Designation Descriptions

CFA – Chartered Financial Analyst

The Chartered Financial Analyst (CFA) charter is a globally respected, graduate‐level investment credential established in 1962 and awarded by the CFA Institute, the largest global association of investment professionals.

There are currently more than 150,000 CFA charterholders working in 163 countries. To earn the CFA charter, candidates must (1) pass three sequential, six‐hour examinations, (2) have at least four years of qualified professional investment experience, (3) join CFA Institute as members, and (4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.

High Ethical Standards

The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to:

  • Place the integrity of the investment profession and the interests of clients ahead of their own personal interests
  • Maintain independence and objectivity
  • Act with integrity, competence, and respect
  • Maintain and improve their professional competence
  • Disclose conflicts of interest and legal matters

Global Recognition

Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending over 300 hours of study per exam level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders, often making the charter a prerequisite for employment.

Additionally, regulatory bodies in 40 countries recognize the CFA charter as a proxy for meeting certain licensing requirements. More than 550 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses.

Comprehensive and Current Knowledge

The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed‐income and equity analysis, quantitative methods, corporate finance, alternative and derivative investments, economics, financial reporting and analysis, portfolio management, and wealth planning.

The CFA Program curriculum is updated every year by experts from around the world. Such updates ensure that candidates learn the most relevant and practical new tools, ideas, and investment wealth management skills to reflect the dynamic and complex nature of the profession.

To learn more about the CFA charter, visit cfainstitute.org.

CFP® – CERTIFIED FINANCIAL PLANNER™

The CERTIFIED FINANCIAL PLANNER™(CFP®) certification is a voluntary certification that is recognized in the United States and a number of other countries for its (1) high standard of professional education, (2) stringent code of conduct and standards of practice, and (3) ethical requirements that govern professional engagements with clients. Currently, more than 83,000 individuals have obtained CFP® certification in the United States.

To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:

  • Education Requirement: Complete an advanced college‐level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a bachelor’s degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning;
  • CFP® Certification Examination Requirement: The examination, administered in two three-hour sessions over one day, includes case studies and client scenarios designed to assess one’s ability to integrate and apply a broad base of financial planning knowledge in the context of real life financial planning situations;
  • Experience Requirement: Complete 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements; and
  • Ethics Requirement:Agree to adhere to the high standards of ethics and practice outlined in the CFP Board’s Code of Ethics and Standards of Conduct and to acknowledge CFP Board’s right to enforce them through its Disciplinary Rules and Procedures This demonstrates to the public one’s agreement to provide personal financial planning in the client’s best interest and to act in accordance with the highest ethical and professional standards for the practice of financial planning.

Ethics and Continuing Education (CE)

Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:

  • Complete thirty hours of continuing education hours every two years, including two hours on the Code of Ethics and Standards of Conduct, to maintain competence and keep up with developments in the financial planning field;
  • Complete a Certification Application every two years, which includes an acknowledgement of voluntary adherence to the terms and conditions of certifications with the CFP Board. The CFP Board monitors CFP® professionals’ ongoing compliance with its ethical standards in addition to investigating consumer complaints, reviewing reports from other regulatory bodies and the press, and searching FINRA’s Central Registration Depository system; and
  • Pay an annual certification fee.

CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, LLC. These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.

To learn more about CFP® certification, visit cfp.net.

AIFA® – Accedited Investment Fiduciary Analyst®

The Accredited Investment Fiduciary Analyst (AIFA®), designation is granted by fi360, formerly known as the Center for Fiduciary Studies. It is the first and only designation that focuses on the process of conducting fiduciary assessments. Those who earn the AIFA® mark, successfully complete a specialized program on investment fiduciary standards of care, pass a comprehensive examination and attest to a Code of Ethics. The AIFA® designation represents a thorough knowledge of and ability to apply the fiduciary Practices. AIFA® designees learn the Practices and the legal and best practice framework they are built upon. AIFA® designees have a reputation in the industry for the ability to implement a prudent process into their own investment practices as well as being able to assist others in implementing proper policies and procedures. AIFA® designees are qualified to conduct independent fiduciary reviews for nonprofit endowments and foundations, ERISA retirement plans, private family trusts and high net worth individuals. AIFA® designees possess the ability and knowledge to advise clients of deficiencies in investment processes. It is also the required mark to perform CEFEX Fiduciary Certification, the independent recognition of a fiduciary’s conformity to all fiduciary Practices and Criteria.

Prerequisites

To become an AIFA®, one must have graduated from fi360’s AIF® training. In addition, there are specific prerequisite work experiences. Currently, there are approximately 10,900 active AIF® designees and 450 active AIFA® designees across several countries.

Additional Requirements

Once accredited, AIFA® designees have the following obligations:

Sign and agree to abide by a Code of Ethics. Complete appropriate continuing education requirements of ten combined hours of continuing professional education each renewal year (at least six hours must be accumulated from fi360-produced sources).

Maintain current contact information in fi360’s designee database.

Remit annual dues.

To learn more about the certification, visit fi360.com.

ChFC® – Chartered Financial Consultant®

The ChFC® designation has been a mark of excellence for financial planners for over thirty years and currently requires more courses than any other financial planning credential. The curriculum covers extensive education and application training in all aspects of financial planning, income taxation, investments, and estate and retirement planning.

To attain the right to use the ChFC® marks, an individual must satisfactorily fulfill the following requirements:

  • Education Requirements: ChFC® candidates must complete eight college-level courses. The required courses include Financial Planning: Process and Environment; Fundamentals of Insurance Planning; Income Taxation; Planning for Retirement Needs; Investments; Fundamentals of Estate Planning; Personal Financial Planning; and Contemporary Applications in Financial Planning.
  • ChFC® Examination Requirements: Eight closed-book, course-specific, proctored exams;
  • Experience Requirements: Candidates are required to have three-years of full-time, relevant business experience; and
  • Ethics Requirements:  Must adhere to The American College’s Code of Ethics, which includes the following professional pledge: “I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself.”

Ethics and Continuing Education (CE)

To retain the Chartered Financial Consultant® designation, a ChFC® must complete the Professional Recertification Program. Designees are required to obtain thirty hours of continuing education every two years, with at least one hour of ethics CE required as part of that total. Annually, designees must recommit to The American College of Financial Services standard of ethics, reconfirm client-facing status, update their contact information, and pay the membership fee.

To learn more about the ChFC® designation, visit TheAmericanCollege.edu/ChFC.