10 Finance Certifications for a Professional – Must Know

What are Finance Certifications?

Professional finance certifications are specialized credentials that demonstrate expertise and knowledge in various aspects of finance. Professional organizations and institutions typically award these certifications after candidates complete a rigorous course of study and pass an exam.

These certifications can enhance a professional’s credibility, demonstrate their commitment to continuing education and professional development, and increase their job opportunities and earning potential.

Listed below are some advantages of finance certifications:

• They help individuals to perform better and strive toward excellence
• They improve the market value of a professional, thus increasing their visibility for recruiters
• Higher qualifications and credentials mean more job security
• Individuals with such finance certifications can expect up to 15% higher remuneration than the current market average.

Each finance certification is specific to the kind of role a financer needs to play in an organization. The duration and assessment method also varies from one program to the other.

Finance Certifications

1. CFA® – Chartered Financial Analyst

About the Certification

Chartered Financial Analyst certification is awarded to finance professionals, specifically by the CFA Institute. When a student completes a program of three different exams, they get the designation of a Chartered Financial Analyst.

This certification has three levels:

• CFA Level 1
• CFA Level 2
• CFA Level 3

To become a Chartered Financial Analyst, the finance professional has to meet the following requirements:

• Should complete the three levels of examinations of the CFA program
• Should have four years of prior work experience in the finance industry
• Should have a membership in the CFA institute
• And lastly, they should adhere to all the codes of ethics and standards of professional conduct of the CFA Institute.

Below are the topics that are an integral part of this exam:

• Financial Reporting
• Economics
• Financial Analysis
• Ethics
• Corporate Financing
• Fixed Income Investments
• Alternative Investments
• Equity Investments
• Portfolio Management

CFA Course Structure

To complete the certification of CFA, the finance professional must complete a course of three different levels. The three levels comprise various subjects or topics related to finances, mathematics, and accounting.

So, let us move ahead and understand the course structure and other relevant essentials of CFA Level 1.

CFA Level 1
The CFA level 1 examination divides into two sessions of 135 minutes of 90 multiple-choice questions per session.

CFA Level 1 Exam	Session 1	Session 2	Total
Duration	2 hours 15 minutes	2 hours 15 minutes	4 hours 30 minutes
Number of Questions	90	90	180
Exam Topics	Ethical and professional standards, economics, financial reporting, mathematical methodologies, financial analysis	Fixed incomes investments, alternative investments, corporate financing, equities, portfolio management	–

Syllabus for CFA Level 1

Subjects in CFA Level 1	Percentage Weightage	Topics covered
Ethics	15%	Global Investment Performance Standards Standard of Professional Conduct
Fixed Income Analysis	11%	Fixed Income Markets Fixed Income Securities Introduction to Fixed Income Valuation
Financial Reporting Analysis	15%	Income statement Drafting Balance sheet Financial Reporting Mechanics and Standards
Equity Investment	11%	Market Efficiency Security Market Indices Market Organization and Structure
Economics	10%	Firm and Market Structure Demand and Supply Analysis Aggregate Output, Prices, Economic Growth
Portfolio Management, and Wealth Planning	6%	Basics of Portfolio Planning and Construction
Alternative Investment	6%	Mutual funds Real estate
Derivatives	6%	Derivative Markets and Instruments
Quantitative Analysis	10%	Discounted Cash Flow Applications Time Value of Money Statistical Concepts and Market Returns
Corporate Financing	10%	Cost of Capital Capital Budgeting

CFA Level 1 Fees

Particulars	Fees (INR)	Fess (USD)
Enrollment fee for CFA Level 1	Rs. 33,722	$450
Early registration fee	Rs. 52,456	$700
Standard registration fee	Rs. 74,938	$1000

Eligibility for CFA Level 1
The finance candidate should meet the below requirements before qualifying for CFA Level 1:

1. The candidate should either be in the final year of their graduation or should have completed their undergraduate degree.
2. The candidate should have at least four years of work experience in any finance-related organization.
3. They ask the candidate to submit more than two reference letters from some established or reputed financial professionals.

Exam Details
The CFA Level 1 examination tests the candidate’s knowledge and understanding of financial investment and its various techniques.
Below are the details of the CFA Level 1 exam:

Structure of the CFA Level 1 Exam	180 multiple-choice Questions
Length of the exam	Two Sessions: 1. Morning Session- 90 questions in 2 hr 15 minutes 2. Afternoon Session- 90 questions in 2 hr 15 minutes
Result declaration	Within 60 days of the examination
Rate of Level 1 Completion	41%

CFA Level 2

Once you clear the CFA Level 1, the candidates can pay for CFA Level 2. At this level, the motive is to test the candidate’s knowledge in several real-life scenarios of finance companies.

Below are the topics that you need to focus on while preparing for CFA Level 2:

• Investment Tools
• Professional and Ethical Standards
• Asset Classes
• Portfolio Management and Wealth Planning

Syllabus of Cfa Level 2

Subjects	Percentage Weightage
Financial and Reporting Analysis	10-15%
Corporate Finance	5-10%
Ethical and Professional Standards	10-15%
Quantitative Methods	5-10%
Portfolio Management	5-15%
Economics	5-10%
Alternative Investments	5-10%
Equity Investments	10-15%
Derivative Investments	5-10%
Fixed Income	10-15%

CFA Level 2 Fees

Particulars	Fees (INR)	Fees (USD)
Early registration fee	Rs. 52,800	$700
Standard registration fee	Rs. 72,000	$1000

Eligibility for CFA Level 2
The finance candidate should meet the below requirements before qualifying for CFA Level 2:

1. The candidate should have completed the CFA Level 1
2. The candidate must be a bachelor’s degree holder in finance from a recognized university
3. The candidate should have at least four years of work experience in any finance-related organization

Exam Details
A candidate must pass the CFA Level 1 to be eligible to apply for CFA Level 2 exam. The candidates get size hours to finish the CFA Level 2 exam. The enrollment fee for this level varies every other year.

