
CVA test success - Certified Valuation Analyst (CVA) Updated: 2023 | ||||||||||||||||||
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Exam Code: CVA Certified Valuation Analyst (CVA) test success November 2023 by Killexams.com team | ||||||||||||||||||
CVA Certified Valuation Analyst (CVA) Certified Valuation Analyst® (CVA®) Determine, Defend, and Maximize Company Value™ Business valuation is the "Gold Rush" of the century. 10 million small businesses will change hands over the next 10 years. Could you confidently advise your clients if they came to you faced with these issues? An opportunity arises to sell or merge the business. They are faced with transitioning the business to family members or other partners. They are looking to expand the business and need to secure capital. They are taking on new partners and need to determine buy-in price. They are reaching retirement and considering an exit strategy. Business partners or shareholders are exiting, requiring the business to be divided or dissolved. They are embroiled in financial litigation. They want to focus energies to grow company value. Establish your authority in matters of value! Bolster your reputation with your clients. Enhance your credibility within the business community. Demonstrate competency to the courts that you can articulate business value. I. OVERVIEW 4.0% A. Purpose for business valuation 0.5% 1. Financial accounting 2. Tax valuations 3. Litigation 4. Merger and acquisition B. Standards of value 1.5% 1. Definitions of standards of value, including a) Fair market value (U.S. based definition as starting point) b) Statutory fair value c) Financial reporting fair value (1) IFRS (2) U.S. GAAP d) Investment (strategic) value e) Intrinsic (fundamental) value 2. Relationship between purpose of the valuation and standard of value C. Premise of value 0.5% 1. Going concern 2. Assemblage of assets 3. Liquidation (orderly or forced) D. Principles of value 1.0% 1. Value is determined as of specific point in time 2. Value reflects prospective cash flow 3. Value reflects the level of risk into the rate of return 4. Value is influenced by liquidity E. Levels of value 0.5% 1. Lack of control (minority vs. control) 2. Marketable vs. non-marketable 3. Strategic and investment value II. PROFESSIONAL RESPONSIBILITIES AND STANDARDS 4.5% A. NACVA Standards 1.5% B. Ethical considerations 1.0% C. Communicating and reporting analysis and results 1.0% D. Roles of the valuation analyst in litigation services 1.0% III. ENGAGEMENT ACCEPTANCE AND PLANNING 3.0% A. Defining the engagement 1.0% 1. Valuation date and its importance 2. Structure of the entity 3. Interest being valued 4. Purpose and objective of valuation 5. Standard of value and premise of value 6. Conflict checks B. Engagement Letters 1.0% 1. Purpose 2. Content C. Acceptance 1.0% 1. Experience 2. Staffing 3. Expectations IV. QUALITATIVE ANALYSIS 9.0% A. International Sources of Data 1.5% B. Economic Environment 1.5% 1. Macro-environment 2. Micro-environment 3. Relationship of economic activity to the valuation C. Industry background 3.0% 1. Economic data 2. Structure, trends, and life cycle 3. Market and competitive analysis D. Company background 3.0% 1. Company structure and ownership 2. Site visit and interviews with key personnel 3. History and nature 4. Economic data (cost structure, pricing power, marginal analysis) 5. SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) V. QUANTITATIVE ANALYSIS 15.5% A. Financial statements 4.5% 1. Source (audited/reviewed/compiled/tax returns/internal) 2. Number of years to obtain 3. Common size 4. Trend analysis 5. Ratios 6. Comparative analysis a) Specific company b) Industry averages B. Adjustments to financial statements 4.5% 1. Normalizing a) Control vs. non-control b) Discretionary c) Reasonable compensation analysis d) Extraordinary/non-recurring 2. Operating vs. non-operating items 3. Off-balance sheet and unrecorded items C. Statistical Analysis 3.0% 1. Measures of central tendency (arithmetic, harmonic, geometric means) 2. Measures of dispersion (including variance and standard deviation) 3. Statistical strengths of numerical relationships (including covariance, correlation, coefficient of determination, and coefficient of variation) 4. Linear regression D. Types of benefit streams and selection 3.5% 1. Selection of appropriate time periods (including mid-year convention) 2. Selection of appropriate type of income/cash flow 3. Growth assumptions a) Trend line projected b) Constant c) Erratic d) Level e) Declining growth approaches E. Historical vs. projection based on considerations F. Relating effects due to economic/industry events and trends G. Pass-through entities – tax effecting of the benefit stream VI. VALUATION APPROACHES 28% A. Income approach 10% 1. General theory 2. Defining applicable income/cash flow 3. Sources of data 4. Capitalization vs. discount rates 5. Commonly used methods a) Discounted economic income/cash flow method (DCF) (multi-stage model) (1) The method is applied using cash flow available to invested capital (2) The method is applied using cash flow available to equity b) Capitalized economic income/cash flow method (CCF), including Gordon Growth Model (constant growth model) (1) The method is applied using cash flow available to invested capital (2) The method is applied using cash flow available to equity c) Excess earnings (cash flow) method d) Dividend paying capacity B. Market approach 8.0% 1. General theory 2. Commonly used methods a) Transactions in subject companys stock b) Transactions/sales of companies similar to subject (1) Guideline public companies (a) General theory (b) Selecting guideline companies i) Sources of data ii) Size adjustments (c) Equity vs. invested capital (including multiples) (d) Selection of appropriate time periods (e) Selection of appropriate multiples i) Adjusting for