What Is A Chartered Financial Analyst

A Chartered Financial Analyst® (CFA®) وهو متخصص في مجال إدارة الاستثمارات. ويتم اعتماد الفرد من قبل CFA® Institute as a CFA® charterholder only after that person has undergone a rigorous education and training process.

The specific skills that a CFA® possesses include expertise in equity and fixed-income investments, المشتقات, الاستثمارات البديلة, وإدارة المحافظ الاستثمارية.

بطبيعة الحال, وسعى للغاية هذا الاعتماد بعد. But why are CFA®s regarded so highly? ما هي القدرات الخاصة التي لديهم?


What are a CFA’s areas of expertise?

What Are A CFA®’s Areas Of Expertise?

The CFA® credential involves an in-depth study of a wide range of subjects that are related to investments and finance. The exams conducted by the Institute focus on a “candidate body of knowledge" (CBOK).

CBOK is central to the capabilities that a CFA® has. It’s important to remember that this body of knowledge is continuously updated. بناء على ذلك, CFA® candidates remain abreast of new developments in the finance industry. بالإضافة إلى, the CFA® program has a practical orientation and candidates are expected to maintain the highest ethical standard in every aspect of their work.

Here’s a pictorial representation of the manner. This graphic outlines how CBOK and ethical considerations impact Level I, Level II, and Level III of the CFA® program, and the subjects that candidates study:


CFA® Program Candidate Body Of Knowledge (CBOK)

CFA Program Candidate Body Of KnowledgeSource – The CFA® Program – Where Theory Meets Practice

These are the ten areas that CFA®s study:

  • Ethical and professional standards
  • Quantitative methods
  • اقتصاديات
  • Financial reporting and analysis
  • Corporate finance
  • Equity investments
  • دخل ثابت
  • المشتقات
  • الاستثمارات البديلة
  • إدارة المحافظ وتخطيط الثروات

How Can You Become A CFA?

How Can You Become A CFA®?

There’s a long and arduous process involved in getting to call yourself a CFA® charterholder:

Eligibility to take the exam

لديك لتلبية الحد الأدنى من المتطلبات المحددة قبل أن يسمح لك أن تأخذ CFA® exam. هناك ثلاث طرق لتصبح مؤهلة:

  • اختيار 1: تحتاج إلى أن يكون على درجة البكالوريوس أو يكون في السنة النهائية. ومع ذلك, this rule applies only for taking Level I of the CFA® exam. وسوف يسمح لك أن تأخذ المستوى الثاني فقط بعد استكمال درجة البكالوريوس الخاص بك.
  • اختيار 2: تحتاج إلى إكمال أربع سنوات من الخبرة في العمل المهني. ومع ذلك, هذا لا يلزم أن يكون في مجال الاستثمار أو التمويل.
  • اختيار 3: هذا هو مزيج من الخيارات 1 و 2. يمكنك الانخراط في CFA® course إذا كان لديك ما مجموعه أربع سنوات من الخبرة في العمل المهني والتعليم.

تذكر أن الإشارة إلى خبرة في العمل في خيارات 2 و 3 يشير إلى وظيفة بدوام كامل، وعدم العمل بدوام جزئي.

Passing the three levels of the CFA® امتحان

ويعقد امتحان المستوى الأول في دورتين لمدة ثلاث ساعات في يوم واحد. بالتالي, هل هناك حاجة للإجابة 120 multiple-choice questions in the morning session and another 120 multiple-choice questions in the afternoon.

وبالمثل, Levels II and III are held in two sessions on the same day. Level II requires you to answer a total of 120 items divided into 20 “mini-cases.” You are required to read a case scenario and then answer the six questions that follow. مرة أخرى, as in Level 1, all the 120 problems are of the multiple-choice variety.

The format of the Level III exam is different. As in Level II, there are case scenarios followed by multiple-choice questions. But there are essay questions as well that require you to write your response.

Keep this in mind: these tests are not easy. Their pass rates are low and you will need to study hard in order to pass. We recommend obtaining a study guide or enrolling in a prep course.

Every year, the number of individuals taking the CFA® exam increases. This chart from the CFA® Institute’s Annual Report for the fiscal year 2017 illustrates this point:

CFA® Program Administrations by Region

The CFA program administrations by region

Source – CFA® Institute’s Annual Report for the fiscal year 2017

خمس دول (الولايات المتحدة الامريكية, المملكة المتحدة, الصين, كندا, والهند) account for two-thirds of the total number of CFA® candidates. في السنة المالية 2017, كان هناك أكثر من المرشحين من الصين عما كان عليه من الامريكى.