Mode of CFA Level 2 examination	Online Computer-based examination
Language of exam	English
Number of questions	44-45 item set questions/ session (Tentative)
Number of sessions	There are 2 sessions of 2 hours and 12 minutes each.
Type of questions	Vignette-based multiple-choice questions
Result declaration	Within 60 days of the examination

CFA Level 3

CFA Level 3 is ultimately a different game than the previous two levels. It requires an enormous level of preparation.

The critical knowledge areas of CFA Level 3 are:

• Chapter 1-2: Ethics & Professional Standards
• Chapter 3: Behavioral Finance
• Chapter 4-5: Private Wealth Management
• Chapter 6: Portfolio Management for Institutional Investors
• Chapter 7: Application of Economic Analysis to Portfolio Management
• Chapter 8: Asset Allocation and Related Decisions in Portfolio Management
• Chapter 9: Asset Allocation and Related Decisions in Portfolio Management (2)
• Chapter 10: Fixed-Income Portfolio Management
• Chapter 11: Fixed-Income Portfolio Management (2)
• Chapter 12: Equity Portfolio Management
• Chapter 13: Alternative Investments
• Chapter 14: Risk Management
• Chapter 15: Risk Management Applications of Derivatives
• Chapter 16: Trading, Monitoring, and Rebalancing
• Chapter 17: Performance Evaluation
• Chapter 18: Global Investment Performance Standards
• Chapter 19: Portfolio Management

CFA Level 3 Syllabus

Subjects	Marks Weightage
Ethical and Professional Standards	10-15%
Fixed Income	15-20%
Derivatives	5-10%
Economics	5-10%
Portfolio Management and Wealth Planning	35-40%
Financial Reporting and Analysis	5-10%
Equity Investments	10-15%
Corporate Finance	5-10%
Quantitative Methods	10-15%
Alternative Investments	5-10%

CFA Level 3 Fees

Particulars	Fess (INR)	Fees (USD)
Early registration fee	Rs. 52,800	$700
Standard registration fee	Rs. 72,000	$1000

Eligibility Criteria for CFA Level 3

The candidate must complete CFA Level 1 and CFA Level 2 examinations.

1. A bachelor’s degree in finance from a recognized university is a must.
2. The candidate should have at least four years of work experience in any finance-related organization.

Exam Details

Key areas covered	Ethics, Alternative Investments, Derivatives, Equity Investments, Fixed Income, Portfolio Management & Wealth Planning
Requirement	The CFA Level 3 is a full-day examination of six hours
CFA Level 3 exam dates	CFA® Level 3 is conducted only twice yearly, in May and August
Type of questions	A mix of Essay and MCQ
The number of questions	The exam consists of two sessions, with 11 item sets. Each item set typically contains six multiple-choice questions and 2 to 4 constructed-response (essay) questions. Therefore, the total number of questions in the CFA Level 3 exam is typically between 48 and 60, depending on the number of constructed-response questions in each item set
Passing rate	54%
Result declaration	It is usually out within 90 days of the completion of the examination
Recommended preparation hours for CFA Level 3	CFA Institute recommends studying for at least 300 hours to prepare for CFA Level 3
What’s next?	Once you clear this CFA Level 3 examination, you will be entitled to CFA Charter by the CFA Institute.

Career in CFA

Getting CFA certification helps you get higher annual salaries than other finance professionals. So when you do this certification, below are the potential career prospects available for you in the finance industry:

Career Prospects	Job Title
Wealth Management	Wealth Manager
	Financial Advisor
Investment Banking	Investment Banker
	Equity Research Analyst
Private Equity	Associate
	Private Equity Manager
Asset Management	Asset Manager
Investment Management	Portfolio Manager
	Research Analyst
	Investment Strategist
	Chief Investment Officer (CIO)
Hedge Funds	Manager

Jobs Roles and Responsibilities of CFA Analysts

Job Role	Job description and responsibilities	Average Salary
Wealth Manager/Finance Advisor	Should manage the clients’ finances, including their tax, estate, and investment plans Should always guide and advise the clients on their economic issues	$50,000 – $300,000 per year
Investment Banker	Should help companies raise their capital Should strategize well before planning the financial transactions	$100,000 – $300,000 annually
Private Equity Associate/Manager	Should quickly evaluate, identify and execute the company’s equity investments Should develop strategies for making potential investments and negotiate deals if required	$100,000 – $500,000+ per year
Asset Manager	Should manage a complete portfolio of the assets Should monitor the performance of the assets	$100,000 – $200,000 per year
Portfolio Manager	Should take care of the entire portfolio of investments Should make all the investment decisions on behalf of the organization	$125,000 – $200,000 per year
Research Analysts	Should judge the available investment opportunities for the company	$80,000 – $150,000 per year
The Chief Investment Officer (CIO)	Should oversee all the investments done by the company Should create guidelines and strategies	$200,000 – $500,000+ per year
Investment Strategist	Should evaluate the economic trends and the market conditions suitable for investments or not	$125,000 – $250,000 per year
Hedge Funds Manager	Should manage all the hedge funds of the company Should manage all the risks involved in the investments	$200,000 – $1,000,000+ per year

2. CPA – Certified Public Accountant

About the Certification

Certified Public Accountant certification is for accounting professionals recognized by the AICPA – American Institute of Certified Public Accountants. This certification is a valued and recognized certification in marketing because of its potential can work in several industries:

• Government
• Non-profit organizations
• Public accounting industries
• Corporate financing.

The CPA examination includes four sections:

1. Business Environment and Concepts (BEC)
2. Financial Accounting and Reporting (FAR)
3. Auditing and Attestation (AUD)
4. Regulation (REG)

To become a Certified Public Accountant, the finance professional has to meet the following requirements:

• The applicants should have a bachelor’s degree in the accounting field.
• The applicants should have a prior work experience of at least two years in public accounting.

CPA Course Structure

The CPA examination is the most challenging exam in the world. Below are some of the essential points a candidate should know before going for the CPA examination:

• The CPA examination is an online computer-based examination held only four times a year, in March, June, September, and December.
• To become a licensed CPA, you must clear all four sections of the CPA examination.
• A candidate must complete all four sections within 18 months, with at least a minimum score of 75 in each area.
• The examination includes multiple-choice questions, written communication tasks, and task-based simulations.

