CFA^® Charterholder Career Information

Choosing between GARP’s Sustainability and Climate Risk (SCR^®) Certificate and CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) can be challenging for finance professionals looking to specialize in sustainability. In this article, we will break down the key differences between them in order to help you decide which one is right for you.   

Key Takeaways

1. CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) is a credential for financial professionals who want to demonstrate their knowledge of environmental, social, and governance factors in investment analysis.
2. GARP’s SCR Certification is a credential primarily for financial risk management professionals who want to specialize in assessing risk associated with climate change and sustainability.
3. Both CFA Institute and GARP recommend you spend at least 100 hours preparing for their sustainability certificate exams.

Table of Contents

• How to Decide Which Certification (GARP vs. CFAI) Is Best For You?
• Enrollment Differences
• Price Differences
• Curriculum Differences
• Best ESG Certificates
• Frequently Asked Questions

What is a SCR Certification?

The SCR Certification is a certificate program provided by GARP for individuals interested in enhancing their knowledge of sustainability and climate risk management. Earning this designation will give you the tools necessary to assess and manage sustainability and climate risk challenges in industries such as energy, industrial, agricultural, transportation, and real estate. 

What is an ESG Certification?

An ESG certification is a credential individuals can gain to demonstrate their knowledge of and use of environmental, social, and governance factors in institutional investment analysis. This type of analysis is important to companies who want to understand the overall value and sustainability of an organization or investment.

How to Decide Which Certification (CFAI Sustainable Investing Certificate vs. GARP SCR) Is Best For You?

CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) vs. GARP’s SCR Certificate do have a fair amount of overlap, as both programs include content relating to sustainability and climate in finance. However, CFAI’s Sustainable Investing Certificate is broader in scope in two ways: 

• First, the Sustainable Investing Certificate focuses on topics beyond climate and sustainability by including content regarding “Social” and "Governance" factors. 
• Secondly, the Sustainable Investing Certificate is better suited for those looking to gain a generalist understanding of these factors and their impact in finance. 

With that being said, the CFAI certificate is best for individuals who are in finance and want to understand and be able to speak to ESG factors in their role. This certificate is also best for those who are actively managing an organization’s investments and wish to account for ESG factors in their decisions and/or analyses. 

The SCR certificate is best for individuals who specialize in risk management and are seeking to include in-depth analyses of climate and sustainability risks in their reporting.

Common Job Titles For Sustainable Investing Certificate Holders (formerly Certificate in ESG Investing)

Individuals who earn these certificates often hold job titles such as:

• ESG Analyst
• ESG Advisor or Associate
• Sustainability/ESG Director
• Director Sustainable Finance
• ESG Sales & Delivery Manager
• ESG Program Manager

Common Job Titles for GARP SCR Certification Holders

The most common job titles of individuals who hold the SCR certificate are:

• Audit Manager
• Business Analyst
• Chief Executive Officer
• Chief Information Officer
• Chief Marketing Officer
• Chief Risk Officer
• Environmental Engineer
• ESG Analyst
• Geoscientist
• Head of Innovation
• Principal Data Scientist
• Risk Manager
• Senior Legal Counsel
• Senior Software Engineer
• Sustainable Finance Specialist

GARP SCR vs. CFAI Sustainable Investing Certificate: Enrollment Requirements

Both certificates require a fee to enroll. No work experience is required to sit for the SCR Certificate exam or the Sustainable Investing Certificate (formerly Certificate in ESG Investing) exam.

GARP SCR vs. CFAI Sustainable Investing Certificate: Exam Details

Both the SCR Certificate exam and the Sustainable Investing Certificate exam are multiple-choice, pass/fail exams that require at least 100 hours of preparation.

CFAI Sustainable Investing Certificate vs. GARP SCR: Price Differences

GARP’s SCR Certificate is slightly less expensive than CFAI’s Sustainable Investing Certificate if you are a non-member of both organizations.

GARP SCR Certificate Exam Information

The SCR curriculum is largely about sustainability and climate risk in the context of finance and financial reporting, indicating the certificate is well suited for those working in a financial risk management role. However, the certificate is also relevant to individuals who need to understand sustainability and climate risk for their role (e.g., CEO, supply chain management, operations, technology), but are involved more in operational or other risk management rather than direct financial risk management.

GARP SCR Certificate Exam Topics and Weights

The SCR exam comprises 80 equally-weighted multiple-choice questions, including one case study.

GARP SCR Certificate Exam Dates

GARP’s SCR Certificate exam is offered twice a year in April and October. You can schedule an in-person Computer-Based Testing (CBT) Exam at a Pearson VUE test center or online proctored exam using the Pearson Vue scheduling website.

GARP SCR Certificate Exam Pass Rates

Generally SCR exam pass rates hover around 50%, which emphasizes the importance of spending the recommended amount of time (100-150 hours) preparing. 

GARP SCR Certificate Exam Grading Process

The SCR exam is scored just like the CFAI’s Sustainable Investing Certificate which is graded on a pass/fail basis. 

CFAI Sustainable Investing Certificate Certificate Exam Information

Learn important details for CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing).

CFA Institute's Sustainable Investing Certificate Exam Topics and Weights

Notice the weight given to topics such as “ESG Analysis, Valuation, and Integration” and “ ESG Integrated Portfolio Construction and Management.” These two topics make up a significant portion of the curriculum and will certainly test candidates' ability to apply a range of approaches to ESG analysis and integration across a range of asset classes.

CFA Institute's Sustainable Investing Certificate Exam Eligibility Window

Candidates have six months to sit for the exam after registering. If they miss the deadline, they will need to re-register and pay another enrollment fee to get back into the program. No refunds will be issued to those that miss their exam eligibility window deadline.

CFA Institute's Sustainable Investing Certificate Exam Dates

Candidates are allowed to take the exam any month of the year including January. Candidates are allowed to sit for the exam within their eligibility window at selected Prometic sites worldwide or via online proctored testing, where available and/or permissible by local regulation. 

Expert Tip: Candidates will not be able to sit for the exam on holidays or weekends.

CFA Institute's Sustainable Investing Certificate Exam Pass Rates

The pass rates for the CFA ESG certificate have been historically high. CFA ESG pass rates are typically between 70-80%, so this is considered a slightly less challenging program than the SCR Certificate. 

CFA Institute's Sustainable Investing Certificate Exam Grading Process

The grading process for CFA Institute's Sustainable Investing Certificate exam is pass or fail based on a minimum passing score.

Best ESG Certificates

There are a few providers of certificates that incorporate ESG topics into their curriculum.

Frequently Asked Questions

Below are commonly asked questions about ESG investing in general and about both GARPs SCR certificate and CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing).

Is an ESG Certificate Worth It?

If you are a financial professional that helps investors or companies make investment decisions, obtaining an ESG certificate is worth the investment. ESG investing is a rapidly growing practice within the institutional investment field and investors are looking for individuals with a good understanding of the different approaches to responsible investment.

Is a SCR Certificate Worth It?

Yes, if you are a financial risk management professional or someone who plans to work in the climate risk and sustainability field, earning a SCR Certificate is worth the investment. 

How To Register for the CFA Institute's Sustainable Investing Certificate Exam

Registering for CFA Institute's Sustainable Investing Certificate exam is easy. Simply create an account with the CFA Institute, and look for a link to register for the Sustainable Investing Certificate Exam program via your email. Once you register for the program, you will have six months to schedule the exam.

Expert Tip: Candidates should begin studying before actually scheduling a date to sit for the exam.

How To Register for the GARP SCR Certificate Exam

To register for the SCR Certificate, login to your candidate portal, complete the registration form online, pay the registration fee, and decide if you want to take the exam at a Pearson VUE exam site or remotely through Person VUE’s online proctoring system. 

Expert Tip: As part of the registration process for the SCR Certificate you will need to agree to adhere to the Candidate Responsibility Statement and the GARP Code of Conduct.

How To Study For the CFA Institute's Sustainable Investing Certificate Exam?

To study for the CFAI Sustainable Investing Certificate, candidates with no professional experience in ESG investing should expect to study around 100 hours. Candidates with professional experience in the curriculum topics should anticipate studying around a little less than 100 hours.

Once candidates decide to which category they belong, they should begin to review the ESG curriculum and read-through the program syllabus. The syllabus tells candidates what skills and knowledge they are expected to demonstrate by the end of the program. 

After becoming familiar with curriculum topics and learning outcomes, candidates should begin preparing for the ESG certificate exam. During this prep time, registered candidates will receive access to self-assessment questions and a mock exam from CFA Institute that should be used strategically. 

Once candidates have their ESG prep materials and study plan, their success will be largely determined by how committed they stay to following their study plan. 

Start Your Preparation for CFA Institute's Sustainable Investing Certificate Exam with a Free Trial

How To Prepare For the GARP SCR Exam?

To prepare for the SCR Certificate exam, you should expect to spend 100-150 hours studying and preparing. Start by developing a study plan that gives you enough time to learn the SCR curriculum, complete all of the SCR required readings, and take a few mock exams.

Once you have your study schedule completed, stick to the plan. Don’t forget to schedule your exam before the scheduling deadline. 

When Will You Receive Your GARP SCR Certificate Exam Results?

You should receive your SCR Certificate exam results within four weeks after the exam window closes. So, if you took the SCR Certificate exam during the October exam window, expect to receive your exam results by the end of November or early December. 

How Long Does it Take for CFA Institute's Sustainable Investing Certificate Exam Results to be Released?

Candidates will be presented with their results (pass/fail) immediately after completing the exam.

Ready to Prepare for a Sustainability Finance Certificate?

Whether you choose to pursue GARP’s SCR Certification or CFAI’s Sustainable Investing Certification, Kaplan Schweser has study materials available to help you prepare for a successful exam day. 

This article breaks down the latest updates to the curriculum of the CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) program. Will also explain why ESG integration into the curriculum is important, which topics are covered, and the potential impact it holds for aspiring investment professionals striving to make a positive difference in the world of finance.

TABLE OF CONTENTS

• Introduction to ESG Investing
• The ESG Market Changes
• Environmental Factors Changes
• Social Factors Changes
• Governance Factors Changes
• Engagement and Stewardship Changes
• ESG Analysis, Valuation, and Integration Changes
• ESG Integrated Portfolio Construction and Management Changes
• Investment Mandates, Portfolio Analytics, and Client Reporting Changes

2025 Sustainable Investing Certificate (formerly Certificate in ESG Investing) Exam Topics and Weights

Detailed Updates For the 2025 Sustainable Investing Certificate Curriculum

Below are summaries of what changed in the latest version of the Sustainable Investing Certificate (formerly Certificate in ESG Investing) curriculum for 2025 compared to the 2024 curriculum.

Topic 1: Introduction to ESG Investing

The first learning outcome of this topic was condensed in the 2025 syllabus to simply define ESG investments and the associated investment approaches. The other learning outcomes in this topic remained the same with only minor changes in the wording.

Topic 2: The ESG Market

There were no changes in the 2025 learning outcome statements for the ESG Market topic.

Topic 3: Environmental Factors

The 2025 syllabus added a new learning outcome, 3.1.7, which asks candidates be able to describe and explain the most important methodologies that apply to biodiversity and its valuation, risk management, and interconnectedness with environmental factors and nature-related risk.

The other learning outcomes in this topic were reordered and slightly reworded but overall did not change.

Topic 4: Social Factors

Only minor wording changes appear in the 2025 syllabus. New terms like "economic inequality" and "geopolitical conflict" were added and "social opportunities" were changed to "access to knowledge".

Topic 5: Governance Factors

Only minor wording changes are present in the new 2025 syllabus. Diversity, Equity, and Inclusion was added to the 5.1.2 learning outcome.

Topic 6: Engagement and Stewardship

The only notable change in the 2025 syllabus for this topic was the expansion the learning outcome 6.1.3 to include asset owners and service providers in addition to asset managers.

