Chartered Financial Analyst (CFA) is a lucrative career in today’s world. CFA is a professional qualification, which is difficult to obtain yet offers a promising future and a hefty salary. The CFA qualifying test is known to be a computer-based exam, which consists of 3 levels. The average package can easily range between INR 4 Lakhs to 41 Lakhs per annum.
Each year only around 50% of the total candidates who appeared for the exams clear the levels. But, for someone with experience or background in the financial management field, qualifying CFA can prove to be very helpful. Consider the new opportunities that the course can offer to you, especially if you are a finance professional.
What is CFA?
CFA is conducted all around the world by the CFA Institute, situated in the United States. The Institute is the authoritative body for deciding the syllabus and administering the examinations globally.
The Level I exam is conducted twice a year, in June and December. While the Level II and Level III exams are conducted only once in June each year. To be eligible for CFA, candidates must have a Bachelor’s Degree in related fields or at least 4 Years of work experience.
Preparing for the exams is a rigorous process. The course is developed as a self-learning model but, because of its tough-to-crack nature, there are many coaching centres which offer training for the aspirants.
There are many study materials available both as hard copies and as soft copies to help prepare for the exams. The coaching institutes also provide them to their enrolled candidates. The level of difficulty for the exams increases from level I to level III.
The Scopes for Choosing CFA
Now that we have brushed off some details about what this exam is and how to prepare for it let us look into the scope. Since the course and qualification is an internationally recognised one, it can prove to be extremely helpful at any part of the world.
The career of a qualified candidate is not so extensive, but, it does come with a huge paycheck. Qualifying as a CFA professional ensures the best job opportunities and a great scope of career development in top firms. The opportunities can be top-end and less competitive than most of the other generic professions.
The career paths related to accounting, finance, management, auditing, taxation etc. are the major areas on which one can excel after qualification. The average salary packages can start from INR 4 Lakhs per annum and can go up to INR 40 Lakhs per annum.
Who Can Choose CFA?
Freshers after their bachelor degrees and professionals in the fields of finance and management can be benefitted from qualifying for CFA exams. The academic background and personal intelligence help in qualifying the exams, both of which are generic to the above-mentioned groups of candidates.
Cracking all three levels of the exams requires persistent practice, time and undivided attention of the candidate. It has a duration from 1.5 years to 4 years, in between when you can qualify all three levels.
This is a reason why it can be more appealing to finance professionals. Since professionals from such related fields can derive so much gain by qualifying the CFA. In their dedicated field of career, the advanced skill that they achieve help in career growth.
Why is CFA qualification a highly demanded one?
Since CFA is an additional qualification course, it requires a background in any related fields. Being a finance professional, qualifying this exam can help in the advancement of your career. The course syllabus is also set to help in the promotion of standard knowledge in fields like finance, economics, ethics, equity etc.
Globalisation, booming industrialisation and other such factors have created a growing demand for such qualified professionals in India as well as abroad. Since each level of CFA is set with a growing level of difficulty, the number of candidates who qualify all three levels is very minimal each year. This, along with high demand, creates easy job availability and lucrative salary packages.
Career Options After CFA
CFA is one of the toughest and most sought after qualifications. As a qualified professional, there are many options you can choose from, any of which is easier to be hired with the highlight of your resume. Most of these posts are essential ones to any firm and so are high in demand and paid accordingly. The average annual salaries of such posts are:
- Chartered Financial Analyst – INR 9.35 Lakhs
- Portfolio Manager – INR 8 Lakhs
- Risk Manager – INR 10 Lakhs
- Business Consultant – INR 9.86 Lakhs
- Chief Executive Officer – Up to INR 41 Lakhs
- Market Research Analyst – INR 6.5 Lakhs
- Investment Manager – INR 7 Lakhs
If you are working in the financial or management fields, reserve an amount to prepare for this exam. The work you put in to qualify the exam will never go in vain. The attractive gains, like professional advancement, can prove to be worthy of every bit.
A stunning start of your career or steady growth in your current professional life. Additionally, being a chartered financial analyst opens a myriad of opportunities abroad. Multinational firms hire qualified and talented candidates, and having qualified CFA ensures an extra push for your job profile.
Put your efforts in CFA examinations, and it will be worth everything. The specialisation and training involved in this course and the method of self-educating are the main features of competition when compared with other degrees. Also, taking the road less travelled can prove to be profitable in your career.