It turns out that the CFA certificate (which we will consider in the article) is more serious proof of competency than the notorious MBA, but less is known in Russia. However, experts have already managed to figure out that the latter is far from the biggest guarantee that a career will advance in the best way. But having a CFA, you can confidently be called a financial analyst.
Institute value
The degree of a certified international financial analyst (Chartered Financial Analyst) is one of the most respected in the whole world. To get a CFA certificate, training takes place at an American institute. The specialists who completed 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 this will help explain to another specialist, Konstantin Demchenko, the manager of Everest Asset Management. He believes that in the framework of narrow specialization, a high level of professionalism is achieved and a lot of useful information is obtained that is necessary for future work. An analyst may need a company, regardless of its focus. The specialist’s knowledge is universal, it can be applied in various countries, firms and situations.
To understand why a certificate may be needed, just look at the statistics among university graduates. There are quite a few financial specialists among them, but the acquired knowledge is as if divorced from reality. You can be sure by getting a CFA certificate that this will give a significant advantage among competitors.
On the way to success
However, getting the cherished paper is not a simple matter. To be admitted to the exam you need knowledge of the English language and experience in the relevant specialty. To date, you need to work at least four years to be able to get a document.
Three challenging exams should be passed to test your theoretical knowledge of asset valuation and portfolio management.
The date is set on the day when tests take place simultaneously in all countries. Previously, only one step was possible at a time. But now there is an opportunity to defeat two of them at once. Therefore, the minimum period of passage is not three years, but two. Those who are in no hurry to study are given seven years. It is during this time that the previous results will remain valid.
Level classification and gradual growth
So, consider what topics are dealt at each stage of the CFA.
At the initial level, knowledge on the assessment and management of investments is tested. Here it is necessary to analyze financial documents using the methods of macroeconomics and microeconomics, numerical methods, a common understanding of investments, financial markets, accounting. This qualification is considered the most difficult, since so-called pitfalls can be found here. But it will be easier to move on. The exam can be taken twice a year, and the assignment is issued in the form of tests.
The next step involves the assessment of assets and analysis of an accounting nature. Applicants apply the knowledge gained at the previous level in practice. In this case, it is necessary to deeply understand the theory of the capital market, the Central Bank, to understand investments, be able to calculate profits and risks, compare opportunities with alternative ones and give practical recommendations. This exam can be taken once a year.
The final step is to evaluate and manage the portfolio. Here, 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 steps. He gives up 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 convinced that the excellent education received at a Russian higher educational institution, as well as experience in the domestic market, is more important than a certificate. And they may be right. Graduates of our universities are able to think logically and solve difficult problems. And for the analyst, these things are basic. A powerful mathematical foundation and excellent logic become the key to success in analytics.
However, adherents of a different point of view are sure that everything that happens on the world market, one way or another, is reflected in ours. Therefore, everything that is applicable in the world is relevant for Russia.
Obtaining CFA means understanding the international scale of the processes. And in Russia there is an increase in interest at this level. This can be judged by the growth in the number of applications for a document.
You can’t prepare for exams yourself. There are affiliate programs on the basis of which young specialists are taught. However, in order to undergo training, as we recall, you need a good knowledge of English.
Extra bonus
They showed the results of a survey of employers about how important a candidate who has a CFA certificate is 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 employer thus understands that the candidate is purposeful. However, this does not mean at all that he will be suitable in a particular place and will be able to perform the necessary work.
Maybe better ACCA?
At the same time, recruiting agencies are confident that if you choose from the ACCA, CFA certificates, then the former will obviously be preferred. It is his employers who demand most often.
A certificate may be needed by those who are just starting their professional path. Those specialists who have already managed to make a career without it will be able to cope with their duties further. Moreover, if the candidate is only at the training 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 the potential employer.
Should I expect a big salary?
Another interesting question that interests specialists deciding to get ACCA, CPA, CFA certificates is how much the fact of having a document will affect wages. Alas, as practice shows, a candidate is unlikely to expect increased earnings from the very beginning. The main thing that determines the salary is previous experience and professional skills. However, if the requirements for the candidate initially stipulate the availability of the corresponding certificate, higher earnings are already offered.
So the experts themselves, holders of ACCA, CMA, CFA certificates, evaluate themselves 30% more compared to those who do not have such documents. This is how the specialists who have received education in any prestigious universities behave. And this is natural. After all, having spent a lot of money on training, I want to count on returning them.
Advantage in times of crisis
Of course, during a crisis it is hardly worth counting on higher wages. At the same time, applicants get a clear advantage. But other conditions are important. If the company is initially not ready to pay a decent salary to a first-class specialist, then they will rather prefer a younger and less experienced applicant who is willing to work for a smaller amount.
Conclusion
Thus, it should be understood that CFA, FRM and other certificates will not be a guarantee of take-off on the career ladder. At the same time, they will help to significantly improve their professional level and achieve goals with greater ease.
There are many successful professionals who have received appropriate training and have CFA certification. How to get it, you learned from the article.
It is hard to go this way. However, many of those for whom he is already behind do not regret the time spent. They are sure that thanks to the education it has become easier to achieve what was planned. At the same time, the certificate should not be taken as an end in itself. Rather, it is an intermediate success on the path to higher peaks.