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CFA from ICFAI (India) Vs CFA from CFAI (US)

February 7th, 2010

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CFA India

Below are some important facts :

(a) The Institute of Chartered Financial Analysts of India (ICFAI) was established in 1984 as a non-profit society, with the objective of providing training in finance and management. It offers a certification program for financial analysts known as CFA (originally Certified Financial Analyst, later becoming Chartered Financial Analyst).

(b) Now, ICFAI is in NO way affiliated with the CFA Institute nor other awards, such as CA or ICWA and both the institutes have broken their partnerships and running their courses separately.

(c) The Indian Trademark registry recognizes ICFAI's right to use the CFA trademark and does not recognise the CFA Institute's sole right to use the CFA trademark.

(d) Indian CFA Course Curriculum: This course is designed for the Indian financial system and is therefore offers more localised than the CFA Institute's (USA) program. ICFAI is a Private Institute and Indian CFAs need not be employed mandatorily by Indian companies. The Indian CFA Program focuses on Financial Analysis as applicable to Investment Management. The CFA Program offered by ICFAI has been developed and is consistently reviewed in the context of the present and future needs of the corporate sector, the investment industry and the financial services sector in India.

History of Trademark Dispute between CFAI and ICFAI :

The CFA program was first delivered through AIMR in the USA and later in India with the partnership of the then Institute of Certified Financial Analysts.

The ICFA and AIMR came together in 1990 to have a common uniform curriculum and bring all the societies under one umbrella. ICFAI had brought out its academic curriculum to suit Indian finance professionals, though it had global content. ICFAI wanted to function independently and had established working relationships with the European Federation of Financial Analysts (EFFAS) and the ASAF (Asian Securities Analysts Federation) with regard to development of the Profession of Security Analysts and its course content. ICFAI also wanted to bring its CFA india as an Indian Statutory Charter. All this led to the dispute with AIMR, the parent body of CFA india Institute which wanted a uniform curriculum or body of Knowledge through out the world for CFA program whereas ICFAI wanted changes in CFA india charter to suit Indian regulations as finance professional used to work in an extremely regulated capital markets. AIMR eventually broke its working relationship with ICFAI and CCFA.

Cyrus

but u’ve not highlighted which course is preferablen
Cyrus

but u’ve not highlighted which course is preferable
- http://kidakaka.com/blog Prasad
  
  Cyrus, the course provided by CFA Institute is highly preferable over the Indian CFA
http://www.facebook.com/amrinder45 Amrinder Singh

Can you please Aloborate if it is advisable to take up the Indian CFA from the ICFAI Institute?
http://www.facebook.com/amrinder45 Amrinder Singh

Can you please Aloborate if it is advisable to take up the Indian CFA from the ICFAI Institute?
- http://kidakaka.com/blog Prasad
  
  Amrinder, my personal experience has been bad with the Indian CFA. A friend had signed up for the Indian CFA, not only was he told to learn the syllabus by himself, but also the Indian CFA just ended being a test and had no value-add to his resume. Its a waste of money.
  - Ab_patel43
    
    r u saying that cfa from icfai is waste of money ? what is your personal experience share with me???
    - http://kidakaka.com/blog Prasad
      
      My personal experience has been that a friend of mine had signed with ICFAI. He was told that the training is no longer conducted at his center, and to start finding a different coaching center who would train him for the exam.
      
      Recently, I came to know that the ICFAI CFA has been renamed to MIFA. Also, the CFA Institute in USA has put a copyright violation law suit against ICFAI as well.
      - Adarsh rajawat
        
        sir my email id is
        adarsh_scorpio1 @yahoo.com i dnt knw much abt cfa course( usa) plz guid me through with relevant material. waiting for ur positve response
      - http://kidakaka.com/blog Prasad
        
        Hi Adarsh, one of our advisors will be contacting you!
- Thakkargopal
  
  I think AIMR CFA is much better in terms of curriculam then ICFAI CFA
http://kidakaka.com/blog Prasad

Cyrus, the course provided by CFA Institute is highly preferable over the Indian CFA
http://kidakaka.com/blog Prasad

