The Chartered Financial Analyst (CFA) program is a rigorous self-study curriculum that requires each candidate to pass a series of three six-hour examinations. The exam series and related studies take at least two years to complete. The CFA Institute, which administers the program, recommends a minimum of 250 hours of study for each of the three examination levels. The curriculum covers investment analysis, portfolio management, financial statement analysis, corporate finance, economics, performance measurement, and professional ethics. The Institute provides learning materials and recommended plans of study, and private educational companies offer their own study outlines and review courses. More than 85,000 candidates in 145 countries and territories enroll for the annual examinations in June, and another 30,000 are expected to enroll for the semi-annual exams in December.
The Certified Financial Planner (CFP) designation is awarded by the Certified Financial Planner Board of Standards, Inc., a private professional regulatory organization. The Board fosters professional standards in personal financial planning to assure the public that planners with the CFP credential have been trained in investment management and financial ethics.
The ten-hour CFP ® Certification Examination tests candidates' ability to apply financial planning knowledge to individual client situations. While the exam is divided into three separate sessions, the integrated nature of financial planning dictates that each session may cover all topic areas. All questions are multiple choice, including those related to case problems. The exam is administered three times a year – generally on the third Friday and Saturday of March, July and November – at about 50 domestic locations. The application deadline is approximately seven weeks prior to each exam date
The Series 7 Exam is not a professional certification per se , but passing it is a legal requirement that an Account Executive must meet before becoming licensed as a general securities representative who can sell financial products. The exam, administered by the National Association of Securities Dealers (NASD), covers equity securities (stocks), debt securities (bonds), options and derivative securities, securities markets and regulations, retirement plans, investment companies, and taxation. The exam contains 250 multiple choice questions, of which the test taker must answer at least 70% correctly to earn a passing grade. The test is given on a regular basis at many sites; securities firms and private educational companies offer courses to help test takers prepare.
NASD is the primary private-sector regulator of America 's securities industry. It oversees the activities of approximately 5,180 brokerage firms; 102,650 branch offices; and 661,780 registered Account Executives. The Association also provides outsourced regulatory products and services to a number of stock markets and exchanges. It licenses Account Executives and admits firms to the industry, writes rules to govern the behavior of investment firms and their employees, examines investment firms and their employees for regulatory compliance, and disciplines those who fail to comply. NASD oversees and regulates trading in equities, corporate and government bonds, and futures and options on securities. It operates the largest securities dispute resolution forum in the world. With a staff of nearly 2,000 and an annual budget of more than $500 million, NASD is a world leader in capital markets regulation.
