. |
| Royal Melbourne Institute of Technology University | Master of Finance | INR 21,34,617 |
| University of Adelaide | Master of Accounting and Finance | INR 25,80,140 |
| University of Melbourne | Master of Finance | INR 21,39,887 |
| University of Sydney | Bachelor of Commerce | INR 26,22,441 |
| University of Wollongong | Bachelor of Commerce in Finance | INR 51,41,550 |
CFA in Canada
The following are the various universities in Canada That have included part of the Chartered Financial Analyst course in their regular course so that the students are able to prepare for the CFA program exams
| College Names | Course Name | Average Fees |
|---|---|---|
| Carleton University | Bachelor of Commerce in Finance | INR 8,80,997 |
| Dalhousie University | Bachelor of Commerce | INR 8,77,303 |
| Laval University | Bachelor of Administration in Finance | 21,97,689 |
| McMaster University | Bachelor of Commerce concentration in Finance (Honors) | INR 22,03,763 |
| Northern Alberta Institute of Technology | Bachelor of Business Administration in Finance | INR 10,42,784 |
| Okanagan College | Bachelor of Business Administration | - |
| University of Alberta | Bachelor of Commerce | - |
| University of British Columbia | Bachelor of Commerce | INR 340,969 |
| University of Waterloo | Bachelor of Accounting and Financial Management | INR 11,53,241 |
| York University | Master of Finance | INR 16,21,410 |
CFA in UK
Tabulated below is the list of various universities in the UK that have included part of the Chartered Financial Analyst course in their regular curriculum so that the students are able to prepare for the CFA exams.
| College Names | Course Name | Average Fees |
|---|---|---|
| Aston University | Master of Science in Finance | INR 17,90,063 |
| Coventry University | Master of Science in Finance | INR 14,78,832 |
| Cranfield University | Master in Finance and Management | INR 25,94,267 |
| Durham University Business School | Master of Science in Finance | INR 26,87,630 |
| Imperial College Business School | Master of Science in Finance | INR 36,40,978 |
| King's College London | Master of Science in Banking and Finance | INR 36,83,223 |
| Lancaster University | Master of Science in Accounting and Financial Management | INR 25,05,613 |
| Newcastle University | Master of Science in Finance | INR 23,03,114 |
| Swansea University | Bachelor of Science in Finance | INR 17,01,692 |
| University of Cambridge | Master of Finance | INR 18,57,000 |
CFA Course Comparison
CFA is a professional course that is popular among candidates after graduation to start their career as a Chartered Financial Analyst. Candidates are often confused between CFA , CA and MBA. The following sections pit the CFA course against the CA and MBA course based on a few similar parameters and observe which provides better job perspectives and outcomes.
CFA vs CA
CFA (Chartered Financial Analyst) and CA (Chartered Accountancy), both the courses are excellent courses and are unique in their own way. Traditionally the CA course has been preferred by the candidates in India, but, since the last few years, the CFA course has been able to carve a niche amongst the student communities.
Below are some of the key differences between CFA and CA:
| Parameter | CFA | CA |
|---|---|---|
| Abbreviations | CFA is abbreviated as Chartered Financial Analyst | CA is abbreviated as Chartered Accountancy. |
| Job Profile | Chartered Financial Analyst or CFA Chartered | Chartered Accountant |
| Conducting Body | CFA Institute | ICAI |
| Details | CFA is a program that is aimed to provide standard training and education in the field of financial and investment analysis. The exam can be qualified after the three Levels, i.e. Level 1, Level 2 & level 3. | CA is a certified qualification in the field of commerce and accountancy that can be obtained after qualifying many rounds, i.e. CA Foundation, CA Intermediate & CA Final. |
| Average Time to qualify | 1.5-4 years | 4-5 years |
| Global Recognition | Yes | No |
| Average CourseFees | INR 190,000-INR 5,86,000 | INR 50,000-INR 3,00,000 |
| Average Salary Package | INR 4,00,000- 20,00,000 | INR 5,00,000- 20,00,000 |
CFA vs FRM
CFA and FRM are popular certificate courses. CFA course provides deep knowledge in financial and investment management and other concepts. However, FRM or Financial Risk Management imparts knowledge about Quantitative Analysis, Financial Markets and Products and many other concepts.
