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Professional credential offered by the CFA Found

The Chartered Financial Analyst (CFA) plan is a postgraduate professional certification offered internationally by the American-based CFA Institute (formerly the Clan for Investment Direction and Research, or AIMR) to investment and financial professionals.

The CFA Charter has the academic continuing of a chief's degree in the European Union and United Kingdom (Level 7 past NARIC), with the CFA Level two test being equivalent to a bachelor's degree (Level 6 NARIC).[ane] The charter has highest level of global legal and regulatory of finance-related qualifications, exempting CFA charterholders from various manufacture regulatory and/or academic requirements depending on the country (see CFA Regulatory Recognition).

The program teaches a wide range of subjects relating to advanced investment analysis - including security analysis, statistics, probability theory, fixed income, derivatives, economics, fiscal analysis, corporate finance, alternative investments, portfolio management - and provides a generalist knowledge of other areas of finance. A candidate who successfully completes the program and meets other professional requirements is awarded the "CFA charter" and becomes a "CFA charterholder". Every bit of March 2022, at to the lowest degree 175,000 people are charterholders globally, growing three.5% annually since 2012 (including effects of the pandemic).[2] [iii] Successful candidates take an average of 4 years to earn their CFA charter.[4] [5]

The superlative employers of CFA charterholders globally include JP Morgan, UBS, Royal Banking concern of Canada, Morgan Stanley, BlackRock, and Goldman Sachs.[6]

Notable CFA charterholders include billionaire hedge fund managers Bill H. Gross, founder of PIMCO, and Howard Marks, founder of Oaktree Capital Management.

History [edit]

Sectors with the highest proportion of CFA Charterholders [7]
Sector %
Portfolio Management 25%
Research 12%
Consulting 10%
Chief level executive 9%
Investment strategy 7%
Take a chance management vii%
Wealth direction 5%
Credit assay 5%
Trading four%
Accounting / audit 4%
Financial planning 3%
Others ix%

The predecessor of CFA Plant, the Financial Analysts Federation (FAF), was established in 1947 as a service system for investment professionals. The FAF founded the Constitute of Chartered Fiscal Analysts in 1962; the earliest CFA charterholders were "grandfathered" in through work experience but, but then a serial of three examinations was established along with a requirement to be a practitioner for several years before taking the exams. In 1990, in the hopes of boosting the credential's public profile, the CFA Institute (formerly the Association for Investment Management and Research) merged with the FAF and the Institute of Chartered Financial Analysts.

The CFA exam was starting time administered in 1963 and began in the United states and Canada, simply has go global with many people becoming charterholders across Europe, Asia, and Australia. By 2003, fewer than half the candidates in the CFA program were based in the United States and Canada, with most of the other candidates based in Asia or Europe. The number of charterholders in Bharat and Mainland china had increased by 25% and 53%, respectively, from 2005-06.[8]

CFA Charter [edit]

The CFA designation is designed to demonstrate a potent foundation in avant-garde investment assay and portfolio management, accompanied with a strict emphasis in ethical practice.

A charterholder is held to the highest upstanding standards. One time an investment professional obtains the charter, this private also makes an almanac commitment to uphold and abide by a strict professional code of conduct and upstanding standards. Violations of the CFA lawmaking of ethics may outcome in manufacture related sanctions, suspension of the right to utilise the CFA designation, or a revocation of membership.

Requirements [edit]

To become a CFA charterholder, candidates must satisfy these requirements:[9]

  • Accept obtained a bachelor's (or equivalent) degree, or be in the final twelvemonth of a bachelor'due south degree program. However, an accredited degree may not ever be a requirement.[x]
  • Pass all 3 levels of the CFA plan (mastery of the current CFA curriculum and passing three examinations)
  • Have four,000 hours in minimum three years of qualified work experience acceptable past the CFA Institute.[xi] Nevertheless, individual level exams may be taken prior to satisfying this requirement.
  • Have two or iii letters of reference
  • Become a fellow member of the CFA Institute
  • Adhere to the CFA Constitute Code of Ideals and Standards of Professional Comport

Due to the timing of the exams, completing all three levels of the CFA is possible within two years,[12] but candidates must withal consummate the work experience requirement of iv,000 hours over a minimum of iii years to get a charterholder.

