CFA is the most coveted degree on finance which consists of 3 levels in total. Passing marks for CFA L-1 comes within a 35% to 45% bracket, in L-2 it increases to 42% or so, and in L-3 the passing marks increases between 45% to 55% or so. CFA is not only about stock markets, it covers anything remotely related to finance. CFA with an MBA is of global value, however, salary prospects outside India is higher due to the standard of living.
In comparison to C.A or MBA
In comparison to C.A, CFA includes an entire curriculum on finance while CA only contains a subject in finance. CFA is a globally recognized degree and the exams take place all over the world. 4 years of work experience is required for a charter, which you can complete before, during or even after the completion of your CFA course. Work experience in your own business also counts. There is more depth of finance in CFA than an MBA or a C.A.
There is no fixed amount of salary a CFA can expect to get. The pay generally depends on your performance and how you use the skills you learnt during the course. For a CFA his/her designation, presentation skills, IT skills, general knowledge, how well read he/she is and the economy's knowledge are some factors which can play a significant role in the pay-scale. Studying and constantly increasing your knowledge will increase your chances to get a higher salary.
At the end of the day a CFA will not be paid for the degree that they have, they will only be paid for the level of revenue they can generate for the company. Salary also depends on the country you are working in, for example the salary of a CFA in the U.S is more due to the high cost of living there.
There are varied career options you can choose from once you become a CFA. You can work in the finance dept. of a company or in the risk dept., you can also work as an equity analyst, investment manager, portfolio manager, forensic auditor, etc. Mutual fund houses, private equity houses and hedge funds also employ a lot of CFAs.
It is very important to prioritize your education to move ahead in life. Apart from studying, reading novels (management and economics), keeping updated with current news and reading blogs like HBR and Forbes is crucial. Participation in management/business fests and debates is also necessary. Since there is no demand for mediocrity, you have to take your career seriously and invest in yourself.
To get an unbiased and experienced opinion on this topic, watch this video below of Aswini Bajaj who is a trainer, global consultant in delivering lectures on finance and a public speaker.
CFA - ASWINI BAJAJ