So you have decided to enhance your career and want to know if the CFA certification is the way to do it. Attaining a CFA has many benefits. However, in this article, we will discuss what it is and if it is the right fit for you. Let’s get into it.
CFA is short for chartered financial analyst. It is a highly respected and the ultimate gold standard in the investment industry. It is a designation given to those who pass the CFA exam. The exam has three levels.
Level I of the exam tests your expertise in economics, equity investments, ethics and professional standards, financial analysis and reporting, fixed income, and quantitative methods.
Level II of the exam tests your knowledge of alternative investments, equity investments, ethics and professional standards, financial analysis and reporting, and fixed income.
Level III of the exam tests your knowledge of ethics and professional standards, fixed income, and wealth management.
The CFA Institute conducts the exam every year in June. Each level of the exam is six hours long. Every year, over 200,000 people take the exam. However, only 44 percent of candidates pass the entire exam. Do not let this get you down. If you need help preparing for the CFA, the Wiley CFA exam prep can help.
To be eligible for the CFA exam, you must have completed your bachelor’s degree in any field. If you have over four thousand hours of work experience, you can substitute it for your educational requirement. The work experience used in place of the educational requirements is not investment-related.
Lastly, after passing the exam, you need four years of relevant job experience in investment-related fields to attain the CFA. Now you know the relevant information about the CFA qualification. Let’s discuss if it is the right fit for you.
If you are looking to advance your career and get higher salaries, attaining a CFA certification is a great choice. It can take you years to get your CFA. But, once you have it, you show employers that you are committed to your field. It also shows that you are motivated and can perform in relevant roles. Due to this, you can get better job opportunities with higher salaries, especially if you get a job in investment banking, portfolio management, or investment management.
Additionally, if you are a non-investment professional, you can use the CFA charter to broaden your knowledge. For example, if you are a lawyer specializing in financial services, CFA can help you gain additional expertise.
In addition, if you are a student who wants to start a career in the investment industry, a CFA certificate will go a long way to helping you get your dream job. Because, for entry-level roles, employers prefer candidates who have a deep understanding of the industry that the CFA provides.
Another reason the CFA could be the right choice for you is if you want to gain an in-depth knowledge of the financial world. We mentioned before that only 44% of the people who take the CFA exam pass it. That is because the CFA exams are notoriously challenging.
The reason why the pass rate is so low is because of the comprehensive material that you have to cover. On top of that, the subject matter gets constantly updated to add relevant new information. This rigorous, in-depth studying of all the material provides you with a graduate-level understanding of finance. Attaining the CFA designation is difficult. But, once you have it, you can show everyone that you are a finance expert.
The CFA is the gold standard when it comes to the investment industry. Everyone in the finance world recognizes it.
In addition, due to global recognition, you can land jobs anywhere in the world. For example, if you want to move to Europe, having the CFA qualification will go a long way to impressing potential employers. No matter where you want to go, having a CFA will work in your favor.
The cost for a CFA is less than average college tuition for one semester. The total cost for the CFA varies depending on the prep material you buy and the number of times you take the exam. However, typical costs can range between $2000 to $8000.
In addition, if you consider the career benefits of the CFA qualification, it is worth it.
Adding the CFA designation to your resume is sure to impress any potential employers. As mentioned before, attaining the CFA shows great dedication and commitment, which are attractive traits in an employee.
According to 300hours.com, people who passed level I of the exam saw a 6 percent increase in their pay. In addition, people who passed level II of the exam saw a 23 percent increase in their salaries.
Furthermore, people who passed level III of the exam saw a 39 percent increase in their pay. That is not bad at all when looking at the ROI.
Additionally, the 2005 CFA Institute Survey found that CFAs earn 50 percent more than professionals who do not have the CFA qualification. In fact, CFAs with more than ten years of experience out-earned MBAs as well, earning over $230,000 per year compared to $200,000 per year. Lastly, CFAs who also completed their MBAs made the most with an average salary of over $250,000 per year.
If you are tired of your current job, attaining the CFA can help you switch careers and get a new and exciting job. For example, if you are an accountant looking to switch to the investment industry, the CFA can help you make the switch.
The CFA stands for chartered financial analyst. It is a globally recognized industry gold standard.
The CFA qualification has many benefits and could be the right for you if you want to advance in your career. Also, it can help add to your professional expertise. It can also increase your chances of getting a job offer after graduation. In addition, the CFA curriculum can make you a finance wizard and get globally recognized by everyone. Furthermore, it has a great ROI, can bolster your resume, and help you get a higher salary. Lastly, the CFA qualification can help you make the desired career switch if you are bored at your current job.
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