Highly valued for CFA in the United States

CFA vs. CIIA

CFA vs. CIIA

Does anyone know about these certificates?
The CIIA only lasts 8 months while the CFA takes at least 3 years. I don't necessarily have to go to America to work. As far as I understand it, the CIIA is on an equal footing with the CFA in Europe. Or can there be wage differences?

thanks

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Re: CFA vs. CIIA

CIIA has a different approach.
Face-to-face events, etc. - that makes it expensive.
CFA is only compulsory participation in the exams (you have to pass 3 exams or levels). Level can be written in June / December every year, level 2/3 only in June (always the 1st Saturday).
I find the CFA more interesting because of the worldwide standardization (a lot of the US-specific has been removed, so now more for the "world").

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Re: CFA vs. CIIA

The CFA is the internationally recognized training. Incidentally, you now need 4 years of professional experience for the CFA (and 3 exams, although you can definitely start with Level 1 during your studies). Then you take the other two exams on the side and finally you complete your 4 years of professional experience.

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Re: CFA vs. CIIA

The CIIA and the CFA are almost 100% the same in terms of content. The CIIA and the CFA are, however, competing training concepts. The CFA comes from the USA. Continental Europe, Asia and Latin America did not want their analyst training to be dictated by Anglo-Saxon standards. That is why the non-Anglo-Saxon core financial markets have created their own analyst training: the CIIA. This is currently offered in 30 countries and 11 languages ​​and is uniformly checked worldwide, including in: Switzerland, Germany, Japan, Hong Kong, China, France, India, Korea, Brazil, Luxembourg, Russia, but also, for example, in London and New York (as well as the CFA, which is also checked in the financial centers outside Anglo-Saxony). Differences in training: each CIIA member country offers its own preparation for the CIIA exams. This usually consists of three parts: National Exam, Foundation Exam, Final Exam (this final exam is taken globally in a standardized manner). Only a standardized "manual" offered worldwide is binding for the CIIA finals, which contains the entire CIIA knowledge ("common knowledge base") including further literature recommendations. How long each candidate needs to prepare for the CIIA final exam based on these documents is up to them. However, the national CIIA member associations often offer preparatory courses. In Germany this is organized by the DVFA, which offers an eight-month preparatory course (cost: 12-15,000 euros). In Switzerland, the preparatory course organized by the SFAA lasts 18 months, for example, and in other countries the modalities are different. Nevertheless: The worldwide CIIA final exam, which is offered twice a year, is then the same for all countries and participants. The failure rate in the final exam is around 40-60%. Before that, however, a number of candidates fail the National and Foundation exams, which must first be passed in order to be admitted to the final exam. After passing the exam, proven membership in an analyst association and three years of professional experience, you can then use the title CIIA, which is awarded by the ACIIA (Association of Certified International Investment Analysts).

In principle, the CFA is organized in a similar way, only basically everything is self-paced. Accordingly, it is much cheaper to have (around 4000 USD). The three levels correspond more or less to the CIIA level, but all three levels are globally uniformly checked. This then leads to the prospective CFA mainly dealing with Anglo-Saxon capital market standards, while the CIIA also sets national or regional priorities here (e.g. European capital market law instead of Anglo-Saxon or IFRS instead of US GAAP or the DVFA code of ethics vs. CFA ethics -Code etc.). The failure rate recorded by the CFA Institute since the 1960s averages 50% across all three CFA exam levels, with the failure rate decreasing upwards. Significantly more test items fail in Level I than in Level III.

In conclusion, it must be said that both programs are top training courses that are really worth their money and commitment. Certainly in the USA the CFA is the training preferred by employers, while in Europe and Asia the CIIA is more and more preferred and sponsored. It can also be observed that both competitors are becoming increasingly networked with one another. Both analyst associations have founded the so-called "International Council of Investment Associations" in order to represent common interests worldwide.

So: CIIA more expensive, focus on Europe / Asia, possibly faster (especially in Germany); CFA cheaper, focus on USA / GB, possibly slower (as soon as possible after approx. 2 years)

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Re: CFA vs. CIIA

So you are very clear, the CFA is much more recognized.

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Re: CFA vs. CIIA

... but not in Europe or Asia - that was once the CFA was more recognized - quality decides, not the past ...

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Re: CFA vs. CIIA

... in summary, everywhere except in the usa, CIIA is more recognized, but harder because it is shorter, while the CFA is available for Americans over a longer period of time with the same content for less money ...

