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What is the required level of English for the delivery of CFA. CFA certificate: how to get what gives. CFA in Russia.

The CFA certificate is a document of an international sample that allows the financial resources to work in the investment market and confirm the presence of their necessary knowledge and skills. Tell me how much it looks, how to get it, and is there any meaning in it.

CFA (Chartered Financial Analyst) certificate is considered one of the most authoritative in the world. The document is issued by the international college of financial analysts - the CFA institute organization (hereinafter the institute). To get it, it is necessary to successfully pass three exams, work in the financial sector for at least 4 years, suspend membership in the institute to confirm strict adherence to the professional code of this organization and the ethical standards adopted therein.

Who needs to get CFA?

CFA courses are useful for those who wish to take part in investment management or financial analysis. The presence of a certificate allows you to successfully work large-scale foreign companya representative office in Russia or a Russian company that attracts foreign investors.

Knowledge indicated on such courses are not considered basic: they are required and important for financial reporting with experience. The certificate is given only to those who have completed higher education and 4+ years of work in the field of collecting analysis of financial or economic data.

Those who will train on CFA on CFA will have to pay fees for the exam at the exam, pay for the courses themselves, and purchase educational materials.

Download additional material articles.:

How You Can't Make a Mistake Choosing a Professional Certificate How to Estimate the feasibility of the temporary and financial costs of identifying professional certification to help you choose a program that will fit your career plans.

What exams to take

In the learning process, the CFA certificate must take the exams three times. Taking them is allowed once a year.

According to the rules of the institute, the steering tests are carried out in the last number of May or in the first days of June. Exception - exam for 1 level CFA: There is also at the beginning of December. If desired, you can take 1 and 2 test levels for 1 year.

Studies are devoted to such areas of knowledge:

  • Level I, "Basics". Review basic knowledge of economics, corporate finance, ability to use various methodologies to analyze financial statements, as well as skills of using market tools and ability to use portfolio. The delivery form is written tests, a choice of 3 options.
  • Level II, "Working with Assets". Applicants respond to questions related to the valuation of the assets. Repeatedly checks the ownership of the property of tools that have been mastered at the previous stage. The delivery form is the detailed answers to written questions (essay) + the solution of mini-cases that simulate different situations.
  • Level III, "Portfolio Management Strategy". Financiers demonstrate portfolio management skills, as well as the ability to assess assets and use market tools. The delivery form is the detailed answers to written questions (essay) + the solution of mini-cases that simulate different situations.

Where to happen

Tests can be handed over to the Moscow Test Center for the CFA Association in Russia. They give in English. Each test in Moscow passes at least 1000 applicants. Its duration is 6 hours. Tickets in all countries of the world are in all countries of commissioning in commissioning through central control over each test center, so that the higher-level organization can guarantee the reliability of the certificate.

Where should i study

The CFA Association Russia expects financiers to explore the program independently and advises to study the recommended literature list. However, the complexity of the tests is such that it is possible to obtain a certificate with an independent investigative study of the material, every second applicant. With the renovation it is necessary to provide 9 out of 10 people. It is possible to greatly increase the likelihood that all tests will pass by posting CFA courses in Moscow or any other city.

Terms of payment

The strangest students have received a document for 3 years. According to statistics of this speed, it is possible to reach only one in ten applicants. If for some reason the test was commissioned at a certain level, it is possible to remember it in a year. But there is a nuance: a total of 7 years, a total of 7 years. After this period you have to re-register for courses.

Benefits of learning.

  1. The educational materials recommended for test preparation contain theoretical information that promotes successful development in the attachment ball. In the process of mastering this information, the methods of assessing atypical and complex situations can be mastered. Literature contains many examples and explanations provided.
  2. In the eyes of employers, a specialist who earns a CFA certificate is an employee who has a deeply knowledgeable theory who has a constant constant experience in his field and ideally speaks business English.
  3. The CFA abbreviation can be found next to his name.
  4. In Russia, the number of financial bodies for the mandatory state. is the presence of a professional certificate - it's 10%. But these vacancies relate to the most prestigious and suggest high wages.

Difficulties associated with training on CFA

If higher education in a specialty related to funding has already entered high schools with high positions in the Russian ranking, then it is possible to get a CFA certificate, which is not required. In fact, it is often necessary for some device to work in investment banks, funds, etc., etc. organizations. However, passing level I and passing the test is no guarantee that learning to understand the structure of transactions and preparation of presentations. Rather, after the results of the training in the first phase, he will get an idea of ​​the fundamentals of accounting and corporate finance, but if desired, you can get this knowledge faster and for less money.

