The CFA Institute, responsible for creating the curriculum, code of ethics, and exams that underlie the Chartered Financial Analyst designation, recently announced major changes to its testing program. The CFA Institute believes that changes to its most vigorous, three-level testing program are the most significant changes in 60 years.
The testing program changes include a specialized path for private wealth advisors, reducing the volume of study materials, increasing the opportunities for practice exams, and elevating the formal acknowledgment of completing Levels I and II exams. For example, the private wealth path will cover client management, wealth structuring, investment planning, and ethical issues such as the fiduciary duty of care.
In an effort to streamline study requirements, the organization has removed the core curriculum introductory material most candidates already have learned, such as introductory economics and statistics, according to WealthManagement.com. Chris Wiese, the managing director of the CFA Institute, believes the changes will raise the CFA's relevance in the eyes of both candidates and employers, including those working in wealth management and private markets.
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