No matter how much knowledge a college or university provides, a mere graduation or post-graduation is not enough these days to secure a high-paying, good environment job. This is truer when we talk about competitive fields, and in a country as populated as India, every field has fierce competition.
To cut through this, a specialized certification or a short-term course is a better way out of these long queues. The thing is, every field has a section that is less populated and not known to everyone, or the masses. The pay structure, work life, and value of work are as good as in the other positions. You just have to be knowledgeable about that particular position with respect to the field or industry and work diligently toward it.
There are a lot of certification courses on offer in the finance field that can be completed in a short time and provide you with splendid earning opportunities. Not every field offers such high ROI short-term courses, so finance professionals are lucky in that way.
1) Chartered Financial Analyst (CFA)
If you aim to make a career in security analysis, financial management, or investment analysis, you should go for a CFA certification. A CFA holder accepts challenging roles in the finance industry across the world.
The duration of this course is about 2-3 years. Certified CFAs are eligible to work in monetary management, investment, portfolio management, asset management, risk management, research analysis, or hedge funds.
A CFA takes decisions on how to invest money to maximize profits and provides guidance and portfolio management for individuals.
What is the CFA exam date?
For this year, the dates are 22 – 28 August 2023 for Level 1.
How much can I earn after CFA?
As per industry trends, the average CFA salary in India is 6-15 LPA (approximately).
What is the CFA exam pattern?
The CFA Program consists of a series of three exams: Levels I, II, and III. Levels 1 and 2 consist of multiple choice questions, and level 3 has a mix of essay questions and multiple choice questions.
What are the eligibility criteria for CFA?
Now, students with two years left in their undergraduate studies are also eligible to register for the CFA Level I exam.
What is the fee for CFA?
CFA is one of the more costly exams, and that’s why you should be clear in your mind before taking it. The enrollment fee is $350, along with a Standard Registration Fee of $1200. That amounts to around $1550. If candidates wish to reschedule an exam, the cost is $250, which increases the cost of the exam to $1800.
Are there any scholarships?
Yes, there are different types of scholarships available in various categories.
2) Financial Modelling & Valuation (Short Term)
FM is a prominent course that provides students with the fundamental knowledge and practical skills needed in core financial subjects like Investment Banking, Financial Planning & Analysis Portfolio Management etc. It empowers students with core financial skills.
The professionals assess investments, create budgets, plan for future expenses, and measure the performance of a business. A financial model is basically a spreadsheet that forecasts a business’s financial performance into the future. Excel is used mainly for it because it is the most flexible and customizable spreadsheet tool available.
What is the Eligibility Criteria for Financial Modelling UG Courses?
If you want to pursue Financial Modelling immediately after completing your 10+2, there are a number of higher education institutions to choose from. To get through the admission procedure, you must have completed 10+2 from a recognized Indian board with Accounting, Finance, and Mathematics as the major subjects.
However, each institution has its own cutoff percentage and selection procedure.
What is the average salary after FM?
Although exact numbers cannot be determined, one could be able to get Rs. 5 LPA at the start.
3) Association of Chartered Certified Accountants (ACCA)
ACCA is a UK-based accounting body recognized in over 180 countries. ACCA candidates are hired for performing Risk Advisory, Accounting Advisory, Internal Audit, Mergers and Acquisitions etc. Top firms like KPMG, Deloitte, PwC, EY, Grant Thorton etc. actively hire ACCA candidates. ACCA is an excellent course if you want to settle abroad, as it is recognized in 180 countries. It’s a lot like CA, and it’s just that you can practice in most countries across the world with ACCA certification.
What is the exam pattern for ACCA?
Talking about the syllabus for ACCA 2023, it consists of a total of 13 exams. Questions are mixed, consisting of multiple choice questions, long answers, and case studies at different levels.
All the exams are computer-based. Depending on where you live, you may be able to take your exam at home as a remote exam or at one of their exam centers. The candidates who have already cleared CA in India have to give just 4 papers out of the 13.
When are the ACCA exams held?
ACCA holds four exam sessions a year (March, June, September, or December).
How much can I earn after ACCA?
The average salary of an ACCA-qualified professional is 7-19 LPA in India.
What are the eligibility criteria for the ACCA exam?
To appear for the exam, candidates should have cleared their 10+2 examinations with a 65% aggregate in mathematics or accounts, and English and a minimum of 50% in all other subjects.
4) Certified Public Accountant (CPA):
Certified Public Accountant (CPA) is the top professional qualification in the United States related to accounting. One can acquire a US CPA certification by clearing the Uniform CPA Exam conducted by the AICPA (American Institute of Certified Public Accountants). CPA is an esteemed designation and is accepted worldwide, including India. Chartered Accountant (CA) in India is equivalent to a CPA.
The Uniform CPA Examination (CPA Exam) comprises four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).
What are the eligibility criteria for Indians?
For Indian students to be eligible, they should be members of either ICAI, ICMAI, or ICSI, or they can possess an MBA or M.Com. degree.
What is the fee for CPA?
Considering other exams, becoming a CPA is also an expensive dream. There is an Application Fee of $225, an Examination Fee of $250 per part for the four parts of the Uniform CPA exam, and an Evaluation Fee for NASBA of $225. It would cost a total of $1500 for students taking the exam in the USA.
If you are taking the Uniform CPA exam outside of the USA, an extra charge of $1500 is applicable, taking the cost to $3000.
In Indian rupees, it can vary between INR 3.2 lakhs and INR 3.6 lakhs.
What is the pattern of the CPA exam?
This is a 4-hour long exam that is partitioned into four sections. There are three parts to the exam, classified as testlets – MCQ, task-based and written communication.