If there is no work experience in the financial sector, training on CFA will not help him. Practical benefit Knowledge from the point of view of an internship or an employee is a completely separate area.

According to most of the owners of the CFA certificate and its analogues, it is difficult to learn from this program. Consider exams - expensive to prep just before testing, before you need testing, to celebrate 10-14 days of vacation, which is not always possible. Obtaining an international title - painstaking work that takes several years of life. Hence, that efforts have been crowned with success and paid off, it is important to begin learning to pensively lay down in the middle of the road.

How much it costs?

The cost of primary registration to go through the program is approximately $ 450

Prices for participation in the exam different:

  1. If you're trying to register as early as possible, a trial will cost $ 650.
  2. Standard registration approach price - $ 1000
  3. If you're getting close to the delivery date, you'll need to create about $ 1,400.

The cost of paper-based educational materials is approximately $ 400 when you purchase a range of recommended literature from author Kaplan Schweser or Allen Ressourcen.

The cost of preparing for the exam of the CFA program is different, calculated by the training center, taking into account the format - full-time or remote control. The estimated price of preparation for testing for confirmation of a level is 150 thousand rubles.

Alternatives to CFA.

The selection of a certificate type should be based on the specific sphere in which the applicant is running. The CFA exam is considered the most prestigious and highly recommended to be obtained mainly by experts in investment and corporate finance management. Professionals with a different specialization may be interested in alternative documents:

  • Acca. It is useful for finance directors, accountants, financial advisors, accountants. Possession of the ACCA Certificate / CFA means that the owner has perfect knowledge of financial accounting, deeply versed in IFRS and knows how to be recommended in this area, skills in taxation and tax law.
  • Cima. Those who want to acquire leadership skills and learn strategic planning. The test form for obtaining CIMA is an analysis of mini cases with different situations.
  • CIPA. Confirms knowledge of accounting and taxation. Acts in all countries of the world, including the CIS. To get CIPA, you can test in Russian.

MBA or CFA?

The specialist can develop one of two ways: get an MBA (Master of Business Administration) degree or pass a series of tests on a reputable professional certificate in your area.

After you have decided to take CFA or ACCA exams, the financier can appreciate such benefits of the certificate in the degree of MVA:

  • it will mostly develop the intricacies of a particular industry, and not human management methods;
  • the certificate confirms not only the possession of a specific set of knowledge, which is prepared in preparation for the testing, but also the availability of profile experiences and higher education, which is so valued in the professional community valued in the professional community above;
  • training in an authoritative American business school would be much more expensive (70-150 thousand dollars for 2 MBA courses versus 3-4 thousand dollars. For CFA, without taking training in courses into account), and parallel to school education would be difficult or it is impossible to work full time.

With all of this, it is worth noting that graduates from full-time business schools receive more extensive knowledge than applicants for narrowly-oriented certificates so that theoretically they can theoretically use them overthrough the number of acquisition opportunities and professional contacts with specialists from various financial areas.

The CFA certificate is not just a document indicating the evolution of the intricacies of a particular financial industry: this is a brand that is learned and respected in all countries. For a specialist who received higher education in Russia, availability of such a document It is possible to work successfully in a specialty abroad.

Alexander Valtsev.
CEO SF Education.

Need / is CFA crust?

Friends, let's be realistic - every year to get into a more or less good financial venture, it gets more difficult. Competition is growing and jobs are practically not being created. Will CFA Help You Get a Cool Job? Barely. However, it will help in getting a job in the financial sector. They are at least "bought" by the HR department, as many more or less decent positions require at least the first level.

From my experience, I can say that in an interview that I have visited (probably at least 10 companies from the moment the university was released last August) I did not attend to the line in the executive summary that pointed out that I did passed the first level of the CFA. They looked at it rather than granted it. CFA, as well as gradually the Masters degree, each year, they become the required academic achievement "by default" each year. This situation is not only in Russia, but also around the world, especially in North America and Europe.

check in

I had no problem with the registration. Existing ID I had a choice. I signed up from a passport to check the expiration date before checking.

It is very important not to forget to grab your ID on the day of the exam. It is advisable to collect a bag the evening before. The CFA Institute does not remember him via email. From a support standpoint, these guys are great. They even send you a whole set of instructions that you can take that there is no, when and where to come, how to come, how to come, etc. about a week before the exam.

