CFA Pay Research

Comment by Julius Michael on November 30, 2009 at 7:26am

Thank you very much with this analysis. I am from Africa but will soon move to the USA around Boston, which college i should register to pursue CFA course come 2010. Please help me with details of the university so i can contact them immediately.

Thanks Julius - FCCA

Comment by Bill M Wright on November 30, 2009 at 3:32pm

Prerequisites

You'll want to contact the CFA institute link I provide below with any questions you have regarding the details of the program. If your looking to learn more about Boston Colleges here is a link of meto-Boston area colleges.


The CFA Program is a postgraduate program. However unlike the USA CPA designation which requires the completion of a college level degree in accounting (accounting major) with no credit for prior accounting work experience. The CFA does not require an undergraduate degree in finance or investments. And it may be possible to get credit for work experience but I would expect that would be rare.

The readings assigned in the study program and the questions on the CFA examinations are geared toward individuals who are prepared to deal with “masters” level course work. No specific prerequisite courses of study are prescribed for enrolling in the CFA Program, but applicants should be aware that assigned readings in many topic areas are beyond a basic, introductory level.


Basic Exam Entrance Requirements

To register in the CFA Program, an applicant must:
Have a US bachelor’s degree or comparable non-US degree. The degree requirement is self-reporting. An applicant must receive a bachelor’s degree no later than 31 December of the current examination year to qualify for entrance into the CFA Program.

If an applicant does not have a degree, qualified professional work experience totaling at least four years may be acceptable. Eligible professional experience for entrance to the program instead of a degree does not have to be investment related. Summer, part-time, and internship positions do not qualify. Employment dates (month and year) and a detailed description of duties for all current and previous positions must be included with the Registration & Enrollment Form. An applicant may also apply for entrance to the program with a combination of college/university and professional work experience that totals at least four years. (The four-year total must be accrued by the application date.) Details must be included with the Registration & Enrollment Form.

If a student does not meet the degree requirement by 31 December of the examination year, his or her candidacy will be cancelled, examination results will be voided, no refund of submitted registration and enrollment fees will be issued, and he or she will need to register again and pay all applicable fees to re-enter the program.

Complete, sign, and return the Registration & Enrollment Form, including the Professional Conduct Inquiry and Candidate Responsibility Statement located on the back of the form.

Pay the required fees.

--------------------------------------------------------------------------------

Requirements to be Awarded the CFA Charter
To be awarded the CFA charter, a candidate must:

Sequentially pass the Level I, Level II, and Level III examinations;
Have at least four years of acceptable professional experience working in the investment decision-making process;
Join CFA Institute as a member. As part of the application for CFA Institute membership, a candidate must:
Provide current completed sponsor forms;
Sign and complete the Professional Conduct Statement;
Sign and agree to comply with the terms of the Member’s Agreement; and
Exhibit a high degree of ethical and professional conduct.

Apply concurrently for membership in a local CFA Institute Society of your choice. Your active membership in a local CFA Institute Society is an important part of continued advancement in your profession.

http://www.cfainstitute.org/cfaprog/overview/index.html" target="_blank">Learn more about CFA Institute’s CFA Charter requirements at their website.

Comment by Mukund Bhide on December 6, 2009 at 4:53am

Hi Bill,
Thanks for the extensive research compilation on salaries offered to CFA graduates.
I wish to know whether there exixts exclusive programms for equity research analyst in the US.please indicate the list of institutes,universities offering such programmes.We have a large pool of graduates who wish to make career in Equity Research.
your advise is appreciated.
Mukund

Comment by Bill M Wright on December 6, 2009 at 3:19pm

Mukund, each year US News produces a list of "Best Business Schools" which does break list down by more finite areas such as Management, Accounting, Finance..etc. Here is a link to the 2009 US NEWS Best Business Schools list. If you click on the FINANCE link you will find 1) University of Pennsylvania (Wharton) Philadelphia, PA 2) University of Chicago (Booth) Chicago, IL 3) New York University (Stern) New York, NY ...etc. Certainly I'd advise any brilliant student with the financial means and time to always seek to get into a big brand name business school. For the less brilliant student of much less financial means (as I was) I say there are plenty of good BBA and MBA programs within the USA. Within my old home state of Michigan we had over 5 Major fully accreditied University programs back in the 70's so Im sure it's double that number today. But for an individual who has already graduated from an India University who's interested in this field but concerned about the cost/benefits of spending money on another degree (masters degree) and who needs to work now...I'd suggest just enrolling in the CFA program which is/has become universally accepted around the world and provides a standardized and very focused/concentrated education in Financial Markets (including debt financing and valuations).

