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| career |
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| chartered financial analyst |
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The economic liberalization has brought in lot many changes
in the way business in India is being done. It has thrown
open new avenues to Indian companies and many of them are
becoming self reliant and looking at the global market for
trade and commerce. The work of a Chartered Financial Analyst
(CFA) in the new business environment, has assumed bigger
role and they help Chartered Accountants in their work.
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| A
candidate needs to clear four levels of exams conducted
by the Institute of Chartered and Financial Analysts in
order to be certified as a financial analyst. The candidate
then becomes a member of the ICFAI. |
| Professionals
and executives, who complete the CFA programme in order
to enhance their knowledge and their expertise, have a distinct
advantage. Employees of commercial banks are exempt from
certain papers, which need to be cleared in order to get
a promotion if they have completed the CFA programme. |
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| Career Growth |
| A
career in finance promises a challenging and extremely rewarding
professional life. Fresh graduates with a degree from the
ICFAI can commence their careers as executive trainees in
the financial sector. After training in the various areas
of corporate finance they can go on to acquire skills so
as to perform the function of a financial manager. |
| After
attaining 5-7 years of experience, specialists in this field
can go on to become the head of the finance department.
With further experience in the field, a financial manager
can reach a senior management level where he is responsible
for managing the entire business operations. |
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| Eligibility |
| The
CFA programme is aimed at two broad groups, namely executives
and graduates. Graduates and students in the final year
of their Bachelor’s degree in any discipline are eligible
to take the admission test. Commissioned defence personnel
with five years experience can take the admission test.
MBAs, CA, M.Coms and ICWAs are exempted from the initial
foundation module of the course. |
| The CFA admission
test is based on verbal and quantitative reasoning abilities.
The CFA training develops in the students an analytical
bent of mind, which is a prerequisite for effective evaluation
of the various alternatives in money management. This programme
is divided into four levels. The first level or the foundation
module includes courses in financial and management accounting,
basics of corporate finance and essential application. The
exams for the foundation module can be taken three months
after enrolment. |
| The preliminary
level or second module is divided into two groups namely
Groups A and Group B. The Group A papers are financial accounting
and financial management. These papers can be taken only
six months after enrolment. The Group B has only one paper
namely quantitative methods and economics, which a candidate
can take twelve months after enrolment. |
| The inter
$ level is the third module which is again divided into two
Groups C and D. The Group C papers can be taken six months
after passing the preliminary level. This group has one
paper on economic legislation and one papev on management
accounting. The Group D papers on security evaluation and
on project appraisal planning and control can be cleared
twelve months after passing the preliminary level. |
| The fourth
or final level is divided into Group E and Group F respectively.
Group E can be cleared six months after passing the inter
level. The two courses in this group are advanced financial
management, consisting of the Indian financial system, and
international financial management can be cleared twelve
months after passing the inter level. |
| In order
to provide opportunities to the CFA students to gain some
practical training in the fields of corporate finance, investment
management and financial services, the institute helps place
students in reputed organizations. Practical training is
available for students in the final level programme. |
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| Remuneration |
| An employer’s
interest in ICFAI graduates is stvong with most students
receiving offers for challenging professional position with
attractive salaries and perks. The remuneration package
is comparable to the best in the field of finance and is
similar to that of earned by CAs, MBAs, etc. A CFA is paid
Rs. 10,000 to Rs. 12,000 per month as a CFA, Fund Manager
or financial analyst. |
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| Future
Prospects |
| Opening for
CFAs are available in banking, insurance, corporate sectors,
finance and leasing companies. The course has been recognized
by the Indira Gandhi National Open University (IGNOU) as
equivalent to a Master’s Degree for admission to PhD.
The railways, the Reserve Bank of India (RBI), International
Development Bank of India (IDBI), Unit Trust of India (UTI),
Industrial Finance Corporation of India (IFCI) have recognized
the efficacy of the programme. A large number of American
Universities have agreed to provide opportunities to CFAs
from India for PhD courses in the US. |
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| Where to Study
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| 1. |
Indian
Institute of Finance, Ashok Vihar, New Delhi.
