If you want to become a Certified Financial Analyst, you will need to follow specific steps before you will be considered eligible to sit for the exam. Certified Financial Analysts, also referred to as CFAs, are important professionals in the finance industry who research the economy at a macro and micro level to help business leaders make financial decisions. As a CFA, you will research conditions and then make professional recommendations to executives or prepare financial models so that they are able to support their predictions with data.
Since a CFA holds so much responsibility, you do need to be certified to show that you possess the technical knowledge. In order to take the national exam, you will need to be able to prove that you have completed formal training and that you have hands-on professional experience in finance, according to Investopedia. Read on, and find out what you need to do so that you can participate in a CFA Program.
Earn an Undergraduate Degree
The first step to getting most professional credentials in the finance sector is to earn a bachelor’s degree. If you would like to earn the CFA charter, you need to enroll in an accredited program that is nationally or regionally accredited. A degree in finance, business, or some other related field will be sufficient to get you into a graduate program. Only after you earn your B.A. or B.S. can you enter a graduate program.
Get Professional Experience to Meet Entrance Requirements
Now that you have a bachelor’s degree, you have met the educational requirements to register for a CFA Exam. If you already possess a bachelor’s in an unrelated field, you can actually enroll to earn an MBA with a concentration in finance to meet the entrance requirement and to build your technical knowledge. You may also be able to register for the exam if you are in your final year of your bachelor’s program or if you have four years of professional experience in finance. A combination of college experience and professional experience that totals 4 years can also be enough to qualify, accordion to the CFA Institute.
What You Must Know About the Exam
When you register for the exam and you receive your exam date, it is important to be aware of the fact that you will need to pass three levels of the exam in succession. Some find the content extremely challenging and experts recommend that you study for the series 63 and 67, before to gauge how comfortable you are with these less challenging tests. After you have worked your way up the levels, you can start to study for level I of the CFA exam. This level is given in the late fall and late spring. When you pass this exam, level II and III will only be given in late spring.
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It is extremely important to be realistic when you sit for the exam. Only about 65 percent of test takers pass the exam at any given sitting, according to Investopedia. Because of this, it is imperative to be prepared before you schedule your exam date. Start to study at least six months prior to the exam date and dedicate about 10 hours out of each week to covering content. If you are willing to invest your time, it is likely that you will pass to become a Certified Financial Analyst.
