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In a competitive corporate world as of now, everyone wants their profile to be the best and for that, certificate courses play a major role and considered the best means. But, when we start browsing and plan to go for certificate courses, we are bombarded with a variety of options and every company claims how they have the best market value. Amidst all these, you get confused and wonder whom to trust. Well, here we are to help you and tell you all about certification and what should go into your profile. Certifications can be from different domains, different specializations, with varied difficulty levels; strengthening our profile for different profiles at different stages of a career.
Let’s discuss few of the important certificates required in the finance industry!
Financial Risk Management (FRM)
Commonly known as FRM, is meant for people who love managing money, risk and wish to broaden their knowledge in different types of financial risks.
It covers following aspects:
♦ Foundations of risk management
♦ Quantitative analysis
♦ Financial markets and products
♦ Valuation and risk models
♦ Market risk measurement and management
♦ Credit risk measurement and management
♦ Operational and integrated risk management
♦ Risk management in investment management
♦ Current issues in financial markets
The complete exam has two parts: FRM Part 1 and FRM Part 2. The exam is conducted twice in a year, in May and November.
GARP (Global Association of Risk Professionals) is the Institute which holds the highest regard across the globe for conducting of FRM. Examination.
2) Chartered Financial Analyst (CFA)
CFA standing for The Chartered Financial Analyst is an international professional designation offered by CFA Institute, USA.to financial analysts who complete a series of three examinations. These three examinations are 6 hours long and to become a CFA one needs to clear all three. These 3 exams are popularly known as L1, L2, and L3. To take the exam of higher level one obviously needs to clear the preceding level. To lay a strong foundation for financial investment analysis and portfolio management skills certificates plays a major role and emphasizes on highest ethical and professional standards being followed by the aspirants.
3) Certified Financial Planner (CFP)
Certifies Financial Planner Certification comprises a 10-hour multiple choice exam which is divided into one four-hour session (Friday afternoon) and two three-hour sessions (Saturday). The exam includes three major case problems and is designed to assess the student’s ability to apply his or her knowledge of the following areas to financial planning situations:
♦ General Principles of Finance and Financial Planning
♦ Insurance Planning
♦ Employee Benefits Planning
♦ Investment and Securities Planning
♦ State and Federal Income Tax Planning
♦ Estate Tax, Gift Tax, and Transfer Tax Planning
♦ Asset Protection Planning
♦ Retirement Planning
♦ Estate Planning
♦ Financial planning and consulting
4) Supply Chain Management
APICS CPIM/CSCP. The domain certifications in Supply Chain Management are CSIP (Certified Supply Chain Professionals) and CPIM (Certified in Production and Management) and are provided by APICS USA. CPIM comprises of 6 modules and CSCP is just one exam. Both the certifications have different eligibility criteria. To take CSCP one needs to have minimum 2 years of relevant work experience, however, there is no such restriction to take CPIM.
Companies which give importance to these certificates are
♦ Pharmaceutical Companies
5) Process Related Certifications
Six Sigma: Green and Black Belt. ASQ USA is the most recognized formal organization to provide Six Sigma certification. People who ought to strengthen their profile from the process and quality perspective must take this certificate. Six Sigma programs adopt a ranking terminology to define a hierarchy that cuts across all business functions. Apart from ASQ, organizations providing Six Sigma are KPMG, Indian Statistical Institute to name the few. But its suggested to do it from ASQ as it has the highest global value.
Key roles for its successful implementation:
♦ Executive Leadership includes the CEO and other members of top management.
♦ Champions take responsibility for Six Sigma implementation across the organization in an integrated manner.
♦ Master Black Belts, identified by champions, act as in-house coaches on Six Sigma. They devote 100% of their time to Six Sigma.
♦ Black Belts operate under Master Black Belts to apply Six Sigma methodology to specific projects. They devote 100% of their time to Six Sigma.
♦ Green Belts are the employees who take up Six Sigma implementation along with their other job responsibilities, operating under the guidance of Black Belts.
6) Project Management Certifications
The most recognized institute for this certification is Project Management Institute, USA.
♦ It provides following certifications:
♦ Project Management Professional (PMP)
♦ Certified Associate in Project Management (CAPM)
♦ Program Management Professional (PgMP)
♦ PMI Scheduling Professional (PMI-SP)
♦ PMI Risk Management Professional (PMI-RMP)
Among the lot, PMP and CAPM are the most popular and sought-after certificate. All the 5 certifications provided by PMI have different eligibility criteria and the major point of criterion revolve around work experience one has. To take PMP one needs to have minimum 3 years of work experience while one may take CAPM with lesser work experience too. These 2 are the highest paid certifications across the globe. A lot of recruiting analysts have said it a lot of times at numerous platforms that to be successful in the consulting industry, one should have knowledge of process as well as numbers. While PMP, CAPM, Six Sigma, CSCP, and CPIM cover the process across domains; CFA covers the knowledge of numbers that matter to a company. This illustrates the importance of few certifications discussed here.
Here we covered only the highly sought after certifications from different domains and tried to introduce them to you in the simplest manner.