As a payment, I recommend registering as early as possible, preferably before the first deedlanin. Not only do you save around 50% on costs, you configure the exam in advance. If you are a student and I recommend taking the first level in the final year (or even earlier if possible) then by all means see if your university is a partner in the CFA Russia program. If so, you will save or even beat the exam in general for free in general. On average, the cost of the first level of CFA is about $ 1,000 (I have no idea how much it is in Russia, given the weakening of the ruble). On the one hand, it is quite expensive, on the other hand - cheaper than the master. Especially if you are the master's master for knowledge, but for a crust, but for a crust, in CFA you will at least learn a lot.

calculator

In fact, only two types of test calculators are allowed. A funny story happened to me. I delayed his purchase for a long time, as basically all tasks were solved with the help of an ordinary calculator with advanced functions. I bought my machine for CFA for 10 minutes before closing the store myself on the eve of the exam, thanks to Heaven for the fact that there are several parts of the more expensive model in the store as all the others were open. I recommend all candidates to look into it in advance, especially considering what you live in Russia, and there is no such demand for such calculators.

preparation

I will say right away - the exam is very complex. The fact that this "American test" does not indicate that this test is in any way "dumb" or "straightforward". At the time of his surrender, I graduated from Canadian top university with a bachelor's degree in commerce in finance, major in economics, after three years "Otpahav" in the accounting program (after which was transferred to finance) and passed no financial modeling course. Furthermore, as my last IQ test shows, I'm far from a stupid guy. When I left the exam room, I felt mentally and morally exhausted. I was sure I had cast the test. I am not writing all of this to intimidate you, but so that you would not have to take the "proper American test" and, on the contrary, with maximum attention and seriousness.

Since I had a pretty strong background in accounting and finals (in addition, high school years I hit trading. To Forex I add, "I've pooled quite a large amount of money at once, but this is another story, not for the faint of heart), I'm not particularly "not" above the curriculum "ohms the first level of the CFA rose", sure by putting e-books somewhere in the folder on the worker. My basic preparation was a video lecture by Schweser.

While I was preparing for CFA again, I passed on similar material at the university. In addition, I was good at the quantitative methods of the "Pozarien" section, since studying statistics in high school (statistics, advanced placement), and then took another "on-joke" at the university just to get a good rating GPA levy. Before starting the preparation for CFA, I also studied an economics with a specialist from LSE. Corporate Finance I knew pretty well about the first second courses. I say that you can appreciate my baggage of knowledge even before I have registered with CFA. However, I can say that I was still "raw" for the exam. Therefore, I recommend entering Prime Materials regularly, which will allow me to solve precisely difficult tasks. Many say it takes around 300-400 hours to prepare. Focus on your situation, of course, but I gave you an individual time.

In fact, read the CFA Institute's material of meaning almost no if, of course, you've never studied finance. Secret sauce, tests, mock exams - this will be more than enough. Mobile EVP I did not need it, although I agree that it is useful and compact.I recommend those who are most focused on the practical part, the ability to pass the American tests, to develop some intuition. Be sure to practice time management. Along with intuition, it will be an important factor in your success. If I passed the first level again (God forbid) I would drastically change my preparation, which pays attention to the decision of tests and individual tasks. I would have at least two months for it. When there is usually the possibility that pre-prep exams exist before prep, the individual exam exam is entirely to indicate its weakest point, and only then relies on books.

Before the test

Sleep in. I don't know what memory can smooth out better than sleep. On the eve of the exam, as I remember, I decided to do two preparatory exams and after moving all the materials aside.

Go to the cinema, meet friends, go to the hallway / section. In other words, dare your head. It doesn't make sense to score anything on the last day. If you haven't had time, it means poorly calculated time or lazy. Knowledge gained from Blitzkrieg (from their experience speaking of their experience) I remember, is something of a benchmark and varies from year to year.

Collect the bag in advance and take everything with the reserve. Personally, I didn't take the batteries to the calculator as it was brand new, but they recommend you get yours (or a replacement calculator). Make sure you have the necessary ID in your pocket. Look at the route and methods of movement: it is better to come before half an hour. Going to bed early, setting up a few alarms in the morning when they got up regularly themselves).

exam

I passed the exam in Toronto at the Toronto Congress Center. In fact, he wasn't even in Toronto, but in the neighboring city of Mississauga, to whom I took public transport for an hour and a half. In Russia, the only delivery center is in Moscow. So if you are going to eat another city, you better go to Moscow and spend the night. In fact, it is better to avoid stress with traffic jam and various unexpected situations. If there is an opportunity (and you are traveling from another city) it is better to stay at the hostel, which is within walking distance of the exam center.