growth, size, and company specific risk (2) Guideline merged and acquired companies (a) General theory (b) Sources of data/relevant transactional databases (c) Consideration of the selection of data points C. Asset Approach 6.0% 1. General theory 2. Sources of data 3. Commonly used methods a) Book value b) Net tangible value c) Adjusted net asset method (intangible and tangible assets) d) Excess earnings method e) Liquidation method (forced or orderly) 4. Identifying and valuing intangible assets a) Approaches and methods b) Estimated life c) Impairment 5. Off-balance sheet and unrecorded items (including tax issues) D. Sanity Checks 2.0% 1. General theory 2. Sources of data 3. Commonly used methods a) Industry formulas (“Rules of Thumb”) b) Justification of purchase E. Reconciliation of indicated values 2.0% VII. COST OF CAPITAL CONCEPTS AND METHODOLOGY, AND OTHER PRICING MODELS 17.5% A. Capital asset pricing model (CAPM) 6.0% 1. Risk free rate 2. Equity risk premium 3. Beta (ß) including un-levered and re-levered B. Build-up method and Modified CAPM 5.5% 1. Risk free rate 2. Equity risk premium 3. Beta (ß) including un-levered and re-levered 4. Size risk premium 5. Industry risk premium 6. Company specific risk 7. Long-term sustainable growth 8. Other C. Weighted average cost of capital 4.0% D. Converting after tax risk rates to pre-tax rates 1.0% E. Other recognized methods (e.g. Gordon Growth, Arbitrage Pricing, Fama- French Three Factor, Market Multiples, Risk Rate Component Model) 1.0% VIII. DISCOUNTS, PREMIUMS, AND OTHER ADJUSTMENTS 13% A. Levels of value and effect on discounts and premiums 2.0% 1. Synergistic value 2. Control value 3. Non-controlling, marketable value 4. Non-controlling, non-marketable value B. Adjustments for Control Issues 3.5% 1. General theory 2. Sources of data 3. Ownership characteristics 4. Magnitude 5. Relationship to how benefit stream is defined C. Adjustments for Marketability Issues 3.5% 1. General theory 2. Sources of data 3. Ownership characteristics 4. Restrictions on transferability 5. Magnitude 6. Models D. Discounts and premiums—understanding the empirical studies 2.0% E. Subsequent events 1.0% F. Other valuation discounts and adjustments (e.g. Key Person, Blockage, Restrictive Agreement, Lack of Voting, Lack of Liquidity, Contingent Liabilities) 1.0% IX. SPECIAL PURPOSE VALUATION 5.5% % A. Intangible assets 2.0% B. Debt securities 0.5% C. Convertible securities 0.5% D. Preferred stock 0.5% E. Stock options 0.5% F. Voting vs. Non-voting stock 0.5% G. Professional vs. practice goodwill 0.5% H. Other special purpose valuations (e.g. Fair Value, Mergers and Acquisitions, Pension Benefits, Insurance policies) 0.5% Total 100% | ||||||||||||||||||
Certified Valuation Analyst (CVA) Financial Certified test success | ||||||||||||||||||
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Financial CVA Certified Valuation Analyst (CVA) https://killexams.com/pass4sure/exam-detail/CVA C. The comparative sales method D. A and C Answer: D Question: 236 Which of the following attribute should be there for an intangible asset to exist from an economic perspective? A. It should be subject to legal existence and protection B. It should be subject to specific identification and recognizable description C. It should be subject to right of private ownership D. All of these Answer: D Question: 237 Which of the following is NOT a common category of intangible assets? A. Technology-related B. Human-capital-related C. Location-related D. Data warehousing-related Answer: D Question: 238 ____________ is a specialized classification of intangible and its categories are creative (e.g. copyrights) and innovative (e.g. patents). A. Intellectual properties B. Intellectual capital C. Both A & B D. Intellectual rights Answer: A Question: 239 The cost approach provides a systematic framework for estimating the value of an intangible asset based on the economic principle of: A. Substitution B. Competition C. Double counting D. Asset-based approach 70 Answer: A Question: 240 An intangibles deficiencies are considered curable when the prospective economic benefit of enhancing or modifying it exceeds the current cost (in terms of material, labor, and time) to change it. An intangibles deficiencies are considered incurable when: A. The current costs of enhancing or modifying it (in terms of material, labor and time) can not exceed the expected future economic benefits of improving it B .The current costs of enhancing or modifying it (in terms of material, labor and time) exceed the expected future economic benefits of improving it C. Cost encompasses all of the deficiencies D. Reproduction cost exceeds the genuine production cost Answer: B Question: 241 Analysts should consider each of the following measure when estimating the remaining useful life of intangible asset EXCEPT: A. Remaining legal (or legal protection) life (e.g., remaining term of trademark protection) B. Remaining contractual life (e.g., remaining term on a lease) C. Remaining copyrighted life (e.g., time period for which copyrights are sold) D. Remaining technological life (e.g., period until the current technology becomes obsolete, for patents, proprietary processes, etc.) Answer: C Question: 242 Because of the advanced features (protected by the several patents), Seller management estimates that: A. Seller sells more widgets than it otherwise would B. Seller has a greater market share than it otherwise would C. Sellers average selling price per unit is higher than its competitors prices D. Seller has short-term supply contract supply contract with the key supplier Answer: A, B, C Question: 243 The analyst used __________ to quantify the value of intangible assets. The analyst estimated the current cost required for the company to recreate its current level of customer awareness, brand recognition and consumer loyalty. 