There are numerous designations and certifications financial professionals can earn to demonstrate their experience and knowledge. One of the most coveted designations in the financial industry is the Chartered Financial Analyst (CFA). The CFA Charter has been around for decades and is one of the most financially rewarding credentials a finance professional can pursue. Below are a few reasons why it is worth it to become a Charterholder.
What is the CFA Charter?
The Charter is awarded to those who complete the rigorous program, have the required work experience, and satisfy other qualifications. Applicants must pass three exams that test knowledge in various subject areas, including wealth planning, investment portfolio management, and investment tools. CFA charterholders typically have backgrounds in finance, banking, or economics and are qualified to work in senior and executive positions in the financial services industry.
Benefits of the CFA Charter
Many professionals in the financial services industry consider enrolling in the CFA program after obtaining a few years of experience. However, some wonder if it is worth the cost and effort to receive the designation. Here are some of the main benefits of becoming a charterholder:
1. Higher Salary
A primary benefit of obtaining the Charter is the opportunity to earn a higher salary. While your income depends partly on your experience and education, the CFA designation gives you an advantage and showcases your knowledge and professional drive. Typically, Charterholders have higher salaries when compared to their non-chartered peers in the financial services industry.
According to a recent survey, charterholders working for small companies earn an average of $84,500 while those working for larger companies make over $100,000 a year. Further, CFA charterholders report a higher rate of job satisfaction when compared to others in similar professions.
2. Increased Knowledge and Expertise
Passing the CFA Exam is not an easy task and requires a tremendous amount of studying and effort. However, the amount of time it takes to complete the program allows participants to amass extensive knowledge of the financial industry that they can use later in their careers. This knowledge is not only valuable when completing job tasks, but it also provides a distinct advantage over those who do not hold this distinction.
3. Earned Respect
Aside from higher salaries and extensive learning opportunities, one of the main advantages of the CFA Charter is the associated prestige. Attaining the CFA designation is respected within the financial industry, and those who pass the exam are viewed as driven individuals who possess an outstanding amount of relevant knowledge. The feeling of accomplishment from earning the exclusive credential may be the best benefit of all.
Become a Charterholder With UWorld Finance
For the above reasons, there’s no doubt that the CFA Charter is worth it. If you are ready to take the CFA Exam toward becoming a charterholder, maximize your chances of success by preparing with our Level 1 Learning Platform. Start your FREE trial today.