The Congress Center of the Toronto Congress, despite the pathos name - just converted (it seemed), the aircraft hangar area is probably at least a square kilometer. Only on that day, as it turned out later, the first level went by 6,000 people (so do not complain about the competition in Russia, where probably no more than 100 employees per year).

There really doesn't have to be a conflict in the instructors: leave your attachments behind the walls of the room. Listen to commands carefully, and under no circumstances write "Stop" (especially if you are not on your back). There is no point in risking the entire exam for multiple answers (especially since you are still answering at random).

The entire exam lasts six hours and consists of two parts, with a break every hour (or so) after the first part. I don't know, it's always like that, but the first part (morning) seemed to be much more difficult to me: I barely got the last circle after the command "Stop" (sure I haven't seen it) when In the second version, it was time to review the entire test from start to finish at least twice. Do not discuss any tasks with other participants during the break. It can be demoralizing.

My strategy of test solutions was like this: I "scanned" the test, the page per page per page, after understanding the answers all at once, for which I understood, it takes me more time than say 20 seconds (I have in Reply said in advance of the average required time). Thus, one option one option for all assigned times "scanned" at least three times for the total allotted time to leave the toughest questions. As a rule, among complex tasks, I first solved those in which the numbers are not involved. Tasks with numbers that are the easiest for me to postpone. Several times I have questions that I haven't had the faintest idea about. The funniest thing was what I knew what they were, and before that it was specifically bypassed to bypass these issues, thought the chances of their appearance on the exam was small. I answered these questions and relied on intuition. When you say when in doubt, choose B. This is not the best tactic, it will allow you to forget about the task and keep helping.

Also useful is the tactic of crossing the most unlikely responses. It helps increase your chances from 33% to 50%. It's not sugar, of course, but it's still better than just guessing.

  • Adjust psychologically before the test. Understand that if you fail the first try, it is not the end of the world. In the end, it will be more than half in any case. People who passed all three levels without a single failure, as statistics show, no more than 20%. Yes, it will beat you in the pocket, but by the second try you will know what to expect and the knowledge package will only increase from the previous time. The delivery of CFA is not a matter of life and death. Remember it.
  • In the last few days, special attention is paid to SNA, trying to get out of stressful situations. Move your studies, relationship, relationship, etc. to the second plan for at least a couple of days. Try to calm down as much as you can.
  • Do everything in advance: be it preparation, travel planning, buying the office, etc. Do all other things in advance (especially related to your studies).
  • After the exam, devote yourself to entertainment. In my case, my friends' son had a birthday, so I spent the evening at the company funnily (and something silly, but it was just fun, but it was just middle-aged and sadly fun "poke meat with a grill."
  • In any professional field there are markers for which a specialist can be distinguished. In the world of finance, this is a Chartered Financial Analyst (CFA) certificate.

    Nikita Sudow, student ie Business School, Graduate Child HSE HSE, and said how not to miss a series of "Games of Thrones" and still pass the exam.

    The main thing about CFA

    What is CFA

    CFA is deciphered as a qualified financial analyst - "Certified Financial Analyst". This is a certificate that attests to professional knowledge for expertise in finance, investment and insurance. It is granted by the CFA Institute - the International Association of Investment Management Experts.


    It is important to understand that CFA is not an educational course, but rather a diploma that is issued after passing the exam. You don't have to study at a specific university or complete a specific course to get a CFA degree. The CFA institute formulated a list of necessary knowledge and requirements for applicants and also compiled a list of recommended literature. You can train this knowledge either independently or in additional courses.

    How do I get a CFA certificate?

    The CFA diploma validates knowledge, but does not replace learning in finance. On the contrary, the certificate requires a higher level of educational and profile work experience.


    To earn CFA, you must pass three written exams. They are only held in English. The exam for each level takes place once a year on a specific day around the world. Or rather, the CFA training program lasts at least three years.

    This year I passed the CFA level I exam. I've happened it from the first time and it's good enough: almost all of the topics got more than 70% correct answers. After that, I started to analyze my preparatory process in order to proceed to the second level and found out interesting fact. It only took 60 hours to prepare. As far as I can remember, the CFA institute advises 100 to 200 hours at each level, and a lot of people really have that much time. How did I manage to prepare much faster? The secret is that I paid a lot of scheduling and analysis. Yes, yes, instead of reading books and solving the challenges, sat in front of the computer and made plans. I like everything i love.

