Banking, Finance & Insurance

Hi, CFA Level I is very easy course content wise, especially if you are also studying for an MBA in Finance concentration. However, the amount of content one needs to go through (and at times learn from scratch) can be overwhelming. It becomes even worse at Level II. So it really depends from person to person how difficult it can be. Managing both your degree and studying on the side for the CFA Exam would eat up most of your time. Time management is essential, and one can only do it if they are committed to seeing through the CFA exams. However, I am certain that studying for the CFA (and taking the L-I and perhaps L-II exam) while in university would be a lot easier compared to if you start working in an organisation. Once regular work sets in, time becomes a luxury and then the CFA exams will require even more determination in that case.

Step 1: Gather all the knowledge you can get about the programme. (Don't worry, I am not going to make you work so hard. I will tell you all about it.)
Eligibility: The very first thing that you need to know is that whether you are eligible to take the exams or not.
To be eligible for the exams you must:
Have an international travel passport and
An undergraduate education: A Bachelor's (or equivalent) degree. You can be in your final year too while registering for the exam.
Or,
Work experience: Four years of professional work experience.
Or,
A combination of both: Education and professional work experience that meets the minimum of 4 years. (Part time jobs and positions do not qualify).
EXAMS: There are three levels of exams namely, level 1 level 2 and level 3. Level I CFA It focuses on Investment Tools whose learning focus lies on knowledge and comprehension. It consists of 240 multiple choice questions split among 3 hour sessions. It has no negative marking for an incorrect answer. It takes place twice a year in June and December. Level II CFA It focuses on Asset Valuation whose learning focus lies on application and analysis. It consists of 120 multiple choice questions with no negative markings. It takes place in June
Level III CFA It focuses on Portfolio Management whose learning focus lies on synthesis and evaluation. : It consists of 8-12 essay type questions that are conducted in the morning and 10 multiple choice questions that are conducted in the afternoon. The candidate is to appear for both. It takes place in June. Jobs that you can go for: It is very important to know what the end result of this certification is. It bags one of the best jobs in the world. It gives you designations such as:
Portfolio Manager
Research Analyst
Chief Level Executive
Consultant
Financial Advisory
Corporate Financial Analyst
Risk manager
Relationship Manager
Step 2: Be ready to take the exams in English. Step 3: Become a member of the CFA Institute. Enroll yourself for the CFA programme by paying a one-time enrolment fee of US $450 (INR: 28,309.70). Step 4: You have to pay a fee when you register yourself for the first level of exams. It is always better to register yourself well in time for the examinations. Keep yourself updated on the CFA Exam Dates.

The main differences between a CPA and CMA is that a CMA has mix expertise in financial accounting and strategic management. This certification essentially expands on financial accounting by adding management skills which enable CMAs to make strategic business decisions based on financial information. CPAs perform/sign audits and are involved in lots of tax work, especially representing companies during IRS audits. Make sure you know what you'd like to do in your career since both designations lead to different industry roles. Here are some other factors to take into consideration when deciding between the two:
Exam Length:
CMA 2 part exam
CPA 4 part exam Cost
CMA ~$900 (varies by state)
CPA ~$900 (varies by state)
Exam Pass Rate
CMA 35%
CPA 46%
Continuing Professional Education Requirement (CPE)
CMA 30 hours per year
CPA 40 hours per year
Experience requirements to become fully licensed
CMA 2 years
CPA 1-2 years (varies by state)
Average total compensation over the course of career
CMA $135,000
CPA $141,000
While all of these comparisons are great, the most important thing it does not factor in is the intangible value. We feel it's our obligation to remind you that most people outside of the accounting industry know what a CPA is. Although they might not know what the title stands for, they know the acronym mostly because it is one of the most recognizable professional certifications. It is rarer that someone will know what a CMA is, much less what they do. In addition, in our experience, most employers:
Prefer a CPA over a CMA
Pay more for a CPA over a CMA (as seen above)
Require a CPA more often than they require a CMA
Although, obtaining the CPA license is a bit more difficult and will take more time, you can see that it's definitely worth it. However, we revert back to our first point, which is to go with the certification that you know will serve best for what you want out of your career. Or, if would still like to obtain both, our advice is to do just that. Get your CPA license first and then your CMA afterward.