CPA Syllabus

In the CPA course, there are a few specializations offered to the candidate, which are:

• Human Resources
• Sales & Marketing
• International Business
• Finance
• Financial Planning & Analysis
• Auditing & Control

Subjects	Topics covered
Business Environment and Concepts (BEC)	Corporate Governance Economic Concepts and Analysis Financial Management Information Technology Operations Management
Financial Accounting and Reporting (FAR)	Conceptual Framework Standard-Setting and Financial Reporting Select Financial Statement Accounts Select Transactions State and Local Governments
Auditing and Attestations (AUD)	Ethics, Professional   Responsibilities, and General Principles Assessing Risk and Developing a Planned Response Performing Further Procedures and Obtaining Evidence Forming Conclusions and Reporting
Regulations (REG)	Ethics, Professional Responsibilities, and Federal Tax Procedures Business Law Federal Taxation of Property Transactions Federal Taxation of Individuals Federal Taxation of Entities

Fee for CPA Exam

Particulars	Fees (INR)	Fees (USD)
Business Environment and Concepts (BEC)	The total for all four sections is Rs. 73,000	$356.55
Financial Accounting and Reporting (FAR)	The total for all four sections is Rs. 73,000	$356.55
Auditing and Attestation (AUD)	The total for all four sections is Rs. 73,000	$356.55
Regulation (REG)	The total for all four sections is Rs. 73,000	$356.55
Evaluation fee	Rs. 23,000	–
Application fee	Rs. 14,600	–

Eligibility for CPA Exam

The finance candidate should meet the below requirements before qualifying for the CPA examination:

• The candidate should have graduation done in accounting and finance, such as BCom, BBA, MCom, and MBA.

Or

• The candidate should be a member of any one of the following:
  • The ICAI – Institute of Chartered Accountants of India
  • ICSI – Institute of Company Secretaries of India
  • ICMAI – Institute of Cost Accountants of India

• The candidate should have completed 150 hours of the CPA course semester
• The candidate should have a work experience of at least two years in any accounting industry.

CPA Exam Details

The 16 hours four, sections examination’s main motive is to test the knowledge and skills of the CPA candidate.

Examination section	Course Details	Time Duration
Exam 1	Auditing and Attestation (AUD)	4 hours
Exam 2	​​Financial Accounting and Reporting (FAR)	4 hours
Exam 3	Regulation (REG)	4 hours
Exam 4	Business Environment and Concepts (BEC)	4 hours

CPA Career Prospects

If you have a good interest in and knowledge of accounting, then CPA is the best option to enroll in. Along with the ability of a Chartered Accountant (CA), a CPA also includes knowledge of GAAP (Generally Accepted Accounting Principles), IFRS (International Financial Reporting Standards), GAAS (Generally Accepted Accounting Standards), etc.

Career Prospects

Public Accountant

Tax Accountant

Internal Auditor

Financial Analyst

Corporate Accountant

Forensic Accountant

Jobs Roles and Responsibilities of CPA Accountants
As per the data from the U.S. Bureau of Labor Statistics in May 2020, below are the details of job roles, their responsibilities, and their respective average salaries for CPA Accountants:

Job Role	Job Description and Responsibilities	Average Salary
Public Accountant	Should provide auditing, accounting, and tax services to their clients Should conduct audits on the financial reports	$80,110 per year
Tax Accountant	Should prepare tax return documents for individuals and companies as well Should advise their clients about tax planning	$80,050 per year
Internal Auditor	Should conduct internet audits on the finances of the company Should ensure the rules and regulations	$71,550 per year
Financial Analyst	Should analyze the latest market trends and the financial data of the company Should evaluate the risks involved in the investments of the company	$83,660 per year
Corporate Accountant	Should prepare and analyze the financial statements of the company Should manage the budgeting of the company	$80,210 per year

3. FRM – Financial Risk Manager

About the Certification

The Global Association of Risk Professionals (GARP) offers a professional certification called FRM – Financial Risk Manager certification. The FRM – Financial Risk Manager certification illustrates a comprehensive understanding of the practices and risk management concepts used in the financial industries.

This certification is best for professionals with a thorough knowledge of risk management, such as traders, risk managers, auditors, regulators, and analysts. This certification has two levels:

• FRM Level 1
• FRM Level 2

To complete this FRM Financial Risk Manager certification, the candidate should pass both levels of the FRM Examination. It includes the following topics:

• Risk Management and Valuation
• Quantitative Analysis
• Financial Markets and Products
• The Current Issues in the Financial Market

FRM Course Structure

Candidates can complete the FRM examination in two parts; part 1 has four sections, and Part 2 has five individual sections. Below are some essential points a candidate should know before going for the FRM examination:

• Both levels have multiple-choice questions that candidates must complete in four hours for each group.
• A potential candidate must have at least two years of prior work experience in financial risk management.
• This examination is held three times yearly, in May, August, and November.

Topics and Weightage – FRM Level 1

Subjects	Percentage Weightage
Foundations of Risk Management (FRM)	20%
Quantitative Analysis (QA)	20%
Financial Markets & Products (FMP)	30%
Valuation & Risk Models (VRM)	30%

Topics and Weightage – FRM Level 2

Subjects	Percentage Weightage
Market Risk Measurement & Management (MR)	20%
Credit Risk Measurement & Management (C.R.)	20%
Operation Risk & Resiliency (ORR)	20%
Liquidity and Treasury Risk Measurement and Management (LTR)	15%
Risk Management and Investment Management (I.M.)	15%
Current Issues in Financial Markets (CI)	10%

FRM Fee

Particulars	Fees (INR)	Fees (USD)
Enrollment fee	Rs. 32,700	$400
Early registration fee	Rs. 45,000	$550
Standard registration fee	Rs. 61,500	$750

Eligibility for FRM

The finance candidate should meet the below requirements before qualifying for the FRM examination:

• The candidate should be a graduate.
• The examinee should have two years of prior work experience in financial risk management.