    Why do you need CFA?

    I'm not going to be in the banking sector but still decided I need to get CFA. There are mutliple reasons for this:

    • Preparing for the CFA exam is an excellent opportunity to pump yourself into the financial sector.
    • CFA degree is prestigious. Of course, it doesn't guarantee that you will be a cool portfolio manager, and you should put all of the client's money under management. But CFA confirms that you know finances well.
    • CFA may come in handy in the future. The whole process takes a lot of time - at least three years. None of this will quickly come to light. So if the charter is still needed, the delivery of at least several levels is useful. And it can be used when working in particularly strict finance companies and top funds, or to impress clients (perhaps this is the most important!).

    How do you prepare at the CFA level?

    The entire preparation process I divided into three main blocks: theory, solution questions and simulation simulation. Sometimes you need to work with multiple blocks in parallel, and that's important.

    Understand theory

    Of course you stand in line with the theory. Bad news: it's a lot. Very much. Second bad news: It has to read. This has to be done because there are many specific topics in the program (an ethic is worth it) which does not guarantee a profile education (hello, the stink!). But the good news is that there are bypass paths. Many are used to prepare huge books like Schweser (only 5 books out of 500 pages for CFA level I only). They give a detailed and detailed material but do not work with it efficiently because there are slides. Still love slips? I love and they helped me speed up the process of exploring the theory significantly. I read the slides quickly, and when everything is clear - perfect to deal with, and when there is difficulty you get into the books.

    Time estimate: 5-20 hours (my cost - 10 hours).

    But work with theory does not end there, since it is very important to consolidate it with practice and immediately after reading the material to answer questions about it. Since the theories are very many, it is most effective to work on individual subjects. I set myself a benchmark - 70%. While I didn't get this result in the test on every subject, I didn't move on to the next. It was a kind of quality control. Here you need to have access to analysis of answers (on all good platforms) to compare your process to the benchmark. It is important to detail your results and show the percentage of correct answers, not on the average on the topic, but especially for each subtertainment, as there are several contents in CFA (large categories - specific topics - divers - groups of questions). The more details, the better you can analyze your results.

    Time estimate: 10-30 hours (my cost - 20 hours).

    Solve experimental questions

    When we get it down with the theory, you can start the main part. I would recommend working with blocks of questions about 120 pieces (this is half the CFA exam and dismantling each question immediately after it is solved. That is, not postponing the analysis of the end, but rather immediately after each question First, it is necessary to include all the categories of questions in these big tests, and then slowly throw out those where the percentage of correct answers is stable above 70%, so after some time it becomes few of the most complex categories and then don't give it alone. Now it's time to move on to the next block.

    Time estimate: 10-30 hours (my cost - 10 hours).

    Pass test exams.

    Now the most interesting thing is the simultaneous simulation, that is, the solution of the mocks. The exam itself takes six hours of everything with a broken watch. In addition, there are enough long-lasting administrative procedures. As a result, the exam takes about nine hours. It is necessary to be ready for this, and the moku helps perfectly. You can start solving the mocks online, and it's well worth practicing offline. Many companies offer the opportunity to write a CFA training course closer to the time of the exam. It will help get used to the format and check your strength.

    After solving the mocks, it is worth going back to the analysis and determining which topics you are having the most problems with. Keep turning to block II and repeat again.

    Where to find Moku: Online - The official website of the CFA Institute Cfainstitute.org \ u003e \ u003e; Offline (Moscow) - Academy of the company EY ACADHERYEY.com \ u003e \ u003e.

    Time estimate: 20-30 hours (my cost - 18 hours).

    Conclusion

    Of course, this approach doesn't guarantee that you will put in your 60 or even 100 hours of preparation. It all depends on you and your background. For example, theory development may take about 5 hours if you were a top student at the top financial college, and maybe 20 hours if you did not study that specialty very well or not. Anyway, I hope my article will help make training more efficient or at least tell good training resources. When everything remains unstoppable

    CFA (Chartered Financial Analyst) is an international certificate for the financial analyst. Problems with the CFA Institute, which was created in 1990 by the merger of the Financial Analysts Federation and the Institute of Chartered Financial Analysts. Basic in Virginia (USA).

    CFA - Golden Standard of Education

    CFA is considered to be one of the most prestigious and recognizable certificates in the field of financial and investment activity. The Financial Times Edition named the CFA certificate "Gold Standard", which indicates the high competitiveness of its owners on the international job market.

