Quick guide to key professional designations in finance (2024)

CFA: Chartered Financial Analyst

• Candidates must learn a broad range of portfolio management and advanced investment analysis skills, and develop a deep knowledge of investment analysis and ethics.
• Must have a bachelor’s degree, be in the final year of their degree, or have some combination of work experience and higher education.
• Candidates must pass the 3 qualifying exams.
• 900+ hours of self-study.
• 4,000 hours of qualifying work experience.
• CFA charter is granted by CFA Institute and recognized globally.

Common roles: Portfolio Manager, Research Analyst, C-Level Executive, Consultant and Risk Manager.

MBA: Master of Business Administration

• Candidates gain a broad knowledge of core business concepts with some opportunity to specialize.
• Takes 2–4 years to complete depending on the program. Executive MBAs typically require fewer overall classroom hours and enable candidates to continue working while completing their degree. Some universities offer 12-month accelerated programs.
• Some accredited programs are recognized globally, but not every accredited MBA will be widely recognized.

Common roles: Senior management or C-Level, in a multitude of industries beyond traditional finance, given the broad applicability of MBA training.

CIM: Chartered Investment Manager

• Qualified to evaluate and manage all aspects of client investment portfolios, including sophisticated strategies.
• Candidates must complete 3 or 4 courses, which equals around 450 hours of self-study. Each course requires candidates to pass a related final exam.
• Candidates must first complete the Portfolio Management Techniques (PMT) exam.
• Designation is conferred by the Canadian Securities Institute.
• Only recognized in Canada.

Common roles: Discretionary investment and portfolio management services-focused roles like an Investment Counsellor or Portfolio Manager.

CAIA: Chartered Alternative Investment Analyst

• Trained to assess alternative investments such as hedge funds, venture capital, and private equity.
• Candidates must pass 2 qualifying exams. Candidates with the CFA charter can bypass the Level I exam.
• Average of 200 hours of self-study per level.
• CAIA is a globally-recognized credential.

Common roles: Various positions with any hedge fund, venture capital, private equity, or real estate firm. Also well-suited to anyone managing derivatives books or a trading desk.

CPA: Chartered Professional Accountant

• Must adhere to the highest standards of accounting, ethics, and best business practices with rigorous critical knowledge, analytical and decision-making skills.
• Candidates must have both an undergraduate degree and specific subject area coverage, in order to pursue the CPA designation.
• Candidates must pass the Common Final Examination, a 3-day exam.
• Designation granted by Chartered Professional Accountants Canada.
• Recognized wherever CPA Canada has membership recognition agreements with international accounting bodies.

Common roles: Accountant, Auditor, Controller, as well as various positions with consulting firms. They are also CEOs, senior executives, board members, and management consultants.

CFP: Certified Financial Planner

• Gains knowledge, skills, experience, and ethics to examine a client’s entire financial situation. Can help with financial planning and give advice on investment products and strategies.
• Takes 3 to 4 years to complete (through FP Canada).
• Candidates complete a range of educational and professional requirements, including the final examination.
• Requires 3 years of relevant work experience.
• Designation is granted by the Financial Planning Standards Council.
• CFP is the internationally recognized standard for financial planning.

Common roles: Financial Consultant, Financial Planner, or Investment Advisor.

RFP: Registered Financial Planner

• Dedicated planners who provide impartial, comprehensive financial planning advice and who are also well-versed in estate and tax planning.
• Candidates must pass 2 qualifying exams:
  • The Technical Competency exam, which is a complex case study; and
  • The Ethics & Practice Standards exam.
• Candidates must first complete all CFP requirements (or equivalent). Many individuals who pursue the RFP are already CFPs.
• RFP designation is conferred by the Institute of Advanced Financial Planners

Common roles: Financial Consultant, Investment Advisor, or member of an advisor’s team.

PFP: Personal Financial Planner

• Comprehensive financial planning expertise with designees getting trained in financial products and estate planning.
• PFP designation is considered secondary to the CFP designation.
• Candidates must pass the Applied Financial Planning (AFP) Certification Examination.
• Designation issued by the Canadian Securities Institute.
• Recognized throughout Canada, with the exception of Quebec, since different rules govern the use of the term “financial planner” in that province.

Common roles: Financial Consultant, Investment Advisor, or member of an advisor’s team.

• Career Path
• CFA