Topic 7: ESG Analysis, Valuation, and Integration

The only notable change in the 2025 syllabus for this topic was the learning outcome 7.1.11 was changed to describe primary and secondary sources of ESG data and information. Besides that a few learning outcomes were reordered and there were some other small changes in wording. 

Topic 8: ESG Integrated Portfolio Construction and Management

The only notable change for this topic in 2025 was the learning outcome 8.1.9 had "/SRI" and "Other" removed from the list of ESG Analysis types.

Topic 9: Investment Mandates, Portfolio Analytics, and Client Reporting

There were no notable changes to this topic in 2025 besides some minor wording changes and the term "integrated ESG reporting and investment reviews" was added to learning outcome 9.1.7.

Who Makes Changes To The CFA Sustainable Investing Certificate Exam Curriculum?

The CFA Institute makes changes to the curriculum for the Sustainable Investing Certificate (formerly Certificate in ESG Investing) exam annually.

CFA Sustainable Investing Certificate Exam Information

The price to register for the exam was increased in 2025. Besides that that weren't any other notable changes to question formats, requirements or recommended study duration.

How To Prepare For CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) Exam Curriculum Changes

As you get ready for the CFA Sustainable Investing Certificate exam, make the Kaplan Schweser Sustainable Investing Certificate Exam Prep Package (formerly Certificate in ESG Investing)—complete with ondemand videos, practice questions, and mock exams—the centerpiece of your mission to earn a passing score.

ESG investing is a framework to help investment firms better understand risks and opportunities associated with a particular company or fund. The framework consists of many ESG factors and uses multiple strategies to make financial projections and assist institutional investment decisions.

• ESG Investing Factors
• Types of ESG Investments
• How ESG Investing Works
• SRI vs. ESG Investing
• Impact Investing vs. ESG Investing
• ESG Investing Jobs

ESG Investing Factors

New ESG factors will continue to emerge over time. Currently, many factors are used in ESG investing, but they all get categorized into three groups. 

Environmental Factors

Many environmental factors will sound familiar, for instance, climate change. For example, an ESG analyst could use ESG rating reports along with carbon emission trends to determine if a stock in the energy market is a good investment.

More environmental ESG factors used in ESG investing and analysis include:

• Deforestation
• Pollution
• Green Energy
• Waste Management
• Water Usage

Social Factors

Social factors in ESG investing are about the people involved with the organization, either as employees, board members, or customers. For example, ESG analysts could use employee engagement metrics and labor standards in their ESG rating analysis.

More social ESG factors used in ESG investing and analysis include:

• Employee gender and diversity
• Data privacy and security
• Community relations
• Company sexual harassment policies
• Workers’ rights

Governance Factors

Governance factors in ESG investing will help investors determine how a company is led and managed. ESG analysts can try to understand how executive incentives are aligned to stakeholder expectations or what types of internal policies exist to encourage transparency and accountability.

More governance factors used in ESG investing and analysis include:

• Board composition 
• Corruption
• Political activities
• Executive pay
• Lawsuits
• Lobbying

Types of ESG Investments

The most commonly used types of ESG investments are stocks and mutual funds; however, ESG investments can be more narrow in scope to support specific causes or technologies. 

ESG Stocks

ESG stocks are simply stocks with strong ESG factors which make them preferable over other stocks. It is the goal of ESG analysis to seek stocks that have high ratings in ESG factors. ESG analysts can use metrics like executive compensation and new data privacy policies to determine if buying the stock is a good investment. 

Investors interested in stocks with strong ESG ratings can check for impact reports from companies. These impact reports may include recent initiatives or future forecasts regarding specific ESG factors which can be used to help make decisions. 

ESG Mutual Funds

ESG mutual funds are investment programs funded by shareholders of companies that focus on ESG factors and have high ESG ratings. Some funds focus on specific ESG issues like renewable energy or human rights. 

Investors interested in ESG mutual funds can find information regarding which companies are invested in a specific fund by examining the mutual fund’s prospectus. A mutual fund prospectus is free of charge and sent upon request to interested investors. 

How ESG Investing Works

ESG investing is the practice of including environmental, social, and governance factors when determining an investment's financial returns and overall impact. 

What are ESG Scores 

An investment's ESG score represents efforts made towards and actual results of specific environmental, social, and governance factors. There are many methodologies and rating systems used across the industry for ESG analysis. 

For example, the largest ESG data provider (MSCI), rates ESG investments on a scale of AAA-CCC, with AAA being the highest rating. Sustainalytics, another ESG data provider, rates ESG investments on a scale of 0-100, with ESG scores above 70 considered “excellent.”

How ESG Scores are Calculated

ESG scores are calculated using various analytical methods all the while using data derived from a company’s publicly available information. ESG rating agencies will use specific ESG metrics like lobbying activities or energy efficiencies. The metrics used can vary depending on who is doing the rating, what market the company or fund is in, and how that company or fund is performing compared to its competitors.

What are ESG Companies?

ESG companies hold strong environmental, social, and governance values while trying to accomplish positive shareholder returns. They can operate in industries such as:

• Consumer Goods
• Alternative Energy 
• Financials
• Retail
• Healthcare
• Technology
• Transportation

Impact Investing

Impact investing refers to seeking investments that have a positive effect on environmental, social, or governance issues. Investors expect positive outcomes and substantial results when trying to help a business or organization achieve specific goals that benefit the environment or society.

ESG Investing Trends

The importance of environmental, social, and governance issues continues to become a major focus for investment firms. Growth is expected in both using ESG factors to make investment decisions and having data and talent to make solid ESG investment decisions.

ESG issues in new legislation, employment practices, data privacy, environmental implications of technology, and cryptocurrency operations continue to fuel these trends. 

Sustainable,  Responsible, and Impact Investing (SRI) vs. Environmental, Social, and Governance (ESG) Investing

Socially responsible investing (SRI) is the oldest form of ESG analysis, dating back to the 18th Century. In recent years, the acronym has evolved and SRI is now recognized to stand for sustainable, responsible, and impact investing. Both SRI investing and ESG investing involves building sustainable and responsible portfolios, but there are some differences between them.

ESG is noted as the criteria upon which an SRI strategy is developed. An SRI strategy can be defined in many ways, but in general, there are four main types of SRI strategies:

• Inclusionary
• Exclusionary
• Sustainability-themed
• ESG integration

ESG investing is sometimes referred to as ESG integration, and this is the most commonly used SRI strategy in the United States and other parts of the world. This strategy does not exclude any investments from ESG analysis; it provides a lens to evaluate all companies. ESG typically provides an additional layer of risk analysis, and ethical and impact issues are considered positive benefits. 

ESG Investing vs. Impact Investing

Both ESG and impact investing require investors to evaluate similar factors such as pollution or political contributions. Their initial intentions and long-term goals are where they begin to differ. 

ESG investing is the process of including ESG factors and ESG scores to make informed decisions, usually performed by large institutions, about potential profits and new investment opportunities.

Impact investing is the process of investing in companies or funds that align with an investor's or organization's principles with the intention of making a positive contribution to society and or the environment.  

ESG Investing Jobs

There are many jobs that incorporate the use of ESG strategies into their investment decisions. Jobs are prevalent throughout various industries including finance, government, risk management, and energy. 

Individuals can hold job titles such as:

• ESG Analyst
• ESG Advisor or Associate
• Sustainability/ESG Director
• Director Sustainable Finance
• ESG Sales & Delivery Manager
• ESG Program Manager

CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing)

The Sustainable Investing Certificate boosts your credibility as an investment professional who can integrate ESG factors into decision-making. It's for those wanting to analyze and apply sustainability knowledge in their roles, whether front, back, or adjacent office, ultimately helping to achieve better investment results. 

The Sustainable Investing Certificate (formerly Certificate in ESG Investing) can be especially useful for CFA Charterholders, CAIA Charterholders, and Certified FRMs who would like to move into a more senior position and accelerate their careers. Even sales and distribution, wealth managers, product developers, financial advisors, consultants, or risk managers can benefit from improving their understanding of ESG issues.  

Undergraduate and graduate students who are interested in pursuing a career in the investment industry may also benefit from earning the Sustainable Investing Certificate.

ESG Investing Course Prep

If you decide to pursue CFA Institute’s ESG Certificate exam, consider making a Kaplan Schweser Sustainable Investing Certificate Exam Prep Package (formerly Certificate in ESG Investing)—complete with on-demand videos, study tools, and mock exams—the centerpiece of your mission to earn a passing score.

This is the final article in our three-part series about the significant benefits that investing in an effective CFA learning program can offer your organization and employees.

• Part 1: Benefits to Your Organization
• Part 2: Benefits to Your Employees 
• Part 3: Critical Elements of a Successful CFA Learning Program 

This article focuses on five key factors that contribute to a successful corporate CFA program:

• Communication
  
• Internal Support
  
• Customizable Learning Solution
  
• Success Tracking
  
• Employee Recognition

Communication

Internal communication across your organization is a critical component for a successful CFA Program. It provides valuable updates to employees and their management team.

Of particular interest to potential candidates are details about the CFA Charter, including:

• the value of the charter
• program requirements, including exam details, registration dates and fees
• exam preparation options

An ideal way to present this information to employees is by holding periodic information sessions. Including a panel of CFA charterholders from within your organization to discuss their experiences, offer guidance, and answer questions can be very powerful. 

Secondly, you should communicate details about your corporate CFA learning program. Such an orientation can be shared as a part of a CFA information session, or communicated separately.  Any communication should include:

• Available discounts on CFA exam preparation materials
• Your corporate reimbursement policies and procedures
• If you offer an approved exam prep program, how to access that program

Kaplan Schweser routinely simplifies the communication process for clients by providing CFA experts and instructors, who can help deliver CFA information sessions and learning program orientations for employees.

Internal Support

Providing internal support demonstrates your organization’s commitment to a culture of learning, achievement, career growth, and positive employee experiences. Three meaningful ways to support your CFA candidates are:

1. Offer a tuition reimbursement program: For many employees the sheer cost of a review course and the exam fees themselves is a hindrance. Consider covering all exam related fees upfront or providing reimbursement upon completion or passing the exam to help support your employees. This signals that their skills and career advancement is a priority for you.

2. Allow work flexibility during exam preparation: The CFA program is a multi-year journey that requires long hours of preparation and personal sacrifice.  By offering flexibility with respect to work hours, especially as an exam draws near, you are acknowledging this challenge and demonstrating support in an empathetic way.  

3. Provide mentoring: Consider tasking senior employees, who have already earned their CFA charter, with providing guidance and emotional support to current CFA candidates. Such a program can help both mentors and mentees. The benefit to the candidate is immediate assistance, while the mentor has the opportunity to develop into a better leader.

Learn How Kaplan Schweser’s Corporate Programs Can Benefit Your Team and Organization

Customizable Learning Solution

The best corporate CFA learning programs are those that can be customized to meet the both needs of employees and your organization. The program should incorporate key features that provide clear step-by-step guidance, drive efficiencies, improve retention, and ultimately enhance exam success. 

If you are an international firm with employees around the world, a consistent global solution may be beneficial.

Figure 1: CFA Exam Prep Process

For starters, a predesigned program with a history of success will save candidates significant time before they even start studying. Candidates often spend weeks researching and seeking recommendations about the best ways to prepare. Offering a proven, predesigned program eliminates this entire process.

From the perspective of the employee, the following are key elements of an exam prep program:

• high quality and comprehensive study notes and training 
• access to instructors to ask questions
• considerable question practice and multiple mock exams
• a review workshop
• exam taking strategies
• personal progress and performance tracking
• a pass protection 

Kaplan Schweser’s offers all of these features and more in its customizable set of exam prep materials and services. 

Success Tracking

By measuring and tracking the progress and performance of CFA candidates, as well as the exam prep materials they used, your organization can begin to evaluate the effectiveness of exam prep options that your organization has made available to employees or that they self-selected. 