    In the eyes of the employer, the CFA financier is a specialist with a high level of theoretical knowledge, work experience in the financial sphere and in impeccable business English.

    The presence of a CFA certificate:

    • Allows you to work in the financial industry anywhere in the world (including the US, China, and Europe).
    • Makes a full member of the CFA Institute.
    • There is the right to use CFA abbreviation near its name.

    In Russia, the number of certificate holders is growing every year. As for potential employers in large companies with foreign investments. Often - branches of international companies. It is noteworthy that since 2014, consulting firms participating in government tenders in the field of finance have been rated by the number of CFA owners. Previously, this criterion was the number of employees with academic degrees.

    CFA is suitable for financiers and analysts

    The CFA program is designed for directors, investment and financial analysts, consultants, bankers, portfolio managers, traders, hedge fund workers and stock exchanges. The certificate is also popular with major accountants and auditors.

    Certificate enrollment requirements

    • The degree of the bachelor's degree or its equivalent.
    • Financial position experience of at least 4 years of continuous experience.

    CFA exams.

    To get a CFA certificate, you need to pass a 3-step learning program, and each level ends with passing the exam:

    • CFA Level 1 - Main Theoretical Knowledge.
    • CFA Level 2 - Valuation of Assets.
    • CFA Level 3 - Portfolio Management.

    All exams are held in English. Each of the exams consists of two 3 sessions that include:

    • Test questions (3 options for answers).
    • Situation questions based on mini cakes.
    • Problems, answers that should be presented in the form of a short essay.

    Exams are accepted in the institute's test centers. There is only one test center in Russia - in Moscow. The exact address is given on an invitation exam that the candidate receives a few weeks prior to the exam.

    Received CFA certificate

    The first level exam is rented twice a year, the other two exams - once a year. In view of this, the minimum duration of the certificate is 3.5 years. Maximum time. - 7 years. Candidates who did not have time to pass all three exams during this period are registered with the program.

    costs

    Primary registration with the CFA program costs $ 450. The cost of sharing each exam depends on the date of registration: the earlier you register, the less you pay.

    • Early registration - $ 650.
    • Standard registration - $ 950.
    • Late registration - $ 1,380.

    Preparation for exams can be trained independently or with the help of training centers. The cost of learning depends on its format (full-time, distance) and pricing policy of the training center. On average, 150 thousand rubles are used to prepare for an exam.

    Well, in May 2017:

    • In the NEW HSE preparation for the CFA exam, Level 1 costs 174,000 rubles.
    • At the Academy of Business NY - 137 700 rubles. Plus VAT (the price includes textbooks).

    Sometimes the candidate needs to acquire the educational literature (books and banking questions). The most popular literary publishers: Kaplan Schweser, Allen Ressourcen.

    For example, the cost of a set of educational literature from Kaplan Schweser will cost a candidate at least $ 379 (on

    Many specialists who choose additional training for further advancement of the career ladder in the financial sector are wondering which is more relevant: to go to a business school, to get an MBA with a specialization in the field or to take the exam pass For a professional certificate under the CFA program (Chartered Financial Analyst).

    The CFA program appeared in 1963. The first MBA program was founded in 1908 at Harvard. Both programs have their advantages and disadvantages and, despite the fact that they apply in many ways, reveal different potentials.

    Knowledge and career prospects

    People get an MBA in specific fields - finance, operations management, etc. - but are usually issued by business schools with more extensive knowledge and, as a result, there is a wider range of opportunities and access to the network of professional contacts.

    CFA has a more specific scope, owner of this international certificate - professionals in the field of investment management with strong analytical skills, who are in demand in banking, in the stock markets, in the field of corporate finance and investment consulting.

    All the experts found that the MBA opens the doors to all business areas due to the contacts created and is suitable for those who want to expand their career prospects, while the CFA diploma is aimed initially at financial analysts and portfolio managers and in-depth study of materials in profile.

    MBA can be better from a communication point of view and is also suitable for those who have not chosen the industry and want to get a wide range of skills. On the other hand, a lot depends on the business school itself and its prestigation (it is difficult to focus on numerous ratings), while the CFA certificate is equally recognized in all countries of the world. So CFA certificate holders are exempt from many commissions from exams for licenses for investment advisers and their agents or a number of analytics qualification exams (e.g. NYSE and FINRA). The judicial and regulatory bodies of a number of countries recognize the CFA diploma as an analogue of the relevant qualification requirements.

