Frequently Asked Questions

What does a Certified Financial Analysts do?

The areas where a Certified Financial Analysts can use his/her skills are: Corporate Management, Financial Accounting, Management Accounting, Financial management, Investment and Portfolio Management, Security Evaluation, Project Planning, Venture Capital Management and Credit Rating and almost all the areas where alternatives need to analyzed in financial and long-term basis.

The involvement of Certified Financial Analysts is unavoidable for decisions in the above mentioned and related areas. His/her decisions are based on quantitative techniques, investment, economic and financial analysis of relevant data.

The Certified Financial Analysts to know what to look for, where to look for it and how to analyze whatever data he or she has obtained. The work performed by a Certified Financial Analysts can be extremely challenging and rewarding in monetary terms and in terms of professional satisfaction.

In what respect is the Certified Financial Analysts Program different from the CFA Program offered by the ICFAI, India and CFAI, USA?

The CFA Programs of ICFAI, India and CFAI, USA essentially focus on traditional learning knowledge and skills for Junior & Middle-level Management within five related topics viz., Financial Markets, Analysis and Valuation, Portfolio Management and Mutual Funds.

The Certified Financial Analyst Program is a broad spectrum professional education and training with Senior Management focus areas viz., Islamic Financial System and Analysis; Conventional and Islamic Financial Markets; Financial and Economic Analysis; Corporate Financial Reporting & Analysis; and Professional Ethics and Standard Code of Conduct.

Furthermore, Certified Financial Analysts incorporates professional areas of Investment Management and Financial Analysis with applied Research and Development perspectives.

If I complete the Certified Financial Analysts Program  can I become a member of CFA Institutes of India and USA?

The financial, economic and regulatory environment in each country is varied from country to country. For example a Chartered Financial Analyst from CFAI USA cannot automatically become a member of ICFAI India and vice versa. So is the case with Certified Financial Analysts. However, there will be no bar for the Financial Analysts from any institute to work anywhere in the world, no matter whether they are members of one professional body or the other. There are no reciprocal arrangements between the ICFAI University India and other CFA institutes elsewhere in the world,  members may approach for exemptions and memberships as per regulation of those bodies.

Is it possible to pay the fee in installments?

Yes, The Certified Financial Analysts offers an installment facility to the students enrolling into the Certified Financial Analysts Program. The fee can be paid in convenient monthly installments, by way of postdated checks by using the postdated credit card slips, given in the Fee Remittance Form. However, students may note that the installments facility through postdated checks is available only for checks drawn on Silk Bank Limited.

Are there any subject-wise exemptions in the Program

Yes, there are subject-wise exemptions on the basis of professional & academic education and experience.

What is the eligibility for registration?

It is discussed in detail in the eligibility section¯ of http://www.cfa.com.pk. A graduate or equivalent or professional qualification (plus an acceptable PQE as mentioned in eligibility section) in a discipline of any recognized University is eligible to apply for registration. However a person desirous of becoming a Registered Student has to apply to the Institute in the Prescribed Form along with appropriate fees and to produce documentary evidence to the satisfaction of the Institutes Council.

What is the methodology of registration?


Every person applying for registration as a student has to pay the student registration fee of Rs.5,000 for local student and Rs.6,000 for overseas student. The application form is to be submitted to the Registered Office/Campus Office of the Institute. For registration, students should fill in the Form and completed in every respect. Remittances of Registration Fees shall be made through demand draft/pay order/crossed checks and on line system drawn on Silk Bank Limited favoring Certified Financial Analysts payable at Islamabad. Payment by cash or by any other mode is not acceptable.

What is Registration DE NOVO?

A student whose registration has been cancelled on account of his/her failure to complete the Knowledge (Framework-1), Skills (Framework-2) Examinations and Thesis/Dissertation (Framework-3) within a period of seven years from the date of his/her registration, may if he/she so desires, apply for DE NOVO registration in the Prescribed Form and on his/her application being granted he/she be deemed for all purposes to have been admitted as a DE NOVO registered student except that he/she shall be entitled to exemption from the individual subjects of the Knowledge and Skills Examination, both for Coaching and Examination as the case may be, previously secured by him under his former registration. The benefit of DE NOVO Registration may be availed of only once. Granting of DE NOVO Registration shall be at the discretion of the Registration Committee in case of those who have already availed the benefit of DE NOVO Registration once.

Is there any Admission Test for enrolling into the Certified Financial Analysts Program?

No, there is no Admission Test for enrolling into the Certified Financial Analysts Program. The Certified Financial Analysts Program offered on a Distance Learning Basis/through correspondence and is open to all those applicants who satisfy the eligibility criteria.

What is Registration Afresh¯?