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Re: CFA vs. CIIA

Is there a forum or similar somewhere on the net where candidates / graduates for the CFA or CIIA can exchange ideas and share experiences? Unfortunately I haven't found anything yet ...?

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Re: CFA vs. CIIA

The CFA is definitely the more recognized education - all over the world. Even if you want to work in Frankfurt and not in London, Frankfurt is heavily influenced by Anglo-American banks (one can in principle also include Deutsche Bank :) - everyone who has already worked at IB for DB will understand to have).

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Re: CFA vs. CIIA

Somehow I don't find this discussion particularly intelligent. Is it about being able to use the "fame" or the knowledge that you have acquired? Ultimately, your involvement in the workplace decides whether you really have the matter under control or are simply a gossip.

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Re: CFA vs. CIIA

How tough is the CFA really if you only have "normal" English know-how? In other words: no stay abroad.

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Re: CFA vs. CIIA

In addition to the fact that you have just unearthed a dead body, you should be more careful in economics. Keyword: signaling or screening in the field of economics of education.

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Linguistically, that shouldn't be a problem. The vocabulary required is relatively straightforward. In level 3, however, some of the answers must be formulated. What I found "hard" was the extent of the material. VG.

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Well, you will definitely have to read one or the other book in English during your studies ... Nothing else either

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are the degrees recommended if you work in finance accounting?

Please keep in mind that I do not do any examination work, but am on the client side and therefore a CPA, WP, tax advisor or similar is not an option.

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It doesn't do any harm. The whole thing is only remunerated in a relevant way in asset management or equity / credit research

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Re: CFA vs. CIIA

I am interested in the extent to which the CFA is useful when working in the area of ​​audit (financial services). Does anyone have any experience?

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Re: CFA vs. CIIA

If you want to stay in the audit, you are better advised with an ACCA or CPA.

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Re: CFA vs. CIIA

So at KPMG I know a lot of auditors from Financial Services who at least try the CFA.
The part is always welcome, it just underlines capital market knowledge. Above all, you can very easily take the part with you to another company if the WP is not your dream career ...

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Re: CFA vs. CIIA

This is only useful if you work more in audit risk management and have a lot to do with IAS39, derivatives, VAR, operational risks, reputation risks, etc. Otherwise, the CFA doesn't do much without WP. But it is a good stepping stone from Big4 into the risk management of a bank, to IB or 1st tier UB.

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Re: CFA vs. CIIA

Thank you for the answers!

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Re: CFA vs. CIIA

Well, for Risk Management more like FRM, the CFA is the degree for Asset and Fund Management or FO and M&A. The WP company certainly doesn't mind if the WP-Assis do it, but only a WP, ACCA or CPA or an actuary can be billed, while the client has nothing from the CFA.
But of course the title density of the CFA's in the WP's in FS suggests that one or the other does not want to tick the box permanently;).

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Re: CFA vs. CIIA

Does it just seem like that to me, or does everyone who can't find work want to take refuge in this program? -> like with the doctor ???

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what do you mean by ACCA? The diploma of accounting ??

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Nobody who has no job escapes into the CFA program; rather, in addition to having passed the examination, proof of professional activity of at least 4 years in these bone-hard areas is required for chartering. If everything fits and went well, you can quickly get over 100k.

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ACCA = Chartered Accountant for UK and large parts of EMEA

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Lounge guest wrote:

Does it just seem like that to me, or everyone who doesn't want a job
find refuge in this program ?? -> as with
Doctor???

A CFA is no more suitable as an escape from unemployment than a doctorate. You need professional experience to be able to use the title. And good grades and a lot of commitment for the doctor.

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Re: CFA vs. CIIA

This is my first time to hear about the FRM exam. Can someone say how this program is funded by the BIG4 and whether the BIG4 prefer the CFA after all?

Lounge guest wrote:

This is only useful if you are more involved in audit risk
management work and a lot with IAS39, derivatives, VAR,
operational risks, reputation risks etc.
Otherwise, the CFA doesn't do much without WP. But is a
a good stepping stone from Big4 into the risk management of a bank,
to an IB or 1st tier UB.

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Re: CFA vs. CIIA

Hello,

in my BIG4 society the WP is definitely preferred. A CFA is welcome, but does not help you in the audit.

So my question is, how is a CFA degree valued in the job market?

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Hello,

will now join the CIIA from Sep. start there are people here who have already been through this recently and could reveal a little of their experiences ???

