Sensex Devta

ICFAI, having been embroiled in a long legal battle with the CFA Institute,focused its energy on developing private universities, some of which have AICTE recognition along with UGC recognition. ICFAI has focussed all its energies away from developing its CFA charter like giving it statutory recognition increasing its status as a high status profession like that of CA from ICAI, which was announced by the governing member NJ Yeshasway who vowed to take up the CFA Charter a notch above the legendary CA exam considered to be the toughest in the realm of finance, but instead has opened a host of non-CFA programs like MBA, ICFAI Business Schools (IBS), PG Programs which have scaled up into national top 10 place in India. It has also opened schools for under graduate programs and offering degrees. Indian CFAs pass with a stringent eligibility to qualify as CFAs but have only a niche finance sector as the job market unlike CA which has traditional roles of Auditing and taxation along with statutory roles. CFAs work in investment related and finance fields where MBAs (some from ICFAI itself), CAs, Masters Degree holders of Statistics, Economics, Doctorates etc. hold top posts.

Frequent changes to eligibility requirements changes in fee structure, exorbitant council membership charges etc., have caused confusion among the student community. Many founding members have left ICFAI as they were not happy with the way ICFAI treated its flagship course. The course, which was once a stepping stone for Indians into analytic finance has become just one more obscure degree due to continuous changes in the curriculum. As a result, there is negativity about this course in the Indian corporate world. Keeping in view the demands from the corporate world and impending competition, ICFAI is thinking of bringing whole sale changes in the curriculum and the training method from the current academic year. The new course can only be completed in 24 months and will include a training program for the passing students of final exam. ICFAI is also creating a window for students of CFA program to undergo 2 months internship with its in-house concerns to impart rigorous analytical skills. Exemption for MBAs will be stopped from the current academic year. Also, ICFAI is drafting a continuing professional development module which will be compulsory for all the current CFAs. This program will enable the current CFAs to enhance their knowledge in their respective areas and will include relevant statutes changes, paradigm shift in capital markets and allied subject matter. ICFAI hopes to regain the old status of its CFA program through continuously evolving methods, the most recent is focussing on the core aspects of investment management and financial analysis in its MFA degree(current CFA syllabus) and increasing CFA charter membership by giving official charters to students who have cleared the core subjects of investment management and financial analysis of the previous(CFA curriculum) MS Finance program.

CFAC (Indian Council of Chartered Financial Analysts) is a registered society with the Indian government seeking to regulate the profession of financial analysts in India but, unlike ICAI or ICSI or ICWAI, is not a statutory body. The CFA charter is only a certification from ICFAI apprising the public at large of the CFAs competence for Financial and Investment analysis.

The Code of Conduct covers:

1. Integrity: A CFA shall conduct him/herself with integrity and dignity in his dealings with the public, clients, customers, employers, employees, professionals and fellow analysts.

2. Ethical Behavior: A CFA shall conduct himself and shall encourage others to practice the financial analysis profession in a professional and ethical manner that will reflect credit on himself and his profession and his organization/employer where or for whom he is working.

3. Professional Competence: A CFA shall act with competence and shall strive to maintain and improve his competence and that of others in the profession.

4. Objectivity: A CFA shall be fair in his dealings and must not be biased or prejudiced. He shall try to maintain objectivity and impartiality towards one and all.

5. Professional Independence: A CFA shall use proper care and exercise independent professional judgement in all his professional activities.

6. Public Trust: A CFA shall assume the basic responsibility to place the interest of clients, prospective clients and employers ahead of his own. He shall seek to enhance public confidence in his profession.

The CFA Council has put in place a suitable mechanism to enforce the Code of Ethics and Standards of Professional Conduct.

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 as an Indian Statutory Charter. All this led to the dispute with AIMR, the parent body of CFA Institute which wanted a uniform curriculum or body of Knowledge throughout the world for CFA program whereas ICFAI wanted changes in CFA 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.

1. In 1998 a United States District Court issued an injunction that prohibits ICFAI's use of all CFA Institute trademarks and confusingly similar trademarks in the United States and Canada. Although ICFAI challenged that order in late 2006, the injunction remains in place.

2. On May 8, 2007, the U.S. District Court for the Eastern District of Virginia, vacated a Default Judgment issued against ICFAI that the CFA Institute (formerly AIMR) obtained in October, 1998. ICFAI recently moved to reopen the case and to vacate the Default Judgment because the Court lacked jurisdiction over ICFAI at the time the Default Judgment issued. Recognizing the merits of the ICFAI arguments, the Court vacated the October, 1998 Default Judgment.

