Already notorious for being incredibly difficult, the Chartered Financial Analyst (CFA) Program exams in 2019 feature questions on cryptocurrency and blockchain.
The Most Brutal Test in Finance to Become Even Harder
To be more precise, the CFA Institute is adding the crypto and blockchain topics to its Level I and II curriculums. The test itself has three parts. The CFA included these topics in a new reading called Fintech in Investment Management.
The CFA will also include the questions on crypto in the ethics part of each testing level, a topic that is especially important for the crypto industry now because of the ongoing scrutiny and regulatory developments regarding cryptocurrency exchanges, investment vehicles, and taxation.
The reasoning behind this move is that the key players in the financial industry have shown interest in these topics in surveys.
Stephen Horan, managing director for general education and curriculum at the CFA Institute in Virginia, USA, said:
“We saw the field advancing more quickly than other fields, and we also saw it as more durable. This is not a fad.”
The CFA will release the new reading materials in August 2018. The content might need around 300 hours of study time to master.
As for the additional topics, the intersection of cryptocurrencies and economics being one of them, Horan thinks they might add them in the future. At the moment, they’re going slowly.
From now on, examinees can also expect questions on FinTech topics such as artificial intelligence (AI), machine learning, big data, and automated trading.
The most brutal test in finance, as the applicants fondly call it, indeed is incredibly hard. Out of 100,000 people that take the test each year, only 50 percent the first round. The program has accredited around 150,000 people who passed all three rounds of testing since 1963.
In 2018, the number of applicants soared. As many as 227,031 people in 91 countries and territories have applied to the June 2018 exams. The majority of the examinees come from Asia where the most of digital asset activity takes place and which is home to two large crypto markets – South Korea and Japan. Let’s not forget that Japan is home to the world’s largest cryptocurrency exchange by volume, .
Those who pass this tricky exam can expect a significant career boost in financial the industry.
What is the CFA Institute Exactly?
The CFA Institute is an international association of investment management professionals. It offers educational, ethical, and certification programs for anyone who wants to become an accredited financial analyst.
Its primary mission is to promote and maintain the highest standards of ethics and professionalism in the world’s investment industry.
The CFA Societies offer professional guidance to financial students and raise awareness of CFA charterholders. As the world’s most significant association of investment professionals, they also provide career opportunities. Namely, the CFA Institute membership includes over 70,000 people who hold the CFA title or otherwise subject to its rules.
The most famous CFA charterholders include Abby Joseph Cohen, Senior U.S. Investment Strategist at Goldman Sachs, Gary Brinson, the founder of Brinson Partners (Swiss Bank Corporation later acquired them), and Sir John Marks Templeton, who founded the Templeton Mutual Funds.