The rise of the CFA program

Businesses in the subcontinent are changing. This change, as much as it has been on the saddles of globalisation, has also been facilitated by the need to provide a sustainable enterprise customised for today's needs. After all, modern Bangladeshi companies do not want to be left behind globally-effective business practices. They can no longer be content with the traditional means of surviving by just making a profit.

In the relentless pursuit of professionalism and technical discipline, traditional businesses look forward to a future where they can easily compete on a global scale. Their preference, therefore, is to employ those who have been tried and tested in their chosen field. Job seekers are now finding a positive response from employers if they possess globally recognised professional degrees and certifications on their CV.
At BRAC EPL Stock Brokerage, one of the highly modernised brokerage houses of Bangladesh, the research department is increasingly looking for not only Finance majors from the top universities of the country but also CFA (Chartered Financial Analyst) qualified candidates. This means that while having excellent results in Finance and superb communication skills are prerequisites of the job, a CFA charterholder or a part-CFA holder has his additional, globally-recognised degree to attest to the technical skills of the candidate. In short, it sets the bar another notch higher.
Asif Khan, Deputy Head of Research at BRAC EPL Stock Brokerage Ltd, explained that this professional qualification holds great value due to its universal standard. Universities have their own subjective ways of scoring and grading their students so a student with similar results from two different institutions may in fact have significantly differing abilities. The CFA Program however is the same exam globally, whether it is in Dhaka or in New York, and thereby anyone who passes all three parts must be of a minimum calibre.
The title of a CFA therefore can carry a significant amount of weightage as to one's market value and employability. Asif reiterated the importance of the CFA in the context of a top tier brokerage firm.
“Our 7-member research team is composed of CFAs and part-CFAs. My immediate manager, the Head of Research, is also a CFA. We all research on stocks continuously. We try to understand what is happening in the macroeconomy and determine the effects of politics and other issues on the key sectors that we are working in. With all these analysis, we provide concrete knowledge about the stocks to our foreign and local clients for informed decision-making. Such an arduously technical job requires employees who are tried and tested in Finance and Investment analysis. And the CFA Program does exactly that.”
Offered by the CFA Institute, the CFA program is divided into three levels: Level 1, Level 2 and Level 3. The minimum criteria for anyone appearing for the CFA exams is a four-year equivalent bachelors' degree. The earliest a student can start giving the exams is from the 4th year of his or her bachelor's degree. At GradConnect, we consult a lot of ambitious students from Bangladesh's top institutions, including the University of Dhaka and IBA, who look forward to appearing for the level 1 exams from the 4th year of their undergraduate degree.
Within each of these levels, there are broadly ten topics and due to the program's technical nature it is focused around the ability to understand quantitative financial concepts and apply them. The range of topics include economics, quantitative analysis, corporate finance, portfolio management, derivatives  and also ethics.
The examination is typically offered once a year in Bangladesh and therefore any failure will require another full year of recovery. The rigor of these comprehensive exams is the primary reason behind why recruiters put a lot of faith in the abilities of a CFA charterholder. It really is no surprise why financial institutions are preferring candidates who have successfully completed the program.
It is primarily designed for those seeking careers in investment and equity analysis but is also beneficial for those in other analytical jobs involved in businesses with the money market, particularly when it comes to fund management. Students or young graduates considering this pathway need to be wildly passionate about finance. They must be very well-read and well-versed in this area and must be devoted enough to build a life on such a technically-challenging and highly-demanding subject.  
Asif Khan, for instance, exudes genuine passion for the subject and the industry he is working in. Whenever he is on vacation or not working during weekends, you will find him at home cuddling up to a book about finance and how financial markets work. He is dedicated to the field and is typical of those who are successful in the field.
The 21st century business world has brought in its fair share of challenges and Bangladeshi enterprises now seek talented individuals who can hold represent these businesses globally. The CFA program provides training for such individuals and will become a cornerstone for the ambitious youngsters interested in building careers in finance.

The author is Lead Manager, Content & Analytics at GradInsights, the career intelligence service of GradConnect. Please visit www.grad-insights.com for more articles.