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Concept
Chartered Financial Analyst
Summary
The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals. The program teaches a wide range of subjects relating to advanced investment analysis—including security analysis, statistics, probability theory, fixed income, derivatives, economics, financial analysis, corporate finance, alternative investments, portfolio management—and provides a generalist knowledge of other areas of finance.
A candidate who successfully completes the program and meets other professional requirements is awarded the "CFA charter" and becomes a "CFA charterholder". As of November 2022, at least 190,000 people are charter-holders globally, growing 6% annually since 2012 (including effects of the pandemic). Successful candidates take an average of four years to earn their CFA charter.
The CFA exams are noted to be notoriously difficult, with low pass rates. During the period 2010–2021, pass rates for Levels 1-3 ranged from 22-56% . The CFA Level 1 examination in May 2021 and July 2021 made news headlines after plummeting to a record-low pass rate of 25% and 22%, respectively, and in August 2021, the level 2 pass rate fell to 29%.
The top employers of CFA charter-holders globally include JP Morgan, UBS, Royal Bank of Canada, and Bank of America.
The predecessor of the CFA Institute, the Financial Analysts Federation (FAF), was established in 1947 as a service organization for investment professionals. The FAF founded the Institute of Chartered Financial Analysts in 1962; the earliest CFA charter-holders were "grandfathered" in through work experience only, but then a series of three examinations was established along with a requirement to be a practitioner for several years before taking the exams. In 1990, in the hopes of boosting the credential's public profile, the CFA Institute (formerly the Association for Investment Management and Research) merged with the FAF and the Institute of Chartered Financial Analysts.
Official source
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