71 A. Asset accumulation method B. Income approach C. Recreation cost method D. Valuing intangibles method Answer: C Question: 244 This is sometimes considered the accumulation of all other elements of economic value of business enterprise not specifically with (or allocated to) individual tangible and intangible assts. Its analysis and qualification is an important component in the application of asset accumulation method to a company like Seller. What is this? A. Trademark B. Goodwill C. Patents D. Copyrights Answer: B Question: 245 Asset accumulation method can quickly quantify the effects on business value of many common seller structural considerations, such as: A. What if the seller retains the companys cash on hand or accounts receivables? B. What if seller does not retain (or leases back to the company) the operating real estate facilities? C. What if seller sells the title of the patents or to some other intangible asset owned by the company? D. What if seller does not legally retain any or all of the debt instruments? Answer: A Question: 246 Which of the following is the primary disadvantage of the asset accumulation method? A. If taken to an extreme, it can be very expensive and time consuming B. It may necessitate the involvement o appraisal certified in several asset valuation disciplines C. The valuation requires the valuation of all the company assets D. The value of all assets, properties, or business interests depends on their economic income-generating capacity Answer: A Question: 247 72 A general category of taxable events relates to the amount of recognition of income (if any) associated with economic benefits received by a business. Examples of this category of taxable events include all of the following EXCEPT: A. The valuation of property received, such as rents B. The valuation (or the solvency/insolvency test) related to the recognition (or non- recognition) C.A valuation that is needed when a business (whether the business is a proprietorship, corporation or partnership) D. A valuation when a tax payer claims a deduction Answer: C, D Question: 248 There are some allowable methods for determining the basis of property received in exchange for other property. Which of the following is/are out those methods? A. Income basis of tax on the property B. If a taxpayer receives property for services, then the original basis of the property when it is received is its original price C. The basis is the fair market value of the property exchanged for it, increased by any payments made or decreased by any payments received, when the two properties are of unequal value D. The basis is the fair market value of the property when its is received Answer: C, D Question: 249 Various transactional and taxation events may occur that change the taxpayers original basis in the property. These events usually ___________the original basis. A. Increase B. Decrease C. Increase or decrease D. It depends Answer: C Question: 250 No deduction is allowed for any charitable contribution of ________ or more unless the taxpayer substantiates the contribution by a contemporaneous written acknowledge from the donee organization of the contribution. A. $300 B. $400 C. $350 73 D. $250 Answer: D Question: 251 The IRC limits an individual taxpayers charitable deduction each year to a percentage of adjusted gross income, depending on: A. The value of gift B. The type of gift C. The fair market price of gift D. Valuation advisories Answer: B 74 For More exams visit https://killexams.com/vendors-exam-list Kill your test at First Attempt....Guaranteed! | ||||||||||||||||||
As you begin a search for a financial professional, you will come across many different types of certifications. Each certification tells a story about the level of expertise and dedication an individual advisor has in different fields of finance. While it can be confusing, it is crucial to have an understanding of what an advisor specializes in before seeking their services. The best advisor for you will be one that can help you across the different areas where you need financial assistance.
What are Financial Certifications?When a financial advisor wants to specialize in an area of the financial industry and become an expert, they usually need to earn a certification. Getting these designations often requires hours of coursework, exams and continuing education. Failure to meet any of these requirements can result in their certification being taken away. A financial certification is an advisor’s way of letting you know that they have experience and are held to professional standards. Not all financial advisors are the same though, and understanding the main certifications will let you know which advisor is best for your unique situation.
The Best Finance Certifications to Look for in a Financial AdvisorWith over 200 different designations, it can be a bit overwhelming to know exactly what to look for. While there are so many to choose from, there are a few key certifications that are not only the most popular but are considered the best in terms of rigorous standards, oversight and expertise.
1. Certified Financial Planner (CFP®)The CFP® is the most common designation you find when searching for an advisor. This certification denotes expertise for professionals in financial planning, taxes, insurance, estate planning and retirement. The certification is overseen by the Certified Financial Planner Board of Standards. Designation is determined by successfully completing the board’s test and continued ongoing education of at least 30 hours every two years. To sit for the exam, individuals must have a Bachelor’s degree and complete a course approved by the board. The course can be waived if the person holds another designation, such as a CPA, CFA or a PhD in business or economics. Candidates also must have at least three years (or 6,000 hours) of full-time professional experience.
