CFA Salary is what drives both the young graduates and those who want to change careers to Finance. If you are good with figures and like monitoring situations, then this is certainly the job for you.
You must be wondering why this is so, but the astronomical salary ranges is what attracts most people to this profession which gets better with work experience. Anyone with a passion for figures, finance and investment would be interested in pursuing such a career.
Chartered Financial Analyst (CFA) is the title accorded to those who successfully complete the professional exams. These are done in three parts and examined at the end of each section. They are mainly undertaken after an undergraduate course in Finance, Economics or even Administration.
The course is very costly and not everyone passes. In fact, the failure rate is so high and this discourages most people. This is because the exams are also very hard and requires a very dedicated person to successfully complete the course. This is one of the reasons why the profession is quite distinguished and the few qualified CFAs are highly respected worldwide.
It is an internationally recognized exam and as soon as you qualify, you can work anywhere in the world. This line of work has its own standards and ethics which must be followed by those who are in practice.
Anyone with a desire to pursue this career should not be discouraged by the number of those who fail the professional exams. The CFA Salary rewards are so much greater in the long run once you become successful and this alone should be enough motivation.
Factors that determine the level of the CFA Salary
There are several factors that may determine how much a CFA earns and these are outlined below:
Work experience: The experience gained from working in a CFA position, particularly in a financial or investment institution is usually of great importance and is considered when negotiating for a CFA salary.
Performance of the CFA: The excellence portrayed by the holder is another factor considered by any employer and this is usually shown by the track record of the person. The higher the performance the more the pay.
Organization: Financial institutions and the private companies that record high profits are likely to pay much more than those institutions that do not. These are non commercial entities such as hospitals, or public corporations.
Location: There are some CFAs working in cities which have very high standards of living, and the organizations they work for, usually factor this in their salaries.
Qualification level: This is one of the main determining factors of a CFA Salary, such that a fully qualified analyst will earn much more than one who is not fully qualified and may have passed only one or two sections instead of the mandatory three.
CFA Salary Scale
This qualification is so reputable and notable such that a basic starting salary may begin at $50,000 per annum. This is quite high by any standards and the sky is the limit for a young graduate who starts out their working life from such a level. It just goes to show how marketable the course is. The upper limits for CFA Salary may go beyond $200,000 annually and above, depending on the factors highlighted above.