Structure

The CFA Programme is divided into three levels, i.e. 1, 2 & 3. After completing level 1, the candidates will be admitted into level 2. After completing level 2, they will be admitted into level 3. The candidates of the Regular CFA Programme will be required to study and complete the three levels in a sequential manner.

Subject-wise waivers

Candidates with prior professional qualifications like CA/CWA/CS are eligible to get waivers from certain subjects in Level 1 of the CFA Programme as follows:

Subject	Eligibility for waiver:
1. Financial Accounting	CAs/CWAs
2. Management Accounting	CAs/CWAs
3. Economic Legislation	CAs/CWAs/CSs

Career prospects

CFAs can seek exciting career opportunities in several fields. The economic liberalization and globalization have become twin engines of growth. In this new era, adequately trained and qualified finance professionals have promising prospects in the corporate sector and the financial services industry. Following are the exciting fields, which the CFAs can choose:

Corporate Finance & Control
Corporate Finance & Control is fast emerging as a specialized function in many companies and the routine accounting function is being delinked from the finance function. A career in corporate finance centers around mobilization and utilization of financial resources for short-term and long-term purposes from domestic and overseas markets through a proper mix of debt and equity, with the goal of optimizing returns. Treasury management has become an integral part of corporate finance.

International Finance & Risk Management
With the introduction of convertibility of rupee on current account, the importance of international finance has considerably increased. Further, the prospect of introducing convertibility on the capital account appears bright. Growing exports and imports require a thorough understanding of international finance. Several companies are looking for professionals who understand the nuances of international finance, international capital markets and risk management.

Investment Management
With the freeing of interest rates and free pricing of issues, the capital markets and the money markets have witnessed the introduction of new instruments and intense interplay of demand and supply forces which have increased the volume of activity in these markets. Investors entrust their funds to mutual funds with trained and experienced portfolio managers. A portfolio manager's job is very challenging since it involves the balancing of risks and rewards through skillful shuffling of the portfolio and maximizing the return on investment. With the significant growth of the mutual fund industry, there is a growing demand for portfolio managers.

Investment Banking and Financial Services
Investment banking is a growing field, which offers advisory services to corporate clients on restructuring, capital structure decisions, IPOs and raising funds through Euro issues and private placements. Financial Services include financial consultancy services, advice and negotiation with regard to merges and acquisitions, formulation of nursing programmes and rehabilitation packages for revival of sick units. Additionally, several asset-based financing products like leasing and hire purchase also form part of Financial Services. Other allied services include stock brokering, National Stock Exchange (NSE) dealership, marketing of public issues, share registry, credit rating, providing venture capital assistance, loan syndication, etc.

Information Technology
With the growing application of Information Technology in business organizations, the career opportunities for finance professionals with IT skills are increasing at a very rapid pace. To keep abreast with the impact of IT revolution, more and more CFAs and finance professionals are getting trained in high-end ERP packages like SAP, Oracle Applications, Baan etc.

Placement Services

The CFA Programme is a career-oriented professional certification programme. This career-orientation is built into the design and administration of the CFA Programme. The body of knowledge, curriculum design, education methodology, examination and grading process, all have a thrust on improving the skills for new career opportunities of the candidates. ICFAI provides advice and assistance to the CFAs in getting suitable placements. ICFAI constantly interacts with industry representatives at various for including Seminars, Conventions, Executive Education Programmes, Placement Conferences etc and the networks with them for placement of the CFAs.

The potential employers are apprised of the relevance and utility of the CFAs in finance and allied areas. The profiles of the CFAs are made available to potential employers. The CCFA membership directory, which covers the profiles of the CFAs, is extensively circulated among employers and placement agencies. Placement meets will be organized at select cities. All candidates who enroll into the CFA Programme will be provided guidance in career planning. Through workshops and other career guidance support, the CFA candidates will be equipped to augment their placement potential. ICFAI believes that the entire placement exercise is a joint effort between ICFAI and the candidates. While ICFAI gives the guidance and support and networks with potential employers, the candidates have the responsibility to put in maximum possible efforts to get suitable placement.

Fees

The ICFAI offers an installment facility to the candidates enrolling into the CFA programme. The fee can be paid in convenient monthly installments, by way of postdated cheque. The students who wish to attend the Refresher Classes are required to pay Rs 250 per subject. The ICFAI supplies question papers and suggested answers of previous examinations subject to payment of prescribed fee.

Admission

There is no Admission test for enrolling into the CFA Programme. The CFA Programme is offered on a distance learning basis and is open to all those applicants who satisfy the eligibility criteria. Students can submit the completed application form for admission of the ICFAI Information Desk in the seven cities, viz, Ahmedabad, Bangalore, Calcutta, Chennai, Mumbai, New Delhi and Pune or send to ICFAI, Hyderabad.

Membership

All the candidates who successfully complete the CFA Programme of ICFAI are eligible to apply for membership in CCFA. Only those members whose names are duly recorded in the Register of Members of CCFA are authorized to use the designation "Chartered Financial Analyst" or CFA in brief.

Code of Ethics

All CFAs have a lifetime relationship with CCFA. They will be proud and disciplined members of a growing profession. On their part, the CFAs are committed to uphold the highest standards of professional ethics in pursuit of their professional activities. "Ethics first, business next" is the motto of the CFAs. All members of CCFA are required to adhere to the Code of Ethics and Standards of Professional Conduct as may be prescribed by CCFA from time to time.

Opinion

Mr Hariprasad Shetty, BE, M Tech opines that as a Software Consultant, he always felt a strong necessity to keep himself in tune with the functional managers in client organizations. According to him, CFA Programme has unraveled the mysteries of the unchartered waters in the financial world. He further asserts: "The examinations are only next to the IIT-JEE examinations that I took during my teen days. I feel proud for being on the path where to excel is a way of life."

Another student Sachin Deshpande says the CFA Programme has given him a unique opportunity to acquire comprehensive and up-to-date knowledge of the challenging world of financed. According to him, CFA acts as a one stop mail, offering extensive learnings in corporate finance, merchant banking, investment management, financial services and other key areas in finance.

Arun Kumar Tiwari, past student and an IAS praises the CFA course sky high. He is of the firm opinion that the CFA programme will equip him with the wherewithal to try out creative and innovative financial solutions. A few Faculty Members do feel that the standard, style and level of difficulty of ICFAI examinations are unique.

Conclusion

Ultimately, how much a student benefits from the CFA course essentially depends upon them and their inclination to learn, and their ability to stretch their imagination. These learning benefits will accrue to them over a period of time as they understand the concepts, tools and techniques and learn to apply them. The CFA Programme is bound to brush up their intellectual curiosity and encourages them to learn in different ways through textbooks, workbooks, assignments, magazines and examinations. To sum it up, the CFA Programme will open new vistas for students and professionals.