WHAT`S NEXT AFTER PASSING THE CFA?
After pouring all your efforts, time, and hard work, you are now a Chartered Financial Analyst (CFA). But does the road to becoming a CFA end there? No. Even after obtaining the designation, the CFA Institute encourages all charterholders to keep updated with the latest market initiatives.
This article will highlight some of the continuing requirements CFAs must adhere to, as established by the CFA institute.
CFAs are highly expected to read and understand the CFA Candidate Body of Knowledge (CBOK), focusing on the following subject areas: Alternative Investments, Corporate Finance, Derivatives, Economics, Equity Investments, Ethical and Professional Standards, Financial Reporting and Analysis, Fixed Income, Portfolio Management, Quantitative Methods, and Wealth Planning. CBOK is designed to provide CFAs with adequate knowledge on investment and investment management industries, which has become the de facto credential for senior advancement in various investment careers.
The institute encourages designations holders about the benefits of continuing education by holding several industry-supported events, providing educational opportunities, and supplying various publications. It has also created a volunteer-based education program, in which charterholders need to complete at least 20 hours of CE-related activities, including a minimum of two hours of standards, ethics, and regulatory education annually. Members can choose the activities they want to engage in, provided it is educational in nature and will enrich one’s knowledge, skills, and capacities as an investment professional; and the content should be related to one or more of the Topics for Investment Professionals (TIPs), or a topic a member considers relevant for his or her distinct professional duties.
Members need to keep a CE journal to obtain credit for all their activities connected to continuing education. The institute allows flexibility in its CE program by backing pre-approved webcasts, events, and publications. There are also an array of pre-approved providers of educational programs found on the CFA website. Milestones are acknowledged by awarding certificates signifying program completion and posting their names of CE members in the institute’s publications.
Reaching milestones in the CE program indicates your commitment to educating yourself continuously, and being updated with new initiatives and matters in the industry. It also manifests your career development, as it convinces employers of an individual’s ability and willingness to attain new skills and knowledge.
Aside from the CE program, the CFA Institute has formed local analyst societies where it provides support for CFA candidates aiming to pass the examinations, as well as for members to be informed of issues encompassing the industry. You need to pay an annual fee to become part of local societies.
Such societies sponsor speakers at regular luncheons that deliver valuable details to investment professionals. Luncheons offer broad networking opportunities and uphold the membership’s thrust to be updated with current events in the industry. Normally for free, luncheons are available to members and non-members at a minimal charge.
And lastly, the institute has formed the Certificate in Investment Performance Measurement (CIPM) program, seeking to professionalize investment performance evaluation and presentation, refine proficiency in applying analytical methods and ethical standards, and recognize individuals who achieve the highest accomplishment in the field.
To qualify for the program, candidates, except CFA charter holders, must pass experience prerequisites within a performance-measurement capacity in the industry. The exam aims to train experienced professionals in the new standards and initiatives. Also, they also have to follow a code of ethical standards mirroring the CFA designation.
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