Work experience

The eligibility criteria for gaining membership to the CFA® Institute doesn’t stop with passing all three levels of the CFA® exam. كنت في حاجة الى نوع معين من خبرة في العمل كذلك.

هل هناك حاجة لعملت ما لا يقل عن 4 سنوات في وظيفة بدوام كامل التي تنطوي على تحليل أو تقييم بيانات مالية أو اقتصادية. لحسن الحظ, you are allowed to accumulate this work experience before, during, or after you pass the exam.

Become a member of a local chapter

There is one final requirement that you must meet before you earn the designation of “CFA® charterholder.” You have to join the CFA® Institute as a regular member. There are dozens of CFA® societies spread across the world.


How Much Does It Cost?

How Much Does It Cost?

You will have to pay an initial program enrollment fee of $450. Subsequently, you will need to pay for each of the CFA® exams (Level 1, 2, 3). But the good news is that you can save by registering early.

فمثلا, the exam fee that you could have paid for June 2019, for Levels I, II, and III was $650 if you had registered by 17 شهر اكتوبر 2018. Register by 13 شهر فبراير 2019, and you need to pay $950. The most expensive option is to register after 13 شهر فبراير 2019; this will involve a payment of $1,380. The payment window ends on 13 March 2019. بناء على ذلك, if you don’t pay by this date you will have to wait for the next exam date.

Remember that Levels I, II, and III are held in June every year. In December, only Level I is offered.


Job Prospects For CFAs

Job Prospects For CFA®الصورة

Where do individuals who hold the CFA® qualification work? This graphic from job site eFinancialCareers provides an answer:

Sectors with the highest proportion of CFA®-qualified employees

Sectors with the highest proportion of CFA-qualified employees

Source – eFinancialCareers

eFinancialCareers analyzed the data from about 32,000 resumes that individuals submitted to them. It found that CFA® charterholders and students work in the following companies:

Company What the company does % of employees who have completed at least one level of the CFA® course % of employees who are CFA® charterholders
Pimco Investment management 30% 4.2%
Blackrock Investment management 26% 5.6%
KKR Investment management 23% 3.4%
Carlyle Group Investment management 22% 1.5%
Vanguard Investment management 20% 2.3%
Blackstone Private equity 20% 3.6%
Apollo Global Management الاستثمارات البديلة 20% 4%
Goldman Sachs Investment bank 19% 3.5%
UBS Investment bank 18% 2.6%
Lazard Investment management 18% 3.2%

According to a recent أبلغ عن, a CFA® earns between $53,000 إلى $118,000 with the salary rising as the number of years of experience increases. Those with ten to 19 years of experience earn approximately $127,000 while individuals with 20 or more years in financial services could make $156,000 كل سنة.

بالطبع بكل تأكيد, the salary could vary widely between organizations. The employee’s responsibilities and the nature of work would also play a significant role in determining the pay package.

Deciding between a CFA® and an MBA

The difference between a CFA® and an MBA is best summed up in an article in فوربس, which says that “… the MBA program is a mile wide and a foot deep, while the CFA® program is foot wide and a mile deep.”

The CFA® program focuses on a specialized area. Candidates gain expertise in investment management, إدارة المحافظ, and asset allocation. ماجستير في إدارة الأعمال, من ناحية أخرى, studies a wide range of subjects that include financial management, marketing, human resources, والعمليات التجارية.

وبالتالي, which course should you choose? The answer depends on the area that you plan to work in. If you want to apply for a job in an investment management firm, the CFA® course could be a better choice. ومع ذلك, if your career objective is to work in marketing or HR, an MBA may be more appropriate.


الخط السفلي

الخط السفلي

Completing the CFA® program will give you a well-recognized and highly respected credential. If you become a CFA® charterholder, it’s likely that you will be able to get a job with a good pay rate. In many investment management companies and private equity firms, CFA®s have a greater chance of being promoted than their peers.

ومع ذلك, it is crucial to remember that the CFA® course is difficult. You need to put in long hours of work to prepare for each of the three levels. علاوة على ذلك, you should also be good with numbers and have the ability to retain a large amount of information and apply it during the exam.

If you meet all these requirements, go ahead and start the course. Gaining the CFA® credential will boost your career and improve your employment prospects.

CFA® Institute does not endorse, promote or warrant the accuracy or quality of AIS-CPA.com. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA® Institute.

كينيث W. بويد

كينيث W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.

Ken has gained a wealth of business experience through his previous employment as a CPA, مدقق حسابات, ضريبة معد وكلية أستاذ. اليوم, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.