With this knowledge you have the opportunity to be a real resource. You can steer employees to more effective exam prep solutions. Even better, you can offer a proven program that generates higher exam success rates and ensure a positive ROI on your CFA training budget.

The resulting benefits are:

• improved exam outcomes making for happier employees
• savings on registration fees and tuition costs
• increased credibility among employees

An example of an effective success tracking tool is Kaplan Schweser's Learner Dashboard. This sophisticated analytics tool helps firms understand how their CFA candidates are progressing in their exam preparation, and it identifies the likelihood of candidates passing their CFA exam. 

Armed with these insights, your organization has the opportunity to better understand the effectiveness of Kaplan Schweser’s CFA exam prep products and to proactively address any concerns with your candidates. This tool is unique to Kaplan Schweser, and it is complimentary to all Kaplan Schweser clients. 

Employee Recognition

After countless hours of preparation and years spent pursuing the CFA charter, when employees finally achieve the CFA charter, your organization has an opportunity to demonstrate that their achievement matters. Celebrating and rewarding their success affirms that excellence and continuous improvement are valued. 

A recent Harvard Business Review article points out that ‘Recognition is fundamental to the engagement and retention of top talent and the profitability of our organizations.’

Recognition should be timely, and it should align with your organization’s culture. Here are three forms of recognition that resonate with employees. The last two in particular are primary reasons that professionals pursue the charter in the first place.

1. Recognition in a public forum, such as a team meeting, or via a personal note from management 
2. Giving a salary increase or incentive bonus to employees, who pass exam levels and/or achieve the CFA charter
3. Providing pathways to career advancement

Preparing with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry. For more than 35 years, Kaplan Schweser has helped over 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations.*

Discover how Kaplan Schweser’s CFA B2B learning programs can help your organization achieve your talent development and cost-constraint goals

______________

* Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

This is the second in a three part series of articles focused on the significant benefits that investing in an effective CFA learning program can have for your organization and employees.

• Part 1: Benefits to Your Organization
• Part 2: Benefits to Your Employees
• Part 3: Critical Elements of a Successful CFA Learning Program

The CFA Charter is generally recognized internationally as the gold standard for investment and finance professionals. Candidates decide to embark on the arduous journey to become CFA Charterholders, because the resulting benefits can far outweigh the hard work and dedication it takes to become one.

Candidates, who achieve the CFA Charter, display traits that employers value, including a strong work ethic, time management skills, ability to focus, determination, and extensive knowledge about financial analysis and investment. These are the type of employees that most organizations desire to retain.

 There are, however, three significant complications to achieving the charter:

1. CFA exams are really difficult (the historical average pass rate for all exams is only 45%)
2. The average time to complete the CFA program is over four years making this a time-intensive, challenging and stressful journey 
3. The vast majority of CFA candidates also work  

A first step for organizations with employees, who are pursuing the CFA Charter, is to recognize their sacrifices. The second step is to support them throughout their journey.

As described in the first part of this three-part series, organizations that choose to support their employees by investing in a meaningful CFA learning solution stand to reap tangible benefits. Not only will your organization benefit, but so will your employees. This second article focuses on the employee benefits, including:

1. Maximizing successful outcomes on the CFA exam
2. Helping employees grow professionally and reach their career goals
3. Incentivizing them with financial support 
4. Having employees feel valued

Maximizing successful outcomes on the CFA exam

From an employee’s perspective, there are three direct advantages when your organization provides support during their CFA exam prep:

• Increased preparation efficiency
• Reduced stress
• Improved performance

How is this so?  

When candidates recognize that they are following a time-proven CFA exam prep methodology, it sets them in the right direction from the start. It enables them to focus on following the path to success, rather than wondering when and how to proceed, or if their study plan will be effective. This results in efficiencies throughout the preparation process. And it builds confidence, as candidates move forward with their studies, thereby reducing stress. 

Finally, participation in a Kaplan Schweser CFA exam prep program will improve exam performance, which, in turn, allows candidates to achieve the CFA Charter quicker.  In a recent Kaplan Schweser CFA Survey, 94% of those surveyed who most recently passed the CFA® Level I exam and prepared with Kaplan Schweser believe that Kaplan Schweser played a significant role in helping them pass the exam_**.

Learn How Kaplan Schweser’s Corporate Programs Can Benefit Your Team and Organization

Helping employees grow professionally and reach their career goals

81% of CFA® charterholders decided to pursue the CFA charter to advance their career according to a recent Kaplan Schweser CFA Survey_***. Employees who decide to pursue the CFA Charter are acting on their career aspirations. They have the drive to excel and be successful.  You can either support them in this endeavor or not. It’s clear which option yields better outcomes for everyone.

Recent McKinsey & Company research suggests it’s best to treat employees as though they’re here to stay. Invest in their development and demonstrate that they have a future in the organization. Identifying career paths and development plans, while supporting those learning journeys, provide employees with, ‘opportunities to fill their skills gaps to make their next internal move’. Otherwise, many will ultimately leave.

Creating a CFA learning program with Kaplan Schweser can meet this need. It provides the tools that finance employees not only require to succeed in their current job role, but to grow.

In a recent Kaplan Schweser CFA Survey, 67% of CFA® charterholders were more satisfied with their career trajectory after having earned the CFA charter_***

This generates a huge win-win for both the employee and your organization. You get more skilled, happy employees and, in return, your employees get the opportunity to pursue and realize their career goals. 63% of CFA® charterholders feel more satisfied with their employer as a result of their employer having supported them in earning the charter according to the results of a recent Kaplan Schweser CFA Survey_****.

Incentivizing employees with financial support 

The cost of training and exam fees over multiple years can be a sizable obstacle for finance employees as they consider the CFA Charter. The case for tuition assistance or an employer-sponsored CFA education program is strong, because these programs align with both the needs of the worker and your business. 

Financial support allows you to effectively upskill employees to help meet your workforce needs, while serving employees in their current role and throughout their career. It signals that your organization promotes a culture of learning, growth, and positive employee experiences. 

In a recent Kaplan Schweser CFA Survey, 84% of CFA® charterholders agree that the CFA curriculum is valuable in their career after having earned the CFA charter_***

Access to these types of programs can alleviate the stress about how to pay for the CFA Charter, and  they are strong incentives that affect the ultimate decision as employees consider pursuing the charter.  

Having employees feel valued 

Supporting educational programs for employees is recognized to increase company loyalty. As employees experience support in their development, they feel that the company cares about them. According to a recent Kaplan Schweser CFA Survey, 71% of CFA® charterholders feel more valued by their employer as a result of their employer having supported them in earning the charter_****.

Offering tuition assistance within a formal CFA learning program explicitly helps build relevant and specialized job skills. It is a profound indicator that your company supports growth and values achievement.

Employees are grateful for these learning opportunities.  It puts them in the driver's seat of their own career development. How empowering! And what a great way for your organization to demonstrate your commitment to them.   

Part 3 in This Series: Elements of a Successful CFA Learning Program

The final article of our three-part series will focus on the critical elements of a successful CFA learning program for your team.

Preparing with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry.  For more than 35 years, Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations*.

Discover how Kaplan Schweser’s CFA learning programs can help your organization achieve your talent development and cost-constraint goals.

____________

*Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

**These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 104 last passed the CFA Level I exam and prepared for that exam with Kaplan Schweser.

***These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 307 are CFA charterholders.

**** These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 235 are CFA charterholders whose employer supported them in earning the charter.

Deciding between the CFA program and an MBA program is a very personal decision. There are many variables that dictate which one might be the better option for you. And the truth is, many finance professionals choose to pursue both at some point in their career.

• Career Considerations
• Enrollment Requirements
• Time Commitment
• Cost Breakdown
• Salary Differences
• Alternatives

Career Considerations

Your plans after becoming a CFA or MBA graduate can dictate which program is the right choice for you now. 

If You Want To Move Up in Finance

It’s been said that the CFA exam is a foot wide and a mile deep. The CFA Program is intensely focused on one thing: making you an investment expert. You will come out with a specialized skill set for asset management.

Is The CFA Worth It? >>

Curriculum topics that CFA charterholders become experts in include:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Statement Analysis
• Corporate Issuers
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning

The CFA Program is a great fit for financial analysts who are looking to move up into a new position like portfolio management or investment management.

84% of CFA^® charterholders agree that the CFA curriculum is valuable in their career after having earned the CFA charter_*

If You Are Unsure

The MBA, on the other hand, is a broader approach better defined as a mile wide and a foot deep. The skills you attain in business school are not focused on a single industry. Instead, you get some exposure to all facets of business operation. 

Curriculum topics MBA students get exposed to include:

• Accounting
• Business Accountability and Ethics
• Communication
• Finance
• Leadership
• Marketing
• Microeconomics
• Statistics

If you are still a little undecided about what industry you want to work in and feel like you need more practical exposure to a variety of business practices, the MBA path is probably the better choice for you.

If You Want To Switch Careers 

This is where it can get tricky to make a decision. Especially if you are looking to switch careers and move into a brand new industry like finance. If you know you want to be a corporate financial analyst or a stock analyst, you would probably be wise to choose the CFA Program.

If you are an engineer and interested in working in finance but not sure exactly what you want to do, an MBA program will give you the opportunity to get exposed to the financial world and help you pick a specialty like:

• Investment Banker
• Actuary
• Portfolio Manager
• Securities Trader
• Financial Planner
• Financial Analyst
• Economic Analyst

Financial Analyst Career Paths >>

Enrollment Requirements

To enroll in the CFA Program, you must one of the CFA Institute’s qualifying criteria:

• Have a bachelor’s (or equivalent) degree
• Have two years remaining in your undergraduate studies
• Have 4,000 hours of professional work experience, or
• Have a combination of professional work and university experience that totals at least 4,000 hours

CFA Charter Requirements >>

Business school requirements vary from school to school. You’ll want to make sure you meet the specific requirements of the school or schools to which you want to apply. Generally speaking, each school will require that you:

• Have a bachelor’s degree
• Complete the GRE or GMAT exam with a satisfactory score
• Have professional work experience (varies by school)
• Complete additional program prerequisites (varies by school)

Will Becoming a CFA Help You Get Into an MBA Program?

It may be less common for a CFA charterholder to enroll in an MBA program but it certainly can’t hurt to have a CFA designation when applying to an MBA program.  

Is It Better To Pursue a CFA after Earning an MBA?

If you are young, have little to no experience as a finance professional, and can afford an MBA program, earning an MBA before you pursue the CFA charter can benefit you in a few ways.

There will be some overlapping curriculum material between an MBA Program and the CFA Program. You will also learn how to study for a finance exam while enrolled in an MBA Program. An MBA graduate will also probably go into the CFA Program with better expectations of what will be required to pass each exam. 

If you already have 4 years of professional work experience and looking to specialize in asset management, the CFA Program may be all you need to rise above others in your field. 

Considering the CFA charter? Download this free Before You Decide to Sit for the CFA Exam eBook.

Can You Pursue an MBA and CFA Together?

Yes, technically you can be enrolled in an MBA Program and the CFA Program at the same time but we would not recommend pursuing them both at the same time. Especially while working a job because both options will require a lot of your time.

Time Commitment

If you dedicate yourself to being a full-time student, you can complete your MBA program in two years or less. Technically, if everything went perfectly, you could complete the CFA Program in 18 months, not including the time you spent studying for the Level I exam. But that would be a very intense 18 months of studying. 

It’s recommended that you spend 300 hours studying for each level of the CFA exam, but you can take a year off in between levels if you need to without jeopardizing your chance of completion or significantly adding to the cost. On average, successful candidates take four years to earn their CFA charter, according to CFA Institute.

Nearly all CFA charter candidates hold jobs while they prepare for and take the exams because they need to meet a work experience requirement before they can become a charterholder. The CFA exam is what it is…three levels, 300 hours each, and intense preparation. 