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You can do the CFA regardless of professional experience, right? Well, I already know two fellow students who did CFA before their diploma, i.e. at least level 1.

Second question:

Does the CFA bring you something if you B. wants to go to IB, but does not come in due to the usual criteria, and therefore does something different, such as something with controlling, ideally if you are already working somewhere as an investment controller? Does this certificate increase your chances in retrospect?

Third question in brackets: Would the employment office also pay the CFA to an unemployed academic? It's quite expensive - so all in all ...

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Re: CFA vs. CIIA

The employment office certainly does not pay the CFA and the CFA is not a way out for unemployed academics. It's a whole other league. The approximately USD 3000 fees are a good investment, since an ascent, if everything else is right, can easily be over 100k annual income.

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The accent of my post is on question two ...

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Re: CFA vs. CIIA

Alternatives to consider for the free economy:
CIA and International Accountant.
One should not overdo it with the exams (-;

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Can someone please comment on the second question of the last post from July 18th. say?

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That I don't laugh when comparing CFA with the international accountant. Firstly, the CFA is not so much tailored to the accounting industry (see articles like "nothing in the audit", "at most nice to have with WP"), and secondly, it is more for industrial clerks who no longer want to study. The accountant can only advise people who have completed a degree in business administration (you downgrade yourself). If you have an IT affinity and want to go into auditing, a CIA or CISA can actually give you a career boost.

As I said, CFA is a must for portfolio management and can certainly open doors to other positions in the financial sector. Due to the focus in level 1 on accounting, people with experience in accounting have it a little easier in the first exam, but this is put into perspective very quickly in levels 2 and 3.

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In portfolio management, the CFA is more of a must. In the WP area, some are also on their way, but the time required with 3 x 300 hours is already considerable and spoils your social life for two to three years. It is better to put your energies into the professional exams. On the other hand, a WP with CFA is also very popular, as it is very rare and qualifies as a senior manager or partner at an early stage, provided the other criteria are also correct. Or there are high-profile opportunities for a switch to the financial sector. The CFA path is also a high-quality bridge for young Bachelor assistants who have to prove four years for the WP exam. Some start with Level I right after submitting their bachelor thesis.

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So the CFA is a significant increase in chances of getting from the non-financial world (what do I know, controlling, product sales ...) to the financial world?

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Re: CFA vs. CIIA

Hello everybody,

stupid question: I have a degree in business administration: Controlling, finance and accounting.

Do I "need" something like the CFA or has it been part of my studies for a long time?

In other words, I am trying to understand whether in my case the CFA could represent another additional qualification or should rather be viewed as "unnecessary repetition" ....

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Re: CFA vs. CIIA

It is another additional qualification that is internationally standardized and therefore recognized. There are some things that you already know, others that you don't yet know. I guess it will definitely help.

But my question is: Can the CFA from the controlling of an industrial company, for example, bring you into the financial world ???

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Re: CFA vs. CIIA

The CFA certifies a very broad and deep knowledge of the capital markets and brings bankers to a higher level with worldwide recognition in the field of investment banking or portfolio management. Even a Masters in Finance only covers part of the curriculum, and a Rewe graduate does not bring a lot of specialist knowledge to the table. Rather, it is important to be able to learn about 900 hours very well and in a structured manner with the highest level of self-discipline and partial renunciation of social life. For graduates who work in audit, accounting, controlling, etc., this is a path as a career changer in the world of finance. This is a small group of highly qualified financiers, of whom there are only 100,000 worldwide and around 7,000 in Germany.

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it is already clear to you that you need a degree to become an internal accountant? And that most accounting managers have this title and tend to have the attitude towards the WP people that they cannot book? The intern. Accountant has an extremely high reputation in the economy and is anything but easy. A degree in business administration is more like a basic qualification, like the Abitur. Nothing more.

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Re: CFA vs. CIIA

The CIIA community clearly dominates in Frankfurt and Zurich. Overall, the CIIA is also of higher academic quality. The CFA is geared too much towards the Anglo-Saxon countries and is easier to cope with due to the severely split and thus (too) long study time. So if you want to take your time, want to pay little and want to work in the UK / USA, choose the CFA. Otherwise: CIIA rules!

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Lol, in FFM as well as in Muc or Zurich the CFA clearly dominates, just have to look at my business cards.

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Re: CFA vs. CIIA

You're probably at a savings bank, right ???

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Re: CFA vs. CIIA

Exactly, with a Swiss savings bank with three letters.