FRM Exam Details

• The FRM examination is a two-part, online, computer-based examination.
• The time given is four hours for completing each part of the examination.
• It is a complex examination equivalent to a master’s degree.
• The test is free of negative markings.
• You will get the results via email within eight weeks of conducting the examination.
• The minimum passing score for FRM certification is 70%

FRM Level 1 Exam

Examination format	Multiple choice questions
Number of questions	100
Passing score	55-60%
Available examination time	May and November
Duration of examination	4 hours

FRM Level 2 Exam

Examination format	Multiple choice questions
Number of questions	80
Passing score	55-60%
Available examination time	May and November
Duration of examination	4 hours

FRM Career Prospects

Now that you know about the syllabus of the FRM certification, you should also understand the scope of designations you would be getting after completing this. Below is the list of jobs you get in FRM:

• Corporate Risk Manager
• Credit Risk Specialist
• Enterprise Risk Manager
• IT Risk Management Analyst
• Risk Manager
• Senior Operational Risk Manager
• Regulatory Risk Analyst
• Risk Analytics Client Consultant
• Market Risk Specialist
• I.T. Management Analyst
• Regulatory Risk Specialist

Jobs Roles and Responsibilities of FRM Managers

Below are the details of job roles, their responsibilities, and their respective average salaries for the FRM managers:

Job role	Job description and responsibilities	Average Salary
Credit Risk Manager	Assess and manage all the credit risks involved in the borrowing and lending activities Should make policies for managing credit risks of the company	$122,000 per year
Risk Manager	Should create risk management policies for the company to follow Should incorporate risk management practices in the company	$118,000 per year
The Investment Manager	Should manage all the investment portfolios of the company Should be able to make all the investment-related decisions of the company	$135,000 per year
The Regulatory Compliance Manager	Should develop compliance policies for the company	$105,000 per year
Quantitative Analysts	Should implement and develop some mathematical tools Should constantly evaluate the financial and investment opportunities	$120,000 per year

4. CFP – Certified Financial Planner

About the Certification

Certified Financial Planner certification is best for financial planners or professionals. The Certified Financial Planner Board of Standards (CFP Board) of the United States organizes this examination.

This certification includes completing the following:

• Some college-level courses related to financial planning
• A comprehensive examination
• Several years of work experience in financial planning
• agreeing to abide by all the codes of ethics and professional responsibility given by the CFP Board

Once completing the CFP certification, the board instructs the professionals for various financial planning services like:

• Estate Planning
• Retirement Planning
• Investment Management and Planning
• Tax Planning

There are two ways to complete this CFP certification:

1. The typical route
2. Pathway for Challenge Status

The typical route is for candidates currently enrolled in a bachelor’s degree and wishing to apply for CFP.

And the pathway for challenge status is for the candidates who can clear the Advanced Financial Planning examination to earn their CFP certification. However, the candidate should have relevant working experience before sitting for the test.

CFP Course Structure

Certified Financial Planner certification includes completing five examinations designed upon six modules. The marking weightage for each module is 20%. Below is the list of modules in this course and the topics related to it:

Module	Topics covered
Risk Analysis & Insurance Planning	Insurance and Risk Analysis, Planning for Clients’ Exposures to Mortality, Health, Disability, Property, Liability, etc.
Investment Planning	Investment Planning, Vehicles, and Strategies, Regulation of an Investment Advisor, Application to Clients, etc.
Introduction to Financial Planning	Financial Planning Process, Time Value of Money Applications, Personal Financial Statements, Client Interactions,  Asset Acquisition, Education Planning, Risk Management, Investment Planning and Special Circumstances, Retirement Planning, etc.
Advanced Financial Planning	Constructing a comprehensive financial plan for the client.
Tax Planning & Estate Planning	Concepts that are relevant to the course.
Retirement Planning & Employee Benefits	Wealth Creation, Retirement Planning and Strategies for Clients, etc.

Fee Structure

Typical Route

Particulars	Fees (INR)
Registration Fees	Rs. 11,540, which is valid for one year
Fees for Examinations 1 to 4	Rs. 4,130 for each examination per attempt
Fees for Examination 5	Rs. 8,260 per attempt
CFPCM Certification Fees	Rs. 7,080 that has to be renewed annually

Challenge Status Pathway

Mode of Enrollment	Fees (INR)	Description
FPSB India (Direct)	Rs. 29,955	Registration fees (valid for one year), processing fees, certification & administration fees
Through Charter Members of FPSB India	Rs. 15,795	Registration fees (valid for one year), administration and processing fees, initial CFP certification fees

Eligibility for CFP

The candidate should meet the below requirements before qualifying for the CFP examination:

For the typical route:

• The candidate should have cleared the 12th board.
• The candidate should have already cleared the first five examinations of CFP covering all six modules.

For the challenge status pathway:

• The candidate should be an advanced level qualified such as C.A., ICWA, CFA, LLB, Ph.D., MPhil, or cleared the UPSC examination.
• The candidate should clear only the last examination of Advanced Financial Planning.

CFP Exam Details

The CFP examination is a two-hour examination with all multiple-choice questions. The table below explains the marks distribution for all the tests.

Type of questions	The Total number of questions	Total marks of the questions
One mark questions	38	38
Two marks questions	15	30
Three marks questions	14	42
Four marks questions	10	40
Total	77	100

CFP Career Prospects

Estate Planner

Insurance Advisor

Wealth Manager Tax Advisor

Financial Planner

Financial Advisor

Jobs Roles and Responsibilities of CFP Planners

Below are the details of job roles, their responsibilities, and their respective average salaries for the CFP Planners:

Job role	Job description and responsibilities	Average Salary
Financial Planner	Should implement the financial plans for the company Should work on retirement planning, investment planning, and tax planning for the company	$75,000 – $100,000
Financial Advisors	Should provide investment suggestions to the company Should work on asset allocation in the company	$75,000 – $120,000
Wealth Manager	Should provide the company with a detailed financial planning report Should provide investment management services to the company	$100,000 – $150,000
Tax Advisor	Should work on tax planning for the company and its employees Should develop investment techniques that are tax-efficient for the company	$80,000 – $120,000
The Insurance Advisor	Should advise the company about the need for insurance	$70,000 – $100,000
Estate Planner	Should manage the estate planning of the company	$125,000 – $200,000

5. CIMA – Chartered Institute of Management Accountants

About the Certification

Chartered Institute of Management Accountants certification is a professional certification for the accounting management field. This certification offers a way to become a CGMA – Chartered Global Management Accountant. It includes accounting management and related areas like finance, risk management, and business strategies.