Tips For Passing CFA Exam While Working Full Time >>

There is no shortcut. Whereas the option does exist to complete an MBA program part-time if you choose. It takes a little longer, but the option is available.

For the most part, completing the CFA Program is something you do on your own, while an MBA program is typically a more socially communal experience, with an emphasis on networking and team projects.

Cost Breakdown

While your career plans should be the primary consideration, the cost is often a factor when deciding between an MBA and the CFA charter. There are costs associated with both. The CFA charter is relatively affordable when compared to an MBA, especially if you’re planning to attend a well-known business school. 

All told, you can complete the CFA Program with CFA premium exam prep materials for under $12,000. Business school tuition can cost $80,000 or more. That said, it really comes down to what you want to do with your career. You can’t put a price on job satisfaction.

CFA Program Cost >>

Salary Differences 

Financial compensation is obviously a factor in your decision to pursue further education. But it shouldn’t be the most significant factor in deciding between the CFA Program and an MBA. 

The median compensation for a CFA charterholder with 0–5 years of experience is $72,900. The median compensation for a business school graduate with 0–5 years of experience is $57,700. Business professionals with 0–5 years of experience who have completed both programs have a median salary of $87,200.

You are standing at a crossroads where countless others have stood. As you’re likely learning, there isn’t a single right or wrong choice that works for every individual. 

21% of surveyed CFA^® Level I exam takers stated they received a salary increase after having passed the CFA Level I_**

What you might see as a positive might be a negative to the next person in line. Consider all the factors, make your decision confident, and don’t look back. Either way, you’re headed toward a brighter future in a finance career.

CFA Charterholder Salaries >>

Alternatives

There are alternatives to earning the CFA designation or becoming a business school graduate. Designations like CAIA and CFP are more specialized designations than a CFA whereas some give you more flexibility to work in multiple industries like CPA.

• CFA vs. CPA
• CFA vs. CFP
• CFA vs. CAIA

Masters of Science Degree in Financial Analysis

Sometimes, candidates looking to pursue the CFA Charter also may pursue a Masters of Science Degree in Financial Analysis (MSFA). Certain graduate programs are aligned to the learning outcomes of the CFA Institute’s CFA Program, which allows students to earn an MSFA while simultaneously preparing for the CFA exam.  

The College for Financial Planning's Masters of Science in Financial Analysis program includes access to Kaplan Schweser’s CFA Essential Study Package to prepare for the CFA exam.

__________________________________

*These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 307 are CFA charterholders.

**Earnings increases are dependent on numerous factors other than, or in addition to, passing the CFA® Level I exam, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA Level I, II, and III candidates was interviewed online, of which 145 last passed the CFA Level I exam and were employed at the time of the survey.

The CFA^® charter is a globally recognized financial designation that serves as a badge of knowledge, commitment, perseverance, skill, and hard work. Earning your CFA charter sets you up well for growth in your career as a finance professional. But exactly what kind of a finance career can you get as a Chartered Financial Analyst^®?

CFA Institute conducted a survey of all charterholders to determine their most commonly held job functions. Based on their findings, we’ve detailed the most common job functions of CFA charterholders below to give you a clear picture of what type of career you could pursue if you choose to earn the CFA charter.

42% of surveyed CFA^® charterholders stated they received a salary increase after having earned the CFA charter_*

Portfolio Manager

Leading all job titles, 22% of CFA charterholders are employed as portfolio managers. Portfolio managers are in charge of a fund or group of funds. They spend their days working with analysts, researchers, and clients to stay current on the markets and business news. They make decisions to buy and sell assets throughout the day as the markets fluctuate. A great portfolio manager is able to see beyond the surface and make informed decisions for their clients based on expert insight and experience.

Research Analyst

It’s a vague title, but research analysts play an important and specific role in the business world. It’s also a job title held by 15% of global CFA charterholders. Research analysts use a combination of mathematical processes and qualitative data to provide analysis of something that’s already happened and make future predictions. If you give a research analyst a batch of data, they are able to process that data and provide recommendations based exclusively on the data. The intelligence they gather is incredibly valuable to companies, as it’s used to help the business determine its future direction and prioritize goals and activities.

_______________________________

*Earnings increases are dependent on numerous factors other than, or in addition to, earning the CFA® charter, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA Level I, II, and III candidates was interviewed online, of which 305 are CFA charterholders and were employed at the time of the survey.

**These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 307 are CFA charterholders.

An ESG certification is a credential individuals can gain to demonstrate their knowledge of and use of environmental, social, and governance factors in institutional investment analysis. This type of analysis is important to companies who want to understand the overall value and sustainability of an organization or investment.

Key Takeaways

1. An ESG certification is a credential for financial professionals who want to demonstrate their knowledge of environmental, social, and governance factors in investment analysis.
2. This credential can be beneficial for various financial professionals including CFA charterholders,
   wealth managers, and risk managers.
3. The CFA Institute offers a Certificate in ESG Investing program that covers ESG topics and includes an exam.

TABLE OF CONTENTS

• Who Should Have an ESG Certificate?
• When To Get an ESG Certificate
• Best ESG Certificates
• How To Become ESG Certified?
• What is the CFA ESG Certificate?
• How to Study for the CFA ESG Certificate Exam?
• How To Register for the CFA ESG Certificate Exam?
• CFA ESG Certificate Exam Details
• Job Opportunities After Becoming ESG Certified

Is an ESG Certificate Worth It?

If you are a financial professional that helps investors or companies make investment decisions, gaining an ESG certificate is worth it. ESG investing is a rapidly growing practice within the institutional investment field and investors are looking for individuals with a good understanding of the different approaches to responsible investment.

Who Should Have an ESG Certificate?

Broadly speaking an ESG certificate can benefit anyone who works in operations, strategy, or management within the institutional investment field. 

An ESG certification can be especially useful for CFA Charterholders, CAIA Charterholders, and Certified FRMs who would like to move into a more senior position and accelerate their careers. Even sales and distribution, wealth managers, product developers, financial advisors, consultants, or risk managers can benefit from improving their understanding of ESG issues.  

Undergraduate and graduate students who are interested in pursuing a career in the investment industry may also benefit from earning an ESG certificate. 

How an ESG Certificate is Beneficial for a CFA Charterholder

An ESG certificate is beneficial for a CFA Charterholder because it provides the opportunity to demonstrate their commitment to being up-to-date on current ESG investing practices and knowledge of ESG issues. 

An ESG certificate can help CFA Charterholders differentiate themselves and improve their investment analysis skills with environmental, social, and governance factors in their financial models, ratio analyses, and risk assessments. 

When To Get an ESG Certificate

Since an ESG Certificate would be beneficial to virtually any financial professional's career, a good time to get an ESG certificate would be when someone has the time to pursue the credential. Since an ESG certificate broadly covers ESG investment factors and issues, if someone has the time to dedicate to studying and they have an interest in accelerating their career, now is a good time to get an ESG certificate.

Best ESG Certificates

There are a few providers of certificates that incorporate ESG topics into their curriculum.

How To Become ESG Certified

• Meet enrollment requirements
• Enroll in the program
• Begin preparing for the exam(s)
• Register for the exam(s)
• Pass the exam(s)

How Long Does It Take to Earn an ESG Certificate? 

Each program has its own steps to earn an ESG certificate, which will dictate exactly how long it takes to earn the certificate. Especially if more than one exam is required or the candidate doesn’t pass the exam the first time. Both factors determine how long it will take to earn an ESG certificate.

What is the CFA ESG Certificate?

The CFA ESG Certificate is a professional certification program offered by the CFA Institute. It is designed to meet the investment industries' increasing demand for more instruction and standards in environmental, social, and governance investing.

The Certificate in ESG Investing program was originally offered only in the United Kingdom but now is offered globally to anyone interested. The program is open to investment professionals or students with a foundational knowledge of the investment process.

How to Study for the CFA ESG Certificate Exam?

To study for the CFA ESG certificate exam, candidates with no professional experience in ESG investing should expect to study around 100 hours. Candidates with professional experience in the curriculum topics should anticipate studying around a little less than 100 hours.

Once candidates decide which category they belong in, they should begin to review the ESG curriculum and read-through the program syllabus. The syllabus tells candidates what skills and knowledge they are expected to demonstrate by the end of the program. 

After becoming familiar with curriculum topics and learning outcomes, candidates should begin preparing for the ESG certificate exam. During this prep time, registered candidates will receive access to self-assessment questions and a mock exam from CFA Institute that should be used strategically. 

Once candidates have their ESG prep materials and study plan, their success will be largely determined by how committed they stay to following their study plan. 

How To Register for the CFA ESG Certificate Exam?

Registering for the CFA ESG certificate exam is straightforward. Simply create an account with the CFA Institute, and look for a link to register for the Certificate in ESG Investing program via your email. Once you register for the program, you will have six months to schedule the exam.

Expert Tip: It is recommended that candidates begin studying before actually scheduling a date to sit for the exam.

CFA ESG Certificate Exam Information

Learn important details for the Certificate in ESG Investing from the CFA Institute.

CFA ESG Certificate Exam Topics and Weights

Notice the weight given to topics such as “ESG Analysis, Valuation, and Integration” and “ ESG Integrated Portfolio Construction and Management.” These two topics make up a significant portion of the curriculum and will certainly test candidates' ability to apply a range of approaches to ESG analysis and integration across a range of asset classes.

Latest CFA ESG Certificate Curriculum Updates

View Updates

CFA ESG Certificate Exam Costs and Fees

Enrollment in the Certificate in ESG Investing program from CFA Institute costs $890. If a candidate misses their exam window deadline, they will need to pay $690 to re-enroll in the program.

CFA ESG Certificate Exam Eligibility Window

Candidates have 6 months to sit for the exam after registering. If they miss the deadline, they will need to re-register and pay another enrollment fee to get back into the program. No refunds will be issued to those that miss their exam eligibility window deadline.

CFA ESG Certificate Exam Dates

Candidates are allowed to take the Certificate in ESG Investing exam any month of the year including January. Candidates are allowed to sit for the exam within their eligibility window at selected Prometic sites worldwide or via online proctored testing, where available and/or permissible by local regulation. 

Expert Tip: Candidates will not be able to sit for the exam on holidays or weekends.

CFA ESG Certificate Exam Pass Rates

The pass rates for the CFA ESG certificate have been historically high. As of the end of January 2022, the average pass rate for the Certificate in ESG Investing exam was 81%. The certificate will have lifetime validity once a candidate has passed the exam.

Explore Fellow Candidate's Views On ESG Exam Difficulty

Kaplan Schweser Community

CFA ESG Certificate Exam Format and Duration

The CFA ESG certificate exam contains 100 multiple-choice questions and 3 answer options for each question. Candidates will have 2 hours and 20 minutes to complete the exam, which includes a survey at the end.

CFA ESG Certificate Exam Grading Process

The grading process for the CFA ESG Certification exam is pass or fail based on a minimum passing score.

How Long Does it Take for CFA ESG Certificate Exam Results to be Released? 

Candidates will be presented with their exam results (pass/fail) immediately after completing the exam.

Job Opportunities After Becoming ESG Certified

There are lots of career paths available to individuals who become ESG certified. Jobs are prevalent throughout various industries including finance, government, risk management, and energy. 

Individuals who earn ESG certificates hold job titles such as

• ESG Analyst
• ESG Advisor or Associate
• Sustainability/ESG Director
• Director Sustainable Finance
• ESG Sales & Delivery Manager
• ESG Program Manager

Ready To Start Preparing for the CFA ESG Certificate?

As you get ready for the CFA ESG Certificate exam, consider making the Kaplan Schweser ESG Certificate prep package—complete with ondemand videos, practice questions, access to the Kaplan Schweser Community, and mock exams—the centerpiece of your mission to earn a passing score.