Why Use a CFP®?CFP®’s are best for those looking for holistic financial planning. If you are looking for more than just investment management and need help with retirement plans, taxes, etc., a CFP® is your best bet.
2. Certified Public Accountant (CPA)Becoming certified as a CPA is very difficult, with only a 50% pass rate. To become a certified accountant, individuals must have a bachelor’s degree in business administration, finance or accounting and complete an additional 150 hours of education regarding accounting standards and practices. They must also have 2 or more years of public accounting experience and pass the exam. Like the CFP®, those with a CPA must also continue to take courses to keep their certification.
Why Use a CPA?CPAs are best used for tax issues. If your main financial situation revolves around tax help, and nothing much else, like retirement, then a CPA may be your best bet.
3. Chartered Financial Analyst (CFA)The Chartered Financial Analyst designation is considered one of the hardest certificates for those in the financial sector and is also the gold standard for those who work in investing or managing portfolios. It’s globally recognized and is run by the CFA Institute. There are three levels of exams that cover everything from accounting, ethics, economics, security analysis and money management. In August 2023, the pass rate for levels 1 and 2 were at 37% and 44%, respectively, while level 3 had a pass rate of 47%. Before sitting for the exam, the candidate must have 4 years of professional work experience, bachelor’s degree, or a combination of the two totaling 4 years. If the person can pass all 3 levels in sequential order, they become a member of the CFA Institute and abide by the Institute’s code of ethics. While the exams can be taken as many times as possible, candidates usually need to study at least 300 hours for each test, which means many do not continue after failing to pass one level.
Why Use a CFA?Generally you won’t find someone just registered as a CFA working with individual clients. CFAs work for big corporations. If they do work with individuals, they will usually also have a CFP® certification. A CFA underscores their strong investment analytical skills.
4. Chartered Financial Consultant (ChFC)Advisors with the Chartered Financial Consultant designation work with individuals on retirement savings and budget planning. It’s a designation that is granted by the American College and consists of individuals taking 7 required courses and 2 electives. The subjects covered include retirement and estate planning, insurance, investments and income tax. While not compulsory, the college recommends that those who apply already have a degree related to business or finance. The candidate must also have a minimum of 3 years working in the industry and must maintain continuing education credits. While similar to the CPA, it differs in that it is a course and does not require candidates to pass one test but instead take a test after each course.
Why Use a ChFC?The difference between a CFP® and ChFC does not affect how qualified they are to work with clients. If you see an advisor with either a CFP® or ChFC, as long as they are a fiduciary and don’t have a history of disclosures, you should be in good hands.
5. Chartered Life Underwriter (CLU)A Chartered Life Underwriter (CLU) is geared toward insurance agents. A chartered life underwriter’s domains of expertise are primarily life insurance as they relate to estate planning and risk management. There is no test one has to pass, but candidates have to take eight courses administered by the American College of Financial Planning in order to become one.
Why Use a CLU?CLUs are great if you are looking for life insurance and do not know how to navigate the complexity involved with buying a life insurance plan.
6. Chartered Investment Counselor (CIC)A Chartered Investment Counselor recognizes experts with significant experience as portfolio and investment managers. It is a designation that must be applied for and is approved by the Investment Adviser Association. Candidates must work for an Investment Adviser Association member firm, adhere to a code of conduct and submit references. They are held to the standards set under the Investment Act of 1940, meaning they have a legal obligation to work in the best interest of the clients. They also must run large accounts and mutual funds and already have a CFA.
Why Use a CIC?A CIC will be best for those looking for pure investment advice. A CIC won’t be able to help you with things like financial plans, estate planning or taxes.
7. Certified Private Wealth Advisor (CPWA)A certified private wealth advisor is for professionals whose clients include high-net worth clients. They often deal with individuals who have a net worth of more than $5 million. This certification means advisors can help high earners with things like tax, growing their assets and wealth succession. The designation is offered by the Investments and Wealth Institute and is obtained by taking a six-month course either through the institute, via the University of Chicago Booth School of Business or the Yale School of Management or an investment firm. To qualify, a candidate must have a bachelor’s degree or another certificate like the CFA, CFP® or CPA and five years of experience in the field.
Why Use a CPWA?A CPWA is going to best serve wealthy individuals with a net worth over $5 million. It doesn’t mean high net worth individuals should only work with CPWAs, but they are a good option.
8. Certified Estate Planner (CEP)This certification is designated by the National Institute of Certified Estate Planners and gives financial planners the knowledge to help people develop and plan their estate. It is a proctored exam. While there is a self-study manual of 770 pages, candidates can also opt for in-person study, which usually adds an additional 16 hours of class time. To qualify, a professional must have a valid license in the financial, legal or tax profession or have special permission to enroll. Once the test is passed, they must complete 8 hours of continuing education every 2 years and follow NICEP’s code of ethics to remain certified.
Why Use a CEP?A CEP is great if your main area of concern is estate planning. This can be useful for people with a high net worth and are unsure of how to pass down their estate.