Tabulated below are the differences between CFA and FRM based on several parameters:
| Parameters | CFA | FRM |
|---|---|---|
| Full Form | Chartered Financial Analyst | Financial Risk Manager |
| Duration | Around 4 Years | Around 5 years |
| Conducting Bodies | CFA Institute | Global Association of Risk Professionals (GARP) |
| Overview | CFA is a worldwide recognized certificate course which imparts knowledge in investment decision making, financial accounting, stock market, etc. The course is divided into 3 levels. | The course provides in-depth knowledge about Financial Markets, quantitative analysis, investment Management and other related topics. It is divided into two sequential exams - Part I and Part II. |
| Eligibility | Must have completed their bachelor's degree in any stream (final year students are also eligible) May be required to gain 4000+ work experience. |
Must have completed bachelor's degree in relevant fields and should gain work experience in the field. Also one must qualify Part I to be eligible for FRM Part II. |
| Average Course Fees | INR 1,90,000 - INR 586,000 | INR 29,000 - INR 57,000 |
| Average Annual Salary | INR 8,00,000 - INR 2,00,00,000 | INR 7,00,000 - INR 21,00,000 |
CFA vs CMA
Candidates may find it quite confusing to choose between CFA and CMA as both are well renowned certification courses in the field of Management and Finance. CFA course imparts knowledge about Financial Management, risk management and enhances several Financial managing skills while CMA mainly focus on Accounting Management and refine skills for the same.
Mentioned below in the table are the comparisons between CFA and CMA based on various parameters:
| Parameters | CFA | CMA |
|---|---|---|
| Full Form | Chartered Financial Analyst | Certified Management Accountants |
| Duration | Around 4 Years | Around 3 years |
| Conducting Bodies | CFA Institute | Institute of Management Accountants (IMA), USA. |
| Overview | The CFA course is divided into 3 levels which are CFA level I, CFA Level II and CFA Level III. Each level of the CFA exam is composed of 10 different subjects which impart knowledge about Investment decisions, Risk Management, Financial Management and many others. | CMA course is divided into 3 Papers which are CMA Foundation, CMA Intermediate and CMA Final. The CMA courses mainly focus on Management Accounting, Corporate Finance, Risk Management and many others. |
| Eligibility | Candidates must have completed their bachelor's degree in any stream from a recognized University and last year students are also eligible. One may also ask for 4 years of working experience in related fields. | Candidates should have completed their 10+2 in any stream from a recognized Board and must have qualified CMA Foundation paper. Also one may be asked for work experience in the relevant field. |
| Average Course Fees | INR 1,90,000 - INR 5,86,000 | INR 4,000 - INR 41,000 |
| Average Annual Salary | INR 8,00,000 - INR 2,00,00,000 | INR 6,00,000 - INR 50,00,000 |
CFA vs MBA
The MBA course has been favourite amongst the graduates because the course offers the candidates higher salary and better paying job after the completion. The different MBA Specialization also acts as an extra incentive for the candidates to choose the course according to their preference of the specialization. The CFA on the other hand provides the candidates opportunity to learn about investment management, financial accounting and many more. The CFA certification also holds a esteemed value around the globe that can secure great jobs in the future.
The following are the differences between MBA and CFA based on the following parameters.
| Parameters | CFA | MBA |
|---|---|---|
| Full Form | Chartered Financial Analyst | Master of Business Administration |
| Duration | Around 4 Years | 2 Years |
| Conducting Bodies | CFA Institute | Different Universities |
| Overview | CFA is a highly specialised course which is meant only for finance professionals. CFA Level 1 & 2 are similar to the subjects in an MBA in Finance, Level 3 takes you much deeper into the subjects than most MBA courses. | MBA is a general management degree course that specialises in the second half of the course. It concentrates on giving the student a general all round understanding to the different subjects in management. |
| Eligibility | Students can apply for CFA Level I in the final year of graduation. However, level II requires graduation degree | Students need 50% in graduation from any stream and pass the entrance exam such as CAT, MAT, XAT, GMAT, etc. |
| Average Course Fees | INR 190,000-INR 586,000 | INR 200,000-INR 30,00,000 |
| Salary (INR) | 8,00,000 - 2,00,00,000 | 7,00,000 - 60,00,000 |
Check the Top MBA colleges in India
CFA Salary in India
After the completion of the CFA certification course, a Chartered Financial Analyst can get employed in the following positions such as Business Consultant, Investment Manager, Private Bankers, CFO and Many more. The candidates can get an average salary of INR 8,00,000-INR 20,00,000.
Let us discuss the CFA salary in India for the different job profiles
| Job Profile | Job description | Salary |
|---|---|---|
| Chartered Financial Analyst | The Chartered Financial Analysts are tasked with making the financial decision of the company regarding investment management , track stock performances, etc. They have to research and track the financial position of the different companies as well as individuals. | INR 4,00,000-INR 16,00,000 |
| Business Consultant | The business consultants are concerned with the different aspects of the business such as the finance ,accounting, marketing, operation, etc.They are concerned with the overall operation and effectiveness of the business | INR 989,000 |
| Market Research Analyst | They collect data from the market from the customers, competitors, etc. They take stock of the entire market conditions and provide the company’s top brass information about the next course of action. | INR 337,000 |
| Investment Manager | The main job role of the investment manager is to provide the companies or individual clients with advice regarding the various investment options such as buying or selling of bonds, mutual funds, securities and stock. | INR 13,00,000 |
| Portfolio Manager | Their main role is to create and manage the investment portfolio of different clients. They try to understand the trend in the market and maximise the clients’ return in investment. | INR 10,86,000 |
| Private Bankers | They help their individual clients to maintain their individual account and financial risks and services. They also sell various financial services of the bank to the individual clients | INR 624,000 |
| Risk Manager | They identify the financial risk that the organisation may face in the future and try to find a solution so that they are able to mitigate the risk. They also check the financial risk of new business ventures | INR 998,000 |
| CFO | CFO manages all the financial resources of the organisation and assesses the risk and opportunities of different ventures. They collaborate with the different subordinates to make the best decision for the company | INR 34.45,992 |
Check Top CFA Jobs
Top recruiters
The following are the top recruiter of a Chartered Financial Analyst.
