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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 junior or senior, you can already enroll in the CFA Program and register for your first exam (level I). The level I exam is offered five times a year. Your selected exam must be 23 months or fewer before your graduation month for your bachelor’s degree.

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 $350 is required when you register for your first CFA Program exam. Registration for each of the three exams costs between $900 and $1,300, depending on the time of registration. 

CFA Institute offers several scholarships, including the needs-based Access Scholarship and Women's Scholarship.

As a University Affiliation Program partner, UCSC is entitled to grant students 5 student scholarships per year. The scholarship waives the enrollment fee of $350 and reduces the exam registration fee to US$400. Scholarships will be granted based on your performance in ECON 133 or ECON 135.

 

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
  3. Asset Manager Code of Professional Conduct
  4. Presentation of Performance Results (GIPS)
  1.  
  2.  ECON 116: Adv. Topics in Accounting & Ethics
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Quantitative Methods

  1. Time Value of Money
  2. Probability Distributions and Concepts
  3. Sampling and Estimation
  4. Regression Analysis
  5. AI/ML and Big Data Analysis & Applications
  6. Time-Series Analysis
  7. Back-testing, Simulation, and Scenario Analysis
  1. ECON 135: Corporate Finance
  2. STAT 17: Statistical Methods for Business and Economics
  3. STAT 17: Statistical Methods for Business and Economics
  4. ECON 113: Introduction to Econometrics
  5. ECON 124: Machine Learning for Economists
  6. ECON 113: Introduction to Econometrics
  7.  

Economics

  1. Market Forces of Supply and Demand
  2. The Firm and Industry Organization
  3. Business Cycles
  4. Inflation and Deflation
  5. International Trade and Capital Flows
  6. Currency Exchange Rates
  7. Monetary System, Monetary and Fiscal Policy
  8. Economic Growth and Development
  9. Effects of Regulations
  10. Economic Analysis and Setting Capital Market Expectations
  11. Effects of Geopolitics on Economies and Investment Markets
  12. Applications of Economic Factors in the Investment Process
  1. ECON 1: Introductory Microeconomics 
  2. ECON 160A: Industrial Organization
  3. ECON 2: Introductory Macroeconomics
  4. ECON 2: Introductory Macroeconomics
  5. ECON 140: International Trade
  6. ECON 131: International Financial Markets
  7. ECON 130: Money and Banking
  8. ECON 121: Economic Growth
  9. ECON 130: Money and Banking
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Financial Statement Analysis

  1. Analysis of Financial Statements
  2. Financial Reporting Quality
  3. Analysis of Off-Balance-Sheet Assets and Liabilities
  4. Analysis of Stock Compensation and Other Employee Benefits
  5. Analysis of Intercorporate Investments and Business Combinations
  6. Analysis of Global Operations
  7. Building a Company Financial Model
  8. Ratio and Financial Analysis
  9. Financial Analysis of Banks and Insurance Companies
  10. ESG considerations in Financial Statement Analysis
  1. ECON 10A: Economics of Accounting
  2. ECON 111A: Intermediate Accounting I
  3. ECON 111B: Intermediate Accounting II

  4. ECON 111B: Intermediate Accounting II

  5. ECON 111B: Intermediate Accounting II

  6.  
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  8. ECON 10A: Economics of Accounting


  10. ECON 111C: Intermediate Accounting III

Corporate Issuers

  1. Corporate Structures and Strategies
  2. Corporate Ownership and Governance
  3. Risk Factors (including environmental and social)
  4. Corporate Financing Decisions
  5. Corporate Actions, Combinations, and Restructuring
  1. ECON 135: Corporate Finance
  2. ECON 135: Corporate Finance
  3.  

  4. ECON 135: Corporate Finance
  5. ECON 135: Corporate Finance

Equity Investments

  1. Types of Equity Securities and Markets
  2. Fundamental Equity Analysis
  3. Valuation of Individual Equity Securities
  4. Equity Market Valuation
  5. Equity Portfolio Management
  6. ESG considerations in Equity Investments
  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
  6.  

Fixed Income

  1. Types of Fixed Income Securities and Markets
  2. Fundamental Fixed Income
  3. Term Structure Determination and Yield Spreads
  4. Valuation of Individual Fixed Income Securities
  5. Analysis of Interest Rate Risk
  6. Analysis of Credit Risk
  7. Valuing Bonds with Embedded Options
  8. Structured Products
  9. Fixed Income Portfolio Management  Strategies
  10. ESG considerations in Fixed Income
  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
  6. ECON 133: Security Markets
  7.  
  8.  
  9. ECON 133: Security Markets

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Derivatives

  1. Types of Derivative Instruments and Markets
  2. Valuation of Forwards and Futures Contracts
  3. Valuation of Option Contracts
  4. Valuation of Swap Contracts
  5. Uses of Derivatives in Portfolio Management
  1. ECON 133: Security Markets
  2. ECON 133: Security Markets
  3. ECON 133: Security Markets
  4.  
  5.  

Alternative Investments

  1. Types of Alternative Investments
  2. Real Estate
  3. Real Assets (including Infrastructure, Timber and Farm Land)
  4. Private Capital (including Private Equity, Private Credit and Venture Capital)
  5. Hedge Funds
  6. Commodities
  7. Alternative Investments Portfolio Management
  8. ESG considerations in Alternative Investments

  

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  4. ECON 135: Corporate Finance

  5. ECON 133: Security Markets
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Portfolio Management and Wealth Planning

  1. The Investment Policy Statement
  2. Modern Portfolio Management Concepts
  3. Investment Vehicles (including ETFs and Mutual Funds)
  4. Market Efficiency and Passive Investing
  5. Market Indexes 
  6. Behavioral Finance
  7. Environmental, Social, and Governance (ESG) Investing
  8. Management of Individual/Family Investor Portfolios
  9. Tax Impact of Investment Decisions
  10. Management of Institutional Investor Portfolios
  11. Investment Manager Selection
  12. Asset Allocation
  13. Portfolio Construction and Revision
  14. Currency Management
  15. Liability - Driven Investments (including Asset Liability Management and Goal-Based Investing)
  16. Risk Management (including environmental risk)
  17. Execution of Portfolio Decisions (including Trading and Market Microstructure)
  18. Performance Attribution and Appraisal

 

  1. ECON 133: Security Markets
  2. ECON 133: Security Markets

  3. ECON 133: Security Markets
  4. ECON 133: Security Markets
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  7. ECON 133: Security Markets

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  11. ECON 133: Security Markets
  12. ECON 133: Security Markets
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If you have any questions, please contact Kai Pommerenke (CFA) at kpommere@ucsc.edu.