9. Certified Personal Finance Counselor (CPFC)This designation is for professionals who work with clients on a one-on-one basis. The certification is run by Fincert and ensures that the candidate is trained in counseling skills and personal finance management. It was designed to fulfill the requirement of the Uniform Debt Management Services Act. The certificate is issued by passing a test after the completion of a self-study course through Fincert which covers things like communication, money management and consumer protection. To qualify a candidate must have at least 6 months of relevant experience.
Why Use a CPFC?A CPFC is best for people who are looking for ways to better manage their money, rather than planning complicated financial matters.
10. Financial Risk Manager (FRM)A financial risk manager is someone who assess potential liabilities to the assets, capacity or success of a company. They work in financial services, banking, marketing or other services and often specialize in credit and market risk. Someone with an FRM designation is required to also be accredited with the Global Association of Risk Professionals. To get an FRM certificate, candidates need to pass a 2-part test and have 2 years of experience. There is also an optional 40 hours of coursework every 2 years. The test itself is not easy, with only an average 50% pass rate.
Why Use a FRM?Like a CFA, most advisors certified with FRM will most likely not work solely with individual clients. FRMs will usually work for companies and corporations. If an advisor does work with individuals, they will likely have other credentials.
11. Retirement Manager Advisor (RMA)Another certification offered by the Investments and Wealth Institute, a retirement manager advisor helps clients with retirement planning. To get the certificate, a candidate must complete an online course, take an in-person capstone class and pass an exam. In addition, they must have at least 3 years of experience or another designation like a CFA, CPA or CIMA. It’s one of the shortest designations to get, as it only takes 9 weeks of 2-3 hours per week and 2 days of in-person instruction to complete.
Why Use a RMA?Retirement Manager Advisors specialize in retirement planning, so if that is your primary concern then an RMA will be great for you. RMAs will usually also have a CFP® certification. Choosing a CFP® with an RMA may be more advantageous than choosing a CFP® without one if you are thinking about your retirement.
12. Certified Retirement Counselor (CRC)There are several certificates for retirement planners. The CRC is overseen by the International Foundation for Retirement Education, a non-profit organization that advocates for high standards and ethics. Getting the designation consists of a certification exam, adhering to InFRE’s code of ethics and re-registering every year. Holders of the certificate must also complete at least 15 hours of ongoing education per year. To sit for the exam, a candidate must pass a background check and hold a bachelor’s degree and have 2 years of relevant experience or a high school diploma with 5 years of experience.
Why Use a CRC?A CRC is similar to an RMA and will be useful for those whose primary concern is retirement planning. RMAs usually also need to have a CFP® or CPA, which may make them a little bit more qualified than those who just hold a CRC.
Why Should Financial Advisors Have Finance Certifications?Although financial advisors are not required to have a certification, it signals that they adhere to specific ethical standards. If an advisor doesn’t have a certification, it can mean that they don’t have the necessary experience or education requirements. If they are not certified or registered with the SEC or FINRA, it could mean that they are not legally obligated to put your best interests first and are limited in some of the things they can do for you.
Who Regulates Finance Certifications?Financial certifications are overseen by independent bodies that administer the tests and determine the certificate standards. There is no one body that oversees these certifications, although FINRA does keep track of the designations available. Most designations are overseen by private or non-profit institutions, so it’s important to make sure you know the qualifications of the certificates your financial planner holds.
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Bonus CoursesHere are some certificate programs and courses to help you with the above financial certifications.
1. Financial Management: A Complete Study for CA/CMA/CS/CFA/ACCA by UdemyWho it’s for: MBA students, finance students, finance professionals The Udemy bestseller is ideal for MBA and finance students. Individuals who hold the CA, CMA, CS, CFA, CPA or CIMA credentials will also find this in-depth offering beneficial. There are lessons on financial analysis through ratios, financial statements, capital structure, working capital management and so much more. Register today for full lifetime access to the course material. You will also receive a certificate of completion when you reach the finish line.
2. The Complete Financial Analyst Course 2023 by UdemyWho it’s for: Aspiring finance professionals The Complete Financial Analyst Course 2023 by 365Careers is another Udemy bestseller. It’s worth considering if you are pursuing a finance career and want to position yourself for lucrative employment opportunities. You’ll also develop practical financial analysis, business analysis and capital budgeting skills as you work through the lessons. Join over 405,000 students who’ve taken this exceptional course by signing up right away. It only takes a few minutes, and you can get immediate access to 19.5 hours of on-demand video, 17 articles and 495 downloadable resources. Have access to Microsoft Excel and Microsoft PowerPoint before you sign up.
3. test Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 1/2) by UdemyWho it’s for: Individuals preparing for the CFA Level 1 exam The registration fee includes 373 lectures jam-packed into 26 hours of on-demand video. You will also receive 38 articles and 55 downloadable resources to help you get the most out of your online learning experience. Facilitator Ivan Kitov is a chartered financial analyst. He also holds a Master’s degree in Finance from Erasmus University Rotterdam in the Netherlands.
4. test Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 2/2) by UdemyWho it’s for: Individuals preparing for the CFA Level 1 exam This course is the 2nd component of the CFA Level 1 test prep boot camp from 365 Careers. It is also taught by Ivan Kitov and delves deeper into financial reporting, portfolio management, equity investments, fixed income and derivatives. Similar to the Part 1 boot camp, the class also covers the following topics:
When you enroll, you will unlock a vault of valuable resources. This includes 29.5 hours of on-demand video, 44 articles and 59 downloadable resources.
