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Designations Compared
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Here, we have tried to compare the designation in terms of global scope, detail of course program, relative to degree programs and other factors. Although there is some subjectivity within the comparisons, a diverse sample has been used comprising of various practitioners, academics, candidates and others.
These figures are valid as of March 2003
| Cost |
Length (min) |
Since (yr) |
Member Size |
Maths Level? |
Finance Oriented? |
Useful Industry |
Pass
Rate (%) |
Course Providers? |
|
| CFA | $1,075 (3 yrs min) |
3 yrs | 1963 | c. 50,000 | Low | Very | Banking, Finance, Research Analyst |
L1: 49% |
Schweser Allen Stalla Passpro |
| FRM | $450 | 1 yr | 1997 | 27,800 | Medium | Very | Risk Mgt, Finance |
59% (2002) |
Schweser Kesdee Passpro |
| PRMIA | $295 | 1 yr | 2002 | 5,400 | High | Very | Risk Mgt, Finance |
51% | |
| CAIA | $2,000 | 2 yrs | 2002 | 0 | Medium | Moderate | Venture Capital, |
N/A | KalmAI |
There are undoubtedly other factors which stem beyond the aforementioned, but the above highlight some of the key issues which candidates will consider, such as membership size, cost of program as well as duration.
Alternatively, you may be taking the designations as a primary means of expanding knowledge, rather than an aim to gain a designation. We believe that is the best approach to taking a program. Although the designations will inevitably assist suitable job prospects, you should not focus on passing the examinations so that you can say you passed the exam or be able to add the letters after your name card. The key is to look at each one as a learning process and even in the unfortunate case where you do not pass, all is not lost; you have still gained a vast array of knowledge and tools which will undoubtedly be of use within your career.
Each individual will have different preferences in terms of choice of designation or even a combination of designations, arising from their industry, career aspirations or educational aims. We have not made any direct comparisons to designations such as the CPA, or educational qualifications such as an MBA or an MSc in Finance due to numerous factors which make the comparisons somewhat more difficult. Please note that a comparison of MSc and MBA programs are set to be shown in due course.