Pass rates [edit]

The CFA exams are noted to exist notoriously difficult with low laissez passer rates. Pass rates for Levels 1-iii mostly range from 22-56% during 2010-2021.[13] The CFA Level 1 examination in May 2021 and July 2021 made news headlines subsequently plummeting to a tape-depression pass rate of 25% and 22% respectively,[fourteen] [15] [sixteen] and in August 2021 the level 2 laissez passer rate fell to 29%.[17]

Curriculum [edit]

The curriculum for the CFA plan is based on a Candidate Torso of Knowledge established by the CFA Institute.[18] The CFA curriculum is updated annually to reflect the latest best practices, with extent of changes varying by year and level.[19] The curriculum comprises, broadly, the topic areas below. There are three exams ("levels") that test the academic portion of the CFA program. All iii levels emphasize the discipline of ideals. The cloth differences among the exams are:

  • The Level I report program emphasizes tools and inputs, and includes an introduction to asset valuation, fiscal reporting and analysis, and portfolio-direction techniques.
  • The Level II study programme emphasizes asset valuation, and includes applications of the tools and inputs (including economics, financial reporting and analysis, and quantitative methods) in asset valuation.
  • The Level Iii study program emphasizes portfolio management, and includes descriptions of strategies for applying the tools, inputs, and nugget valuation models in managing equity, fixed income, and derivative investments for individuals and institutions.

2012 Level III CFA Program Curriculum

For exams from 2008 onward, candidates are automatically provided the curriculum readings from CFA Institute at the time of registration for the exam. The curriculum is not provided separately in the absence of exam registration. If the educatee fails an exam and is being immune to retest in the same year, the CFA Institute offers a slight rebate and will not send the curriculum once more (the curriculum changes only on an annual basis). If the student retests in a year other than the year of failure, he or she will receive the curriculum once more, as it may have been changed. Study materials for the CFA exams are bachelor from numerous commercial learning providers, although they are not officially endorsed. Various organizations (some officially accredited) also provide course-based preparation.[20] Every bit of 2019, the test includes questions on bogus intelligence, automated investment services and mining anarchistic sources of data.[21]

Ethics [edit]

The ethics section is primarily concerned with compliance and reporting rules when managing an investor's money or when issuing research reports. Some rules pertain more more often than not to professional behavior (such every bit prohibitions against plagiarism); others specifically chronicle to the proper use of the designation for charterholders and candidates. These rules are delineated in the "Standards of Professional person Conduct", within the context of an overarching "Lawmaking of Ideals".

Quantitative methods [edit]

This topic area is dominated past statistics: the topics are fairly broad, covering probability theory, hypothesis testing, (multi-variate) regression, and time-series analysis. Other topics include time value of money—incorporating bones valuation and yield and return calculations—portfolio-related calculations, and technical assay.[22] Recent additions, equally mentioned to a higher place, are a review of machine learning and big data.[23]

Economics [edit]

Both microeconomics and macroeconomics are covered, including international economics (mainly related to currency conversions and how they are affected by international interest rates and inflation). By Level Three, the focus is on applying economic analysis to portfolio management and asset allocation.

Financial reporting and analysis [edit]

The curriculum includes financial reporting topics (International Financial Reporting Standards and U.Southward. More often than not Accepted Accounting Principles), and ratio and fiscal statement analysis. Fiscal reporting and analysis of accounting information is heavily tested at Levels I and II, but is non a pregnant part of Level 3.[24]

Corporate finance [edit]

The curriculum initially covers the major corporate finance topics: capital investment decisions, upper-case letter construction policy and implementation, and dividend policy; this building on the accounting, economics and statistics areas. It then extends to more advanced topics such as the analysis of mergers and acquisitions, corporate governance, and business and financial gamble.[25]

Security analysis [edit]

The curriculum includes coverage of global markets, likewise as assay and valuation of the various asset types: equity (stocks), fixed income (bonds), derivatives (futures, forwards, options and swaps), and culling investments (real estate, individual disinterestedness, hedge funds and commodities). The Level I exam requires familiarity with these instruments. Level 2 focuses on valuation, employing the "tools" studied under quantitative methods, fiscal statement assay, corporate finance and economics. Level Three centers on incorporating these instruments into portfolios.

Disinterestedness and fixed income [edit]

The curriculum for equity investments includes the functioning of the stock market, indices, stock valuation, and industry analysis. Fixed income topics similarly include the various debt securities, the take a chance associated with these, and valuations and yield spreads.