5. Financial Risk Manager (FRM) Certification: Level I by UdemyWho it’s for: Bankers, IT professionals, analytics and financial professionals, business technology graduates, MBA degree holders, finance graduates Offered by EduPristine Inc, this highly-rated course is ideal for recent graduates and financial professionals interested in pursuing a risk management career.
The enrollment fee includes full lifetime access to 113 lectures condensed into 24 hours of on-demand video, 1 article and 111 downloadable resources. Plus, you can sign up with confidence knowing the class comes with a 30-day money-back certain if it doesn’t quite meet your needs.
Frequently Asked QuestionsA Financial certifications show professionalism, knowledge and experience. A The various certifications include CFA, CPA, CFP, ChFC and CLU. A The easiest financial certification depends on an individual’s background, experience, and strengths. The Certified Financial Planner (CFP) and Chartered Financial Consultant (ChFC) certifications are often considered relatively easier to obtain. However, they still require education, passing an exam, and meeting experience requirements.Q A It depends on the field and the specific certifications or degree in question. In some industries, certifications may hold more value as they demonstrate specialized knowledge and skills. For example, in the IT industry, certifications such as Cisco Certified Network Associate (CCNA) or Microsoft Certified Solutions Expert (MCSE) can often hold more weight than a general computer science degree. On the other hand, certain professions may require a degree as a minimum qualification, such as medicine or law. Ultimately, both certifications and degrees can be valuable, and the worth of each depends on the specific context and requirements of the industry or profession. Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. When you’re looking for a financial advisor, you’ll see any number of certifications and credentials listed on the business cards and websites of prospective candidates. From CPAs to CFAs, ChFCs to IARs, the long and growing list can be overwhelming. Understanding what all of these acronyms stand for allows you to choose the best financial advisor for your needs. Let’s take a closer look at the 10 most common financial professional certifications. CPA: Certified Public AccountantOf all the financial advisor certifications, you’re probably most familiar with certified public accountant. Although most people associate CPAs with taxes, their expertise goes far beyond your annual tax filing. CPAs handle jobs from financial reporting to audit work and forensic research. Even if your needs are slightly less complicated, employing a CPA can still save you a bundle of money and keep you out of a tax court, too. In short, if your finances progress beyond entering W-2 info into tax software, you’ll need a CPA. The CPA certification has been around since the late 19th century. It’s a tough qualification to earn. Requirements vary by state, but candidates generally need a specialized degree, one year of work experience, and they must pass the challenging Uniform Certified Public Accountant Examination. CFA: Chartered Financial AnalystA chartered financial analyst has in-depth knowledge of asset management and securities analysis, as well as a professional commitment to the highest ethical standards. The common habitat for CFAs is handling high-level research and analysis for large financial companies and investment firms, but they may also work with high-net-worth private clients, providing investment advice, portfolio management and risk management services. The CFA Institute says it takes 1,000 hours of study, four years of professional experience and a three-part test to become a CFA charterholder. The pass rate for all three levels of the CFA test is just 20%. Once upon a time, the CFA qualification was considered a good plan B if you weren’t cut out for an MBA. That’s not the case anymore, and today, CFAs rank among the financial advisory elite. CFP: Certified Financial PlannerA certified financial planner takes a holistic, all-encompassing approach to financial planning, meeting their clients’ needs for budgeting, retirement planning, life insurance, taxes and estate planning. CFPs commit to a professional requirement to act as fiduciaries, meaning their financial advice must always put their customers’ best interests first. The CFP is a good candidate for people who want a comprehensive financial plan. If you need help in choosing investments, planning for retirement, setting aside money for a child’s education, and many other goals, a CFP is a wonderful choice. Certified financial planners have many specialities, from the types of clients they work with to the types of work they take on, so check your candidate’s specializations before making a choice. CFPs must take six or seven classes, depending on their program, covering the ins and outs of financial planning as well as pass a notoriously difficult test and accrue years of financial planning experience before they can add CFP behind their name. Related: Find A Financial Advisor In 3 minutes ChFC: Chartered Financial ConsultantCFPs and a chartered financial consultants offer very similar services: personal financial management, retirement planning, tax issues, estate planning, life insurance and special needs planning for parents and guardians. The chartered financial consultant certification may offer slightly more depth than the CFP, as it requires additional coursework: eight courses to the CFP’s six or seven. However, unlike CFPs, ChFCs are not required to pass one comprehensive test and instead must pass exams following each course they take. ChFC certification requires candidates to have three years of full-time experience in the financial services industry, and ChFCs must bind themselves to a fiduciary standard. ChFCs’ broad knowledge base makes them superior candidates for managing complex individual or family estates and providing investment strategies to small businesses. RIA: Registered Investment AdvisorUnlike the other certifications on this list, registered investment advisor refers to a type of company, not a type of financial advisor. The registered part of the name comes from the fact that RIAs must register with the Securities and Exchange Commission (SEC) or a state regulatory agency. RIAs are fully regulated fiduciaries that may provide financial planning or