{"id":15706,"date":"2022-12-19T07:40:11","date_gmt":"2022-12-19T07:40:11","guid":{"rendered":"https:\/\/statanalytica.com\/blog\/?p=15706"},"modified":"2022-12-19T07:40:15","modified_gmt":"2022-12-19T07:40:15","slug":"become-a-chartered-financial-analyst","status":"publish","type":"post","link":"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/","title":{"rendered":"5 Vital Steps to Become a Chartered Financial Analyst"},"content":{"rendered":"\n<p>There are a lot of good reasons for harboring an aspiration to qualify as a chartered financial analyst (CFA). From the respectability of this profession to the earning potential it represents, you\u2019d be wise to consider this as a career option if you want to work in finance.<\/p>\n\n\n\n<p>To make this dream a reality, you\u2019ll need to complete the following steps, and of course have the passion and perseverance to see them through.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"meeting-the-educational-requirements\"><\/span><strong>Meeting the educational requirements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f2c938bbbfd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ff5104;color:#ff5104\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ff5104;color:#ff5104\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f2c938bbbfd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#meeting-the-educational-requirements\" >Meeting the educational requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#taking-your-chartered-financial-analyst-level-1-exam\" >Taking your Chartered Financial Analyst level 1 exam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#taking-your-chartered-financial-analyst-level-2-exam\" >Taking your Chartered Financial Analyst level 2 exam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#taking-your-chartered-financial-analyst-level-3-exam\" >Taking your Chartered Financial Analyst level 3 exam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#getting-references-from-employers\" >Getting references from employers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/statanalytica.com\/blog\/become-a-chartered-financial-analyst\/#wrapping-up\" >Wrapping up<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>First of all, you must bring a suitable level of education and experience to the table in order to qualify for the CFA program.<\/p>\n\n\n\n<p>A bachelor\u2019s degree is a base level requirement, and of course it will work in your favor if you studied a finance-related subject at university.<\/p>\n\n\n\n<p>You can also be in the last year of an ongoing degree program, so even if you\u2019re still a student this is an option.<\/p>\n\n\n\n<p>Work experience is also necessary, and you\u2019ll need at least 3 years in a relevant professional role under your belt to get to the end of the CFA certification process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"taking-your-chartered-financial-analyst-level-1-exam\"><\/span><strong>Taking your Chartered Financial Analyst level 1 exam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At this point you might be wondering <a href=\"https:\/\/crushthefinancialanalystexam.com\/what-are-the-differences-between-the-cfa-exam-levels\/\" target=\"_blank\" rel=\"noreferrer noopener\">how many CFA exams there are<\/a>? Well, there are 3 levels in total, and the level 1 exam is the first obstacle you\u2019ll need to overcome once you\u2019ve been approved for participation.<\/p>\n\n\n\n<p>This exam consists of two sessions lasting three hours apiece, and covering 240 questions in total, meaning you don\u2019t have much more than 90 seconds to answer them individually.<\/p>\n\n\n\n<p>The level 1 exam is mostly focused on the <a href=\"https:\/\/www.investopedia.com\/articles\/financialcareers\/09\/professional-standards-ethics.asp\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ethics of being a financial analyst<\/a>, as well as the professional standards to which you must adhere.<\/p>\n\n\n\n<p>Studying rigorously and starting your preparations early will put you in the best possible position to pass this initial phase of accreditation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"taking-your-chartered-financial-analyst-level-2-exam\"><\/span><strong>Taking your Chartered Financial Analyst level 2 exam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The next stage doesn\u2019t delve into brand new concepts, but rather looks back at what was covered in level 1 and requires participants to analyze everything in much more detail.<\/p>\n\n\n\n<p>This exam is actually slightly shorter, at four and a half hours in total. It also involves an average amount of study time of at least 300 hours, according to <a href=\"https:\/\/www.cfainstitute.org\/en\/programs\/cfa\/exam\/level-ii\" target=\"_blank\" rel=\"noopener\">the CFA Institute<\/a>.<\/p>\n\n\n\n<p>If you fail any stage, it\u2019s possible to retake it, but bear in mind that around 50 percent of people who pass level 3 also did so following success in the lower two levels on their first try.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"taking-your-chartered-financial-analyst-level-3-exam\"><\/span><strong>Taking your Chartered Financial Analyst level 3 exam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Multiple choice questions are standard in the earlier levels, but this final tier of CFA exam brings in more in-depth essay questions where you\u2019ll be expected to provide answers based on your response to specific finance-related scenarios that are laid out before you.<\/p>\n\n\n\n<p>You\u2019ll be expected to wax lyrical on concepts and <a href=\"https:\/\/statanalytica.com\/blog\/types-of-financial-models\/\" target=\"_blank\" rel=\"noreferrer noopener\">financial models<\/a> such as asset allocation, risk management and much more besides, and it really does represent the pinnacle of what you\u2019re expected to contribute on your road to certification.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"getting-references-from-employers\"><\/span><strong>Getting references from employers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The work experience you\u2019ve completed and the exams you\u2019ve passed will need to be supported by letters of reference which not only confirm that you\u2019ve got the professional skills but also the <a href=\"https:\/\/statanalytica.com\/relationship-between-personal-characteristics-and-salary-a-\" target=\"_blank\" rel=\"noreferrer noopener\">right type of character<\/a> to be a Chartered Financial Analyst.<\/p>\n\n\n\n<p>Following the submission of these supporting documents, and the payment of fees required for CFA Institute membership, you\u2019ll have your application reviewed, and an answer given within two to four weeks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"wrapping-up\"><\/span><strong>Wrapping up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\u2019s no doubt that to become a Chartered Financial Analyst you need to invest time, money and brainpower in equal measure. The rewards make this worthwhile, but don\u2019t expect an easy ride.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of good reasons for harboring an aspiration to qualify as a chartered financial analyst (CFA). From the respectability of this profession to the earning potential it represents, you\u2019d be wise to consider this as a career option if you want to work in finance. To make this dream a reality, you\u2019ll [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15715,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1153],"tags":[1996,1995,1997],"class_list":["post-15706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sponsored","tag-become-a-chartered-financial-analyst","tag-chartered-financial-analyst","tag-what-is-cfa"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/posts\/15706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/comments?post=15706"}],"version-history":[{"count":0,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/posts\/15706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/media\/15715"}],"wp:attachment":[{"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/media?parent=15706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/categories?post=15706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/statanalytica.com\/blog\/wp-json\/wp\/v2\/tags?post=15706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}