| The CFA study program encompasses many areas | | | | case studies, along with problem sets that correlate |
| of the financial industry, as well as a strong emphasis | | | | with the reading and require practical application of |
| on ethics and professional responsibility. As we've | | | | the information. In addition, each session and reading |
| discussed briefly, the CFA candidate must pass three | | | | contains specific learning objectives so that the |
| exam levels. The CFA Institute recommends that | | | | candidate can understand what he or she is going to |
| each candidate spend at least 250 hours in | | | | be expected to do even before the lesson begins. |
| preparation for each level. The curriculum is | | | | The CFA Institute includes multiple additional |
| self-study, which means that the candidate can pace | | | | resources, such as comprehensive outlines and |
| him or herself according to his or her own comfort | | | | indices, as well as a glossary. |
| level. However, as exams are only given on certain | | | | The exams are almost textbook-perfect examples |
| dates, the candidate must create the pace to fit | | | | of Bloom's taxonomy in action. Exams, as we've |
| within those timelines. From the organizational | | | | discussed, are given in June and December in multiple |
| perspective, the fact that the program is self-paced | | | | locations. Each exam is broken down into three levels |
| is very important. The candidate that completes all | | | | that vary in both testing method and taxonomy |
| three levels successfully will prove that he or she is | | | | levels. For example, Level One exam questions are |
| dedicated, determined, and goal-oriented. From an | | | | generally multiple-choice and cover knowledge, |
| education perspective, we know that any self-paced | | | | comprehension, and some analysis. Level Two are |
| program requires this dedication and determination, | | | | case-study questions that cover analysis and |
| not to mention the discipline to make study a part of | | | | application, and Level Three are both essay and |
| every day life. | | | | case-based in nature, covering synthesis and |
| The next important aspect of the CFA curriculum is | | | | integration. From an adult education standpoint, the |
| who determines topic areas, how those areas are | | | | fact that each exam has three levels that cover |
| chosen, and who writes the content for those topics. | | | | multiple testing methods and taxonomy levels is |
| First, the curriculum itself changes from year to year | | | | impressive. This shows us that the CFA Institute is |
| due to the changes that constantly occur on a global | | | | dedicated to ensuring that each CFA leaves the |
| scale in the investment world. Major changes are | | | | program with not only knowledge but the skill |
| undertaken every five years - and only after a | | | | necessary to apply that knowledge in multiple |
| detailed analysis of the practice on a global scale. In | | | | situations. |
| terms of curriculum development, a committee of | | | | One of the other benefits from a learning standpoint |
| active CFA charterholders determines content and | | | | is that the exams are given only in English. This may |
| the content is then written under their tutelage by | | | | seem tough to some, but the Institute maintains that |
| the CFI Institute staff. From a training and | | | | this is a method for ensuring fairness and accuracy in |
| development perspective, many corporations would | | | | both delivery of exam material as well as grading. |
| love to have a committee of practicing professionals | | | | From a consistency standpoint, the English-only |
| who actively look at curriculum to keep it fresh. And | | | | exams also ensure a high level of learning and |
| because of the changing nature of the financial | | | | application for candidates. |
| markets, the CFA curriculum must be in constant | | | | Before we move on, let's look at the CFA curriculum |
| change, as well. This combination of practicing | | | | and exam structure as it relates to organizational |
| Subject Matter Experts as well as field analysis make | | | | benefits. We've already determined that a self-study |
| the CFA curriculum strong, current, and in constant | | | | curriculum requires a dedication and discipline that |
| change with the financial world. | | | | some people simply do not possess. But in regard to |
| The topics that are currently covered in the CFA | | | | the content itself, a CFA candidate will be receiving |
| curriculum are varied, including ethical and professional | | | | the most up-to-date content available since |
| standards, statistics, analysis, economics, financial | | | | practitioners compile it. This seems to take the onus |
| reporting, corporate finance, equity investment, fixed | | | | off of the organization for ensuring that the CFA is |
| income securities and markets, derivatives, alternative | | | | consistently up to date. With the network of CFA |
| investments, portfolio management, and wealth | | | | professionals in addition to the curriculum, your |
| planning. Because practicing CFA's develop the | | | | organization can concentrate on training in other |
| curriculum, the content tends to be on the practical | | | | functional or behavioral areas. This is a definite |
| side, versus more theoretical knowledge that a | | | | benefit if you are planning to build a department |
| person might obtain in a university degree program. | | | | comprised of CFA's. Finally, the exam structure |
| Plus, the broad-based, generalist approach allows the | | | | ensures that each professional has a detailed |
| CFA candidate to absorb topics in a way that keeps | | | | knowledge - but is able to apply that knowledge. As |
| them from being too product or market specific. This | | | | organizational development professionals, we too |
| approach also allows the organization to create a | | | | often see that there is a gap between knowledge |
| talent pool with broad knowledge that can be applied | | | | and execution. In the case of the CFA, this gap is |
| in various settings, positions, and projects. | | | | probably very narrow. |
| The CFA curriculum is broken down into multiple | | | | Next, we will move from the curriculum to the |
| study sessions within the topic areas. Each of these | | | | recognition and standard of the CFA program as a |
| sessions contains readings from Institute content, | | | | benefit to both the organization and the individual. |
| textbooks, professional journals, analyst reports, and | | | | |