Amrinder, my personal experience has been bad with the Indian CFA. A friend had signed up for the Indian CFA, not only was he told to learn the syllabus by himself, but also the Indian CFA just ended being a test and had no value-add to his resume. Its a waste of money.
Ab_patel43

r u saying that cfa from icfai is waste of money ? what is your personal experience share with me???
http://kidakaka.com/blog Prasad

My personal experience has been that a friend of mine had signed with ICFAI. He was told that the training is no longer conducted at his center, and to start finding a different coaching center who would train him for the exam. nnRecently, I came to know that the ICFAI CFA has been renamed to MIFA. Also, the CFA Institute in USA has put a copyright violation law suit against ICFAI as well.
- Abhinav
  
  Yes you have heard it right, ICFAI is fraud…
Raul

CFA from ICFAI University is well recognized in the Industry and you can find CFAs working in various organizations in good position. Doing CFA from ICFAI University is cost effective and itu2019s totally relevant to our market needs. Operationally also, doing CFA from ICFAI University is more convenient. Syllabus of ICFAI University is very rigorous and after completing all the papers, students learn various aspects of finance in greater details with real life cases. I personally feel that, ICFAI University CFAs acquire high level of knowledge/analytical skills that leads to a successful career in Finance.
Raul

CFA from ICFAI University is well recognized in the Industry and you can find CFAs working in various organizations in good position. Doing CFA from ICFAI University is cost effective and it’s totally relevant to our market needs. Operationally also, doing CFA from ICFAI University is more convenient. Syllabus of ICFAI University is very rigorous and after completing all the papers, students learn various aspects of finance in greater details with real life cases. I personally feel that, ICFAI University CFAs acquire high level of knowledge/analytical skills that leads to a successful career in Finance.
Dhaval joshi

CFPCM IS THE BEST COURSE IN THE FIELD OF FINANCIAL PLANNING , AND IT IS VALID ACROSS 36 COUNTRIES IT IN THE WORLD . (CERTIFIED FINANCIAL PLANNER) u00a0IT IS GOVERNED BY FPSB INDIA ( FINANCIAL PLANNING STANDARD BOARD OF INDIA. WHICH IS IN MUMBAI . FOR MORE DETAILS LOG ON TO http://WWW.STRATAGEMGROUP.IN AND http://WWW.FPSBINDIA.ORG
http://twitter.com/edupristine Pristine Careers

Hi Dhaval, I agree with you, CFP is a good course for Financial Planning, however, the target audiences for CFP is different from CFA.
http://twitter.com/edupristine Pristine

Hi Dhaval, I agree with you, CFP is a good course for Financial Planning, however, the target audiences for CFP is different from CFA.
Thakkargopal

I think AIMR CFA is much better in terms of curriculam then ICFAI CFA nn
Adarsh rajawat

sir my email id isu00a0nadarsh_scorpio1 @yahoo.com u00a0 i dnt knw much abt cfa course( usa) plz guid me through with relevant material. waiting for ur positve responsen
http://kidakaka.com/blog Prasad

Hi Adarsh, one of our advisors will be contacting you!
- Hardik Mehta
  
  plz help me aswell with your advisors u can contact me on 9804379596 and hardikmehta268@gmail.com
Nehasharma

Hi
I dont know much about CFA course from ICFAI university.. Can you please tell me if i do this course what position i can get in organization and what would be the starting payment? To join this course work experiance is necessary? I just completed my MBA(Finance) and i want to do CFA course please guide me… I hope to hear you soon.
MY Email id nehasharma.sharma967@gmail.com
stuti

can i opt for mifa from icfai or mba distance learning?? and if mba distance learning then which college.. emial me on stutidhaundiyal@gmail.com. please.. asap..
Bibek mishra

I am bibek, iwant to enhance my career in finance n join course cfa which cfa i prefer plz suggest me?
- http://twitter.com/edupristine Pristine
  
  Hi Bibek,
  
  You need to join the CFA course by AIMR (CFA USA). Please provide us with your contact details or contact us at +91 80800 05533
Gaurav

Hi myself Gaurav,
I just hear about cfa course. I am a graduate and I want more knowledge about the course.I want to build my career in finance.Plz Help me……
Guddu Iqbalahmed

hi,
myself iquawal ahamad. i have done MBA(finance) from IIPM NEWDELHI. I wanna admission in CFA course. Pls suggest wt is diffrence between an INDIA CFA N USA CFA COURSE.
Thanks.
- http://twitter.com/edupristine Pristine
  
