To become a chartered financial analyst, one must meet the requirements set by the CFA Institute, complete three exams, and have four years of professional experience. The exams are self-study and take about six months each, with different formats for each level. Once all exams are passed, a regular membership with the CFA Institute is required to become a certified financial analyst.
To become an accredited financial analyst, you must meet the requirements set by the CFA Institute, an organization that has existed in various forms since 1947. You must then complete three tests administered by the institute. Upon completion of the process, you receive the title of chartered financial analyst, which indicates knowledge of financial analyst practices and professional experience. It also shows a commitment to the ethical practices advocated by the CFA Institute.
Prospective chartered financial analyst program members must have a bachelor’s degree or equivalent, or four years of professional experience. Students working towards their bachelor’s degree can begin the program in their final year of study. If you have college time and work experience, not including summer jobs and internships, totaling four years, you are eligible to participate in the program. Participants must speak enough English to take the exams and have a valid passport.
After entering the program to become a financial analyst, you must pass three exams to receive a letter. At each level, you pay a fee to receive the curriculum and register for a test date. The exams are self-study and the institute estimates that preparing for each test should take about six months. Each exam, however, is held at a set time, so you may not be able to register for the next exam immediately after completing the previous exam. Typically, it takes about four years to become a certified financial analyst.
Each exam follows a different format. The Level I exam is a set of 240 multiple-choice questions, with three answer options for each. On the Level II exam, there are 20 item sets, or miniature case studies, consisting of a vignette followed by six questions about the case described. For Level III, the exam has 10 to 15 essays, followed by 10 sets of items. In trials, each test taker is graded on content only.
After passing all the tests, you are a financial analyst with a pending letter. To receive the letter, you must have a regular membership of the CFA Institute, which requires 48 months of work experience. Once accepted as a member, you become a certified financial analyst. To maintain your membership, you must pay your annual membership dues and submit a Statement of Professional Conduct each year.
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