After months of studying, reviewing, hard work, and probably some nervousness, you’ve passed Level I of the CFA® exam. Now that you’ve conquered this first milestone, you might be wondering if it can help you in your career. If you’re in the final year of earning your bachelor’s degree, perhaps you’re wondering if passing Level I can open doors for you in your job search. Or, if you’re already working in finance, maybe you think it could help you get a better role. This article has the answers for you.

Key Takeaways

1. Passing the CFA Level I exam can help you get an entry-level finance job, such as intern, accountant, or investment analyst.
   
2. It won't guarantee a job or a raise, but it shows your commitment and knowledge of basic financial concepts.
   
3. To advance in your finance career, you'll need to continue pursuing the CFA charter by passing Levels II and III.

TABLE OF CONTENTS

• Common Roles
• Salary Increases
• Job Titles
• Career Search
• Career Opportunities

Jobs Commonly Held by Those Who Passed Level I of the CFA® Exam

In 2016, an online job search company, eFinancialCareers, analyzed the resumes in their database to see what job roles candidates who had passed the different levels of the CFA exam held. Despite the fact that 37% of the resumes were not specific enough to make a determination of the role, they were able to identify ten roles. Here are their top five findings:

• Asset management: 15%
• Accounting and finance: 13%
• Equities: 8%
• Risk management: 6%
• Interns at finance firms: 6%

What Is the Salary For a CFA Level I Completed Candidate?

The salary you earn after passing Level I of the CFA exam is dependent on your current job responsibilities and employer.  You do not automatically qualify for a salary increase by passing the CFA level I exam unless that was agreed upon between you and your employer. 

CFA Charterholder Salary »

However, in a recent Kaplan Schweser CFA Survey, one-third of our respondents claimed to have received a salary increase after passing their latest CFA exam or becoming a charterholder.

On average, our respondents who were working in a financial professional role both the year before and year after passing their most recent CFA exam or becoming a charterholder stated they experienced an increase in their earnings of 15%.^# Earnings increase varied somewhat by the most recent exam passed or becoming a charterholder.

Get More CFA Insights From Charterholders and Candidates

Do People Get Jobs After Passing Level I of the CFA?

Before you start envisioning your new career as an asset manager or risk manager because of your Level I credentials, there are a few things you should keep in mind. Yes, those job prospects look good, especially if you don’t have one yet. But the problem with them is that there is no information in the statistics that shows whether passing Level 1 of the CFA exam made any impact during the hiring. And if you search forums like analystforum.com, Quora, and Reddit to learn whether passing Level I helped anyone get a job, you’ll get a mixed bag of responses.

Some will declare that passing Level I won’t help you at all. Others say passing Level I  can help you get a good finance job with a competitive salary in some parts of the world, but not everywhere. And, there are still others who say it absolutely helped them in their careers in one of two ways:

• Passing Level I was a deciding factor when they were competing with someone who was equally qualified for the position but hadn’t passed.
• They had already held careers in finance when they passed Level I.

Why are there so many different opinions? The answer to that question depends on how the forum posters approached job hunting after they passed. Quite a few job candidates think that passing Level I should be enough to get them their dream job. They’re looking for a shortcut on a career journey that is competitive and requires hard work. They are the ones who will tell you that passing the exam didn’t help. If you take the same approach, you are likely to be disappointed.

Those who say they were able to get a good job at a finance firm after passing Level I had a different view of how to leverage this accomplishment.

Top 5 Job Titles for CFA Charterholders

According to CFAI, the most common job title for a CFA charterholder is Portfolio Manager. Below is a table representing the 5 most common job titles for CFA charterholders and which function of investment management they work in.

How Passing Level I of the CFA® Exam Can Help in Your Career Search

Those who have successfully found employment in a finance capacity after passing Level I applied the same determination to their job search as they did to studying and passing. They parlayed the techniques they used to create a CFA study plan, stick to that plan, learn the material, and stay calm on exam day to finding a job.

They networked, used personal contacts, joined a CFA society, spent hours on social media, and attended career fairs. They honed their presentation skills, worked on portraying a specific image or showcasing a specialized skill, and didn’t let themselves get discouraged. With concerted effort, this could be you. You can also use the fact that you passed as a confidence builder when going into an interview. After all, passing Level I means you have a good grasp of basic financial concepts, and that is something for which you can be proud.

Interested in more advice from CFA® charterholders? Download this free Before You Decide to Sit for the CFA Exam eBook.

Career Opportunities for CFA Level I Completed Candidates

The general consensus is that you can only get so far in a finance career if you don’t continue pursuing the CFA charter. In the eFinancialCareers research, the odds of moving up the ladder in asset management firms and corporate banks increased with each level passed, culminating in good prospects for CFA charterholders.

Those who found good entry-level jobs or gained a better position after passing Level I all said that it helped them even more if they showed they were willing to continue pursuing the charter. Some even said that it was better to put that you were a Level II candidate on your resume than to say you passed Level I. They told stories about how firms viewed the fact that they were registered for Level II very positively.

Although being a CFA charterholder doesn’t guarantee you a job, you are much more likely to advance in your career or find the perfect finance job if you’ve earned your charter.

Will AI Language Models Make the CFA Charter Obsolete?

No, ChatGPT and similar language models are nowhere close to be able to perform the tasks that CFA charterholders do on a daily basis. Remember that to become a CFA charterholder you will need on-the-job experience which cannot be replicated by any AI model.

ChatGPT's Impact and the CFA Program's Resilience >>

Ready to Tackle Level II of the CFA® Exam?

If you’re excited about demonstrating your commitment to earning the CFA charter to a potential or current employer, why not get started today? Find answers to frequently asked questions about the CFA exam, or explore our CFA Level II study package options.

________________________

^#Earnings increases are dependent on numerous factors other than, or in addition to, passing a CFA® exam or becoming a CFA® charterholder, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and IIII candidates and charterholders was interviewed online. The earnings increase was based on 353 CFA Candidates who most recently passed the CFA Level I, II, or III exam and were employed in a financial professional role both the year before and the year after passing the exam.

You might be asking yourself if the CFA charter is worth it because you heard the CFA Program is expensive and it takes a long time to become a CFA charterholder.  Or perhaps you’re considering switching careers and looking for information about what you’d be getting yourself into.   

In this article, we provide the necessary context to help you decide if the CFA is right for you.  Our goal is to help you set expectations about the outcomes for CFA charterholders and provide you with options in case you decide that the CFA charter is not right for you at this time.  

• Factors to consider if the CFA Is worth it
• Is the CFA right for you quiz
• What CFA candidates learn
• What a CFA does
• Using the CFA to switch careers
• AI impacts on the CFA Program
• CFA alternatives
• Advice from CFA charterholders

Factors To Consider If The CFA Is Worth It

Typically, the CFA Program is finished by people with backgrounds in finance, accounting, economics, or business. Having a financial background is not necessary to pursue the CFA charter; however, you will need 4,000 hours of “professional work experience” completed in a minimum of 36 months in areas like trading, corporate finance, and economics to become a CFA Charterholder. 

Each person will have their own set of personal factors to consider when deciding if the CFA charter is right for them. Information about those factors usually requires more context than what is provided in CFA FAQs. 

Career Goals

Upfront, you should understand that the CFA charter can indeed help you in your career, but it’s not the silver bullet for success. You are the secret to your success, and the CFA charter is just one part of that.

In our research and conversations with CFA charterholders over the years, we’ve learned an important fact: Charterholders who landed new finance jobs or moved up in their organizations applied passion, dedication, determination, and other common CFA traits to their job search or upward career move. In other words, they didn’t stop working hard after they passed the CFA exams. They also did not set the bar too high in their job search or in their desire for a better position. Instead, they did their homework on the types of jobs where a CFA charter is more likely to be respected and designed a long-term plan for working hard and moving into management.

For example, if you are a student you could use your journey through the CFA Program to get an internship or an entry-level position to start gaining the experience needed to officially become a CFA charterholder.

If you’re already working in the financial industry, we’ve seen success come to those who applied for positions or promotions where the charter is seen as advantageous. According to CFA Institute, 22% of CFA charterholders are employed as portfolio managers.

Again, you are the secret to your success. Other things you can do to help your career are: 

• Leveraging personal contacts
• Joining a CFA society
• Network on social media
• Attend events related to your career aspirations to meet possible employers
• Sharpen your presentation skills
• Practice interviewing
• Try not to get discouraged along the way

Join Kaplan Schweser’s Expert CFA Instructors for a Series of Free Webinars Discussing the Career Benefits of the CFA Program

Finding the Time to Pursue the CFA

Honestly thinking about how much free time you have to dedicate to the CFA Program should be a priority for you. Some important information to consider if you don’t have lots of free time should be:

• CFA Level I exams are usually only offered four times per year
• You can only take an exam twice per calendar year
• You can’t fail the Level I exam and then re-enroll into the next immediate exam window
• Average CFA candidates can spend more than 300 hours studying for each CFA exam
• You should expect to spend three to four years completing the CFA program.

CFA Salary Expectations

Determining how much money you can expect to earn after passing all three CFA exams is difficult to determine. If you earn the CFA designation as a mid-level analyst, it's fair to expect a 15-20% increase in salary. In reality, the CFA designation seems to provide more experienced analysts and managers with a larger salary increase. Again there are many factors that determine salary increases but one thing for sure is that the CFA designation is seen as valuable, especially for candidates in senior roles like risk, investment, and portfolio managers.   

For example, if your end goal is to become a portfolio manager at a top firm, the CFA Institute determined in a 2019 compensation study that US$177,000 was a typical total compensation amount.

According to the U.S Bureau of Labor Statistics, the annual median pay for financial analysts in the U.S is 83,660 USD or ₹570,063 in the Bangalore, India Area according to Glassdoor.

Finance professionals who are active CFA charterholders can be rewarded with significant earning benefits such as:

• Performance-based bonuses
  
• Access to high-net-worth clients
  
• Consulting and advisory roles
  
• Opportunities in alternative investments
  
• Entrepreneurial pursuits

Average salary range for common CFA charterholder jobs »

In a recent Kaplan Schweser CFA Survey, one-third of our respondents claimed to have received a salary increase after passing their latest CFA exam or becoming a charterholder.

On average, our respondents who were working in a financial professional role both the year before and year after passing their most recent CFA exam or becoming a charterholder stated they experienced an increase in their earnings of 15%.^# Earnings increase varied somewhat by the most recent exam passed or becoming a charterholder.

Get More CFA Insights From Charterholders and Candidates

Total Cost to Pursue the CFA

The CFA Program is not free and there are multiple components that determine the total cost to pursue the CFA such as:

• Registration costs
• Enrollment fees
• Prep materials

Depending on when you register for each exam and how much you pay for CFA prep, expect to need 3-6,000 USD to pursue the CFA charter.

Total CFA exam fees » 

Is the CFA Right for You?

Try our short quiz to see if the CFA charter is right for you at this time.

What CFA Candidates Learn

The CFA Program is a three-part exam that tests the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning.

CFA candidates learn more than just the CFA Insitute’s Candidate Body of Knowledge (CBOK) which covers topics like the effects of geopolitics on economies and investment markets, or environmental and social risk factors for corporate issuers.  

When you study for a CFA exam, you'll gain some significant knowledge benefits such as:

• In-depth understanding of investment analysis
  
• Expertise in ethical standards and professional conduct
  
• Risk management and mitigation skills
  
• Global investment perspective
  
• Lifelong learning and continuous professional development

You will also learn about the financial community in your area and the impact your local CFA Society is having on the future of financial professionals like the global CFA Institute Research Challenge.

What a CFA Does

A CFA is a chartered financial analyst who provides investment guidance and portfolio management for individuals, businesses, and other organizations. These professionals can work at institutional investment firms, broker-dealers, insurance companies, pension funds, banks, and universities.