  Iquawal,
  
  Please go through this post, and if it was not clear enough. The USA CFA Course (AIMR one) is acclaimed across the world, whereas the Indian CFA has some acclaim in the country.
Divya

Hi, My name is Divya. I have good experience in finance, working from last 6 years in this field.But i am only B.com Graduate. Want to do a course that add benefit in my resume as well in my career. CFA i thought is a good option for me. But can i pursue this course alongwith my job? or is there any certified short term course that give a boost in my career? Please help!
- http://twitter.com/edupristine Pristine
  
  Hi Divya!
  Yes, the CFA course from AIMR would be really be beneficial to you. You can pursue this certification with your job (the course is actually a certification exam, the study for which you can either do on your own or take up classes with any of the training providers).
  
  If you can send us a mail at prasad@edupristine.com, we can discuss your career path at length.
  - http://www.facebook.com/ved.p.singh.16 Ved Prakash Singh
    
    Friends.May be my post may of some help.We all boost some much about foreign products same is with American CFA who’s idea is to make money and sell its course that was the basic reason for split with ICFAI read wikipedia . I took a good advice from my senior and did not go for american CFA drama and got my CFA(ICFAI) done and currently am partner in Investment Banking and my American CFA friends are working in some firms etc etc. Bottom line is its your future perspective and knowledge which matters. I have gone through american CFA as well its much easier compared to Indian CFA as Indian Education is much tougher and rigourous than american education.Good luck what ever you choose work hard…
    - http://kidakaka.com/blog Prasad
      
      @facebook-711458206:disqus I do not know why you are trying to discredit the CFA from the CFA Institute. It is by far one of the most well renowned finance certifications in the world. In fact if you have been keeping up with the times, the ICFAI has lost the case with the CFA Institute on the copyright of the CFA course.
      - http://twitter.com/31Ved Ved prakash singh
        
        @Prasad.I was as naived as you till i met my mentor in my summers and i was just like you bloating about CFA-USA and hence he made me understand the rality…. somehow i guess you didn’t understand my point.1st Kindly read the history of the issue you will realise that CFA (USA) is here solely with aim of making money and selling its CFA(and rightly so) just like all USA MNCs or Companies and main reason to breakoff with ICFAI was Fees and universal Curriculum they wanted and ICFAI wanted lower fees for India and India specific CFA…CFA course of USA is decent i myself wanted to check it hence gave it cleared easily in single attempt….My assesment is ICFAI CFA which i originally gave is much deeper and better and tougher as per my guess..I guess all Indian courses are hence a 8th grader in India is better than a 10th grader of USA..Its just since every year more USA CFAs passout and are in market already working they prefer students CFA USA than ICFAI its nothing to do with quality its with quantity since hardly 90 pass ICFAI CFA as compared to 500 in India everyyear….and 2nd CFA(USA) had lost the case and was thrown out of India and lately there has been MUTUAL i repeat MUTUAL SETTLEMENT between 2 parties and people who have enrolled from ICFAI before this year would have given CFA(ICFAI) which can be used around the world and from this year on ICFAI will not use CFA designate…Sir i guess that answers your questions…
      - http://twitter.com/31Ved Ved prakash singh
        
        @Prasad.I was as naived as you till i met my mentor in my summers and i was just like you bloating about CFA-USA and hence he made me understand the reality…. somehow i guess you didn’t understand my point.1st Kindly read the history of the issue you will realise that CFA (USA) is here solely with aim of making money and selling its CFA(and rightly so) just like all USA MNCs or Companies and main reason to breakoff with ICFAI was Fees and universal Curriculum they wanted and ICFAI wanted lower fees for India and India specific CFA…CFA course of USA is decent i myself wanted to check it hence gave it cleared easily in single attempt….My assesment is ICFAI CFA which i originally gave is much deeper and better and tougher as per my guess..I guess all Indian courses are hence a 8th grader in India is better than a 10th grader of USA..Its just since every year more USA CFAs passout and are in market already working they prefer students CFA USA than ICFAI its nothing to do with quality its with quantity since hardly 90 pass ICFAI CFA as compared to 500 in India everyyear….and 2nd CFA(USA) had lost the case and was thrown out of India and lately there has been MUTUAL i repeat MUTUAL SETTLEMENT between 2 parties and people who have enrolled from ICFAI before this year would have given CFA(ICFAI) which can be used around the world and from this year on ICFAI will not use CFA designate…Sir i guess that answers your questions.
      - http://kidakaka.com/blog Prasad
        
        Ved, you are saying that CFA(USA) is here solely with the aim of making money (isn’t that what ICFAI is also doing?). Isn’t that pretty much what every company in a capitalist economy does?
        