3. With the Default Judgment vacated, ICFAI informed all its CFA charter holders that its earlier communication on not using the CFA charter in U.S. and Canada is treated as withdrawn.

4. However, on September 4, 2007, the US District Court for the Eastern District of Virginia reversed its decision to vacate the 1998 injunction against ICFAI after a motion to reconsider that decision was filed by the CFA institute.

5. The Delhi High Court rejected the CFA Institute's appeal against operating in India, the reason being CFA Institute did not have approval from AICTE. The verdict was delivered on 15 December 2007.

On 27 May 2008, The Delhi High Court allowed the CFA Institute to conduct examinations in India scheduled on 8 June. This is an interim order on a petition by the CFA Institute challenging the single bench order disallowing it from conducting examinations in India.

While making it clear that further enrollment by the Institute will be done with the approval of the court, the bench comprising Chief Justice AP Shah and Justice S Muralidhar said: "Prima facie, the All India Council for Technical Education (AICTE) Act is not applicable (to CFA Institute)."

In 2007 AICTE, India's governing body in technical education concluded that CFA Institute had not obtained its approval to conduct the CFA Program in India and must cease all operations in India.

There was a bar by the ICAI - the apex Indian body for Chartered Accountancy from pursuing or joining INDIAN CFA of Icfai university, After nearly two decades, the ICFAI (Institute of Chartered Financial Analysts of India) has won the 'chartered' row against the ICAI (Institute of Chartered Accountants of India). In a decision dated May 16, 2007, the court ruled in favour of ICFAI, by setting aside an earlier verdict of the Andhra Pradesh High Court, which had allowed the ICAI to prohibit its members from using the description 'Chartered Financial Analyst' or its abbreviation CFA.

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.

Group A

Group B

Group C

Group D

Group E

Group F

Total 1200 marks

The Examination for each subject is of 3 hours duration. Each group has two Papers of 3 hours each.

Bachelor's Degree with 55% in aggregate (any discipline)or four year of experience in finance sector.

The University provides a detailed study plan and prescribed books (as per the curriculum of the University) specially designed and meant for self study.

However, students may attend contact classes on optional basis.

The MIFA Program is divided into six groups. Each group consists of two subjects. The students are required to study and complete all the groups in a sequential manner.

Students with prior qualifications, are eligible to get waivers from certain subjects of the MIFA program.

The examinations are generally conducted on Sundays in January, April, July and October.

All the students who successfully complete all the six groups of the program will be awarded the MIFA degree by the ICFAI University, Tripura. In addition the University also confers the CFA Charter and Designation, subject to University Regulations.

MIFA Program leading to CFA Charter 

The Master in Investment and Financial Analysis (MIFA) Program offered by the Directorate of Distance Education, the ICFAI university, Tripura is a unique program covering the area of financial markets, financial analysis, valuation of assets, portfolio management, mutual and other funds and professional ethics.

The Program has been developed in the context of the present and future needs of the investment and financial analysis industry.

The Core body of knowledge of the program includes current and evolving concepts, techniques and applications, and also providing the flavor of the frontiers of knowledge.

The Institute of Chartered Financial Analysts of India was established in 1984 as a non-profit society, with the objective of providing training in finance and management. The ICFAI University refers to the Universities sponsored by the Institute of Chartered Financial Analysts of India in Uttarakhand, Tripura, Sikkim, Meghalaya, Mizoram, Nagaland, andJharkhand under respective legislations. The Governments of Rajasthan, Chhattisgarh andPunjab issued letters of intent to the Institute for the establishment of Universities. Each University is a separate and independent legal entity. Consequently, the University confers degrees at Bachelor’s, Master’s and Doctoral levels on eligible students subject to the University Regulations.

The University Grants Commission has included all the Universities mentioned above in the list of Universities maintained under Section 2(f) of the UGC Act, 1956.

However in the list of Universities/Institutions approved by Distance Education Council (As of 01/02/2010), only ICFAI University, Dehradun has been included.

The CFA Program is a self-study, graduate-level program, available to investment professionals throughout the world. The program requires you to study for and pass three levels of exams and meet professional and ethical requirements. If you pass the exams and meet all the requirements, you earn a CFA charter.

CFA Program enrollment and exam registration rates go up with each deadline and the CFA Program identification policy is changing. Find out how the new ID policy could impact you, and view the current exam registration deadlines.