This article is about the cost of CFA Level 1 certification in Nigeria today. The Chartered Financial Analyst (CFA) is a world recognized professional certification given by the CFA Institute (previously known as the (Association for Investment Management and Research), which measures and certifies the competence and integrity of financial analysts. This certification mandates candidates to pass three levels of exams spanning areas such as accounting, economics, ethics, money management, and security analysis but for this post, we shall look at only level 1.
The CFA certification empowers candidates with a solid foundation in advanced investment analysis and real world portfolio management skills that gives them a career advantage over their colleagues who are not CFA-certified. The programme is fitting for portfolio and wealth managers, investment and research analysts, professionals involved in the investment decision-making process, and finance students who plan to work in the investment management profession. While most financial certifications span a wide range of topics, the CFA programme specifically deals with investment knowledge.
Recruiters recognize the CFA charter as a reliable way of identifying the most qualified applicants for the job. They know that the CFA programme imparts on the candidates the necessary skills needed to succeed on the job and that earning the CFA charter indicates the commitment to excellence required of today’s investment professionals, that is why they seek out these set of individuals more during the employment process.
The CFA programme requires candidates to pass three levels of exams of which curriculum is organised into 10 general topic areas that provide a foundation for making investment decisions. The topics include: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Reporting and Analysis, Corporate Finance, Equity Investments, Fixed-income Investments, Derivatives, Alternative Investments, and Portfolio Management and Wealth Planning. However, we will focus on level 1 and the cost of writing the exams in Nigeria currently.
COST OF CFA LEVEL 1 CERTIFICATION IN NIGERIA TODAY
CFA is one of the most important certifications in the financial sector the world over today and its relevance in Nigeria can never be overemphasized. The current cost of writing the CFA certification exam is something that will interest many professionals in the financial world who seek to be CFA-certified and we have the breakdown of the fees are summarized as follows:
COST OF CFA REGISTRATION
Before ever taking the CFA certification exam, one is expected to pay a one-off registration fee. This is the first thing you need to do before you can proceed to apply for the exam proper, and it costs $450. Kindly note that this registration fee covers not only Level 1, but Levels 2 and 3 as well.
COST OF LEVEL 1 CFA CERTIFICATION EXAMINATION
The CFA exam registration fee is the same for every level but the price may vary based on the time you originally commit to the examination. Students who apply for the exam 9 months prior are given a discount and their registration costs $650, but candidates who apply later pay a fee of $950, meaning that they are paying $300 more for the same exam. Late registration is even more expensive and candidates who apply late pay a fee of $1,380 to take the CFA Level 1 certification exam. So if you want to take the CFA Level 1 certification course, try budgeting about ₦300,000 – ₦500,000 in Nigerian Naira to cover the registration and exam fees.
WHAT ARE THE REQUIREMENTS FOR APPLYING FOR CFA LEVEL 1 IN NIGERIA?
In order to enroll for the CFA level 1 certification Programme in Nigeria, these are the following requirements:
- Candidates are required to have a bachelor’s degree or its equivalent from a reputable tertiary institution or they are at least required to be in the final year of their bachelor’s degree programme during the time of registration.
- Candidates who do not meet the above requirement may be considered only if they have a minimum of four years professional work experience. Work experience does not have to be financial or investment related.
- Candidates who have both professional work experience and college experience that totals to a minimum of four years can also be considered. Part-time positions during the four years of work are not considered as actual four years experience. A full-time job will serve that purpose.
- Candidates are required to possess valid international passports. This document will be requested for during the exam registration process and will serve as a pass into the examination hall on exam day.
The above are the general requirements for CFA Level 1 certification exam in Nigeria currently. Kindly take note that there is no overall score for the examination, only a Pass or Fail status will be communicated to the candidates.