The CFA designation is only given to investment professionals who have completed the requirements set by the CFA Institute. CFA members can be found at some of the world's largest investment institutions, including JPMorgan Chase, Morgan Stanley Wealth Management, Royal Bank of Canada, BofA Securities, UBS Group, HSBC Holdings, Wells Fargo and Company, PricewaterhouseCoopers, BlackRock, and TD Bank Financial Group.

Using the CFA To Switch Careers

It is possible to use your pursuit and ultimate completion of the CFA Program as a way to switch careers.  If you set realistic expectations about how long the transition will take and how much effort and dedication it takes to switch careers, the CFA Program is a great way to transition into a finance professional.  Especially if your focus is narrow and you are considering positions like:

• Portfolio Manager
• Research Analyst
• Hedge Fund Manager
• Investment Banking Analyst
• Stock Equity Analyst

Reasons People Decide To Become a CFA »

If you don’t have any experience in the finance industry, you could look for an entry-level position after passing the level I exam while gaining experience during the rest of your time in the CFA Program.  This will help you meet the 4,000 hours of relevant work experience needed for your CFA membership.

Will AI Language Models Make the CFA Charter Obsolete?

No, ChatGPT and similar language models are nowhere close to be able to perform the tasks that CFA charterholders do on a daily basis. Remember that to become a CFA charterholder you will need on-the-job experience which cannot be replicated by any AI model. They also struggle with the nuanced, experience-based tasks CFA charterholders perform and they lack the critical thinking and real-world experience required for advanced financial analysis.

CFA Alternatives

Some CFA alternatives we commonly see people consider are:

• CFA vs MBA
• CFA vs CPA
• CFA vs FINRA Series 7
• CFA vs CAIA
• CFA vs FRM
• Master of Science Degree in Financial Analysis

Best CFA Alternative Courses Guide

Advice From CFA Charterholders

We checked numerous forums and blogs, and those who said the CFA charter was worth it outnumbered the naysayers about 8:1.

One CFA charterholder wrote this in a LinkedIn blog post: “I went from zero to hero in terms of finance knowledge education, moved to Canada, and am now employed as a research analyst in a macro-boutique firm. How much of this is attributed to my status as CFA candidate? A fair portion, I would say. Would I be in the equivalent or better position without doing the CFA Program? In my thinking, it is unlikely to be the case.”

In a Life on the Buy-Side article, Mike Moran, CFA, said, “Successfully completing the program and earning your charter is a worthwhile endeavor. You never know what future the markets might hold for you, so the CFA Program offers a good base of knowledge to get you on your way.”

The general consensus of most CFA charterholders is that it has paid off in terms of career, knowledge, satisfaction, and end results. For example, when we were preparing our eBook, Before You Decide to Sit for the CFA Exam, we interviewed several CFA charterholders, including Jason A. Smith, CFA. He said, “If you are willing to pay the cost, the rewards will wait for you at the end.”

Ready to Tackle the CFA Charter?

If you’re excited about what the future could hold for you as a CFA charterholder, get started today and explore our CFA Level I study materials.

____________________

^#Earnings increases are dependent on numerous factors other than, or in addition to, passing a CFA® exam or becoming a CFA® charterholder, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and IIII candidates and charterholders was interviewed online. The earnings increase was based on 353 CFA Candidates who most recently passed the CFA Level I, II, or III exam and were employed in a financial professional role both the year before and the year after passing the exam.

Is Becoming a CPA Worth It?

CPA vs CFA Curriculum Differences

Unlike the CFA exam, which focuses on investment tools, valuing assets, and portfolio management and wealth planning, the CPA exam is designed to test your knowledge of auditing procedures and standards, taxation, and accounting and reporting standards for a variety of organizations. 

CPA Exam Topics

CFA Exam Topics

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Statement Analysis
• Corporate Issuers
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning

CFA Exams Explained >>

CPA vs CFA Career Paths

The major difference between a CPA and CFA career path is the industry they work in. Typically CFA charterholders work in the investment management industry whereas you may find CPAs in multiple industries. 

CPA Career Paths

• Public accounting: Public accounting firms provide a variety of clients with accounting services, such as financial planning, bookkeeping, and audit preparation. It’s common to work in public accounting for a few years before transitioning to private accounting or another more specialized type of accounting.
• Government accounting: Government accountants perform audits, assess the efficiency and effectiveness of various government units, oversee public funds, and investigate white-collar crime for the FBI.
• Private accounting: Private accountants work for a single company’s internal accounting department. They manage the company’s financial records, prepare financial reports, and assess the company’s fiscal performance.
• Nonprofit accounting: Nonprofit organizations require accountants who can complete specialized tasks. These include evaluating donor-restricted assets, which can only be used for specific purposes, accounting for different types of services and programs, and fundraising.
• Academia: Accounting professors not only teach students about accounting and research accounting theory, but they often also serve as accounting consultants to companies, firms, and in legal proceedings.

CFA Career Paths

There are multiple directions CFA charterholders can take after earning the CFA designation, including using it to advance their current career or look for a new career as a:

• Financial Analyst
• Risk Analyst
• Ratings Analyst
• Portfolio Manager
• C-Level Executive

Financial Analyst Career Paths >>

CFA Charterholder vs. CPA Salary

• Research analyst: CFA charterholders who are research analysts earn, on average, $77,000 a year, according to Payscale.
• Financial advisor: Financial advisors with the CFA charter earn an average salary of $83,000 annually.
• Investment analyst: Investment analysts with the CFA charter earn an average salary of $78,000 annually.
• Portfolio manager: The average salary for a portfolio manager with the CFA charter is $102,000.
• C-level executive: Payscale says that chief financial officers with CFA charters have a median annual base salary of $173,000.
  

In a recent Kaplan Schweser CFA Survey, one-third of our respondents claimed to have received a salary increase after passing their latest CFA exam or becoming a charterholder.

On average, our respondents who were working in a financial professional role both the year before and year after passing their most recent CFA exam or becoming a charterholder stated they experienced an increase in their earnings of 15%.^# Earnings increase varied somewhat by the most recent exam passed or becoming a charterholder.

Get More CFA Insights From Charterholders and Candidates

CPA Salary Ranges

• Accountant and auditor: Accountants and auditors who are CPAs earn a median annual salary of $69,000.
• Financial controller: Financial controllers oversee and direct a company’s accounting functions. The average annual salary for CPAs in this position is $98,000.
• Corporate controller: CPAs in the executive role of the corporate controller can expect an average salary of $114,000 a year.
• Chief Financial Officer: The average annual salary for CPAs who are CFOs is $151,000.

CFA vs. CPA Difficulty

Earning your CFA^® charter sets you up well for growth in your career as a finance professional. But what kind of salary can you earn? According to Payscale, in the United States, the CFA charterholder salary is anywhere from $64,234 to $255,000 a year. Why is there such a big range? Because there is a lot you can do with the charter in jobs with varying degrees of responsibility. Bonuses and years of experience make a difference, too. So let’s look at what the average salary is for some of the most common jobs for CFA charterholders.

Portfolio Manager Salary—With the CFA^® Charter

According to CFA Institute, 22% of CFA charterholders are employed as portfolio managers. CFA Society Chicago’s annual financial compensation survey reports that the median base annual salary for a fixed income portfolio manager is $132,500; and for an equities portfolio manager, it is $136,000.

Everything To Know About Being A Portfolio Manager >>

Research Analyst Salary—With the CFA^® Charter

In a survey compiled by CFA Institute,15% of global CFA charterholders said they were research analysts, responsible for analyzing mathematical processes and qualitative data to make future predictions. Payscale reports that CFA charterholders who are research analysts earn, on average, $73,954 a year.

Everything To Know About Being A Research Analyst >>

Chief-Level Executive Salary—With the CFA^® Charter

CFA Institute says that approximately 7% of all CFA charterholders in the world have made it to the C-suite. The most common titles for executives with the CFA charter are chief investment officer or chief financial officer. CFA Society Chicago says that chief investment officers with CFA charters have a median annual base salary of $227,500; for CFOs, Payscale says it’s $170,618.

Considering the CFA^® charter? Download this free Before You Decide to Sit for the CFA Exam eBook.

In a recent Kaplan Schweser CFA Survey, one-third of our respondents claimed to have received a salary increase after passing their latest CFA exam or becoming a charterholder.

On average, our respondents who were working in a financial professional role both the year before and year after passing their most recent CFA exam or becoming a charterholder stated they experienced an increase in their earnings of 15%.^# Earnings increase varied somewhat by the most recent exam passed or becoming a charterholder.

Get More CFA Insights From Charterholders and Candidates

Consultant Salary—With the CFA^® Charter

Companies hire consultants to bring an independent expert perspective to business valuation, provide economic forecasts and analysis, and identify opportunities to grow shareholder value. The median base annual salary of CFA charterholders who work as consultants is $74,000, according to CFA Society Chicago.

Risk Manager Salary—With the CFA^® Charter

Financial risk managers help identify and assess potential risks that a company faces or could face in the future. CFA Society Chicago reports that CFA charterholders who work as risk managers have a median yearly base salary of $126,060.

Relationship Manager Salary—With the CFA^® Charter

Some CFA charterholders work to help their company maintain business relationships with partners and clients to prevent churn. These relationship managers average $120,000 a year, and they number about 5% of all CFA charterholders.

Financial Advisor Salary—With the CFA^® Charter

A small percentage of CFA charterholders are financial advisors, helping clients make decisions about investments, tax laws, and insurance product selection. On average, they earn a median base salary of $110,000.

Interested in Pursuing the CFA^® Charter?

Although earning the CFA designation does not guarantee you a job or a top position at a firm, it can make a difference when an employer is deciding between two otherwise equally qualified candidates. In that situation, the CFA charter could be your competitive advantage. Passing the CFA exam is your first step in earning the charter, and our CFA exam study materials can help.

____________

^#Earnings increases are dependent on numerous factors other than, or in addition to, passing a CFA® exam or becoming a CFA® charterholder, including specific employment conditions and individual experience. Kaplan Schweser does not guarantee any earnings increase resulting directly from such designation. These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and IIII candidates and charterholders was interviewed online. The earnings increase was based on 353 CFA Candidates who most recently passed the CFA Level I, II, or III exam and were employed in a financial professional role both the year before and the year after passing the exam.

This is the first in a three-part series of articles focusing on the significant benefits that investing in an effective CFA learning program can have for your organization and employees.

• Part 1: Benefits to Your Organization
• Part 2: Benefits to Your Employees
• Part 3: Critical Elements of a Successful CFA Learning Program

Achieving the Chartered Financial Analyst (CFA) is a crowning achievement for many finance professionals. It demonstrates several key qualities that employers value:

• a high level of expertise in investment analysis and asset management 
• the dedication necessary to successfully complete a rigorous program
• a high ethical grounding

As such, it remains popular among aspiring finance professionals, as well as the organizations that hire them.

The drawback is that earning the CFA designation is a challenging process spanning multiple years. The modest pass rates on the CFA exams confirm just how hard the CFA exams are. Furthermore, most candidates pursuing the CFA Charter are already in the workforce, which further complicates the preparation process.

Employers that recognize and support employees as they pursue the CFA charter, stand to realize tangible benefits. Offering access to an effective CFA exam prep program complemented by support from your organization in the form of mentorships, work flexibility, and tuition reimbursement can benefit your organization in multiple ways: 

1. Increase company loyalty and improve retention 
2. Enhance your organization’s competitiveness
3. Lower exam and tuition costs

Increasing Company Loyalty and Improve Retention

It’s no secret that companies are concerned about employee retention. According to LinkedIn Learning’s 2024 Workplace Learning Report, 93% of organizations worry about retention.

When you invest in your team members, they feel valued, creating loyalty that results in lower turnover and improved job performance. In a tight labor market where skilled professionals freely migrate from company to company, investing in your employees is a deeply personal benefit that keeps motivation high. Formal training programs, tuition reimbursement programs, and associated internal support are being successfully employed by many companies to attract, retain, and upskill high-performing employees. 