In the last few years, task-based simulations have gained more importance. MCQs are weighted equally with simulations, except on BEC. MCQs are worth 50% of your points, and simulations are worth the other 50%. The AICPA has also divided the grade weightage for each topic/section under these testlets.
5) Financial Risk Management (FRM)
It is another interesting certification in the field of finance. FRM certificate is provided by the Global Association of Risk Professionals (GARP), and FRMs are constantly in demand by the world’s leading companies and banks. They assess, measure, and monitor risk in real-world situations. The professionals in this field are mainly involved in analyzing and controlling potential liquidity, credit, and market risks.
FRMs may work in financial services, banking, trading, loan origination, or marketing. Many professionals specialize in areas like credit or market risk.
To get the FRM designation, candidates must successfully complete a two-part exam and two years of work experience in financial risk management.
When is the FRM exam held?
For 2023, the exams will be held in August and November.
What is the pattern of the FRM exam?
The exam is held in two parts:
Part 1 is a 100-question multiple choice exam. It tests the candidates on the tools used to assess financial risk.
Part 2 is an 80-question multiple choice exam concentrating on the application of the tools acquired in Part I and trending issues in financial markets.
What is the fee for FRM?
The enrollment fee is $400 (one time), and the exam fee is $800 for Part 1 and $800 for part 2. There is also an early bird discount for the November attempt.
How much can I earn after FRM?
The average salary of an FRM is in the range of 3.2 – 5 LPA.
What are the eligibility criteria for FRM?
The eligibility criteria are straightforward for this course: a bachelor’s degree and two years of relevant work experience.
6) US Chartered Management Accountant (CMA):
If you are looking for an opportunity to settle and work abroad as well as learn about global practices and business ethics, CMA is a good choice. Certified Management Accountant (CMA) is a certification for candidates who want to work in strategic management and financial accounting settings with an emphasis on decision making and financial accounting. It prepares candidates for a wide variety of careers.
CMA USA is recognized by countries like China, India, the UK, Canada, and the Middle East countries.
Another advantage of pursuing CMA USA is that it can be completed in a short period of time i.e. 12 to 18 months
When are the CMA exams held?
This certification test is conducted thrice a year- May-June; September-October; and January-February.
What is the pattern of the CMA exam?
The CMA is a computer-based examination held in two parts. Each of the exams will last 4 hours with 100 MCQ questions as well as two 30-minute essays.
How much can I earn after CMA?
The starting average salary for the CMA USA prep program is somewhere between 6-8 Lakhs PA.
What are the eligibility criteria for the exam?
Let’s have a look at the must-haves for CMA USA:
- IMA Membership
- A bachelor’s degree (still works if you are perusing your graduation)
- 2 years of work experience in Management Accounting or Financial Accounting.
Are there any scholarships for CMA?
Yes, the IMA organization offers scholarships for potential candidates. High-achieving students who have attended an accredited school in the US or anywhere around the world are eligible for this.
BONUS
Short Term Finance Courses:
1) Certified Financial Planner (CFP)
Provided by the Financial Planning Standards Board (FPSB), the CFP is considered the best for financial planning training, education, and ethics to practice and is recognised internationally.
The role of a financial planner includes:
- Analyzing the client’s financial status
- Formulating a financial plan for the client and
- Implementing it to the client’s advantage.
The main topics covered in CFP include
- Financial planning
- Risk analysis
- Insurance planning,
- Tax and estate planning.
Professionals who want to get an additional boost in their salaries in their current job prefer this course.
The CFP certification can be done in two modes – Regular Pathway and Challenge Status Pathway.
Regular Pathway Eligibility:
To be certified as a CFP by the FPSB, the candidate must have cleared their 10+2 and the five exams covering all six modules of the certification programme .
Challenge Status Pathway Eligibility:
Candidates who have cleared CA/Intermediate level, CFA, ICWA, CAIIB, CS, LLB, PhD, MPhil, PG, Licentiate/Associate/ Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, Civil Service Examinations by UPSC can apply through Challenge Status Pathway. Through this pathway, the candidates are required to clear only the fifth exam (Advanced Financial Planning) to earn the certification.
2) Chartered Wealth Manager (CWM)
Chartered Wealth Manager (CWM) is a professional designation granted by the GAFM Global Academy of Finance and Management. This certification equips students with knowledge of Wealth management strategies and client management skills.
The eligibility criteria for the CWM program are three or more years of professional experience in wealth management and a GAFM-approved degree or other approved program, such as a master’s degree in finance, law, economics, math, wealth management, etc., or a PHD in certain fields.
There are two levels of examination to qualify as a CWM.
Level 1 Exam
- 85 Questions
- 40 MCQs of 1 Mark
- 30 MCQs of 2 Marks
- 15 MCQs of 4 marks each, and the total marks are 160.
Level 2 Exam
- 85 Questions
- 40 MCQs of 1 Mark
- 30 MCQs of 2 Marks
- 15 MCQs of 4 marks each, and the total marks are 160.
CWM professionals must specialize in one of the areas among Estate planning and trusts, Asset management, Portfolio management, International taxation, Retirement law etc.
Certified Fund Specialist (CFS)
A certified fund specialist receives a certification from the Institute of Business & Finance (IBF) and specializes in providing mutual funds assistance.
Individuals who work in the financial industry, such as personal financial advisors, accountants, bankers, brokers, money managers, and certified financial planners, are typically interested in a CFS certification. If you are looking to have a command over the language of mutual fund investing along with comprehensive knowledge, you should take the CFS certification.
The CFS exam checks a candidate’s knowledge of current market information on mutual funds, exchange-traded funds (ETFs), real estate investment trusts (REITs), closed-end funds, and other similar investment offerings. The exam consists of 50 multiple-choice questions.
A bachelor’s degree or 2,000 hours of financial services work experience are required in order to take the exam.
