Function:
The American Chartered Financial Analyst -CFA exam is an internationally accepted professional qualification certification for financial investment practitioners, the highest certification in the financial securities industry recognized by the United States and even the world, and a necessary certificate for analysts of American heavyweight financial institutions.
Registration and examination contents:
I. qualifications
1, chinese registered financial analysts (level 1)
Registration requirements: bachelor degree or above; College degree or above, more than two years working experience in finance or financial field; Can guarantee 250 hours of self-study time during the study period.
(2) Enrollment target: junior and intermediate professionals in the financial field; Intermediate or above professionals in corporate finance and investment positions.
2. chinese registered financial analysts (Level II)
(1) Registration requirements: Master degree or above, more than one year working experience in finance or financial field; Bachelor degree or above, more than three years working experience in finance or financial field; Or college degree or above, more than five years working experience in finance or financial field; Students who directly register for Level 2 must pass the qualification examination (the difficulty of the examination is equivalent to the level of Level 1 examination); Professionals who have passed the CRFA and CFA level can also directly sign up for the second-level study; If the second-level students find that they can't keep up with the progress of the course (the course can't exceed 5 days), they can apply for returning the first-level course, but the authorized training institutions in various places still charge according to the charging standard at the time of second-level registration. Students who continue to participate in the two-level study plan after passing the first-level examination can be charged at the first level; Can guarantee 250 hours of self-study time during the study period.
(2) Enrollment target: intermediate professionals in the financial field; Senior and middle-level professionals in corporate finance and investment positions.
3, chinese registered financial analysts (level 3):
(1) Registration requirements: Master degree or above, more than four years working experience in financial field; Or bachelor degree or above, more than five years working experience in finance or financial field; College degree or above, with more than 8 years of continuous working experience in finance or financial field; Students who have participated in the second-level training and obtained the second-level certificate of "chinese registered financial analysts" or passed the second-level CFA exam; Can guarantee 250 hours of self-study time during the study period.
Second, CFA exam fees
The registration time for each level of CFA exam is divided into three stages, because CFA Association encourages candidates to register early and review early, and the earlier they prepare, the more fully they prepare, in order to pass the exam smoothly.
CFA examination fee is settled in USD and consists of two parts:
Registration fee: you only need to pay it when you register for CFA exam for the first time, which means you don't need to pay it when you register for Level 2 and Level 3 exams.
Registration fee: you need to pay for each application, and the examination fee varies according to the registration time.
Third, the content of the exam
1, test scores
CFA exam is divided into three stages: Level 1, Level 2 and Level 3. Only by passing the previous stage of the exam can you take the next stage of the exam. The first-level examination is held once a year in June and 65438+February; Level 2 and Level 3 exams are held simultaneously in June every year. Participants in the first-stage examination must meet the following conditions:
1) Bachelor degree or above with equivalent professional level, regardless of major;
2) The total number of years of university study and full-time work experience is four years;
3) If the applicant does not have a bachelor's degree, but has a considerable professional level, he can also be admitted as a candidate. CFA Institute uses work experience to evaluate the professional level of applicants. Generally speaking, four years of work experience is considered as a substitute for a bachelor's degree. These four years of work experience is not necessarily related to investment, as long as it is legal, full-time and professional;
4) Fourth-year college students can take the exam in the last academic year.
CFA course is based on the practice of investment industry. CFA Institute regularly conducts career analysis of global chartered financial analysts to determine whether the investment knowledge system and skills in the course are important in the work practice of chartered financial analysts.
The main body of examinee KnowledgeTM mainly consists of four parts: ethics and professional standards, tools and factors of investment evaluation and management (including quantitative analysis methods, economics, financial statement analysis and corporate finance), asset evaluation (including stocks, fixed income products, derivative products and alternative investment products), portfolio management and investment performance report.
CFA Level 1 exam focuses on the tools and factors of investment evaluation and management, including the introduction of asset evaluation and portfolio management skills.
CFA Level 2 exam focuses on asset evaluation and the application of its tools and factors (including economic and financial statement analysis and quantitative analysis methods).
CFA Level 3 exam focuses on portfolio management, including strategies for applying factors and tools, and asset evaluation models for individuals or institutions that manage stock securities, fixed-income securities, derivatives and alternative investments.
All three levels of CFA exam course emphasize moral and professional standards.
2. Test level
CFA exam content is divided into three different levels, namely Level 1, Level 2 and Level 3. Examinations are held all over the world, and each candidate must complete three different levels of examinations in turn.
Since 2003, the first-level examination has been increased from once a year to twice a year. In addition to being held in the global 160 test center in May and June, it will be held again in 23 regions such as Singapore and Hong Kong where candidates are concentrated in February. The Level 2 and Level 3 exams are still held once a year.
CFA exam items cover a wide range. The higher the level, the wider the scope and the more difficult the topic. In order to facilitate candidates to review for the exam, the Investment Management and Research Association publishes some CFA exam review materials every year, and gives different reading materials for different exam levels, all in the form of original works or excerpts from papers.
3. Domestic test sites
CFA test sites in Chinese mainland in June: Beijing, Shanghai, Guangzhou, Nanjing, Chengdu, Tianjin, Shenzhen and Han (added on 20 15).
June+February, 5438 CFA test site in Chinese mainland: Jing Hu Sui.
4. Supplementary explanation
There are several test sites in each city, and the specific test sites are arranged by CFA Association. Generally, the specific test sites of each candidate are announced one and a half months before the test when the print channel of the admission ticket is open.
5. Main course
Economics (macroeconomics, microeconomics, international finance, international trade), quantitative analysis, international financial market and investment tools, alternative investment, equity capital evaluation, fixed income investment analysis, financial analysis, corporate finance, portfolio management, financial derivatives, professional ethics and ethics.
The curriculum and certification of CFA are deeply rooted in the practice of investment management and involve rich basic knowledge of financial investment-related disciplines. With the development of financial market, examination standards and reading lists are revised every year to reflect the latest changes in the investment field.
6. Examination content
The inspection contents mainly include:
(1) Ethics and professional standards;
② Financial accounting;
③ Quantitative techniques;
4 economics;
⑤ Analysis of fixed income securities;
⑥ Analysis of equity securities;
⑦ portfolio investment management.
The "knowledge system" of CFA exam includes: moral and professional standards, quantitative statistics, economics, financial statement analysis, corporate finance, debt investment analysis, equity investment analysis, derivative instrument analysis, other investment analysis, portfolio management and investment performance measurement and reason analysis.
The focus and degree of CFA Level 3 exam are different. The I-level exam is a multiple-choice question, which focuses on investment principles and investment tools, and mainly examines candidates' understanding of investment evaluation and management tools and concepts; The second and third levels are a combination of case analysis and multiple-choice questions, each accounting for 50%, focusing on the analysis and decision-making ability of candidates to comprehensively apply investment principles in practice. Among them, the second level mainly examines the ability of asset evaluation, and the third level examines the ability of portfolio management and asset allocation.