Derivatives [edit]

The curriculum includes coverage of the primal framework of derivatives markets, derivatives valuations, hedging and trading strategies involving derivatives, including futures, forwards, swaps, and options. The curriculum incorporates various of the pricing models and frameworks, such as Black–Scholes and binomial option pricing (extending to coverage of involvement charge per unit trees), while coverage of the underlying mathematics is conceptual every bit opposed to technical.

Alternative Investments [edit]

The curriculum includes coverage of a range topics in the alternative investment category. Topics include hedge funds, individual disinterestedness, existent estate, commodities, infrastructure, and other culling investments, including, as applicative, strategies, sub-categories, potential benefits and risks, fee structures, and due diligence.

Portfolio direction [edit]

This section increases in importance with each of the iii levels—information technology integrates and draws from the other topics, including ethics. It includes: (i) modern portfolio theory (efficient frontier, capital letter nugget pricing model, etc.); (ii) investment practice (defining the investment policy for individual and institutional investors, resultant asset allocation, society execution, and hedging using derivatives); and (iii) measurement of investment functioning.[ citation needed ]

Global Regulatory and Legal Recognition [edit]

Legal Recognition past Country[26] [edit]

Australia [edit]

  • The Australia Securities and Investment Commission (ASIC) has ranked the RG 146 Gap Training program for CFA charterholders and CFA Plan candidates at Tier 1. The RG 146 Gap Grooming Programme is intended for candidates who have passed the CFA Level I examination or charterholders who wish to fulfill the requirements necessary to provide both financial product advice to retail clients and personal advice.[27]
  • The Australian authorities recognizes CFA Charterholders to have automatically satisfied the Standard Sets A, C, and D under the Code of Professional person Conduct for Authorised Financial Directorate (AFA).[28]
  • Macquarie University recognizes completion of CFA Level III as equivalent to a bachelor's degree in a relevant subject area in the admissions process. Similarly, successful completion of CFA Level I or II, combined with a bachelor'due south degree in a non-relevant discipline, volition be treated as a available's degree in a relevant discipline in the admissions process. Students who have passed CFA Levels I, II, or Three are eligible for grade waivers. [29]
  • Griffith University recognizes students who have passed the CFA Level I examination are exempt from the GMAT/GRE/BAT score requirement, also equally the requirement of completing a specialized undergraduate degree in finance. Applicants who take passed the CFA Level i test are eligible for forty CP credit (four courses) in the foundation component of the Chief of Finance program.[30]

Bahrain [edit]

  • The Primal Bank of Bahrain (CBB) recognizes CFA Charterholders equally meeting the requirements for the regulated functions of Head of Treasury, Financial Instruments Trader, and Investment Consultant.[31]
  • CFA Charterholders automatically satisfy the requirements for the mandatory Financial Advice Program (AFP) level II.

Brazil [edit]

  • Comissão de Valores Mobiliários (CVM) recognizes successful CFA Level III candidates equally satisfying the requirements of taking the global content exams of the National Certificate of Professional Investment (CNPI).[32]
  • CFA charterholders are recognized by Brazilian main regulator of securities analysts, APIMEC,[33] as the equivalent to their "global content" test, although the candidates must nevertheless laissez passer a "local content" exam to laurels their memberships.

Canada [edit]

  • The CFA Institute is a recognized Educational Establishment by Revenu Quebec
  • CFA Charterholders are legally recognized by the Canadian Securities Administrators (CSA) equally qualifying for the position of portfolio manager, investment counsel, adviser in derivatives & article futures, substitution contracts and for the position of securities adviser.[34]
  • Certain Finance programs are recognized by the CFA Institute equally a part of their University Recognition Plan. This status is granted to institutions whose degree programs incorporate at least 70 per centum of the CFA Plan Candidate Body of Knowledge (CBOK).[35]

Egypt [edit]

  • The Egyptian Fiscal Supervisory Say-so (EFSA) considers candidates which take passed CFA Level i to exist exempt from examination requirements for relevant positions.[36]

Deutschland [edit]

  • The Deutsche Börse AG considers the successful completion of the CFA Level III exam as satisfactory for the requirements necessary to be an exchange trader.
  • The Frankfurt Schoolhouse of Finance and Management allows elective waivers for passing whatsoever level of the CFA exams.

