Moreover, as Indian industry looks increasingly outward for investment, there has been an increasing demand for specialists in the field of financial services.

Among the various specialisations, that of the Chartered Financial Analyst (CFA) has gained in popularity since it was launched in 1985 by the Institute of Chartered Financial Analysts of India. The CFA programme, while providing training in financial accounting, focusses more on financial management andanalysis, and on helping business optimise returns on financial resources. The CFA programme looks at areas of corporate finance, financial services such as venture capital, leasing and hire purchase, project planning and so on, as well as international finance, and investment management.

In fact, the CFAs' area of expertise includes a range of functions, from managers of specialised services to general managers. In the past, a CFA was considered more of an additional qualification that helped broaden and improve a candidate's career prospects. Today, however, the services of a certified financial analyst are being increasingly sought.

Entry

A candidate needs to clear four levels of exams conducted by the Institute of Chartered Financial Analysts in order to be certified a financial analyst. The candidate then becomes a member of the ICFAI. The Institute of Chartered Financial Analysts of India (ICFAI), headquartered in Hyderabad, conducts a certified Financial Analysts' Course.

This is athree-year, post-graduate programme by correspondence. Applicants should be graduates in any discipline with at least 50 per cent marks and a minimum of 18 years of age. Admission is based on a test, which examines the aptitude of a candidate for professional studies in financial analysis. The CFA programme is aimed at two broad groups, namely executives and graduates.

Graduates and students in the final year of their Bachelor's degree in any discipline are eligible to take the admission test. MBAs, CAs, M Coms and ICWAs are exempted from the initial foundation module and can complete the course in two years.

Training

The CFA training develops in the student an analytical bent of mind that is a prerequisite for effective evaluation of the various alternatives in money management. For this purpose, the programme is divided into four levels, and a student must complete one level before proceeding to the next.

The foundation module includes courses in financial and management accounting, as wellas the basics of corporate finance, essentials of investment and statistics. The exams for the foundation module can be taken three months after enrollment.

The preliminary level or second module is divided into two groups: Group A, which includes papers in financial accounting and financial management, and Group B, which has one paper in quantitative methods and economics. The Group A papers can be taken only six months after enrollment, while Group B can be done 12 months after enrollment. Students are awarded a diploma in business finance after completion of this level.

After passing the preliminary level, one can undertake the four papers of the third level, which entitles students to an advanced diploma in finance.During the fourth module or final level, students have to clear four papers and appear for an oral exam. Practical training is also undertaken at this final level.

The institute helps place students in reputed organisations, to enable them to pick up some practical experience in thefields of corporate finance, investment management and financial services.

To supplement self-study programmes, the institute organises weekend workshops in Hyderabad, Delhi, Mumbai, Calcutta, Chennai and Bangalore.

Workshops are held on weekends with two sessions of three-hour duration each on both days. The workshops focus on clarifying key concepts and problem solving.

Professionals and executives who complete the CFA programme in order to update their knowledge and enhance their expertise, have a distinct advantage. Employees of commercial banks are exempted from certain papers that need to be cleared in order to get a promotion if they have completed the CFA programme.

Career prospects

On completing the ICFA course, most students receive offers for challenging professional positions. Openings for CFAs are available in the banking, insurance and corporate sectors, and with finance and leasing companies. In the corporate sector, CFAs can work as financial analysts, fund managers, or asexecutives in charge of resource mobilisation and investment.

CFAs can work in banks and financial institution as appraisal executives, specialists in leasing, hire purchasing, portfolio management and merchant banking.

CFAs with some years of experience can also work on their own as financial consultants and investment advisors.

The Reserve Bank of India (RBI), International Development Bank of India (IDBI), Unit Trust of India (UTI), Industrial Finance Corporation of India (IFCI) and several other corporate organisations have recognised the efficacy of the programme. A large number of American universities have agreed to provide opportunities to CFAs from India for Ph D programmes in the US.

Moreover, the remuneration package is often comparable to the best in the field of finance. CFAs are offered attractive salaries and perks similar to that earned by CAs, MBAs and so on.

The writer is the author of The Penguin India Career Guide, Vol I & II. She is also a newsreader on Doordarshan and theproducer of Hum Honge Kaamyaab.