investment services. Practically speaking, though, their work with clients extends beyond simple investment advice, offering services such as retirement planning, insurance, estate planning and even concierge services like marriage and divorce consultations. IAR: Investment Adviser RepresentativeAn investment adviser representative (IAR) is a financial professionals who work for a RIA. Typically, IARs are certified via the Series 65 or Series 7 exams, and the Series 66, administered by FINRA, which the federal government authorizes to oversee US broker-dealers. In addition, they generally have one (or more) of the certifications listed above, like CFP or CFA. The draw of IARs is their strong commitment to fiduciary responsibility. IARs must disclose conflicts of interest and tell clients about more efficient products, even if it means a smaller commission. This contrasts with advisors working under the “suitability standard,” who sometimes offer high-commission products that meet customer needs, without suggesting lower-commission alternatives that might better suit them. If you’re working with a financial advisor through a company or financial institution, make sure to determine whether they are an IAR or a registered representative held only to suitability standards. CFF: Certified Financial FiduciaryCertified financial fiduciary (CFF) is an additional qualification that financial advisors undertake to supplement their existing professional certifications. In essence, it’s meant to signal that the advisor adheres to the highest possible standard of fiduciary duty (yes, there’s more than one kind of fiduciary). CFFs are trained to uphold the highest moral, ethical and fiduciary standards of service when providing investment advice to potential and existing clients. The National Association of Certified Financial Fiduciaries (NACFF) administers CFF training and awards the certification. The CFF is a relatively new professional designation, first created in 2018, during the rise and fall of the Department of Labor’s ill-fated fiduciary rule. As such, the CFF is less common than the others profiled here. Before it was struck down in federal court, the fiduciary rule would have held all financial advisors to a strict fiduciary rule, and the CFF was created, in part, to prove an advisor’s commitment to this rule. CFF candidates must pass stringent requirements: They must hold a professional financial certification or license or have enough education and experience to pass NACFF’s bar. A background check is conducted to examine their moral, ethical and fiduciary record. Candidates must complete comprehensive training and pass the CFF exam. Crucially, they agree to uphold the CFF Code of Conduct for fiduciary responsibility. RICP: Retirement Income Certified ProfessionalAdministered by the American College of Financial Services, the retirement income certified professional (RICP) program trains financial advisors to help clients claim Social Security, define risk factors and manage distributions from retirement plans like a 401(k). But above and beyond retirement income issues, the program also helps advisors understand Medicare, aid in managing and selecting life insurance, plan long-term healthcare and handle retirement tax issues, which frequently trip up clients. RICP certification is sought by experienced financial advisors, lawyers, accountants and bankers―anyone who works in advisory fields that wants a heightened understanding of all the factors that impact retirement planning. RICP training aims to foster a deep understanding of retirement income issues, allowing advisors to create plans for clients that cover income, housing, healthcare, taxation, life quality and more. CPWA: Certified Private Wealth AdvisorCertified private wealth advisor (CPWA) is aimed at wealth managers who serve affluent clients. Wealth management advisors select portfolios of investment securities for their clients and manage the portfolios. Generally they do not offer a broad selection of advice for a client’s entire financial life, confining themselves only to managing investments. This isn’t a flaw in their service offering as high-net-worth individuals generally employ planning teams of several experts to meet their needs. Preparation courses for the CPWA teach candidates to create strategies that maximize growth, minimize taxes and help clients pass their wealth on to the next generation. CLU: Chartered Life UnderwriterA chartered life underwriter (CLU) is a financial advisor that specializes in life insurance planning. This isn’t a standalone service: CLUs operate as part of an estate planning team, usually for high-net-worth clients with complex holdings, including family businesses and complicated asset structures. The American College of Financial Services administers the CLU qualification. Candidates must have three years of relevant experience, pass eight training classes and sit for an exam. There’s a continuing education requirement for CLUs of 30 hours every two years. The CLU certification is highly respected among professionals and is nearly 100 years old―second only in age to the CPA. Looking For A Financial Advisor? Get In Touch With A Pre-screened Financial Advisor In 3 Minutes Looking For A Financial Advisor?Get In Touch With A Pre-screened Financial Advisor In 3 Minutes
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The certificate is composed of 18 credits of masters-level graduate coursework with the primary goal of providing students with the education, training and skills necessary to be able to sit for the Certified Financial Planner (CFP) examination. The curriculum is aligned with the CFP® Board’s Principal Knowledge subjects and covers principles and practices of essential areas of financial planning, including:
CFP students enjoy the opportunity to work with clients at the Low-Income Tax Clinic for graduate credit and CFP test experience. Have Questions?
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The UW College of Business and the certified Financial Planning certificate program are nationally accredited by AACSB.
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Students must take the following required courses to receive their certificate*:
View the full online certified financial planning certificate degree program curriculum. *Accelerated path candidates — candidates who bypass the other education requirements — are only required to take FIN 5800: CFP Capstone.