A student whose registration has been cancelled on account of his/her failure to appear at least in one stage of the Framework-1 (Knowledge) and (Framework-2) Skills Examination within three years from the date of his registration, may, if he/she so desires, apply for Afresh Registration in the prescribed form and on his/her application being granted he/she shall be entitled to exemption from the individual subject(s) of the Framework-1 and Framework-2 Examination both for Coaching and Institutes Examination as the case may be, previously secured by him/her under his/her former registration.

Where to apply for Registration?

A candidate seeking registration as a student should send his application for registration to the E-mail:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

The Foreign Based Students of Pakistan National and Foreign National Students should send their applications for admission as Registered Students of the Institute to the Head/Registered Office Only. Subsequent to his/her initial Registration with any Regional Council of the Institute, if a student changes his/her address to outside Pakistan, he/she shall be required to enroll for postal tuition under the same Regional Council so that appropriate track record of the Students progress can be maintained in the Regional Council itself.

Is there any requirement of Pre-qualification Articleship Training?


No. The students pursuing to Certified Financial Analysts designation are not required to undergo any pre-qualification Articleship training. Certified Financial Analysts need to have minimum-years (as mentioned in eligibility section) of relevant post qualification work experience before they become Certified Financial Analyst. However, students with relevant work experience prior to completion of examinations are eligible to become Certified Financial Analyst.

Does Certified Financial Analysts provide any kind of tutorial support or contact classes for the benefit of the candidates registered in the Certified Financial Analysts Program?


Yes, we offers Training Classes (Optional) for Certified Financial Analysts students at its study centers. These Training Classes are held twice a year during January-April & July-October, and are offered during evenings & weekends. Students who wish to attend these Training Classes are required to pay the fee as prescribed. Further, candidates will have to meet their travel, boarding and lodging expenses.

Where Can I submit the Application Form for admission into the Certified Financial Analysts program?

You can submit the completed Application Form for Admission to This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

After being granted the Certified Financial Analysts Designation, Can I set up independent practice?

Yes. Certified Financial Analysts can set up their independent practice to offer professional services in several areas. The Certified Financial Analysts renders advices on matters relating to Investments, Valuations, Financial Analysis, Research & Development and allied areas. The Certified Financial Analysts can also conducts several types of Financial Statements Analysis, Portfolio Analysis, Economic Analysis, Equity Analysis, Accounting Analysis, Cost/Benefit Analysis, Feasibility Studies, Investment Studies and several other related activities as and when required by the management.

Will the Institute provide any placement assistance to the Certified Financial Analysts?


Yes, the institute has an active placement program which is coordinated by a Placement Committee. The Placement Committee helps the Certified Financial Analysts in getting suitable placements by giving guidance to them and networking with potential employers. The Certified Financial Analysts has the responsibility to put in maximum possible efforts for getting suitable placement.

I am told that the Certified Financial Analysts examinations are very tough and extremely difficult to pass. Is it so?

Someone has obviously scared you too much. The Certified Financial Analysts examinations are, no doubt, rigorous as they seek to test the conceptual understanding and practical application skills of the candidates. However, candidates who are prepared to put in reasonable efforts on a regular basis would be able to achieve the prescribed criteria & clear the examinations without much difficulty.

I am a non-finance graduate. If I join the Certified Financial Analysts Program, can I cope with it?

Yes, if you are willing to put in the necessary hard work, you should be able to cope with the (Cert.FA) Program even though you are a non-commerce graduate.

I am an MBA (or MSc) from a reputed business school, having done elective courses in the area of Accounting or Finance (and/or Investment). In what way will the Cert.FA Program be useful to me? 

The Certified Financial Analysts Program covers all the areas of financial analysis, investment and economic analysis in depth and breadth. Further, the rigor of the Cert.FA Program in financial analysis and investment is more intensive than that of many general purposes MBA, MSc or Professional Programs. We have large number of MBAs and MSc form reputed business school enrolling into the Certified Financial Analysts Program, as they wish to deepen their knowledge and sharpen their skill in the area of financial analysis, investment and economic analysis. However, even if you have an MBA specialization in Marketing, IT, Banking etc., etc,, the Cert.FA Program enables you to apply your knowledge & skills in marketing and managing financial services and products.

I am a Chartered Accountant (CA) / Cost & Management Accountant (CMA) / Certified Public Accountant (CPA). How will the (Certified Financial Analysts) Program help me?

The CA/CMA/CPA Programs would have surely provided you with a strong foundation in accounting, auditing and taxation. Based on that foundation you can go through the Certified Financial Analysts Program with greater case. By doing the Certified Financial Analysts Program you will deepen your insights and broaden your perspectives in modern financial analysis, investment & economic analysis as applicable to Corporate Finance, International Finance, Corporate Financial Reporting & Analysis, Management and Financial Services & Products. Thus, you will be able to build on your expertise in financial, investment and economic analysis. Since case study method is used extensively in the Certified Financial Analysts Program besides Thesis/Dissertation project, your skills in applying financial and investment knowledge to practical situations will increase enormously.