A lot of professionals and prospective professionals in the accounting and Financial Sector nowadays are looking to improve their expertise. In today’s world, one of the greatest methods to overcome the competition is to get more information and relevant credentials in your field of expertise.
Keeping this in mind, this article, Cost of CFA Level 1 in Nigeria is needed as many people are enrolling in the CFA program, which is considered one of the most highly regarded in the industry today.
Cost of CFA Level 1 in Nigeria
US-based CFA Institute administers the Chartered Financial Analyst Exam (CFA). Open to financial analysts, it consists of three examinations and a written test. A closer look is taken at the first level of this certification and what is necessary to sit for the exam.
What is the cost of CFA Level 1 in Nigeria?
Certified Financial Analyst (CFA) is considered one of the most demanding credentials in the financial world today. Professionals and those wanting to be professionals in the financial sector have been told how important the certification is, but the real cost of the certification has received far more attention than the value of the certification itself.
There are three levels of examination, each of which has its own fees. First, let’s have a look at what is necessary to register and sit for the CFA Level 1 test. As a result, we will provide you with a thorough analysis of the expenses involved in your project.
Registration Fees
It is the first price you must pay when you register for CFA. Payment of the registration fee is required before you can finish your registration and sit for the first level of your test.
In the same vein as all other fees, the fee is levied in dollars. When you apply to sit for the Level I test, the application cost is $450. For Levels 2 and 3, there is no additional charge to pay.
The Cost of The Examination
In all levels of the CFA, the registration/examination fees are the same. Please note that prices vary based on when you decide to schedule an exam. In general, students who applied around nine months before the actual exam date are granted a discounted fee for the exam.
Late applicants will be charged a regular cost of $950, which is roughly $300 more than what early applicants pay. For those who register after that date, the cost of late registration is generally rather high. The late registration fee is $1,380, a substantial increase above the regular registration fee of $1,300.
We’ve included below the estimated cost of CFA Level 1 in Naira, based on the current exchange rate of 1 dollar for 360 Naira.
- $750 – N312,000 for early registration.
- $900 – N456, 000 Normal applications.
- $1,380 – N662, 400 Late applications.
About N500,000 is required to enroll and register for the CFA Level I.
Enrollment Requirements for CFA Level 1
It’s worth noting that, unlike most other professional tests in the financial sector, not all applicants are eligible to enroll for the CFA level 1 exam. The candidate must meet the following fundamental prerequisites in order to register for the CFA level 1 exam.
You’ll need a bachelor’s degree (or equivalent) from a respected school. A candidate must be in their last year during registration, unlike ICAN, as there is a good probability they will have completed their degree before the time of assessment begins. It is possible to be considered for this position if you have at least four years of professional job experience.
Attention: The experience does not have to be investment-related in order to count.
Candidate’s with a minimum of four years of professional job experience and college experience can also be considered. Part-time employment and occupations do not count as four years of experience, as indicated above. Prior to enrolling, the four-year requirement must be met.
Last but not least, applicants interested in taking the exam are needed to have a valid passport for travel outside of Nigeria. A copy of this document will be required for both the exam registration procedure and for access to the exam halls.
Score reports are intended to be unspecific: there is no overall score for the test, just a Pass/Fail status will be noted on the score report. However, the top 10 percent of candidates who failed the test are notified of their performance.
As a result, each applicant is given a wide range within which their performance falls: below 50 percent, between 50 percent and 70 percent, and over 70 percent. This allows the candidate to adjust their preparation accordingly.
As a result, the passing grade was established at 70 percent of the top ten percentile of all candidates. There is no public disclosure of the grading process, and the Board of Governors determines the minimal passing score after each exam.
Important dates for CFA level 1 registration should be noted so that you may apply online well before the deadline. Level 1 of the CFA exam is offered four times a year. As of February 20, the CFA Institute has already administered the CFA level 1 test for the year 2021.
Read Also: ICAN offices in Nigeria: Contact Address and Details
Tips To Help You pass the CFA Level I Exam
Whatever your background in finance, the key to passing the CFA test is to be competent at taking the exam.
You may improve your study skills by preparing ahead and enlisting the aid of a reputable prep service. You may increase your chances of passing the Level I exam by following these eight tips:
#1. Focus on the material that has been tried the most
If you want to pass the CFA examinations, you don’t have to know everything about every subject. Its Learning Outcome Statements and topic weights are also publicly available (LOS). For example, “Technical Analysis,” “Derivatives,” and “Portfolio Management and Wealth Planning” contain the fewest questions on the Level I test, so your time would be better spent studying a topic like “Ethical and Professional Standards,” which occurs more often.
#2. Avoid wasting your time
The study time recommended by the CFA Institute is 285 hours per year. Depending on your experience, time management abilities, and preparation course, you may make the most of each hour, therefore reducing wasted study time. With The Princeton Review, you should be able to set aside distractions and finish your preparations for the Level I CFA test within 120 hours.
#3. Initiate a study plan at least six months before your test
If you’re planning to study for 300 hours or 150 hours, it’s important that you set out the time and remain on track with your schedule. Over the course of 6 months, you not only establish a strong routine that allows you to assimilate the information, but you also give yourself some breathing room in case you get behind on your studies.
#4. Take a preparation course
It is possible to shut out distractions for hours at a time just by putting down your phone. Even if you’re a Zen master, the quantity of studying necessary for the CFA examinations might be tough to accomplish on your own. There is no need to go at it alone, and a decent prep course will make sure that you stay current on exam topics, and enable you to manage your time better.
#5. Rather than focusing on arithmetic, you should focus on concepts.
This is especially true for the Level I test. The CFA examinations are getting more intellectual. The Princeton Review focuses on the most significant formulae for the test and provides a formula sheet that highlights common-sense applications and how to derive anything extra you might need. When it comes to formulae, you’ll also want to discover those that are too time-consuming for you.
#6. It’s important to practice a great deal
For each level of the CFA exam, there are six hours of testing, so time management is important. It’s one thing to absorb the material, but you’ll also want to put it into practice so that you can improve your memory and guarantee that you’re answering the questions correctly and quickly.
You’ll find a lot of practice questions and mock examinations in the CFA Institute’s study guides, so start there first. Then, identify the subjects in which you are weakest and review them.
At least two months before the test, start taking mock examinations. Courses that prepare you for the exam might give you even more practice questions.
#7. Study with breaks if you’re feeling overwhelmed
Never give up, but do allow yourself permission to take a break from time to time. It’s not uncommon for the brain to need a brief reset after processing a large quantity of knowledge, such as the materials for the CFA test.
Put breaks into your study sessions when you’re feeling overburdened. There are a lot of questions on the CFA, but they aren’t all really tough. Start six months before the test to get a head start. In the end, if you have the proper prep course, a fair grasp of basic mathematics, and an analytical mind, you should be able to do well.
#8. Know how to use your financial calculator properly
It is possible to bring one of two particular calculator models with you to the test. So that you know exactly how to use it, practice with your selected gadget in advance so you are familiar with it. As soon as you get the feel of it, you should be able to score some easy points right off the beginning.
Conclusion
Through this article, we’ve not only provided you with the present Cost of CFA Level 1 in Nigeria but have also provided you with sure-fire tips to help you pass the exam easily. if you have any questions, please use the comment section, our leaned editors will answer swiftly.