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As a CFP® professional, you can assist with developing and executing financial strategies for your clients. You will help others create financial goals based on existing financial conditions and risk tolerance. CFP®s can offer guidance on managing debt, picking investments, preparing for retirement and setting aside money for both short- and long-term goals.
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Certified Financial Planner Careers
There are more than 200 designations and certifications available to financial professionals, comprising an alphabet soup of distinctions that confuse consumers and fellow professionals alike. If you are searching for a financial planner, know that quality is more important than quantity. Distinguishing between various distinctions, such as CFP® vs. CPA, is key to making sure you receive the best advice. Two of the most recognizable financial credentials are the CPA license and CFP® certification. CPAs and CFP® professionals have different but complementary areas of expertise, and some professionals hold both credentials. When considering who to hire, it’s important to understand their roles individually and to know when it makes sense to work with an adviser who has both credentials. The Certified Public Account’s RoleTo earn the CPA license, accountants must complete at least 150 hours of education, pass a rigorous four-part test and meet experience requirements, according to the Association of International Certified Professional Accountants (AICPA). In a corporate setting, CPAs can offer financial statement audits and other attestation services to help inform investors about the financial health of organizations. Additionally, they often provide tax, financial reporting and advisory services to corporations, small businesses, nonprofit organizations, governments and individuals. Sign up for Kiplinger’s Free E-NewslettersProfit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. A CPA can be helpful in the realm of personal finance as well. A CPA is useful for individuals in tax preparation and for discussing an individual’s tax situation with the IRS. CPAs can also be useful to business owners for bookkeeping and tax matters associated with an individual’s business. Some CPAs even have additional training that may help with business valuation, or detecting fraud, which can be helpful to business owners. CPAs complete rigorous training and are helpful in very specific circumstances. But most accountants do not feel comfortable advising on the various complexities inherent in personal finance or myriad other important financial decisions that may require advice from a specialized expert. To truly achieve your short- and long-term financial goals, you will likely benefit from working with a professional who is trained to take a more holistic and forward-looking approach to your personal finances. The Certified Financial Planner’s RoleIn short, a financial planner is an individual who advises clients on their personal finances. The CERTIFIED FINANCIAL PLANNER™ certification is the standard of excellence in financial planning. Much like the CPA license, the CFP® certification requires completing coursework, fulfilling relevant experience requirements, agreeing to adhere to a set of ethical mandates and passing the CFP® exam, which consists of two three-hour sessions over one day. The requirements for CFP® certification are just as rigorous as for the CPA license, and the education requirements include similar foundational topics, such as tax regulations and risk management. The comprehensive education for CFP® professionals, however, expands into the general principles of financial planning and other personal finance subjects such as investments and retirement planning. In recognition of the overlap between CPAs and CFP® professionals, the Certified Financial Planner Board of Standards, Inc. (CFP Board) provides an accelerated path for professionals with select credentials, including the CPA license, who are working toward CFP® certification. While CPAs can assist with examining past financial information to reduce taxable liability retrospectively, financial planners consider a wide range of opportunities to grow and protect your wealth through careful planning. CFP® professionals focus heavily on strategic financial management and maintain a strong interest in budgeting, savings, insurance and estate planning. CFP® professionals closely review your current financial standing and, based on your financial goals, develop an investment and financial plan to help you accumulate wealth. Although both CFP® professionals and CPAs can help clients maximize their incomes by reducing taxable liability, financial planners are also looking ahead to find new ways to grow their clients’ net wealth. CFP® professionals are continuously looking for new ways to strengthen and deepen client relations at different touchpoints throughout the year. CFP® professionals understand that discussing your financial future can be emotional and stressful. That is why CFP Board recently added a new section to its test topics, the Psychology of Financial Planning, to teach the emotional and interpersonal aspects of financial planning. This subject prepares CFP® professionals — and CPAs who complete the accelerated path program — to counsel clients who are experiencing monetary conflict or financial stress, helping them to move forward holistically. Your Financial GoalsIf you are looking for a professional to help you evaluate your past financial statements and solve some portion of your tax situation, a CPA may be helpful, especially if you have complicated income streams. However, if you’re looking to begin a relationship with someone who can provide ongoing, forward-looking advice as well as financial peace of mind, a CFP® professional could be a better fit. Whether you’re looking to save for retirement, establish an estate plan or make strategic investments, a CFP® professional will typically be better equipped to evaluate and navigate the best route for you.
Candidates can elect to complete just the first level of the program - resulting in the ECA designation, or to continue on for the remaining two levels, at which point they will have earned the CEP designation. The CEP designation is granted to individuals who have passed all three exams, and have demonstrated mastery of equity compensation related issues in all of the core disciplines. The CEP Institute also offers an test solely focused on accounting; the Advanced Equity Compensation Accounting Certificate (AECA) exam is for financial reporting professionals in any organization that offers equity compensation, as well as the accounting professionals who are required to verify proper expensing under ASC 718 and other standards. Register for an ExamIf you are a current ECA/CEP who'd like to share your story, we'd love to hear from you. We are excited to be sharing your stories on the CEPI LinkedIn page and would love to hear a bit about how the CEPI has helped you throughout your journey. Share a TestimonialLearn More About the CEPI | |||||||||||||
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