The management of CIMA certification categorizes it into three different parts:

• The Certificate in Business Accounting
• The professional qualification
• The Strategic Professional

Each level focuses on various fundamentals, as explained below.

The Certificate in Business Accounting includes:

• Accounting Fundamentals
• Economy Management
• Ethics

The professional qualification includes:

• Advancement of Accounting Management
• A Business Strategy
• Financial Management

The Strategic Professional includes:

• Strategic decision making

CIMA Course Structure

The management divides the CIMA examination into four categories:

• Certificate Level
• Management Level
• Operational Level
• Strategic Level

CIMA Syllabus – Certificate Level

Chapter	Topic covered
Chapter 1	Fundamentals of Management Accounting
Chapter 2	Fundamentals of Financial Accounting
Chapter 3	Fundamentals of Business Mathematics
Chapter 4	Fundamentals of Business Economics
Chapter 5	Fundamentals of Ethics, Business Law, and Retirement Planning

CIMA Syllabus – Operational Level

Chapter	Topic covered
Chapter 1	Enterprise Operations
Chapter 2	Performance Operations
Chapter 3	Financial Operations

CIMA Syllabus – Management Level

Chapter	Topic covered
Chapter 1	Enterprise Management
Chapter 2	Performance Management
Chapter 3	Financial Management

CIMA Syllabus – Strategic Level

Chapter	Topic covered
Chapter 1	Enterprise Strategy
Chapter 2	Performance Strategy
Chapter 3	Financial Strategy

Fee Structure of CIMA

Particulars	Fees (INR)
Registration fee	Rs. 7,700
Annual subscription fee	Rs. 12,000
Fee for Certificate level	Rs. 8,500
Fee for operational level	Rs. 10,000
Fee for management level	Rs. 11,500
Fee for strategic level	Rs. 16,500
Fee for the case study of the operational level	Rs. 18,000
Fee for the case study of the management level	Rs. 18,000
Fee for the case study of the strategic level	Rs. 25,500

 Eligibility for CIMA

The candidate should meet the below requirements before qualifying for the CIMA examination:

• The student applying for the exam must have three years of work experience in financial services.
• The candidate should have a satisfactory record of ethical conduct in their company.

CIMA Exam Details

• The CIMA examination is five hours online, computer-based assessment.
• The management divides the examination into two parts: an objective test and a case study test.
• It consists of 140 multiple-choice questions.
• The candidate must pass a case study before moving to the next level.

Particulars	Objective test	Case study test
Each level examination	3	1
Time duration	90 minutes	180 minutes
Examination Frequency	The management conducts the exam daily at your nearest Pearson Center	It can be conducted only four times a year: February, May, August, and November
Result declaration	Immediately	After one month after the completion of the case study

CIMA Career Prospects

Career prospects for the CIMA Accounts are:

• Finance Controller
• Management Accountant
• Management Consultant
• Chief Finance Officer
• Financial Director
• Internal Auditor
• Risk Manager
• Business Analyst

Jobs Roles and Responsibilities of CIMA Accountants

Below are the details of the job roles, their responsibilities, and their respective average salaries for the CIMA Accountants:

Job role	Job description and responsibilities	Average Salary
Financial Controller	Should overlook all the financial operations of the company and manage the finance and accounting department	$80,000 to $150,000+
Management Accountant	Should perform the company’s forecasting, financial reporting, and budgeting	$65,000 to $100,000+
Management Consultant	It should help the company improve its performance to achieve its goals	$85,000 to $150,000+
Chief Financial Officer	Should create financial strategies and supervise financial reporting, risk management, forecasting, and budgeting	$200,000 to $500,000+
Finance Director	Should manage the company’s financial operations Should supervise the financial analysis	$120,000 to $200,000+
Internal Auditor	Should evaluate the internal operations of the company	$70,000 to $100,000+
Risk Manager	Should assess, identify, and mitigate the risks within the company	$85,000 to $130,000+
Business Analyst	Should analyze the operations of the company	$65,000 to $95,000+

6. ACCA – Association of Chartered Certified Accountants

About the Certification

The Association of Chartered Certified Accountants (ACCA) is considered a professional body for accounts that further offers several certifications and qualifications related to finance and accounting. The exam lets the students learn knowledge and skills about finance and accounting. The topics covered in this certification are:

• Taxation
• Auditing
• Financial Reporting
• Assurance
• Corporate Accounting
• Management Accounting
• Business Law

Candidates must complete the Association of Chartered Certified Accountants certification in three levels:

1. The Applied Knowledge Level
2. The Applied Skills Level
3. The Strategic Professional Level

Each level has its own set of examinations.

ACCA Course Structure

To complete the ACCA certification, the candidate must pass 13 ACCA essay tests and one online ethics module and gain three years of work experience in finance or accounting.