        The problem with the Indian CFA is that there is absolutely no form of Quality Control. Once you enroll for the Indian CFA (and this is not at the Hyderabad Center, but at the other remote centers), you are pretty much on your own. There have been instances wherein the center informs you that do not come for lectures as we do not have instructors, study on your own and come directly for the exam. Do you call this good education or a good programme? I would not.
        
        What you say about the case, here is a good article covering the entire matter – http://www.business-standard.com/india/news/icfai-stops-admissions-to-cfa-course/480770/
        
        So in the end, ICFAI has stopped offering the CFA Course, and yes they did resolve the matter amicably. Perhaps, it is high time that I update this article.
      - http://twitter.com/31Ved Ved prakash singh
        
        True…CFA-USA is solely here to mint Indian pockets see the rates they have and also reexamination fees etc its all made to suck the money out..CFA-ICFAI is hundreds times better and also not a Money sucker like CFA-USA much like all USA companies..ICFAI-CFA quality in terms of Books,Study Material,Examination,Questions etc is far superior in terms of Indian Markets and balanced view of global scenario and also much easier to clear…Since i have given both i know it.Having said that its so strange that so many Indians are brainwashed..The Anyways as always it happens Indian Companies Loose whether its Pharma or any other sector…Americans will always win because India is back office of world and all the 3rd grade jobs are outsourced by USA companies to India and USA CFA helps us do them better..Sad but true.They are the superpower…
      - fpwriter
        
        I will agree with prakash that the fees are too high. It is really laughable that a person from India and another one from UK/US pay almost same amount ! These guys shud first know what salary levels Indian earn and then re-think over such high fees, as not everyone can afford. Though I agree that quality of CFA-AIMR is better, they too leave us alone once we pay the fees – no tutorials, no guidance nothing. We have to infact shell out additional tuition fees. Even if you see CFA-AIMR in isolation, this course is Damn costly, which middle class Indian really cannot afford that too with increasing exchange rates everyday !!
      - fpwriter
        
        Dear Prasad, he is not discrediting CFA but only saying what he felt better about Indian CFA. As far as leagl battle is concerned, I dont know why everyone is taking out wrong meaning out of this. First of all, ICFA did not lose battle as it was out of court settlement, Second, ICFAI just chose to change name of its course with same syllabus, so where is the question of it being fraud ? Pls whatever you read in news, first understand properly and then comment.
Dnilesh1988

I just hear about cfa course. I am a mba and I want more knowledge about the course.I want to build my career in finance
Sggaurav18

Hello, my name is Rohit. Presently i am pursuing my graduation from srcc and also doing CA. I wanted to ask whether I can do both CA and CFA simultaneously.
- CA from Gujarat
  
  You can do only 1 course along with your CA while your articleship is going on, and that too after taking permission of ICAI. First finish your BCom and then join CFA (fill form 112 as well)
srivathsan

My Friend has completed CFA from USA, he has just 3+ years of Exp in investment banking Area in Axis Bank…Rightly he is working with Big Investment Bank in Mumbai with the pay package of close to 18 Lakhs /P.a
- pratul
  
  i read ur statement is it fact carrying good package ,how one can get it
Anees

i have registered with ICFAI for MIFA which is leading to CFA charter s it worth … m WOrried by the rumors .. please advice me.. am i safe with ICFAI???
- http://twitter.com/edupristine Pristine
  
  Anees, its not as if its a completely a lost cause. The best way ahead is to complete your certification, get some good experience and then go again for the international certification. It definitely has more value.
http://www.facebook.com/vinodlong Vinod Kumar

Hi, my name is vinod. Im working in an IT company for 4 yrs and i wanted to know more about CFA programme. This programme will add an extra spice to my career. Let me know whom i need to contact vinodakumar84@gmail.com
- http://twitter.com/edupristine Pristine
  