Greece [edit]

  • The Capital Market place Commission (CMC) waives licensing requirements for the position of investment analyst and portfolio manager for those who have passed CFA Level III.

Hong Kong [edit]

  • The Government of Hong Kong officially recognizes the CFA Lease as a professional qualification.[37]
  • The Hong Kong Securities and Futures Commission (SFC) considers the passing of CFA Level I to exist recognized as an industry qualification for various licensing exams.[38]
  • The Academic and Accreditation Advisory Committee of Hong Kong's the Securities and Futures Commission (SFC) has canonical the CFA designation as a recognized manufacture qualification for the licensing of Responsible Officers in Hong Kong.

Indonesia [edit]

  • The Financial Services Authorisation of Indonesia (FSA) requires that any collective investment scheme must have at least one CFA Charterholder.

Ireland [edit]

  • The Plant of Banking exempts CFA Charterholders from 2 out of 6 modules required for the Professional Diploma in Financial Advice.[39]

Israel [edit]

  • The Israel Securities Authority (ISA) requires 6 exams and an internship to become a portfolio manager. Exams include Securities Law and Ethics, Accounting, Statistics and Finance, Economics, Securities and Financial Instrument Analysis and Portfolio management. CFA Charterholders are automatically considered to accept completed 5 out of 6 exams.[40]

Malaysia [edit]

  • The Securities Commission Malaysia (SC) requires Capital markets Services Representatives License (CMSRL) applicants to pass various exams. CFA Charterholders are waived from four exams.[41]

United mexican states [edit]

  • The Comision Nacional del Sistema de Ahorro para el Retiro (CONSAR) grants the full general finance certification permanent license to people which have completed the CFA Institute Investment Foundations Program.[42]

Netherlands [edit]

  • The Dutch Securities Institute (DSI) recognizes the completion of the CFA Level 1 test equally being sufficient for the qualification to exist a Fiscal Analyst.
  • The Dutch Securities Institute (DSI) recognizes CFA Charterholders as automatically meeting the qualifications requirement to be a Senior Fund Manager.

Peru [edit]

  • The Superintendencia del Mercado de Valores, La Superintendencia del Mercado de Valores (SMV) recognizes applicants who have passed CFA Level I to exist approved for the part of portfolio director.[43]

Philippines [edit]

  • The Securities and Commutation Commission Philippines requires at least one fund manager must take passed CFA Level 1 in order to manage common funds.

Portugal [edit]

  • The Comissão do Mercado de Valores Mobiliários (CMVM) (Portuguese Securities Market Committee) officially recognizes a CFA Charterholder every bit fully satisfying the qualifications to register as an investment adviser or financial analyst.[44]

Saudi Arabia [edit]

  • The Upper-case letter Market Authority of Saudi Arabia (CMA) recognizes CFA chartholders as sophisticated investors and they are exempted from CMA exam level I. [45]

Singapore [edit]

  • The Monetary Authority of Singapore (MAS) recognizes CFA Charterholders seeking to employ for a license equally a Capital Markets Services (CMS) Representative to be exempt from modules 6 and 7 of the Capital Markets and Financial Informational Services (CMFAS) Test.

South Africa [edit]

  • The FAIS licensing procedure for Financial Service Providers (FSP) exempts CFA Charterholders from category I, II, IIA, Iii, and IV of the FSP's entry level qualification for the Central Individuals and Representatives licensing procedure.[46]
  • Exemptions are available for various modules in the S African Institute of Fiscal Markets "Registered Persons Examination",[47] depending on the candidate'due south level.[48] No exemptions are available for the exam on local market regulations and compliance.
  • The South African Qualifications Authority (SAQA) has benchmarked the CFA lease equally comparable to its National Certificate in Financial Markets and Instruments.[49]
  • Exemptions are available to Charterholders for 2 of the 6 qualifying exams of the Southward African Establish of Stockbrokers. [fifty]

Spain [edit]

  • Candidates who have passed Level 1 of the CFA Program are able to apply for the Certified Advisor- CAd, a certification awarded by CFA Order Espana. CAd certification is recognized by Spain's national securities regulator, the CNMV, as meeting the requirements of the European Union'south MiFID 2 directive for investment professionals who engage in any type of client advisory. Candidates must likewise pass the CAd exam on Spanish and EU regulation, commit to the CFA Institute Code of Ethics and Standards of Professional Bear, and be a local fellow member of CFA Club Kingdom of spain. CAd certification must exist renewed every twelvemonth by demonstrating 30 hours of Continual Professional Evolution (CPD) and reconfirming the observance of the Code and Standards.[51]

