FMVA vs CFA Certification
Picking the proper education program to spice up your career is extremely important, and this may help shed some light on the main differences between the 2 programs. you'll also learn more about the FMVA financial modeling certification at CFI’s website.
Side by Side Comparison
|Number of Levels
||$4,000 to $5,000
|Certification Pass Rate
||Financial Modeling, Valuation
||Portfolio Management, Investing
|Method of Testing
|Study Time (hrs)
||100 – 200 total
||300 – 350 per exam
The main differences come down to class, cost, and length of time to complete. The CFA program has a heavy focus on portfolio operation and is geared towards professionals in the investment operation assiduity. The FMVA ® program is concentrated on fiscal modeling and valuation chops that are needed for commercial finance careers similar as investment banking, equity exploration, private equity and commercial development.
CFI’s FMVA class is an immersive, each- encompassing platform that's designed to develop the specialized chops used by all data of fiscal services judges from advanced fiscal modeling through donation and pitch balconies across multiple jobs and design types.
The program begins by erecting a strong foundational understanding of the tools, ways, and software used by real professionals day moment in the field and farther expounds on that foundation in practical simulations which reflect the type of assignments judges generally face.
The program takes roughly 6 months and covers about 10 core generalities from introductory position information through advanced and expert position operation. The class concludes with a final test which runs for roughly three and a half hours and includes modeling case studies amounting to about a third of the total test.
Participation and completion of this program will truly enable an aspiring critic to understand the most advanced and complex modeling practices across a wide array of functionality and operations.
class is the most comprehensive finance-focused class there is. It's incredibly rigorous, with three situations that each bear an estimated 300 hours of total study time to cover the generalities within each separate class.
In order to advance from position to position, a roughly three-hour proctored culmination test is needed in which recent pass rates show that lower than 1 in 4 actors successfully pass. The CFA is the most prestigious professional designation in the fiscal services assiduity.
Who Should Do It?
The FMVA program is a top- notch option for anyone that would like to develop and edge their specialized professional chops, especially as they relate directly to modeling and donation balconies in commercial finance. This program is perfect for any Critic position position.
The CFA is ideal for those pursuing exploration or premonitory places. Unlike the FMVA program, it isn't as explicitly applicable for those pursuing commercial finance career paths.
Career Applications/Job Opportunities
CFI’s FMVA program is superb for analysts altogether industries of monetary services, especially investment banking and other finance fields. It is unmatched in its comprehensive curriculum and skill to show highly relevant and advanced skills that each one analysts would enjoy knowing on the work.
The CFA designation is so well revered that it's practical benefits to any industry in finance but is particularly useful for those in equity research, portfolio management, and investment advisory. It’s the appliance in finance is a smaller amount relevant than that of the FMVA, but it's certainly a robust thanks to prove a tutorial commitment to the study of finance. It is especially relevant to the aforementioned equity, fixed-income, research, portfolio management, and investment advisory fields.
Curriculum & Study Materials
Corporate Finance Institute
’s FMVA program has top-of-the-line presentations and case studies taught during a clear and interesting manner and supplemented by interactive modules along the way, which repose on foundational skills through a relevant and realistic final concept product.
The CFAI study resources are drought and dull. They read like dictionaries, especially the more technical concepts like quantitative chemical analysis or financial reporting.
Thoughts on Pricing & Timeline
CFI’s FMVA program costs $800 for the full-immersion program, which includes access to Pitchbook Data, Macabacus Excel Plugin, and S&P Capital IQ. For the precious skills this program provides, it's quite worthwhile.
The cost to register for the CFA exam for the first time is approximately $1,200. The cost of optional private instruction or prep curriculums from leading providers like Kaplan-Schweser, Manhattan Prep, etc is roughly $1,200.
All about Final Exam & Exam Pass Rate
The total cost of all 3 levels (assuming no retakes) and prep courses for each level is approximately $8,000, which is a significant investment. If you are doing plan to engage during this program and are paying for it out of pocket, it's imperative that you simply take it seriously.
CFI’s FMVA only requires one final examination to be passed. It is an open note and includes 3 modeling case studies additionally to a good sort of relevant multiple-choice problems covering the concepts throughout the course.
The exam is difficult, and there are not any retakes unless for special circumstances granted on a case-by-case basis. The required pass rate is 70%. The exam is 3 case studies and about 60 additional multiple-choice and matching problems.
The CFAI curriculum has 3 levels, each with its own exam. The exam is obtainable quarterly and is now computer-based as of 2021. The exam is incredibly challenging, with pass rates from the foremost recent exam period as follows:
20% pass rate.
Level 1 is 4 hours proctored, with two sections each consisting of 90 3 answer Multiple Choice questions.
40% pass rate.
Level 2 is 4 hours consisting of 50 long-hand problems.
51% pass rate.
Level 3 is 3 hours consisting of 13 vignette-style questions.
The minimum required passing score isn't public information but is estimated to be around 70-75%.
Views on Learning Experience
The learning experience is practical and relevant and the quality of instruction and learning outcomes is immense.
The skills you'll develop apart of this program will serve you daily altogether practical applications and job functions.
The learning experience is rigorous and impractical, as many of the concepts covered by the exam are often not relevant to any particular job function and are generally expansive. The material is learned to pass the exam, instead of to serve a practical function on the work.
Conclusion: FMVA Vs CFA?
As we did, we think they're both incredibly valuable designations and it's certainly a badge of honor to participate and complete both curriculums.
We recommend those early in their career to start with the FMVA program and for those that are further along and more advanced, with less technical skill requirements on a day-to-day basis for his or her job role and performance , and with a more accommodating work schedule to pursue the CFA.