Level 1: Applied Knowledge Level	Level 2: Applied Skills Level	Level 3: Strategic Professional Level
Accounting in Business (A.B.) Management Accounting (M.A.) Financial Accounting (F.A.)	Corporate and Business Law (L.W.) Performance Management (PM) Taxation (TX) Financial Reporting (F.R.) Audit and Assurance (A.A.) Financial Management (F.M.)	Strategic Business Leader (SBL) Strategic Business Reporting (SBR) Advanced Financial Management (AFM) Advanced Performance Management (APM) Advanced Taxation (ATX) Advanced Audit and Assurance (AAA)

Fee Structure of ACCA  (1900)

Particulars	Fees (INR)
Applied knowledge (B.T., MA, F.A.)	Rs. 10,000
Applied Skills (L.W.)	Rs. 11,000
Applied skills (PM, TX, F.R., A.A., FM)	Rs. 12,300
Strategic-level SBR and all advanced-level options	Rs. 15,400
Strategic level SBL	Rs. 21,600
Initial registration fee	Rs. 8,900
Annual subscription fee	Rs. 11,200

Eligibility for ACCA

The candidate should meet the below requirements before qualifying for the ACCA examination:

• The candidate should be at least 18 years of age.
• The candidate should have completed their 12th standard education.
• The candidate should have scored 65% in mathematics and English in the 12th board examination.
• The candidate should have scored 50% in the rest of all the subjects in the 12th board examination.

ACCA Exam Details

The ACCA syllabus consists of 13 pages which divided into three categories:

• The Applied Knowledge Level (F1 – F3)
• The Applied Skills Level (F4 – F9)
• The Strategic Professional Level (P level)

Keys Used:

• Paper Based Examination (PBE)
• Computer Based Examination (CBE)

Examination level	Examination syllabus	Time duration
F1	Governance, Risk, and Ethics (PBE / CBE)	2 hours
F2	Management Accounting (PBE / CBE)	2 hours
F3	Financial Accounting (PBE / CBE)	2 hours
F4	Corporate and Business Law (CBE)	2 hours
F5	Performance Management (PBE)	3 hours
F6	Taxation (PBE)	3 hours
F7	Financial Reporting (PBE)	3 hours
F8	Audit and Assurance (PBE)	3 hours
F9	Financial Management (PBE)	3 hours
P1	Governance, Risk, and Ethics (PBE)	3 hours
P2	Corporate Reporting (PBE)	3 hours
P3	Business Analysis (PBE)	3 hours
P4	Advanced Financial Management (PBE)	3 hours
P5	Advanced Performance Management (PBE)	3 hours
P6	Advanced Taxation (PBE)	3 hours
P7	Advanced Audit and Assurance (PBE)	3 hours

ACCA Career Prospects

Now that you know about the syllabus of the ACCA certification, you should also understand the scope of designations you would be getting after completing this. Below is the list of jobs you get in ACCA:

• Tax Accountant
• Management Accountant
• Financial Accountant
• External Auditor
• Internal Auditor
• Financial Analyst

Jobs Roles and Responsibilities of ACCA Accountants

Below are the details of job roles, their responsibilities, and their respective average salaries for the ACCA Accountants:

Job role	Job description and responsibilities	Average Salary
Tax Accountant	Should prepare and fill the tax returns of the company and its employees Should develop tax planning strategies for the company	$70,000 to $100,000 annually
Management Accountant	Should develop the financial reports of the company Should create forecasting and budgeting reports for the company	$70,000 to $100,000 annually
Financial Accountant	Should maintain appropriate financial records of the company	$65,000 to $90,000 annually
External Auditor	Should create financial reports and statements for the company	$75,000 to $120,000 annually
Internal Auditor	Should conduct internal audits of the company’s financial activities Should create strategies for adhering to the company rules and regulations	$65,000 to $85,000  annually
Financial Analyst	Should analyze the financial data of the company Should assist the employees in creating forecast and budgeting reports	$70,000 to $110,000 annually

7. CAIA – Chartered Alternative Investment Analyst

About the Certification

Chartered Alternative Investment Analyst certifications are best for professionals seeking experience and knowledge in alternative investments. The CAIA Association, a global nonprofit organization, provides the certificate to the candidate.

CAIA is a globally recognized certification. It covers several strategies for alternative investments:

• Private Equity
• Hedge Funds
• Real Assets
• Structured Products
• Risk Management, and

This certification is fit for professionals coming from the following fields:

• Wealth Management
• Institutional Investing
• Private Banking

There are two levels in the CAIA course:

1. Level 1 includes the fundamentals of alternative investments
2. Level 2 contains fundamentals of risk and portfolio management.

Course Structure

The syllabus for CAIA mentioned below was recently updated in 2021 by the CAIA association.

CAIA Level 1 Syllabus

Professional Standards and Ethics

Introduction to Alternative Investments

Real Assets

Hedge Funds

Private Equity

Structured Products

Risk and Portfolio Management

CAIA Level 2 Syllabus

Asset Allocation and Institutional Investors

Private Equity

Real Assets

Commodities

Hedge Funds and Managed Futures

Structured Products

CAIA Fees

Particulars	Early fees	Standard fees
Enrollment fee	$400	$400
CAIA Level 1 examination fee	$1150	$1250
CAIA Level 2 examination fee	$1150	$1250

CAIA Eligibility

The candidate should meet the below requirements before qualifying for the CAIA examination:

• The candidate should have an undergraduate degree from any field.
• The candidate should have a relevant interest in the alternative investments field.

CAIA Exam Details

• The management conducts the CAIA examinations twice yearly: late February, March, or September.
• The CAIA Level 1 examination includes 200 multiple-choice questions based on the subjects of Level 1.
• The CAIA Level 2 examination includes 100 questions, of which 70% are multiple-choice and the rest 30% are essay-type.