Comment by Bill M Wright on December 6, 2009 at 3:25pm

Mukund, there are also now many very niche type programs like The Stanley C. Golder Center for Private Equity and Entrepreneurial Finance was established in 2005 to advance the understanding of private equity investing. It's within the College of Business at Illinois, USA.

Comment by Mukund Bhide on December 8, 2009 at 12:57pm

Thanks Bill,Is it possible to offer a 6/12 months certificate programme to graduates passing from Indian Universities with major in finance/accounting.I wonder if this could be delivered in India in collaboration with a US university or institution.With Indian finance/stock markets growing at a good growth rate,the need for such professionals is tremendous.Your suggestions on such collaborative arrangement please.
Mukund

Comment by Bill M Wright on December 12, 2009 at 6:25pm

Mukund, Finance 3.0, CFA e-Coach Program sounds like a much more affordable program than the fees I've seen for classes and prep courses. Assuming the $300 for 12 months, includes 24/7 web-based learning materials (electronic books and practice test) then based upon my experience I'd say, "That's a real bargin". I've not reviewed the materials so I can't comment on the quality or interface design. Naturally one would still need to enroll into the CFA program and pay those fees too.

Here is an example of how specialized programs are evolving. At Creighton University students can earn an online Master of Security Analysis and Portfolio Management (MSAPM), while at the same time, preparing for your CFA® exams. Creighton University is one of the few schools in the world that specifically designed a Master’s degree based on the curriculum of all three levels of the Chartered Financial Analyst® (CFA®) program. I like the idea of coordinating the Masters degree program with the CFA designation giving the student better cost/benefits. There may be other University programs like this one.

USA universities have greatly expanded their branch degreed locations within (USA) States and in many cases across State lines to grow their University business over the last 25 years. But I'm not familiar with many University programs providing preparation training for popular designations such as the CPA, CFA or PMP. The Creighton University program was the first I've heard to combine degree/designation course work. In years past this was left to private businesses (as are college prep-exam study). Yes, finance or accounting degrees did prepare you for these exams, but they were not built around passing the CFA or CPA exams. No doubt much has changed since my University days. Best to talk with current Business School Finance Professors. They will be more knowledgeable then I on the topic of your question.

I have seen many USA Universities expand programs targeted to fortune 500 businesses who would pay extremely high fees. But the average person/student cannot afford the cost. In fact I'd bet more money was made in America charging high fees for Six Sigma Master Black Belt, Black Belt, Green Belt Certifications then has every resulted in real ROI. I know the University of Boston and others sell prep training program classes for the PMP but it's $5-6 thousands for a simple 8-12 course. Designations have value but they seem to have evolved into money machines for the providers. A friend and former co-worker who moved back to Mumbai, India in 1996 ( with CitiBank) is seeking/investigating obtaining the rights to providing training for certain Insurance Industry designations of which the USA has so many we must produce an Insurance Designations Handbook.

People should also be aware of issues between CFA Institute and India. CFA Institute is not affiliated with the Chartered Financial Analyst degree offered by the ICFAI (Institute of Chartered Financial Analysts of India) University of India or its affiliate, the Council of Chartered Financial Analysts. In 1998, CFA Institute's predecessor organization, AIMR, sued and won a judgment against ICFAI/CCFA. The judgment prohibited ICFAI/CCFA and its members from using the CFA or Chartered Financial Analyst mark in the United States and Canada. In 2006, an Indian court issued a temporary injunction against the Indian organization as well. The judgments made no assessment of the quality of the Indian program and merely discussed the trademark violation. The Indian Association of Investment Professionals is the only organization in India which is affiliated with the CFA Institute. In September 2007 The Trademark Registry, India removed the right of the Institute to use the CFA title and as a result of this the CFA Charter and Trademark now exclusively belongs to the Indian ICFAI in India.

Comment