With respect to the CFA program, firms that support their employees in the pursuit of the CFA charter yield dividends in the form of increased employee satisfaction and retention. A recent study from Kaplan Schweser found that 71% of CFA® charterholders feel more valued by their employer as a result of their employer having supported them in earning the charter. And what might be surprising to many organizations, 59% of CFA charterholders indicated that they are more likely to continue their employment at their organization.

Learn How Kaplan Schweser’s Corporate Programs Can Benefit Your Team and Organization

Enhancing Your Organization’s Competitiveness

Organizations that offer an effective CFA exam prep program help increase your firm’s competitiveness by developing employees into skilled professionals, strengthening your organization’s talent, accelerating productivity, and enhancing your organization’s credibility and reputation.

Addressing Skill Gaps and Strengthen Your Organization's Talent

A recent McKinsey & Company survey found that “87 percent of executives said they were experiencing skill gaps in the workforce or expected them within a few years.” With respect to the financial services industry, a PwC study indicated that a large majority of CEOs ‘see a skills gap emerging because of a deficit in the supply of skilled workers.” 

The same PwC study indicates that those same CEOs saw “significant retraining or upskilling their current workforce as their main approach to closing this skills gap.” So instead of competing for talent, you're investing in talent internally.

More specifically, CFA charterholders agree that the CFA program strengthened their skills set, which in turn raises the talent level in your organization per Kaplan Schweser's recent CFA Program Survey.

• 70% of CFA® charterholders agree that they regularly apply the concepts learned through the CFA program in their role after having earned the CFA charter.
• 69% of CFA® charterholders felt that they’re capable of handling more challenging projects after having earned the CFA charter.
• 62% of CFA® charterholders felt like they performed their job better after having earned the CFA charter.

Enhancing Your Organization’s Credibility and Reputation

There is a high regard for CFA charterholders globally, and having charterholders on your staff enhances your organization’s credibility. It is a testament that your team has proven skills and knowledge to positively impact the bottom line. It also demonstrates that your organization is committed to superior professionalism and a strong work ethic, traits that resonate with clients.  It helps earn their trust that your organization has the capabilities to successfully meet their needs.

Lowering Exam and Tuition Costs

CFA Program registration fees for the 2025 CFA exam season are on the rise. CFA Institute is increasing its early registration to $940, while standard registration is increasing to $1,250. With historical average pass rates hovering between 41% for the Level I exam and 55% for the Level III exam, exam fees alone can quickly add up. And if an employee fails, as most people do at least once along the way, registration fees alone can be an expensive proposition. 

Furthermore, the cost of failure is not only financial; failing an exam can take a toll on your employee's emotional well-being. This can result in disappointment, embarrassment, and frustration that can negatively impact job performance.  

With such high stakes, the best way to keep the costs down is to have employees:

• register only during the early-bird period
• communicate with their managers to ensure aligned expectations during the study period
• participate in CFA exam prep programs that increase the likelihood of passing each exam the first time

Trusting in a proven CFA exam prep program for your employees can generate improved outcomes on the exam, minimize exam and tuition costs, and result in happier and more productive employees. This is how the organization and the employees both win.

Preparing with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry.  For more than 35 years Kaplan Schweser has helped over 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations*. 

Discover how Kaplan Schweser’s CFA B2B learning programs can help your organization achieve your talent development and cost-constraint goals

____________

* Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

CFA candidates, who have moved on to Level III, are near the end of the long and challenging journey towards achieving the CFA charter. Starting with the 2025 exams, CFA Institute announced a major change to the CFA Program.  Level III candidates will now need to select one of three ‘Specialized Pathways’ at registration:

1. Portfolio Management
2. Private Wealth
3. Private Markets

In addition to the traditional Portfolio Management pathway, candidates will have two additional pathways from which to choose.  The additions of the Private Wealth and Private Markets pathways offer new and exciting opportunities for CFA candidates.

What are CFA Level III Specialized Pathways? >>

Retention is a Priority 

CFA charterholders are highly talented professionals and retaining them should be a priority.  Your organization has likely been supporting CFA candidates in a number of ways throughout their journey, including exam fee reimbursement, exam prep cost reimbursement, flexible work hours, and candidate mentoring.  

With the CFA charter in sight, finding meaningful ways to keep Level III candidates engaged and loyal to your firm is paramount to retaining them. As the CFA candidates in your organization consider which specialized pathway to pursue, your organization has an opportunity to offer insight and guidance.

Proactively Initiate Conversations About CFA Specialized Pathways

We recommend that you proactively initiate conversations with candidates about the specialized pathways. It demonstrates that you value your candidates. When done with forethought and purpose, these discussions can benefit both the candidate and your organization.  When having those discussions, here are a few things to consider.

Job Role and Specialized Pathway Alignment 

A good place to start is for your candidates to understand the types of roles associated with each pathway. Here’s a high-level list of some of the more prominent job roles for each pathway. 

Your CFA Candidates’ Interest Come First

When selecting a CFA specialized pathway, the primary consideration should rightly be an alignment of the selected pathway with the candidate’s personal and career interests. Nevertheless, many candidates will likely turn to colleagues or their management team for advice. 

Being prepared to have candid discussions about the pathways, and associated career opportunities in the organization, as well as trends and opportunities in the broader industry, can be a real benefit to your candidates. Having a strategy in place to guide these discussions will be a real benefit to the organization.

As part of any discussion, encourage your Level III candidates to perform their own research on each pathway.  Have them perform due diligence, such as reviewing the topics and content covered in each pathway, to make sure they make the best choices for them!

Map CFA Specialized Pathways to Target Positions in Your Firm

Career advancement and personal growth are among the top motivators for pursuing the CFA charter. Proactively holding honest discussions about real advancement opportunities for CFA candidates will help keep these valuable employees engaged. Taking this a step further, demonstrating how a specialized pathway maps to target positions in your organization can better help with their retention.

Understand Your Current Skill Mix and the Future Direction of Your Firm

Understanding the current skill mix and turnover rate of highly skilled finance employees in your organization, coupled with the future direction of your firm, can provide you with insights that help guide discussions with your CFA candidates about the specialized pathways and opportunities in your firm.  

• Does your firm need skill sets associated with a particular pathway? 
• Does your firm’s business strategy require an increase in skills aligned with a particular specialized pathway? 

For example, a firm that anticipates growth in its private client wealth management and monetization planning business may want to guide some of the CFA candidates in its organization to the Private Wealth pathway to support the projected growth.  

Prepare with the CFA Industry Leader

For over 35 years Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exams. CFA candidates who prep with Kaplan Schweser are more likely to pass than those who prep with other providers.* 

To learn how Kaplan Schweser can successfully help your CFA candidates pass the CFA exams contact your National Account Director today.   

You can also complete the Contact Us form to have a representative call you.

* Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).

Companies offering CFA prep to their employees strive for them to pass all three levels of their CFA exams on the first attempt. But what if some candidates are veering off-track? Kaplan Schweser offers a Learner Dashboard to all their clients, designed to help your candidates stay on track when it matters most.

This article will help answer some of the most commonly asked questions we hear from employers about using the Kaplan Schweser Learner Dashboard.

• How are the CFA candidates in my organization progressing in their exam preparation?  
• Are they on track to complete their studies before the exam?
• Are the candidates likely to pass or are they at risk of failing the CFA exam?
• What can my organization do for at-risk candidates?

What is Kaplan Schweser’s Learner Dashboard?

Kaplan Schweser's Learner Dashboard helps candidates and their employers quickly identify the likelihood of candidates passing or failing a CFA exam. The Learner Dashboard uses predictive analytics and advanced statistical methods to measure a candidate’s cumulative risk on an exam based on overall performance within their course. This tool is unique to Kaplan Schweser, and it is available complimentary to all Kaplan Schweser clients.  

Understand How Your CFA Candidates are Progressing in Their Exam Preparation

While candidates in your organization are preparing for their CFA exams, it’s reasonable to want to know how they are progressing in their studies, and whether they are on track to complete their studies before the exam.

The Learner Dashboard allows you to identify how specific candidates in your organization are performing in their studies. You can view individual student reports by clicking on their name. Figures 1 and 2 display some of the available information.

• The Study Plan Graph shows the candidate’s progress and the recommended hours of study needed per week before exam day.
• Course Performance History shows performance, dates completed, and scores on all exams and questions completed by the candidate.
• QBank Summary - View Details shows how a candidate is performing on each topic of the Question Bank
  

Study Plan Graph and Course Performance History Example

QBank Summary Details - Performance by Topic Example

Identify At-Risk CFA Candidates

You may also wonder if your candidates are likely to pass the CFA exam. The Learner Dashboard addresses this concern by identifying those candidates who are performing well in their studies, as well as those at risk of failing. Figure 3 below displays some of the data that’s available to you, including:

• Risk Overview shows breaks down candidates in your organization who are At-Risk, Borderline, and On-Track to pass their exam
• Risk By Course shows an overview of the risk breakdown by exam level and window.
• Enrollment & Risk By Week displays the progression of the risk breakdown over time.

CFA Candidate Risk Overview Example

Increase Pass Rates on CFA Exams

Armed with the insights provided by the Learner Dashboard, your organization has the opportunity to proactively respond to your CFA candidates. For those on track to pass an exam, recognition of their progress and continued encouragement can be meaningful to the candidate.

For borderline or at-risk candidates, your course of action may vary depending on your organization's investment in its CFA candidates. You can provide at-risk candidates with prescriptive remediation early in their exam preparation. Examples of tactics that can be helpful include:

• set expectations regarding exam prep progress 
• provide a nudge to candidates who are behind in their studies
• help form a study group for interested candidates in your organization
• provide opportunities for mentoring on topics that are causing problems for candidates
• offer an exam review workshop 
  

Successful remediation tactics will in turn help to improve employee pass rates, resulting in speed to productivity in their job role.  

Learn More or Request a Demo

To learn more and sign up for a demo of our Learner Dashboard reach out to your Account Manager today or complete the Contact Us form.

Prepare with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry.  For more than 35 years Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations.

There are multiple ways for organizations to support their CFA candidates in their endeavor to achieve the CFA charter. One valuable way is to offer a CFA exam review workshop hosted exclusively for your company.  

What is a CFA Exam Review Workshop?

A CFA exam review workshop is an ideal way for CFA candidates to complete their studies and build confidence during their final weeks of preparation. It’s a three- to five-day event led by an expert instructor, and it is designed to reinforce knowledge, work on exam techniques, and improve your exam-taking skill and speed. It provides: 

• a review of the CFA Program curriculum 
• access to an instructor to resolve any questions the candidate may have  
• extensive practice and problem-solving
• exam tips and strategies

Kaplan Schweser is the only major CFA exam prep provider with the reach and resources to offer private CFA exam review workshops, including both live in-person and live online review workshops.  

Below are our top reasons why companies should offer private review workshops for their CFA candidates. 

1. Save Time 

The CFA curriculum for each exam level is massive, and many candidates start preparing six to eight months before the exam. As the exam approaches and time becomes more precious, it’s no wonder that most candidates need to review the curriculum in the final weeks before the exam.  

A live review workshop provides a structured approach for candidates to review the materials over a concise period, while getting answers to any lingering questions. This approach saves time and helps build candidates’ confidence.

2. Improve Exam Outcomes

As your employees draw closer to exam day, it’s clear from our 35+ years of experience in CFA exam prep that a solid curriculum review with considerable CFA question practice are two critical elements for success on the CFA exam. It’s that simple.

3. Be Cost Effective

If your organization currently reimburses tuition for CFA exam prep and CFA Institute’s exam enrollment fees, a three-day private review workshop with 20 or more participants can be a cost effective solution for your organization. Such an event is less costly and more productive than if these employees attended a publicly scheduled event individually.

And whenever candidates pass their CFA exams the first time, the registration fees to retake the exam ($940 early registration fee, $1,250 standard registration) are eliminated, saving your organization money and saving your employees time.