    Additionally, another important part of CFA's status is community action and, accordingly, adherence to its ethical standards. The status can not only be lost because of a legal proceedingBut also trying outIf disruptions are found in the work with customers, partners, etc. - Such unfair members can in this case fall after sanctions, be excluded from the CFA program, which is in the list " Guily "was published.

    Education costs

    Training in a good business school on the overseas MBA program is usually quite expensive and can vary from $ 70,000 to $ 150,000 for two years.

    At the same time, the minimum cost of CFA is in the range of $ 3,000 to $ 4,000 (for three levels), depending on the date of registration for the exam. In connection with the complexity of the exam, many are also recorded on additional training courses, which of course increase the costs, but are still lower in a business school.

    Preparation for CFA can be combined with work, while training under the MBA program implies separation from production, if of course not being able to talk about the popular completely removed format.

    At the same time, for MBA, in addition to 2 standard payment options (personal accumulations and credit), there is a scholarship version from a business school. And despite the fact that it is often very difficult for candidates to get a scholarship, they are actually ready to get it in order to get it: for example, business school problem scholarships that go up to 70 Cover% of training costs.

    Changing MBA Graduate Salary in Harvard Business School Example (Source: Financial Times)

    On the other hand, as noted by the same Financial Times in its video, many MBAs seem "out of date" today.

    According to a financial analyst's wage level study, the finance director, the availability of a CFA certificate is welcomed by employers. For the MBA, the positions of posts at different levels in which the competitive advantage in employment enjoys the holders of the MBA degree, much broader. The overwhelming majority of specialists stated that business education does not give first place the necessary knowledge and skills, but rather new contacts plus increases "prestige in the eyes of an employer and business partner". Not everyone is billed for significant career growth, however: ultimately, everything else elsewhere depends on you. Whatever education you have received, in fact, nothing gives the guarantees of employment in the sphere that you are interested in. For example, Eric Jackson is noticed about 10 ideas for Forbes Notes that can be "picked up" on MBA, but that have little connection with reality.

    Comments from specialists.

    "It has happened that I am personally familiar with both options as I have a CFA certificate, and recently my Biennium Executive MBA in Oxford ended, so I can compare.

    The main difference, of course, is the fact that the MBA certificate does not exist. It's like just saying "higher education". You can get the qualifications from MBA in a small institute in a small Russian town and you can get it in Harvard - the name will be one. As a result, this name itself means nothing and does not interest anyone. Essentially exactly the university you graduated from. In the case of MBA, the degree of prestige is the prestige of American universities, as well as there are several European business schools with a good level: lbs, hEC, oxford, cambridge, that is, inactive, etc. Any MBA diploma heated in Russia, including on Skolkovo street or at good universities such as MSU or HSE, no evaluations are included.

    CFA is a completely different story. If you were preparing for the exam in an African village and you went on a camel in Nairobi, your certificate will be assessed in the same way as the certificate obtained in London or New York. And it always means a level of qualifications and a set of knowledge.

    If you compare the specific EMBA at Oxford and CFA certificate then they are roughly the same by level of prestigidity. However, CFA is a narrower subject, and MBA encompasses broader assignments, plus encompasses many international contacts. By the number of effort required, it is also the same in the same way, but for CFA that effort is smeared in three years, and at Oxford everything is compressed up to two years, part of the time should be directly on the university. "

    Dmitry Ryabykh., General Director Alt-Invest.


    "The CFA course consists of three consecutive levels and takes three years of learning. The main disciplines that focus on the training - portfolio investment management, derivative financial instruments, the CFA-corporate finance are solicited in, solicited questions by Portfolio managers, stock and fixed market analysts, and direct investment management. IM Recently, CFA's popularity is growing between financial directories.

    In the world annually, the CFA exam attempts to pass over 200,000 candidates. Most of them are located in the United States and Europe, but recently more and more listeners from emerging markets, primarily China and India, are giving exams to get a certificate.

    What can be explained by such a high popularity of the CFA certificate? First of all, the presence of at least one KFA-KFA-Kfa is necessary, so that the candidate has a broad spectrum of knowledge - from macroeconomics to corporate finance. "

    Egor Vakariuk., Teacher cFA courses., Hock Training.