CAIA Level 1 Examination Structure

Subjects	Percentage Weightage
Professional Standards and Ethics	15 – 20%
Introduction to Alternative Investments	20 – 25%
Real Assets	10 – 20%
Hedge Funds	10 – 20%
Private Equity	5 – 10%
Structured Products	10 – 15%
Risk and Portfolio Management	5 – 10%

CAIA Level 2 Examination Structure

Subjects	Marks percentage of Multiple choice questions	Marks percentage of essay-type questions
Asset Allocation and Institutional Investors	8 – 12%	0 – 10%
Private Equity	11 – 15%	0 – 10%
Real Assets	13 – 17%	0 – 10%
Commodities	5 – 7%	0 – 10%
Hedge Funds and Managed Futures	18 – 22%	0 – 10%
Structured Products	5 – 7%	0 – 10%

CAIA Career Prospects

Below is the list of potential career prospects available for the candidates who pass their CAIA certification:

Career Prospects	Job Titles
Portfolio Management	Portfolio Manager, Investment Manager, Fund Manager
Risk Management	Risk Manager, Risk Analyst, Risk Consultant
Wealth Management	Wealth Manager, Financial Advisor, Investment Advisor
Investment Analysis	Investment Analyst, Research Analyst, Due Diligence Analyst
Commodity Trading	Commodity Trader, Commodity Analyst, Commodity Risk Manager
Private Equity	Private Equity Associate, Private Equity Analyst, Investment Manager
Hedge Funds	Hedge Fund Analyst, Hedge Fund Manager, Investment Strategist
Real Assets	Real Estate Investment Manager, Infrastructure Investment Analyst, Natural Resources Investment Manager

Jobs Roles and Responsibilities of CAIA Analysts

Below are the details of job roles, their responsibilities, and their respective average salaries for the CAIA Analysts:

Job Role	Job Responsibilities	Average Salary
Risk Manager	Assess, identify, and manage the risks associated with the alternative investments of the company	$90,000 to $180,000+ annually
Real Estate Investment Manager	Should take care of the rest of the estate investment portfolios of the company Should create investment strategies for the company	$90,000 to $200,000+ annually
Portfolio Manager	Should take care of the investment portfolios of the company Should create investment strategies for the company	$120,000 to $250,000+ annually
Investment Analyst	Should do proper research and analysis on the investment opportunities available in the market	$80,000 to $150,000+ annually
Private Equity Associate	Should evaluate and analyze the private equity investment options available in the market Analyze the company’s financial statements and compare them per the market standards	$100,000 to $250,000+ annually
Hedge Fund Analyst	Should do proper research and analysis on the techniques and performance of the company’s hedge funds Should monitor the existing hedge funds and asses the risks involved with them	$100,000 to $300,000+ annually

8. ChFC – Chartered Financial Consultant

About the Certification

Chartered Financial Consultant certification is for professionals who have relevant experience of:

• Insurance
• Estate Planning
• Financial Planning

The American College of Financial Services. a non-profit educational institute from Pennsylvania, United States, gives this certification to eligible candidates. It involves eight courses covering all the major topics under financial planning. Therefore, a candidate must complete this certification for one to two years.

Once you complete this ChFC – Chartered Financial Consultant certification, you can get jobs as:

• Wealth Managers
• Insurance Agents
• Financial Planners
• Estate Planners

Course Structure

The ChFC course requires the candidates to complete the nine college-level courses listed below.

Syllabus

Estate Planning

Insurance Planning

Income Tax Planning

Retirement Planning

Financial Planning Process and Environment

Asset Protection Planning

Employee Benefits Planning

Investments

Applications of Comprehensive Financial Planning and Consulting

Fee Structure of ChFC

Particulars	Fees (USD)
Enrollment Fees	$200
Course Fee	$350 $650
Examination Fee	$100 – $325
Annually Membership Fee	$145

Eligibility Criteria for ChFC

The candidate should meet the below requirements before qualifying for the ChFC examination:

• A bachelor’s or master’s degree is required for the position.
• The candidate should have. Three years of business experience within the last five years.

Exam Details

• In each examination, the candidate must score at least 70% marks.
• All eight examinations are for 2 hours each.
• The examination includes 100 multiple-choice questions on all the below topics:
  • Fundamentals of Financial Planning
  • Income Tax Planning
  • Investments
  • Capstone Course for ChFC
  • Estate Planning
  • Insurance Planning
  • Financial Planning Applications
  • Retirement Planning

ChFC Career Prospects

Now that you know about the syllabus of the ChFC certification, you should also understand the scope of designations you would be getting after completing this. Below is the career prospect for the ChFC certification course:

• Wealth Manager
• Financial Planner
• Financial Advisor
• Estate Planner
• Retirement Consultant
• Insurance Broker

Jobs Roles and Responsibilities of ChFC Consultants

Below are the details of job roles, their responsibilities, and their respective average salaries for the ChFC Consultants:

Job title	Job Responsibilities	Average Salary
Wealth Manager	Should create customized plans for managing the finances of the company Always be current with the latest information on the financial products available	$102,090 annually
Financial Advisor	Should meet the customers to discuss the financial goals of the company Should monitor the investment portfolios of the company	$89,160 annually
Insurance Broker	Should meet several other customers for insurance requirements Should create proper strategies for insurance planning and respective risk management	$52,180 annually
Estate Planners	Should meet several other clients to discuss their estate requirements Should provide an idea of tax planning to the customers	$100,910  annually
Retirements Consultant	Should meet several other clients for their retirement plans	$67,550 annually

9. CMA – Certified Management Accountant

About the Certification

Certified Management Accountant certification is a professional certification for candidates who are interested in the following fields:

• Financial Analysis
• Financial Planning
• Financial Control
• Decision Support

A global association gives this certification to finance professionals, the Institute of Management Accountants (IMA). It is specifically for candidates willing to take their careers forward in finance and accounting.

The CMA course provides sound knowledge and understanding of the below topics:

• Strategic Planning
• Financial Analysis
• Risk Management
• Financial Controls

The CMA certification is in two sections, and the first section includes the fundamentals of financial planning, analysis, and performance. At the same time, the second section, c, contains advanced information for strategic financial management. Both areas are for four hours. It is a computer-based examination.

CMA Course Structure

The CMA course is a three-level course that includes a total of 20 examinations:

• Foundation Level
• Intermediate Level
• The Final Level

CMA Subjects – Foundation Level

Fundamentals of Accounting

Fundamentals of Business Mathematics and Statistics

Fundamentals of Law and Ethics

Fundamentals of Economics and Management

CMA Subjects – Intermediate Level

Company Accounts and Audit

Law, Ethics, and Governance

Financial Accounting

Cost and Management Accounting

Cost Accounting and Financial Management

Indirect Taxation

Operational Management Information System

Direct Taxation

CMA Subjects – Final Level

Advanced Financial Management

Tax Management and Practice

Business Strategy and Strategic Cost Management

Corporate Financial Reporting

Strategic Performance Management

Corporate Laws and Compliance

Financial Analysis and Business Valuation

Cost and Management Audit

Fee Structure of CMA

Particulars	Fees (INR)
Examination Fee for CMA Foundation Level	Rs. 4,000
Examination Fee for CMA Intermediate Level	Rs. 20,000
Examination Fee for CMA Final Level	Rs. 17,000

CMA Eligibility Criteria

The eligibility criteria for the CMA certification are different for its three levels, as described below:

For CMA Foundation level:

• The candidate should have completed the 12th standard board.