4. Provide a Win-Win for Employees and Your Organization

Our research indicates that organizations that cover their employees' costs for CFA exam preparation benefit with increased employee loyalty, tenure, and satisfaction.¹ Offering a dedicated CFA Review Workshop provides your organization with a unique opportunity to proactively support your CFA candidates beyond a simple tuition reimbursement program.  

From the employee’s perspective the workshop will enhance their chances of success on the CFA exam, thereby helping them achieve their career goals. This signals that their development and success on the CFA exams are priorities for you. Additionally, employees, who successfully complete the CFA program, strengthen your organization’s talent and help close organizational skill gaps.  

This is how your organization and employees both win.

Schedule a CFA Review Workshop Today

CFA Exam Final Review Tips

 Get prepared for exam day with some final review tips for each level of the CFA exam.

Preparing with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry.  For more than 30 years Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations.

¹ This is one of the findings of a quantitative survey conducted by Kaplan between October 2 and 13, 2023. For this survey, a sample of 300 CFA Charterholders or CFA Candidates who had taken the CFA Level III exam in the past 12 months; who had used an exam prep provider to prepare for at least one of their CFA exams; and who are currently working in the investment management or financial services industries, were interviewed online in English. The sample includes 150 individuals whose CFA exam prep was paid for in part or in full by their employer, and 150 individuals who paid for their CFA exam prep themselves.

• Is Being An Investment Banker Difficult?
• Job Responsibilities
• Job Skills
• How To Start An Investment Banker Career
• Top Companies In The Field
• Salary Ranges
• Benefits Of Becoming a CFA

Start Your CFA Journey by Downloading this free Before You Decide to Sit for the CFA Exam eBook

What Is Investment Banking?

What is an Investment Banker?

Investment Banker Responsibilities

Investment bankers are ultimately responsible for the success of their clients. In some roles, they take on many responsibilities while others specialize in one or two specific areas. All positions are responsible for raising money for their clients primarily through issuing debt and selling equity in capital markets. 

Debt Capital Markets

Financial data science is the application of data science techniques to finance issues. Data science incorporates skills from computer science, mathematics, statistics, information visualization, graphic design, complex systems, communication, and business.

It relies on scientific methods and algorithms to extract insights from both structured and unstructured data. Its most common techniques incorporate predictive modeling, clustering, data wrangling, visualization, and dimensionality reduction.

TABLE OF CONTENTS

• What is Financial Data Science?
  
• Knowledge Requirements
  
• Applying Data Science
  
• Data Science Examples
• Using AI
  
• How to Become a Financial Analyst

About Financial Data Science

Financial data science is changing how finance works and opening new doors for financial analysts willing to gain data science skills. 

What is Financial Data Science?

The field of financial analysis uses statistical methods to understand the problems of finance. Financial data science combines the traditions of econometrics with the technological components of data science. Financial data science uses machine learning, and predictive and prescriptive analytics to provide robust possibilities for understanding financial data and solving related problems. The field is growing by leaps and bounds.

What is Financial Modeling? >>

Required Domain Knowledge

The combination of econometrics, data science, finance knowledge, and financial markets creates a long list of domains involved; these are the highlights:

• Financial markets: Marketplaces where securities are traded, including the stock market, bond market, forex market, and derivatives market, among others.
• Risk analytics: Using predictive modeling, forecasting, and scenario analysis to manage portfolio risk.
• Quantitative methods: Statistical, mathematical, or numerical analyses of data from polls, surveys, or the manipulation of pre-existing statistical data computationally.
• Hypothesis testing: A testable hypothesis is formed based on observed data and tested to determine whether an effect is statistically significant. 
• Linear regression: Using an (assumed) linear relationship to model relationships between two or more variables. 
• Volatility estimation: Estimation and modeling of the degree of variation of financial data series.
• Time series analysis: Statistical techniques applied to sequences of numerical data points (from the same series) observed over time.
• Simulation methods: Statistical methods that analyze the execution of a model that imitates the operation of a real-world process or system over time.
• Valuation: Estimating the current (or projected) worth of an asset or a company. 
• Data wrangling: The cleaning, structuring and enriching of raw data into a desired format for analysis and modeling.
• Machine learning models: Statistical models used to estimate real-world relationships, whose parameters are learned over time as more data become available.
• Deep learning models: A subset of machine learning models including neural networks with more than two hidden layers. 
• Programming languages: SQL, Python, and R for data query, statistical computing, graphics, and more.

How to Apply Data Science in Finance

Data science can be applied to finance in several ways, A few examples include fraud prevention, risk

management, credit allocation, customer analytics, and algorithmic trading.

Fraud Prevention

Traditional fraud detection uses rule-based models that identify unusual transactions. These models often flag legal transactions based on broken rules or fraudulent activities when millions of transactions are happening at the same time.

By contrast, machine learning creates algorithms that process large datasets with many variables to find hidden correlations between user behavior and the likelihood of fraudulent actions.

Using machine learning techniques and big-data analytics, banks and other financial services firms create highly efficient systems to detect and prevent fraudulent activities including speculatory trading, rouge trading, and regulatory violations.

Risk Management

The 2008 financial crisis exposed weaknesses in traditional risk management tools and led to increased financial regulation and limits on risk-taking. Data science helps firms find better ways to measure and manage risk across the organization, using big-data analytics and machine learning to enable the incorporation of new unstructured data sources into real-time risk detection systems.

Credit and market risk exposures and valuations can be simulated more accurately, helping banks and financial firms to proactively monitor risks across the organization.

How to Become a Certified Financial Risk Manager >>

Credit Allocation

Every person who accesses or registers on a website leaves a trail of information called a digital footprint, a huge dataset that is packed with all kinds of useful information. Machine learning algorithms, supported by big data and high computational power, can parse digital footprints to unveil previously unknown relationships between new factors and customer behavior.

These insights can affect credit allocation and outperform traditional credit scoring models at predicting how likely a customer is to pay back a loan. 

Customer Analytics

Many financial institutions have made customer experience and personalization a top priority. With the help of data science, they can gain insight into customer behavior as it is happening with the help of real-time analytics to make better strategic business decisions or offer consumers recommendations based on their banking or investing preferences.

For example, insurers are using supervised machine learning to understand drivers of consumer behavior, reduce losses by eliminating below-zero-value customers, increase cross-sale opportunities, and measure customers’ total lifetime value.

To understand customers, banks and financial firms also turn to unsupervised machine learning, where groups of similarly behaving customer groups can be identified using clustering techniques.

Algorithmic Trading

In algorithmic trading, complex mathematical formulas and high-speed computations help financial companies devise new trading strategies. Bigger i data in the form of growing and new data streams presents ongoing challenges for algorithmic trading models.

Such models measure and describe underlying data streams. An analytical engine makes market predictions by quickly incorporating and processing massive datasets. Another application involves using predictive machine learning techniques to determine the identity of market participants.

Accelerate your career with Kaplan Schweser’s Financial Modeling Course

Examples of Data Science in Finance

When data science is applied to finance, the combination helps build systems and processes to extract insights from financial data in various forms. It has significantly improved risk analysis and anomaly detection, leading to well-known improvements in the ability to detect fraudulent transactions and money laundering activities.

Here are some real-world examples of how financial services firms and banks are using financial data science.

Customer Service

In the field of customer service, forward-looking banks and fintechs serve their customers better by analyzing their transactional and behavioral data using various data science algorithms. Some of the world’s biggest banks are using data science to gain insights into previous customer purchases, engagements, and accounts that are most relevant to them.

Now they primarily receive notices about investment products, insurance coverage, bank accounts, mortgages, and other products that reflect their interests.

Financial Analyst Career Paths >>

Sales and Marketing

Data science is also delivering insights into how well a product sells or to whom it sells, so financial services firms and banks can develop consumer products, policies, and investment instruments that are likely to sell well in the future.

They can also use external data, such as market activities during a recession or what mortgage products sell best when the housing market is stagnant, to create products that are both useful to their customers and lucrative for the bank.

Using AI Language Models in Finance

Tools like ChatGPT and other similar AI language models have proven to be excellent administrative and analytical aids for finance professionals. It's important to learn how to effectively prompt Large Language Model programs for analysis purposes.

ChatGPT's Impact and the CFA Program's Resilience >>

How to Become a Financial Analyst

If the idea of examining data trends and evaluating the performance of stocks and bonds to assist businesses or individuals in making informed investment decisions intrigues you, a profession as a financial analyst could be your ideal path.

Required Skills to Become a Financial Analyst >>

Becoming a Chartered Financial Analyst® (CFA®) is often considered a crowning achievement by investment management professionals. Upon completion, candidates exit the program with the promise that they will have the knowledge and the skills to thrive in the competitive investment industry. Consequently, the CFA charter remains popular among aspiring finance professionals, as well as the organizations that hire them. 

Since most candidates who pursue the CFA charter are currently in the workforce, it’s fitting for financial services organizations that employ a significant number of CFA charterholders to recognize that investing in your CFA candidates can benefit your organization.  Hosting a CFA information session from Kaplan Schweser is an ideal first step to getting potential candidates in your organization on the path to success.

What is a CFA Information Session?

A CFA information session is intended to help potential CFA candidates better understand the value of the CFA charter, the requirements of the CFA Program, and how to get started on the journey to becoming a charterholder.

Kaplan Schweser provides: 

• A CFA content expert or expert instructor will deliver the information session
• The webinar platform and event registration link
• A sample agenda that guides the event flow

Your responsibility is to:

• Communicate the event to employees and provide the registration link
• Include your organization’s reimbursement policy and requirements
• Optional - provide a panel of CFA charterholders from within your organization to share their experiences and offer advice to optimize the value of the session
  

Top Reasons Why You Should Consider Hosting a CFA Information Session

Demonstrate a Commitment to Professional Development and Achievement

Providing internal support to potential CFA candidates throughout their journey to the CFA charter demonstrates your organization’s continuing commitment to employees’ professional development and success.

Helping them identify career goals and supporting their pursuit of the CFA charter builds company loyalty. Hosting a CFA information session is merely a first step in their journey. After all, those that become charterholders are likely to be some of your brightest and most valuable employees. 

Share Critical CFA Program Details and Set Expectations

The challenge for the candidate is that earning the CFA charter takes work. The CFA exams are considered among the hardest professional exams in the world.  It is a challenging process that spans multiple years with a complicated exam schedule. Providing information to employees will help clear confusion and maximize their productivity.

Setting realistic expectations upfront about the CFA Program is incredibly valuable to potential candidates, who are trying to make informed decisions about whether to pursue the CFA charter. What if you could provide potential candidates in your organization with the critical insights to make that decision?

Potential candidates are typically interested in the following topics:

• What is the value of becoming a charterholder?
• How does my company value achieving the CFA charter?
• What are the CFA program requirements?
• What are the registration dates and fees?
• What are the CFA exam pass rates?
• How do I best prepare for the exam?
• What are the personal challenges and time commitments required to complete the program?
• Do I qualify for a discount on exam prep materials through my company?  
• How do I get started?

Candidates can research many of these questions on their own. However, if your organization typically has multiple potential candidates each year, a more efficient and valuable option is to periodically host a CFA information session. 

Set Employees on a Path to Success

In addition to addressing questions about the CFA Program, setting proper expectations on what it takes to pass the CFA exams is equally important. A key feature of an information session is sharing a realistic exam prep timeline, critical study habits, proven CFA exam prep strategies, and what to bring with you to the CFA exam, all to be successful on the exams. 

The information session will enable candidates to focus on a path to success from the start, rather than wondering how to proceed, or if their study plan will be effective. This builds confidence and reduces stress as candidates move forward with their studies.

Preparing with the Industry Leader

Kaplan Schweser is the most respected and trusted CFA exam prep provider in the industry.  For more than 35 years, Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exam while supporting hundreds of financial services organizations.

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* Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).