Sri Lanka [edit]

  • The Securities and Exchange Commission of Sri Lanka authorizes that CFA Charterholders automatically encounter the requirement to practice as Investment Manager managing client funds.[52]

Taiwan [edit]

  • The Securities Investment Trust & Consulting Clan (SITCA) of Taiwan officially recognizes CFA Charterholders to be qualified to practise as a securities investment analyst.
  • CFA charterholders are not required to sit the Securities Investment Trust Licensing Exam

Thailand [edit]

  • The Securities and Commutation Commission (SEC) of Thailand Passing CFA Level III qualifies the candidate to be a fund manager.[53]

Turkey [edit]

  • The Majuscule Markets Board (CMB) of Turkey considers the passing of CFA Level I, II, and Three to be equivalent to the CMA Level 1, 2 and three licensing exam.

Britain [edit]

  • In 2009 the United kingdom National Bookish Recognition Information Centre (Uk NARIC) benchmarked the CFA Plan and the CFA charter every bit comparable to a Qualifications and Credit Framework (QCF) Master's Level 7.[54] Each level of the CFA Programme was benchmarked to provide comparability:
    • Level 3 of the CFA Program and the CFA charter are benchmarked at Level 7 past NARIC
    • Level II of the CFA Program is benchmarked at Level 6 past NARIC
    • Level I of the CFA Program is benchmarked at Level v by NARIC

United States [edit]

  • The Financial Industry Regulatory Say-so (FINRA) exempts candidates who have passed CFA Level I and Two from the Series 86 examination to annals as a research analyst.
  • The Investment Adviser Registration Depository (IARD) exempts CFA Charterholders from required competency exams to register as an investment adviser.
  • The North American Securities Administrators Association (NASAA) exempts CFA Charterholders from the required Series 65 exams to register as an investment adviser.
  • The New York Stock Commutation (NYSE) exempts candidates who have passed CFA level I from portion of the Series sixteen test that deals with rules on research standards and related matters are exempt from Office II of the NYSE Supervisory Analysts Qualification Exam.
  • The National Football League Players Association (NFLPA) recognizes the CFA Lease every bit meeting the eligibility requirements to become a Registered Player Financial Advisor.
  • The University of California, Berkeley considers Main of Business Administration (MBA) candidates who take passed the CFA Level III examination to be granted an automated waiver in two core courses
  • The University of Notre Dame considers CFA charterholders in the Executive Main of Nonprofit Assistants (EMNA) may exist eligible for a waiver of required course work.
  • Boston University considers CFA charterholders to exist eligible for waivers for up to two out of 10 courses in the Master of Science in Financial Management (MSFM) on-campus and online degree program.
  • Duke University considers students enrolled in the Duke University graduate business programs who take passed the CFA Level III examination to be eligible for an unconditional authoritative exemption from Finance 645.

Vietnam [edit]

  • The State Securities Commission (SSC) considers candidates who take passed CFA Level II to be sufficient in exempting them from 3 required securities practicing certificates:[55]
    1. Basic issues regarding securities and the securities market
    2. Securities analysis and investment
    3. Analysis of enterprise fiscal statements

Recognition by professional organizations [edit]

CBV Institute [edit]

Individuals who take passed all 3 levels of the CFA exams are eligible to skip the constituent courses of the CBV Institute Program of Studies.[56]

The Guild of Actuaries (SOA) [edit]

The Social club of Actuaries (SOA) granted the credit of Validation by Educational Experience (VEE)-Economics to the candidates who passed the CFA Level I exam. SOA too granted both the credits of VEE-Corporate Finance and VEE-Applied Statistical Methods to the candidates who passed the CFA Level II exam.[57]

Professional person Risk Managers' International Association (PRMIA) [edit]

CFA charterholders are exempted by the Professional Take chances Managers' International Association (PRMIA) from the get-go required exam for the PRM qualification.[58]

Certified Financial Planner Lath of Standards (CFP Lath) [edit]

The Certified Financial Planner Board of Standards (CFP Board) has approved the CFA charter every bit fulfilling most of the education coursework requirement for CFP certification, awaiting completion of a capstone course registered with CFP Board prior to sitting for the CFP exam.[59]