Course Offered: Course in Basic Finance (1 year).
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| 2. |
Indian Institute
of Finance, Ashok Vihar, New Delhi.
Course Offered: Course in Management if Business Finance
(1 year)
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| 3. |
Indian Institute
of Financial Analyst of India, Road No. 3, Banjara
Hills, Hydrabad.
Course Offered: Certified Financial Analyst Programme
(CFA) (3 years). Eligibility; Graduate. |
| 4. |
(Head Office) The
Institute of Cost and Works Accounts of India, 12,
Sudder Street, Calcutta – 16.
Course Offered: Indian Cost and Works Accoountant.
Eligibility: Graduate with 50% or P.G. / Engineer.
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$ | 5. |
(Regional
Offices) Western India Regional Council of the ICWAI,
‘Rohit Chambers’, 4th Floor, Ghoga Street,
Mumbai – 400007.
Course Offered: Indian Cost and Works Accountant
Eligibility: Graduate with 50% or P.G./ Engieer |
| 6. |
Southern India
Regional Council of the ICWAI, 65, Montieth Lane,
Egmore, Chennai – 600008.
Course offered: Indian Cost and Works Accountant.
Eligibility: Graduate with 50% or P.G. / Engineer. |
| 7. |
Eastern Regional
Council of the ICWAI, 84, Harish Mukherjee Road, Calcutta
– 700005.
Course Offered: Indian Cost and Works Accountant.
Eligibility: Graduate with 50% or P.G. / Engineer.
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| 8. |
Northern India
Regional Council of the ICWAI, 3, Industrial Area,
Lodhi Road, New Delhi-110003.
Eligibility: Graduation with 50% of P.G. / Engineer.
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| 9. |
University
of Delhi. Course: Masters in Financial Control.
Course (MFC) (2 years).
Eligibility: Graduate with 50%. |
| 10. |
University of Bombay,
MG Road, Fort, Mumbai – 400032.
Course offered: Diploma in Management Accounting.
Eligibility: Graduate with 5 years Experience. |
| 11. |
University of Bombay,
MG Road, Fort, Mumbai – 400032.
Course offered: Diploma in Financial Management and
Operation (1 year). Eligibility: Graduate with 5 years
experience. |
| 12. |
University of Ajmer,
Ajmer, Rajasthan – 305001.
Course Offered: Diploma in Cost and Works Accountancy
(1 year). Eligibility: B.Com. |
| 13. |
Amravati University,
Near Tapovan, Maharashtra-444602.
Course Offered: Diploma in Financial Management.
Eligibility: Graduate. |
| 14. |
Benaras Hindu University,
Varanasi, Uttar Pradesh – 05.
Eligibility: Graduate. |
| 15. |
Gujarat University,
Navrangpura, Ahmedabad, Gujarat-9.
Course Offered: Certificate in Financial Management
(6 months)
Eligibility: 10 + 2 |
| 16. |
University
of Jodhpur, Jodhpur, Rajasthan – 342001.
Course Offered: Diploma in Cost and Works Accountancy
(3 years). Eligibility: Graduate. |
| 17. |
University of Madras,
Centenary Building, Chepquk, Chennai-600005. Course
Offered: Diploma in Financial Management (1 year).
Eligibility: Graduate. |
| 18. |
University
of Rajasthan, Jaipur, Rajasthan – 302004.
Course Offered: Course in Cost and Work Accounts (3
years)
Eligibility: Graduate. |
$ | 19. |
Institute
of Company Secretaries of India, ICSI House, 22 Industrial
Area, Lodhi Road, New Delhi – 110003.
Course Offered: Company Secretary’s Course (3½
years).
Eligibility: Graduate. |
| 20. |
Institute
of Company Secretaries of India, ICSI House, 22 Industrial
Area, Lodhi Road, New Delhi – 110003.
Course Offered: Foundation Course in Company secretary.
Eligibility: 10 + 2. |
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