For CMA Intermediate level:

• The candidate should have completed the 12th standard board.
• The candidate should have completed the foundation-level examination.

For CMA Final level:

• The candidate should have completed the 12th standard board.
• The candidate should have completed the foundation and intermediate-level examinations.

CMA Exam Details

• The CMA examination is computer-based.
• There are two parts of this examination, which are for four hours each.
• The candidate has to score at least 360 marks in each examination to pass.
• The candidates receive their results immediately after conducting it.

CMA Part 1 Exam

Subject	Percentage Weightage
External Financial Reporting Decisions	15%
Budgeting, Forecasting, and Planning	20%
Performance Management	20%
Cost Management	15%
Internal Controls	15%
Technology and Analytics	15%

CMA Part 2 Exam

Subject	Percentage Weightage
Financial Statements Analysis	20%
Corporate Finance	20%
Decision Analysis	25%
Risk Management	10%
Investment Decisions	10%
Professional Ethics	15%

CMA Career Prospects

Below are the career prospects after completing this CMA certification:

• Financial Analyst
• Financial Director
• Chief Financial Officer
• Cost Accountant
• Senior Accountant

Jobs Roles and Responsibilities of CMA Accountants

Below are the details of job roles, their responsibilities, and their respective average salaries for the CMA Accountants:

Job Role	Job Responsibilities	Average Salary
Financial Analyst	Should do appropriate financial analysis in the company Should prepare the financial reports of the company	$80,000 to $120,000 annually
Financial Controller	Should control the financial and operational activities of the company	$110,000 to $160,000 annually
Chief Financial Officer	Should plan the complete financial strategy for the company Should guide the employees and senior management of the company	$200,000 to $400,000 annually
A Cost Accountant	Analyze the costs of the products or services the company offers Should create cost management strategies for the company	$70,000 to $120,000 annually
Management Accountants	Should closely work with the company’s senior management for the financial decisions taken in the company	$70,000 to $120,000  annually

10. CMFC – Chartered Mutual Fund Counsellor

About the Certification

Chartered Mutual Fund Counsellor certification is for finance professionals interested in investment products and mutual funds. The College for Financial Planning offers this certification to the candidates. It covers several topics:

• Mutual Funds
• Portfolio Construction
• Risk Management
• Investment Strategies

CMFC certification includes six modules covering all the above topics. It is a must certification for the mutual fund and financial services industry.

Course Structure

CMFC is a comprehensive course covering the six modules a candidate must complete in ten weeks.

Module	Syllabus
Module 1	Introduction to Mutual Funds and the Investment Industry, Mutual Fund Structure and Operation, and Regulatory Environment
Module 2	Asset Allocation and Modern Portfolio Theory, Mutual Fund Selection and Analysis, and Retirement Planning
Module 3	Taxation of Mutual Funds, Estate Planning, Trusts, and Alternative Investments
Module 4	Fixed-Income Securities and Mutual Funds, Equity Securities and Mutual Funds, and Behavioral Finance
Module 5	Exchange-Traded Funds (ETFs), Closed-End Funds, and Variable Annuities
Module 6	Ethical Considerations for Financial Advisors, Managing Client Relationships, and Building and Managing a Mutual Fund Business

Fee Structure of CMFC

Particulars	Fees (USD)
Enrollment fee	$50 – $100
Examination fee	$400 – $500
Annual renewal fee	$75 – $100

Eligibility Criteria for CMFC

• The candidate should meet the below requirements before qualifying for the CMFC examination:
  • The candidate should have a bachelor’s degree or a professional education like CFA, CPA, or CFP.
  • The examinee must have at least one year of work experience in the finance industry.

CMFC Exam Details

Type of questions	Multiple choice questions
Number of questions	140
Time duration	2 hours and 45 minutes
Passing score	70%

CMFC Career Prospect

Now that you know about the syllabus of the CMFC certification, you should also understand the scope of designations you would be getting after completing this. Below is the list of jobs you get in CMFC:

• Wealth Manager
• Portfolio Manager
• Investment Advisor
• Financial Advisor

Jobs Roles and Responsibilities of CMFC Counsellors

Below are the details of job roles, their responsibilities, and their respective average salaries for the CMFC Counsellors:

Job Title	Job Responsibilities	Average Salary
Wealth Manager	Should work with the employees and their families to manage their wealth	$87,850 annually
Portfolio Manager	Should always be up to date with the information on the latest mutual funds and investment policies available	$121,750 annually
Investment Advisor	Should research the investment opportunities available in the market Should create investment strategies for the clients	$94,450 annually
Financial Advisor	Should guide the clients in their financial goals and concerns Should create financial planning strategies for the clients	$89,160 annually

Finance Certification Infographic

Conclusion

Having additional qualifications and knowledge about a particular area of finance can work wonders for your career. It widens the horizons, opens new possibilities for you, and attracts prospective employers. Financial professionals gain authority and proper knowledge about a particular area of finance and keep professionals well-informed in their respective fields. It proves your dedication and trustworthiness and your commitment to ethical conduct.

The best part about enrolling for these finance certifications is that you can continue to work full time and devote complete attention to your work while procuring them, as they are either part-time studies or offer online resources and even exams. Most employers also encourage employees to pursue additional finance certifications. Hence, they offer cooperation at work and provide monetary support to pursue these courses.

Recommended Articles

Here are some further articles to learn more:

1. What is Financial Modeling
2. Equity Research
3. Financial Modeling in Excel
4. Investment Banking