Short Term Certification Courses in Finance - CMA, CFA, FRM, CFP, CAIA
Finance has become one of the go-to career streams for youngsters in the present times given its huge scope. Commerce students are drawn towards short term certification courses in Finance given great opportunities the field has to offer. Today, the basic terms like CA (Chartered Accountant) or CFA (Chartered Financial Analyst) are notable to most of us.
The scope of finance being immense, new courses in the field are coming up to suit the requirements of individuals. Short term finance courses are getting well known as individuals are embracing alternatives to the generally realized finance course like CA and CFA.
There are numerous CA colleges in India and making a career in CA or career in CFA is a strenuous task. Individuals spend years and years to split the various examinations required to become CA/CFA.
For the help of individuals who hold sheer interest in Finance, there are many short term finance courses which give a more extensive perspective in the field of finance and also result in upgrading career development and skillset. These courses prepare them for any finance job that comes their route and from the plenty of finance jobs, they can choose the one they believe they are best suited for.
The Certified Management Accountant certification is offered by the Institute of Management Accountants or IMA. Considered a global benchmark for financial professionals and management accountants, CMA certification provides certificate holders with a deeper knowledge of accounting and numbers. One of the most awarding short-term certification courses in finance, IMA states that it has been seen that CMA certification holders have an average annual compensation which is around 67% higher than that of non-CMA certification holders.
About the Exam: The CMA examination is conducted in 2 different parts. Each part comprises 100 multiple choice questions as well as two 30-minute essay type questions.
Finance Certification Maintenance: The CMA certification requires 30 CPE hours to be earned and reported each year as well as an annual certification maintenance fee.
Details of Short-term Certification Courses in Finance: CMA
4 hours (per part)
USD $250 (non refundable)
USD $415 (per part)
USD $188 (non refundable)
USD $311 (per part)
CFA – Chartered Financial Analyst
The Chartered Financial Analyst or CFA credential is offered by the CFA Institute which is the globally recognized provider of this qualification. CFA is reputed to be an attestation to an individual's deep knowledge and understanding of advanced level investment analysis as well as portfolio management skills. One of the most popular short-term certification courses in finance, CFA is considered to be one of the best credentials for portfolio management and advanced investment and is recognized in 163 countries worldwide including India.
About the Exam: The CFA examination is divided into 3 levels.
Level I has 240 (120 per session) multiple choice items and Level II has 120 (60 per session) items. The Level III morning session has 8-12 constructed response questions and the Level III afternoon session has 10 item set questions (6 items each).
Charter Maintenance: In order to maintain a CFA charter, the candidate must be a member of a CFA society and must earn and document at least 20 CE credit hours per year as well as submit the annual fee. At least 2 of the 20 CE credit hours must be in the field of ethics, regulations and standards.
Details of Short-term Certification Courses in Finance: CFA
Either of the following:
2 sessions (morning and afternoon) of 3 hours each for each level examination
USD $450 enrollment fee
+ individual exam registration fees (varies according to exam level and registration time)
Another recognised short term certification course in finance is the Chartered Alternative Investment Analyst certification also called CAIA and offered by the CAIA association. This is an advanced level short-term finance certification course which attests to the individual's expertise and knowledge in the domain of alternative investments.
About the Exam: There are 2 levels of exams (Level 1 and Level 2) which are offered in both March and September every year. The Level 1 exam comprises 200 multiple choice type questions. The Level 2 exam comprises 100 multiple choice type questions in addition to 3 constructive essay-type questions.
Charter Maintenance: In order to maintain the CAIA credential, candidates must become CAIA members and pay the annual membership fee after successfully passing both the Level 1 and Level 2 exams. The annual membership fee is USD $350 while the fee for 2 years is USD $650.
Details of Short-term Certification Courses in Finance: CAIA
4 hours per level (divided into 2 sections of 2 hours each)
USD $400 enrollment fee
USD $1250 exam registration fee (per level)
USD $350 annual membership fee
The Certified Financial Planner certification in finance is an internationally accepted certification offered by the Financial Planning Standards Board India i.e. FPSB India. One of the prestigious short-term certification courses in finance offered in the financial planning domain, CFP as it is commonly called is an attestation to the individual's competency in financial planning advisory services.
About the Exam: Candidates have to clear four preliminary exams before being eligible to give the advanced final exam. The first four exams consist of multiple choice type questions and have 77 questions each. The fifth and final exam on 'Advanced Financial Planning' is based on a case study and comprises 5 modules with a total of 15 question items.
Finance Certification Maintenance: In order to maintain CFP certification status, the finance certificate holder needs to pay an annual renewal fee of Rs. 7,080 as well as earn and document at least 15 CE points each year.
Details of Short-term Certification Courses in Finance: CFP
Exam 1-4: 2 hours each
Exam 5: 4 hours
Exam 1-4: Rs. 4,130 each
Exam 5: Rs. 8,260
Another internationally acclaimed short term course in finance is the Financial Risk Manager certification offered by the Global Association of Risk Professionals or GARP. This course is reportedly a global standard for risk management certifications. The FRM finance certification attests to an individual's proficiency in the anticipation, response and adaptation to various critical risk issues.
About the Exam: The FRM examination is provided in the months of March and November and is divided into two parts. Part 1 comprises a 100 multiple choice type questions addressing the tools of assessment for financial risk. Part 2 comprises 80 multiple choice type questions addressing the application of the tools referred to in Part 1.
Finance Certification Maintenance: In order to maintain the FRM certification status, the finance certificate holder will need to be a GARP member and pay the annual membership fee as well as earn and document 40 credit hours of experience in financial risk management every 2 years.
Details of Short-term Certification Courses in Finance: FRM
4 hours (for each part)
USD $400 (enrollment + Part 1 exam fee)
+ individual exam fee for Part 2