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have not yet met anyone who has the ciia

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Re: CFA vs. CIIA

look in xing, there are already enough people .. :) Please Notice: This is an automatically translated article!

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Re: CFA vs. CIIA

Hello, I just clicked through your posts, because I'm currently interested in the ciia.I'm just not really aware of the requirements that should be brought with you here?
can someone give me some info. a degree is necessary or professional experience in the IB. How hardcore is the learning material and the exams, I always read something about the "toughest exam in the world" ... more like a marketing strategy, right?

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Re: CFA vs. CIIA

What does the toughest test in the world mean?
If I have to be able to produce 3000 pages in 3 days, it is also one of the toughest tests in the world.
It's mostly about the crowd and the time available for it

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The high drop-out rates are explained by the fact that many in the USA simply do not have the level and you can do that without a university degree (provided you have work experience); In addition, many do this alongside their job, i.e. in the evening, which certainly complicates the fact. If you are still fresh with the content of your studies and had a lot in funding, you will definitely be able to do it (with learning, of course).

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But you really drew the A card ...

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Hi @
rather, I am concerned with the CFA during unemployment.
In the CFA regulations it is very clear that the CFA is exclusively with bachelor "or equivalent" (although this is not very plastic for me, since a "normal" US degree, if it does not come from a Stanford or Harvard, does not have an EU -Standard is comparable) + 4 or 5 years of finance experience in Corp. Fin. Asset Mgm. or M&A so very clear financial training.
Can I still enroll as unemployed?
Or is that an absolute NO-NO ;-) diarrhea criterion ???

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It means that you can only wear the Tital if the criteria are met! It doesn't mean you can't get started yet. After the 3rd level you just have to provide the certificate.

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Enrolling in the CFA program is always possible - some even do so as students. The evidence is only to be provided for the charter (according to Level III). I have my doubts whether this is so great as a replacement or bridging unemployment.

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What is it all recognized? Is there a listing?

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yes there is on their website.

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yes, everything is listed on the homepage ...

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Re: CFA vs. CIIA

Hello,

I, Dipl. Kfm. SP Marketing / Statistics, worked 9 years in business development for the pharmaceutical and chemical industries. I have been interested in the stock market for many years and have worked as a day trader for 6 months.

My own portfolio was once checked by Gottfried Heller and another investment expert from a private bank. Both were very pleasantly surprised. Quote:? If you did this on your own, you did it very, very well.?

I am very interested and fascinated by this whole area and therefore I would like to work in fund management etc. I would also be willing to complete the CIIA training at my own expense, provided that I have a realistic chance of getting a job there afterwards.

Question: With this background, do I even have a chance in the area of ​​fund / asset management? Is that realistic or is it more wishful thinking.

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Hello,
does anyone know whether the level of the Schweser questions is above that of the original exam questions?

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Does anyone know what percentage you need to pass? Do you have to pass every part or all of it?

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The assessment of the exams is and will remain a big secret and also depends on the overall picture of the performance of the current candidates. It remains completely unclear where the yardstick is and there are no grades or a transcript of records. In general, all parts must be passed. Recently, Chinese and Indians have been taking the exams and the Europeans are already outweighing them.

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there is no fixed information on the pass rate. with 70% correct answers you were probably always through in the past. A part can also be 0% if the other parts get points accordingly. ethics is very important.

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Mmh, the second post from 11/21/2010 writes that all parts have to be passed, whereas the third writes that even a 0% part can be included.

Apparently nobody knows. lol

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And? Does anyone have secure information?

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Do you need information about the CFA or the CIIA? To obtain the CIIA degree, you have to pass all modules in the last level (i.e. the 2nd) (that's three). However, two to three "subjects" are combined in one module. For example, accounting and equity analysis are then included in one module. I am available for further information, I completed the CIIA in 2008.

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I wrote the CFA I in FFM last week: it was crisp;)
Respect for people who have the title in their pockets.

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The fact that CFA and CIIA are identical in terms of content is really not true, CFA is much more extensive in the basics.

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Hello,
I would like to know more about the CIIA. I intend to start the training in March 2011. How much time (hours per day) do you actually have to reckon with and how profound must the previous knowledge be? I have been working in investment controlling for several years. I took the "Investment Fund Manager" certificate course at the banking academy in 2005 and 2006, is that helpful? I would be very happy to receive your feedback (I can think of many more questions) Best regards

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Re: CFA vs. CIIA

Who can make the CIIA documents available to me?

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Re: CFA vs. CIIA