CFA or Chartered Financial Analyst is one of the most sought after certifications for developing a niche in the field of finance. It is great for people already in the financial industry to upskill themselves or a fresher looking to make their way into the robust world of finance. It is a Global certification carried out and administered by the CFA Institute as a distance learning course. The fact that it is internationally accepted makes it different and more appealing from other financial courses with a lot more exposure and learning.
Let’s get more deeper into it…
CFA or Chartered Financial Analyst: An Overview
Chartered Financial Analyst is a professional certification affiliated with the CFA Institute to provide comprehensive learning in various fields of finance ranging from portfolio management to equity analysis and different financial products. It is a rather tedious course that requires sincere hard work and persistence. The examination takes place twice annually and the aspirants can choose whichever slot suits them.
It is divided into 3 levels that one needs to qualify to complete this certification. Each level has a set curriculum that goes from beginner to intermediate and advanced as the levels increase. The study material is provided as a soft copy (online) comprising of lessons, and video lectures.
Starting from 2020 the CFA exam is switching its mode from a paper-based to a computer-based format only.
For CFA Level I, there used to be 120 questions in each morning and afternoon slot i.e. 240 total questions in total. But, now the same has been reduced to 180 questions i.e. each session of 90 questions of 2 hours 15 minutes each. Thus, justifying the rather tedious part!
Also learn details on CFA Level 1 Exam: Course, Fees, Eligibility & Program Registration
However, it surely has its pros like objective MCQ type questions are asked and no negative marking is done. So you can attempt all questions without the fear of losing marks on even the right answers! Another good thing about this entire process is the flexibility one gets while preparing and appearing for it. You can choose your slot to appear, you are free to prepare in your way through online material and even choose the center closest to you for giving the examination.
The Charter makes your CV stand out thus exposing you to a whole set of better job opportunities!
While on the subject of the pros of this charter and why it is worth taking it up, let’s look into the scope it has in different countries. As a whole, there are around 90,000 CFA professionals working in ove3 130 countries around the Globe. However, in this article, we cover India, the US, and Canada- the hotspots.
CFA Scope: India
India is one of the fastest-growing countries in terms of people investing their money in the stock market. According to reports, only 12 million out of 1.2 billion people of this country are familiar with the Equity market and investments. While 12 million in itself a huge number, the potential of expansion is also plenty!
Investment giants and conglomerates are expected to increase by 33.3% in the next decade. A CFA professional after the much-needed experience can see themselves working for one of these conglomerates or financial intermediaries.
You may like to know Is CFA worth it? Should You take the CFA Exam?
CFA Scope in India: Career Options
After completing CFA, you can be employed on various job roles listed below:
- Equity Analyst
- Equity Research Associate
- Finance Manager
- Chartered Financial Analyst
- Research Analyst
- Credit Analyst
- Senior Financial Analyst
- Business Analyst
- Investment Banker
- Portfolio Manager
- Personal Financial Advisor
CFA Salary in India: Average Numbers
The average salary of a CFA professional ranges from Rs.1.8 lacs to 20 lacs per annum depending upon individual exposure and skill set. For a more detailed view of the same, we have curated a list of some of the top CFA recruiters in India with the salary package they offer:
| Company |
Salary Package (Avg)
|
| TATA capital | 15-22 lacs p.a. |
| Deloitte | 14-30 lacs p.a. |
| Aditya SunLife | 13-25 lacs p.a. |
| SBI Bank | 15-25 lacs p.a. |
| Reliance Industries | 24-45 lacs p.a. |
| Bharti Airtel | 12-22 lacs p.a. |
| ICICI Bank | 12-27 lacs p.a. |
| Hindustan Unilever | 15-36 lacs p.a. |
| ITC | 15-25 lacs p.a. |
CFA Salary USA: Scope
According to the recent reports from the Bureau of Labor Statistics, the average salary of a Chartered Financial Analyst in the USA is $83,000. The demand for such personnel is high in the United States due to the presence of leading financial conglomerates that the fact that the US stock markets affect the world economy like nothing else does.
As far as Job roles are concerned, 22% of the Charter holders work as portfolio managers, 16% are research analysts and 7% are chief executives of multinational companies. The remaining and majority 55% fall in the others category justifying just how diverse the job roles can be, after completing this certification.
A list of Top companies that hire CFA holders in the US are stated below:
- JP Morgan Chase
- UBS
- Bank of America Merrill Lynch
- RBC
- HSBC
- Wells Fargo
- City Group
- Morgan Stanley
- Price Water House Coopers
- Ernst and Young
Don’t miss to learn How to become CFA or Chartered Financial Analyst?
Also, if you are planning to move to USA, and have a younger sibling, don’t forget to discover How to pass Cognitive Abilities Test or CogAT in United States?
CFA in Canada: Scope & Salary
Skilled professionals are in ever-demand in the Canadian markets. A typical Financial and investment analyst earns around CA $50,000-$70,000 annually. It may also reach around CA $92,000 or beyond in some regions. To be a Chartered Financial Analyst in Canada, one must have a bachelor’s degree in commerce, business, or related field, and on-the-job training experience. A certification of CMI (Canadian Investment Manager) certified by Canadian Securities Institute further leverages your chances for a CFA job in Canada.
However, if you move to Canada as an immigrant, you might have to work harder to secure the right job for yourself. Newcomers generally face some initial struggles and have to put extra efforts to get their desired job with a good salary in Canada. The primary reason, companies look for Canadian experience (which of course, you can add to your profile by working only).
Are you a newcomer, looking to open bank account, do checkout Best Banks for New Immigrants in Canada
CFA Salary Canada
Below listed are region-wise hourly wages in different Canadian regions for CFAs:
| Region | Hourly rate |
| Alberta | CA $ 44.86 |
| Ontario | CA $38.46 |
| British Columbia | CA $33.52 |
| Quebec | CA $32.00 |
| New Brunswick | CA $31.19 |
| Manitoba | CA $30 |
| Nova Scotia | CA $26.99 |
And yes, once you settle down with a good salary package, do think of saving and investing your money. Don’t miss to have a look at our exclusive section on investment alternatives in Canada.
CFA India, Canada or USA: The Bottom Line
No matter where you go, a CFA charter can help you land a respectable job in the finance sector. With this certification, the employers not only know that you have advanced knowledge of the domain, but also the fact that you are able to deal with complex situations, are hardworking, and can be relied upon! And, these are the true characteristics of a qualified and efficient finance professional.
The scope of CFA in India has grown tremendously. The financial market has taken a boost with growth in FPI, FDI & Market trends. With all this happening it is pretty obvious that the financial sector will take a boost.
For all this, market will need experts and professionals who can fulfill the demand and questions of the rest. CFA charter holders are the ones that will have a major impact and role in this.
All the major countries respect and demand this charter in their potential candidates” CVs. Although some subsequent courses come in handy depending upon different countries. It would be right to say, a CFA certification distinguishes you from others in the vast ocean of job seekers.
You may also like to explore the Best Online Banks in Canada
Further, if you wish to move to Canada as a student, you may be interested in discovering the Best Bank in Canada for International Students.
What are your thoughts? Do you still have doubts about CFA as a career? Feel free to drop a comment below and we’ll try and help you out!
Please guide on How to find jobs after completion of CFA in India.