BMEC is now recognized by the CFA Institute. The University Affiliation Program recognizes academic institutions that embed a significant portion of the CFA® Program Candidate Body of Knowledge™ (CBOK) into their curriculum.

The Chartered Financial Analyst® (CFA) credential is the most respected and recognized investment management designation in the world. The CFA Program offered by CFA Institute provides a strong foundation of advanced investment analysis and real-world portfolio management skills that will give you a career advantage.

CFA charter and exams

In order to earn the CFA charter, you need to finish your bachelor’s degree, pass three CFA exams, accumulate 48 months of professional work experience in investment decision making and join CFA Institute as a regular member.

However, if you are a senior, you can already enroll in the CFA Program and register for your first exam (level I) (see registration requirements). The level I exam is offered twice a year, in June and December.

In the past, several BME majors have taken and passed the level I exam while still in school.

Fees and scholarships

A one-time program enrollment fee of $450 is required when you register for your first CFA Program exam. Registration for each of the three exams costs between $650 and $1,380, depending on the time of registration.

CFA Institute offers a number of scholarships, including the needs-based CFA Program Access Scholarship and Women's Scholarships.

As a University Affiliation Program partner, UCSC is entitled to grant students 5 CFA Program Awareness Scholarships per year. The scholarship waives the enrollment fee of $450 and reduces the exam registration fee to US$350. You must be in your final year or have graduated by the time you register for the exam to be eligible for the scholarship (see registration requirements).

Scholarships will be granted based on your performance in ECON 133. If you want to apply for one of the 5 CFA Program Awareness Scholarships, please contact Kai Pommerenke (CFA) at kpommere@ucsc.edu.

The deadlines for CFA Program Awareness Scholarship applications received by CFA Institute are Sept. 1 (for the December exam) and Feb. 1 (for the June exam).

Curriculum

UCSC takes part in CFA Institute’s University Affiliation Program. As such, students in our Business Management Economics major can take courses at UCSC that cover at least 70% of the CFA Program Candidate Body of Knowledge required for the CFA Level I exam.

If you want to pursue the CFA track, you should take the following courses:

Knowledge Domains and Topics

Courses Covering Corresponding Topics

Ethical and Professional Standards

  1. Professional Standards of Practice
  2. Ethical Practices
  1.  
  2. ECON 194F: Advanced Topics in Management and Finance

Quantitative Methods

  1. Time Value of Money
  2. Probability
  3. Probability Distributions and Descriptive Statistics
  4. Sampling and Estimation
  5. Hypothesis Testing
  6. Correlation Analysis and Regression
  7. Technical Analysis
  1. ECON 135: Corporate Finance
  2. AMS 5: Statistics
  3. AMS 5: Statistics
  4. ECON 113: Introduction to Econometrics
  5. ECON 113: Introduction to Econometrics
  6. ECON 113: Introduction to Econometrics

Economics

  1. Market Forces of Supply and Demand
  2. The Firm and Industry Organization
  3. Measuring National Income and Growth
  4. Business Cycles
  5. The Monetary System
  6. Inflation
  7. International Trade and Capital Flows
  8. Currency Exchange Rates
  9. Monetary and Fiscal Policy
  1. ECON 1: Introductory Microeconomics
  2. ECON 160A: Industrial Organization
  3. ECON 2: Introductory Macroeconomics
  4. ECON 2: Introductory Macroeconomics
  5. ECON 130: Money and Banking
  6. ECON 2: Introductory Macroeconomics
  7. ECON 140: International Trade
  8. ECON 131: International Financial Markets
  9. ECON 100B: Intermediate Macroeconomics

Financial Reporting and Analysis

  1. Financial Reporting System (IFRS and GAAP)
  2. Principal Financial Statements
  3. Financial Reporting Quality
  4. Analysis of Inventories
  5. Analysis of Long-Lived Assets
  6. Analysis of Taxes
  7. Analysis of Debt
  8. Analysis of Off-Balance-Sheet Assets and Liabilities
  1. ECON 10A: Economics of Accounting
  2. ECON 10A: Economics of Accounting
  3. ECON 111A: Intermediate Accounting I
  4. ECON 111A: Intermediate Accounting I
  5. ECON 111A: Intermediate Accounting I
  6. ECON 117B: Tax factors of business and investment
  7. ECON 111B: Intermediate Accounting II
  8. ECON 111B: Intermediate Accounting II

Corporate Finance

  1. Corporate Governance
  2. Dividend Policy
  3. Capital Investment Decisions
  4. Business and Financial Risk
  5. Long-Term Financial Policy
  6. Short-Term Financial Policy
  7. Mergers and Acquisitions and Corporate Restructuring
  1. ECON 135: Corporate Finance
  2. ECON 135: Corporate Finance
  3. ECON 135: Corporate Finance
  4. ECON 135: Corporate Finance
  5. ECON 135: Corporate Finance
  6. ECON 135: Corporate Finance

Equity Investments

  1. Types of Equity Securities and their Characteristics
  2. Equity Markets: Characteristics, Institutions, and Benchmarks
  3. Fundamental Analysis (Sector, Industry, Company) and the Valuation of Individual Equity Securities
  4. Equity Market Valuation and Return Analysis
  5. Special Applications of Fundamental Analysis (Residual Earnings)
  6. Equity of Hybrid Investment Vehicles
  1. ECON 133: Security Markets
  2. ECON 133: Security Markets
  3. ECON 133: Security Markets
  4. ECON 133: Security Markets

Fixed Income

  1. Types of Fixed Income Securities and their Characteristics
  2. Fixed Income Markets: Characteristics, Institutions, and Benchmarks
  3. Fixed Income Valuation (Sector, Industry, Company) and Return Analysis
  4. Term Structure Determination and Yield Spreads
  5. Analysis of Interest Rate Risk
  6. Analysis of Credit Risk
  1. ECON 133: Security Markets
  2. ECON 133: Security Markets
  3. ECON 133: Security Markets
  4. ECON 133: Security Markets
  5. ECON 133: Security Markets

Derivatives

  1. Types of Derivative Instruments and their Characteristics
  2. Forward Markets and Instruments
  3. Futures Markets and Instruments
  4. Options Markets and Instruments
  5. Swaps Markets and Instruments
  6. Credit Derivatives Markets and Instruments
  1. ECON 133: Security Markets
  2. ECON 133: Security Markets
  3. ECON 133: Security Markets
  4. ECON 133: Security Markets

Alternative Investments

  1. Types of Alternative Investments and their Characteristics
  2. Real Estate
  3. Private Equity/Venture Capital
  4. Hedge Funds
  5. Closely-held Companies and Inactively Traded Securities
  6. Distressed Securities/Bankruptcies
  7. Commodities
  8. Tangible Assets with Low Liquidity

Portfolio Management and Wealth Planning

  1. Portfolio Concepts
  2. Management of Individual/Family Investor Portfolios
  3. Presentation of Performance Results
  1. ECON 133: Security Markets