CFA certificate - what is it? CFA classification

It turns out that the CFA certificate (which we will consider in the article) is a more serious proof of competence than the notorious MBA, but in Russia it is known less. However, experts have already managed to understand that the latter is by no means the greatest guarantee that the career will be promoted in the best way. But, having CFA, you can confidently be called a financial analyst.

The importance of the

The degree of certified international financial analyst (Chartered Financial Analyst) is one of the most authoritative in the world. To receive a CFA certificate, the training takes place at the American Institute. Specialists who graduated from it, there are over seventy thousand in 200 countries. But there are very few such analysts in our country. According to CEO Richard Hainsworth, who is also the head of the CFA association in Russia, the key to professionalism today is the CFA certificate.

What kind of guarantee will help explain another specialist, Konstantin Demchenko, the manager of Everest Asset Management. He believes that within the narrow specialization, a high level of professionalism is achieved and a lot of useful information is obtained, which is necessary for future work. The analyst may need the company regardless of its focus. The knowledge of the specialist is universal, they can be applied in different countries, firms and situations.

To understand why a certificate may be needed, it is enough to look at the statistics among graduates of universities. There are quite a few financial specialists among them, but the acquired knowledge is, as it were, divorced from reality. You can be sure, having received a CFA-certificate, that this will give a significant advantage among competitors.

On the way to success

However, getting the treasured paper is not a simple matter. To be admitted to the exam, you need knowledge of English and work experience in the relevant specialty. To date, it takes at least four years to have the opportunity to obtain a document.

It is necessary to pass three difficult exams, which will test the knowledge of theoretical knowledge about asset valuation and portfolio management.

The date is assigned on the day when tests are conducted simultaneously in all countries. Previously, only one step could be taken at a time. But now it was possible to defeat two of them at once. Therefore, the minimum period of passage is not three years, but two. Those who are not in a hurry with training are given seven years. It is during this time that the previous results will remain in force.

Classification of levels and gradual growth

So, let's consider what topics are dealt with at each of the CFA stages.

At the initial level, knowledge on investment appraisal and management is checked. Here it is necessary to analyze financial documents using macroeconomic and microeconomic methods, numerical methods, general understanding of investments, financial markets, accounting. This qualification is considered to be the most difficult, since here there may be so-called pitfalls. But it will be easier to move further. The exam can be taken twice a year, and the task is issued in the form of tests.

The next stage involves asset valuation and accounting analysis. Applicants apply the knowledge obtained at the previous level, in practice. In this case, one needs to understand deeply the theory of the capital market, the Central Bank, understand investment, be able to calculate profits and risks, compare opportunities with alternative ones and give efficient recommendations. This exam can be taken once a year.

The final step is to evaluate and manage the portfolio. Here the candidates clearly understand this process and distinguish it from goal-setting, expectations and investment restrictions. In fact, this level demonstrates an understanding of the previous stages. He surrenders once a year. The task consists of two parts, the first involves mini-cases, and the second - questions that need to be answered in the form of a small essay.

To receive or not to receive?

Some financiers are sure that the excellent education received in the Russian higher educational institution, as well as experience in the domestic market, is more important than the certificate. And they can be right. Graduates of our universities are able to think logically and solve difficult problems. And for an analyst these things are basic. A powerful mathematical foundation and excellent logic become the key to success in analytics.

However, adherents of another point of view are sure that everything that is happening on the world market, one way or another, is reflected in ours. Therefore, everything that is applicable in the world is relevant for Russia.

Getting CFA means understanding the international scale of the processes. And in Russia there is a growing interest in this level. This can be judged by the increase in the number of applications for the receipt of the document.

You can prepare for exams not necessarily yourself. There are partner programs, on the basis of which young specialists are taught. However, in order to be trained, as we recall, you need a good command of English.

Additional bonus

Showed the results of the survey of employers on how important to them a candidate who has a CFA certificate, that this is not perceived as something special. Employers see in the document only an additional plus, helping the applicant to get the desired place.

The tenant thus understands that the candidate is single-minded. However, this does not mean that he will necessarily fit in a particular place and be able to perform the necessary work.

Maybe it's better than ACCA?

At the same time, recruitment agencies are sure that if you choose from ACCA, CFA certificates, the preference will obviously be given to the former. It is his employers who most often demand.

A certificate may be needed for those who are just starting their professional path. The same specialists who have already managed to make a career without him will perfectly be able to cope with their duties further. Moreover, if the candidate is only at the learning stage, then this information can be perceived even as a negative factor, since the process can drag on for years. And this is unlikely to please a potential employer.

Is it worth waiting for a big salary?

Another interesting question that interests professionals who decide to get ACCA, CPA, CFA-certificates, is how much the fact of the document will affect the salary. Alas, as practice shows, the candidate is unlikely from the outset to expect higher earnings. The main thing, on what the salary depends, is the previous experience and professional skills. However, if in the requirements to the candidate the availability of the corresponding certificate was initially laid, the salary is already offered higher.

So the specialists themselves, holders of the ACCA certificate, CMA, CFA, estimate themselves 30% more compared to those who do not have such documents. So are the specialists who have received education in any prestigious universities. And this is natural. After all, having spent a lot of money on training, I want to count on getting them back.

Advantage in crisis times

Of course, during the crisis it is unlikely to expect a higher salary. At the same time, applicants receive a clear advantage. But other conditions are important. If the company is not initially willing to pay a decent salary to a first-class specialist, they will rather give preference to a younger and less experienced applicant who is willing to work for a smaller amount.

Conclusion

Therefore, there must be an understanding that CFA, FRM and other certificates will not guarantee a take-off on the career ladder. At the same time, they will help to significantly improve their professional level and achieve their goals with greater ease.

There are a lot of successful specialists who have passed the relevant training and have a CFA certificate. How to get it, you learned from the article.

It is difficult to pass this way. However, many of those for whom he is already behind, do not regret about the time spent. They are sure that thanks to the education it has become easier to achieve what was conceived. At the same time, the certificate should not be taken as an end in itself. Rather, it is an intermediate success on the way to higher peaks.