  Hi Vinod, a CFA Charter will help you do a jump from the technical domain to a functional domain. IT firms who value such skills include Cognizant (CTS), TCS, Wipro … not to mention banks such as BoA, Nomura, HSBC, etc.
SANATH

i want to know which is best , in terms of knowledge and salary , either CPA or CFA
- http://twitter.com/edupristine Pristine
  
  Hi Sanath, CPA and CFA are different courses. You take either of those for entire different reasons. If you decide upon any course for the wrong reason (read money or knowledge), then it wont be as beneficial for you in the long run.
raktabh bhaskar

i am ca holding cop can i do the cfa of us
- http://twitter.com/edupristine Pristine
  
  Yes Raktabh, you can do the CFA! Do let us know how we can help
pranit

Hi I am pranit

I after complying my grad I do diploma in financial management & have more than 2years exp in financial org..
Nw i want to do cfa but m confuse in between indian cfa n us cfa which is bst for me pl guide for the same ASAP.
Pranit797@gmail.com
- http://twitter.com/edupristine Pristine
  
  Hi Pranit, we will email you on how best to guide you for your future plans.
Nilesh

I have completed my 10+2 schooling.
I plan to do BBA for graduation, can i apply for the CFA USA directly after that ? or is it compulsory to get a 4 year exp. and THEN join CFA studies?
Karishma

WHICH IZ BEST N CHARGES FEES OF BOTH OF THM…:/
- http://kidakaka.com/blog Prasad
  
  Karishma, CFA Institute requires that you have to pay INR 50k onwards (1,000 USD) for the CFA Level I
Anuprita

HI THIS IS ANUSHRI i AM A COMMERCE STUDENT DONE MY MCOM ALSO MBA IN HR & CURRENTLY WORKING IN A BANK & I AM THINKING OF DOING CFA CAN YOU GUIDE ME IN THIS RESPECT.
- http://twitter.com/edupristine Pristine
  
  Anushri, this is a good idea, you can get in touch with our advisors at +919930865533
kesav

hi this is kesav i am a MBA graduate currently working as a accountent .my mail id is ckgotijala5@gmail .com and my no is 9652118989.friends suggest me that i want to do CFA .is it better for me? guide me plz.
Pillai

hi i wanna knw if cfa institute exists in india as in the american cfa is taught ?
- http://kidakaka.com/blog Prasad
  
  Hi Pilliai, yes you can find this list of India Exam Prep Providers on CFA Institute’s site. We are one of the first institutes in this list. For our exam prep trainings, do get in touch with Maitri at 9930865533
kapil thakur

Hi i am Kapil thakur i am a student of icsi in final year program. I want to do cfa of usa How can i do? and any benefit of my course in cfa program.
- admin
  
  Hey Kapil, my colleague will be emailing you a detailed document about the CFA Program.
rahul sethi

hi my self rahul sethi

I just hear about cfa course. I am a graduate and I want more knowledge
about the course.I want to build my career in finance.& how to get admission?…last date of admission…………
- admin
  
  Hey Rahul, you can take a look at this link if you wish to know more about the CFA course – edupristine.com/courses/cfa/
http://twitter.com/Dipakjha1 Dipakjha

now the indian cfa has stopped enrolling for the course since may 2011…so please remove this article so that it doesnt misguide and create any confusion among the potential aspirant of cfa…
- http://kidakaka.com/blog Prasad
  
  Dipak, I would have taken down this article, however a quick search on Google tells me that people are still confusing the MIFA program with the CFA Program. Even the wiki entry on the same is sadly incorrect.
Balkirat

Hi, could someone please through some light on which out of the two courses is better in terms of gaining knowledge, what are the pros and cons of both. Also, what are the limitations of the two. Is the course provided by the ICFAI only suitable for India and doesn’t give you enough knowledge to analyse foreign markets and stocks? Similarly is the CFA, USA only good for analysis abroad or is it good for India as well. Again not confining to what the industry sees more valuable but for ones own benefit which out of the two is better?
Do these courses put some light on commodity trading?
Could someone please help me out with these queries is have.
Thanks
- admin
  
  Balkirat, I have asked one of our counsellors to email you.

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