I’m based in Canada and have a few questions about entering the CFA program. What are the entry prerequisites, and what career paths does it support? Specifically, does experience in FP&A or corporate finance count towards the work experience requirements?
-
From what I’ve gathered, it seems that the only requirement is having an undergraduate degree. Is that accurate? Are there no specific guidelines regarding the type of degree, course content, or GPA?
-
What career opportunities does the CFA open up? I’m aiming for a future role as CFO or CEO and currently work in corporate finance, FP&A, and management Accounting, but I’m open to various industries.
-
Will my current work experience qualify for the required professional experience? It would be disappointing to fulfill the academic criteria only to find out my job doesn’t meet the CFA requirements.
-
As I understand it, to earn the CFA, you need to pass three exams, accumulate 36 months of relevant work experience, and secure two to three professional references. Is that correct? How challenging is it to manage the administrative aspects of this process, aside from the exam difficulty?
-
Is there a time limit for any part of this process? For example, does the year you graduated with your bachelor’s or started the CFA program affect your eligibility? Also, if you fail the exams, how many attempts do you have? Are there unlimited tries until you succeed?
One response
Here’s a response addressing your inquiries about the CFA program:
1.) Yes, to enroll in the CFA program, you need a bachelor’s degree, but there are no strict requirements regarding the major or GPA. However, having a background in finance, Economics, or a related field can certainly help with the content of the exams.
2.) The CFA designation is highly regarded in various finance roles, especially in investment management, research analysis, portfolio management, and corporate finance. It is certainly a plus if you aim to become a CFO or CEO, as it demonstrates a deep understanding of financial analysis and investment principles relevant to corporate finance and strategic decision-making.
3.) Yes, work experience in FP&A, corporate finance, or management Accounting typically qualifies for the CFA work experience requirement. The CFA Institute requires 36 months of professional work experience in a role that involves decision-making or investment management activities.
4.) You’re correct that you need to pass three levels of exams, have 36 months of relevant work experience, and provide two or three professional references. The administrative aspects can be relatively straightforward; however, make sure to clearly document your work experience to align it with CFA requirements. The exams themselves are challenging, but the admin part generally is not very difficult.
5.) There are no specific time limits on when you began your bachelor’s degree or started the CFA program. However, the CFA Institute does recommend that candidates complete all three levels of exams within a certain period for credential usage continuity, as having a long gap can be discouraged in terms of keeping current in the field. There are no limits on the number of attempts for the exams, so you can retake the exams as many times as needed until you pass.
If you have any more questions or need further clarification, feel free to ask! Good luck with your career ambitions!