Efficacy of the CFA plan [edit]

Given the time and endeavor that candidates must undergo to complete the CFA plan, it would be expected that CFA charterholders have higher performance than those who practise not complete the program. However, there is some prove that differential analyst performance is economically inconsequential,[sixty] suggesting the predominance of signaling; although other research in the Financial Analysts Journal (a periodical published by CFA Constitute) suggests a positive homo upper-case letter affect from the CFA program.[61]

Aside from bookish research, anecdotal evidence exists for both the human capital and signaling points of view.[62] [63]

Trademark disputes [edit]

Republic of india [edit]

CFA Institute is non affiliated with the Chartered Financial Analyst degree offered by the Institute of Chartered Financial Analysts of Bharat (ICFAI) University of India or its affiliate, the Quango of Chartered Financial Analysts (CCFA).

In 1998, CFA Institute's predecessor organisation, AIMR, sued and won a judgment in an American court confronting ICFAI/CCFA.[64] The judgment prohibited ICFAI/CCFA and its members from using the CFA or Chartered Fiscal Analyst mark in the United states and Canada. In August 2006, an Indian court issued a temporary injunction against the Indian entity, likewise.[ citation needed ]

The judgments fabricated no cess of the quality of the Indian plan and merely discussed the trademark violation. The Indian Association of Investment Professionals is the only arrangement in Republic of india which is affiliated with CFA Plant. CFA Plant trademark rights to the "CFA" and "Chartered Financial Analyst" brands were affirmed in Bharat by the Delhi Loftier Courtroom. Further, the Delhi High Court issued an interim injunction ordering ICFAI and its affiliated Council of Chartered Financial Analysts to cease using CFA Constitute trademarks. The Deputy Registrar of Trade Marks determined that the trademark registration issued to CFA Plant for the "CFA" brand must be republished because of an mistake past the Trade Marks Registry. CFA Institute has numerous trademark applications on file with the Trade Marks Registry, and CFA charterholders from CFA Establish are free to apply the "CFA" and "Chartered Fiscal Annotator" marks throughout Bharat.[65]

On May viii, 2007, the U.S. Commune Courtroom for the Eastern District of Virginia vacated a default judgment issued against ICFAI that CFA Found obtained in October 1998. ICFAI had moved to reopen the example and to vacate the default judgment arguing that the court lacked jurisdiction over ICFAI at the time the default judgment was issued. With the default sentence vacated, ICFAI informed Indian CFA charter holders that they could legally utilise their charter in the United States and Canada. However, on September iv, 2007, the court reversed its decision to vacate after a motion to reconsider that decision was filed by CFA Establish.[66] [67]

United kingdom of great britain and northern ireland—Trade Marks Registry vs CFAI [edit]

In January 2007, the UK Trade Marks Registry refused to register "Chartered Financial Analyst" as a trademark, as the give-and-take "chartered" in the United Kingdom is associated with bodies incorporated past royal charter and thus "the relevant public in the Uk would, prima facie, expect a person using the mark practical for to exist representing themselves as a member of an organization of the kind subject to a Purple Lease".[68] "CFA" is a registered trademark in the United kingdom, simply simply for "Educational services" (class 41) rather than "Financial services" (class 36) under which the attempt to register "Chartered Financial Analyst" had been made.[69]

Examination preparation textbooks [edit]

  • 2022 CFA Programme Curriculum Level I[70]
  • Schweser CFA Level i[71]
  • Wiley CFA Level 1[72]
  • Wiley 11th Hour Guide[73]
  • CFA Level 1 Calculation Workbook[74]

List of CFA charterholders [edit]

See too [edit]

  • Professional certification
  • Professional person certification in fiscal services

References [edit]

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External links [edit]

  • CFA Institute membership profile
  • CFA Constitute Global Investment Research Claiming
  • FINRA Education Reference Guide Showing CFA Charter and Requirements
  • The states Section of Labor - U.S. Bureau of Labor Statistics Occupations Guide .
  • "📗 ExamSmash.com 📺 Complimentary CFA Training Videos and Material", ExamSmash.com, September 2020, retrieved 10 September 2021 {{citation}}: CS1 maint: url-status (link).

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Source: https://en.wikipedia.org/wiki/Chartered_Financial_Analyst

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