| JP Morgan and Co | HSBC | Credit Suisse | Deloitte | PwC |
| Earnst and Young | Hindustan Unilever Ltd | The Goldman Sachs Group Inc. | Crisil | ICRA |
| SBI Bank | Reliance Industries Limited | Axis Bank | HDFC Bank | Emami Agrotech Ltd |
| ITC | ICICI Bank | Aditya Sun Life | Bharti Airtel | Citigroup |
FAQs
Ques. What to expect from the CFA Level I exam?
Ans. The CFA Level 1 Exam tests knowledge in 10 different sections which includes Ethical and Professional standards, Economics, Quantitative Methods, Portfolio Management, and Asset classes. The passing rate was 27% in November 2021 compared to the average of 42% for the 1963-to-2021 period.
Ques. Is there a break between Session 1 and Session 2 of the CFA Level 1 exam?
Ans. Yes. There is an optional break of 30 minutes between Session 1 and Session 2 of the CFA Level 1 exam.
Ques. How much study time do I need for the Level I exam?
Ans. The average successful candidate spends 303 hours studying for the Level I exam according to CFA Institute.
Ques. If I do not pass the CFA Level I Exam, how long do I have to wait before I can retake it?
Ans. A candidate who does not pass their CFA Level I exam will have to wait for a minimum of six months to retake it beginning in 2021.
Ques. What is CFA Salary?
Ans. A Chartered Financial Analyst in India can earn a salary between INR 350,000 to INR 35,00,000 per annum.
Ques. What does CFA mean?
Ans. CFA stands for Chartered Financial Analyst. A charter is a professional credential bestowed by the CFA Institute on financial and investment professionals who have completed its program of study, passed all three levels of its examinations, and met other professional requirements.
Ques. Is CFA harder than CA?
Ans. So it really depends on you which exam you find tougher—CFA or CA. Also, let's not forget—Indian courses and exams are notoriously popular for being extremely difficult for the students. And given CA is a home-grown exam and CFA isn't, it is more difficult when compared with the later one.
Ques. Is CFA Worth Doing?
Ans. “Chartered Financial Analyst do not have any edge over others,” said a poster on Quora. Dan, another charterholder on the Analyst Forum, said, “No, it's not worth it. ... You can't win.” Another anonymous CFA charterholder on Reddit wrote, “It gives people false hope about getting an amazing job in the financial industry.”
Ques. Who is eligible for CFA?
Ans. You are eligible if you are in the final year of your bachelor's program or already have a bachelor's degree, or have professional working experience that totals up to 4 years.
Ques. Who earns more CFA or CPA?
Ans. Based on the most recent surveys I could find the average US salary for a CFA is $175K annually and the average US salary for a CPA is $62K. ... There are only 142,000 active CFA's in the world, so there are more CPA's in California and Texas combined than there are CFA's in the whole world.
Ques. Will CFA increase Salary?
Ans. In general, the Chartered Financial Analyst designation increases salaries by around 15-20%. It appears that the CFA designation generates a larger salary bump in more senior roles than it does with more entry level positions
Ques.Is CFA better than MBA?
Ans. The CFA Course provides an in-depth knowledge regarding investment management and different aspects of finnacialaccounting.In case of MBA the knowledge would be mainly about the idea of running a business organisation or department. Thus, the learning outcome of the courses are completely different. So whether CFA is better than MBA,depends upon the interest of the candidate. .
Ques. Is maths required for CFA?
Ans. Yes, maths is required to pass the CFA exam. The candidates need have good knowledge of Maths to understand the statistics and other math based concepts of the CFA course.
Ques. Who earns more CFA or CA?
Ans. CA. On an average a CA graduate earns more than a Chartered Financial Analyst. In India the average salary of a CA graduate is INR 797,000 per annum. . Whereas a Chartered Financial Analyst earns between INR 350,000-INR 35,00,000 per annum. The average salary of a Chartered Financial Analyst is INR 682,000 Per annum.
Ques. Is Passport required for CFA registration?
Ans. Yes, the candidate needs to have an international passport for CFA registration.
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