    "The professional growth includes the additional training. Working in IT and web development, I realized that I needed management, strategic and business planning skills. Due to the lack of opportunity to take time off work and the MBA program because he believed that it was believed that applied knowledge in the field of information management, i.e. in the sphere that I have been in for several years to date, also there have been good reviews of the program, and I was arranged a curriculum and explained teachers. CFA did not take into account because it is geared towards specialists in the field of investment and financial markets.

    In the course of two years of study, I gained practical knowledge in the field of management. Most of the time (around 70%) was spent studying and analyzing real cases. In addition, teachers were among the top managers of companies well known in the IT market. They shared their experiences and made recommendations.

    I cannot say that some shortcomings that were found in the program, but in my case another accounting course (the third life), probably, probably, was unnecessary. At the same time, the MBA degree has become a strong impetus for professional growth and development, and more understanding has appeared on how to manage the business in order to get income from it due. "

    Ilya Boltnov., Director of the Socialkey ADS Company Digital Society Laboratory marketing project.


    "Nowadays it takes a bit more to nurture promotion than just experience and higher education, I'd like to immediately note that both MBA and CFA diplomas guarantee significant promotion up the service stairs. In my opinion, it's absolutely two different programs , the MBA is a solid business program aimed primarily at networking, as well as the necessary management knowledge, in addition to knowledge in finance, the CFA diploma is a program for financiers that specializes in the field of investment analysis, analysis of the investment portfolio and the In the case of MBA, the knowledge gained will not only be useful in the world of finance. The main disadvantage of the MBA program is of course the cost, for many today it remains for many today, the cost of training a CFA program, at times cheaper, but with all that, to name this program, which is unfortunately available to many, neither can I. In addition to the cost, on the MBA program, you solve business cases with colleagues who offer and protect your point of view, which makes the process even more fascinating; on the CFA program, you sit and study and study just behind the book One Kind of Fight With yourself what makes this program any less valuable. As for my choice, I first completed the MBA program in Switzerland in one of the best business schools, and today I continue to study under the CFA program to get more adequate knowledge of the missing finance areas for me. "

    Ilya Popov., Finance Director of Finance and Accounting Companies "European Substitutions"


    "Difference between professional qualifications (CIMA, ACCA, CMA, CFA, DIIFR) and MBA are essential. In the first case we are talking about increasing professional competencies, in the second on developing strategic thinking and working on a network of professional contacts. "

    Nikita Larionov.Life Factoring.


    "Lately employers directed the presence of certificates of the candidate. Taking into account the current unstable situation on the labor market and high level of competition - candidates who have certificates have a clear advantage of the MARKET managing their personal brand.

    However, this is not a reason to go out of your way to assemble an entire collection of the most cherished papers. Any further education must be used in work practice. A person does not receive a certificate for the certificate, he invests in knowledge that can increase professional level and capitalization. If the financier is at the beginning of his or her career, I would highly recommend paying close attention to ACCA. If the candidate is keen to take on strategic positions in finance, this is CFA. If the goal is management skills development, MVA is. "

    Olga Petrovskaya., Senior Consultant Finance and Audit Department for the Cornerstone of Registanking Company


    "The impact of MBA degrees on life and graduate careers has been studied for several decades. How does the MBA degree increase the chances of getting the position you want? First, on your resume, information about studying in Inspenad ie Harvard or some other prestigious appears." Business School. These names have become a quality mark for candidates and the employer is invited to a graduate of the top business school for a position of responsibility.

    The professionals are not limited to academic achievement. The student pupils have tremendous opportunities for non-processing. You are closely communicated with classmates (future top managers of companies from all over the world), professors (practitioner specialists, with considerable experience in the teaching region). In addition, full-time MBA students have many opportunities to get to know potential employers in internships that are included in the program and access the ever-growing network of MBA graduates (professionals with important positions in companies from the Fortune list). All of these dating help the graduates repeatedly in their careers, provide quick access to current business information and give the best opportunities for growth.

    Employees with a diploma from the top business school, high salary. Most American business school graduates. First and foremost is Harvard - an average of $ 179.910 a year. European salary schools are slightly lower. Insaad graduates, London Business School and IE (France, UK and Spain) salaries are at the level of 150-155 thousand dollars per year. In general, the annual compensation of graduates from the top 50 grows from 68 to 147 percent. Business school graduates not only get more interesting and prestigious top positions. You also get them with a bigger guarantee. According to 2015 statistics, more than 90% of top-end business graduates get an offer within 3 months of posting (despite the fact that around 4% of MBA degree holders start their own business). "

    Polina Shevchenko., Marketer MBA Startegy

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