Why go for Financial Certifications ?

Most newcomers want to find out how to help the financial certifications them with their professional ambitions and the test makes the most sense to go.

Given the fact that the candidates are from different backgrounds, the answer can not be generalized. There are some that are already in some way related to the financing of industry, some come with IT background, some have already a solid knowledge of financial products and instruments involved and a good general knowledge of the industry, then there are those who before go for a graduation degree in quant, wants to build a solid foundation with an official test.

Some of the most sought after certifications are:

> Chartered Financial Analyst (CFA) offered by the CFA Institute (formerly AIMR known):

Three levels –

* Level I: Introduction to the asset valuation, financial reporting and analysis, and portfolio management techniques.

* Level II: asset valuation and includes applications of the tools and resources (including the economy, financial reporting and analysis, and quantitative methods) in asset valuation.

* Level III: Portfolio management and includes strategies for applying the tools, inputs, and asset valuation models in managing equity, fixed income and derivative investments for individuals and institutions.

> Financial Risk Manager (FRM) offered by GARP – Global Association of Risk Professionals

Two parts –

Part I:

* Financial markets and products

* Fundamentals of Risk Management

* Quantitative Analysis

* Valuation and Risk Models

Part II:

* Market Risk Measurement and Management

* Credit Risk Measurement and Management

* Operational and Integrated Risk Management

* Risk Management and Investment Management

* Current Issues in Financial Markets

> Professional Risk Manager (PRM) offered by PRMIA – Professional Risk Managers’ International Association

Four tests –
* EXAM I: Finance Theory, Financial Instruments and Markets
* EXAM II: Mathematical Foundations of Risk Measurement
* EXAM III: Risk Management Practices
* EXAM IV: Case Studies, PRMIA Standards of Best Practice

, Conduct and Ethics, Statutes
Then there are others such as:
> The Financial Services Authority (FSA) to finance a universal UK regulator, you can use two tests to take, either together or separately, and there are also certificates in investment management and corporate finance, when you walk down this path. (Www.sii.org.uk)

> Associate of the Association of Actuaries (ASA) – the focus of basic concepts and techniques for modeling and control of risks

> Chartered Enterprise Risk Analyst (CERA) – centers around knowledge in identifying, measuring and managing risks within risk-bearing enterprises

> Fellow of the Society of Actuaries (FSA) – deals with financial decisions are made by companies on the pensions, life insurance, annuities, health insurance, investment, finance and risk management including the application of advanced concepts and techniques for modeling and risk management. ( http://www.soa.org/education )

The thing is they all have in common is that these certifications:
> Help you to better equip you with the basic knowledge to a career in the financial world to pursue
> You Empower by credentials for your resume
> Expand your professional opportunities
> Gives you the opportunity to work with some of the world’s leading financial professionals

Network
Let’s consider what the most sought after certifications in store for you:

Speaking from the perspective of curriculum:

The FRM curriculum goes into detail on the areas of financial and non-financial risks during the CFA curriculum a broad overview of financial analysis generally provides.

The FRM Level 1 curriculum is a part of the CFA curriculum overlap, etc., especially in the areas of quantitative analysis, portfolio theory, derivatives and fixed income securities

The FRM and CFA overlap is minimal at Level 2. However, some concepts that are short in the CFA curriculum, such as Value at Risk mentioned, credit, risk budgeting and hedge funds, on Level 2 in the FRM curriculum expanded.

Exclusively for the tests FRM readings on the operational and integrated risk, Basel II, current issues in financial markets and case studies in risk management.

Roughly speaking, the FRM exams tend to have more of a quantitative focus than the CFA exams.

What PRM curriculum, it is almost the same as the FRM curriculum with an overlap of almost 80-90%.
PRM is a bit on extensive and rigorous quantitative part. CFA or Actuary, a risk management certification, rather PRM because it granted them tax exemption of up to two tests.

CFA and FRM exam is slightly more popular among test participants and the employers because it has a longer history, however, PRM is fast gaining ground, and all three names have come to equally respected.

Talking about the job:
The key thing to note that labor markets are different.
The CFA is useful when you are on, equity research work or, say, want to be a debt analyst.
The FRM / PRM would be more relevant, a risk manager.
For other jobs Financial Services (eg consulting, sales, management), these credentials elements complement your entire presentation.
Like the MBA, it does not buy you progress per se, but you increase your CV.

Let me assure you that among the industry, there is still no “argument” for or against one of the tests.

To take a look at the curriculum, test structure and especially the long term to make your career goals, which is a suite you the best.
Once you dive in zero, again!

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