Last updated on November 8th, 2024 at 02:22 pm
The path to success is to find your passion, embrace uncertainty and not worry about outcomes”. InJust like many articles I wrote on CFA with this, CFA with that. Here is one more,” The CFA- MBA!”.Being a CFA charter holder, I will keep my bias aside and try to give you my take. The way I have tried to answer this is structured below, you can skip to the area which is relevant to you. And discuss the complete details of CFA salary in India, with facts and numbers.
Let’s get the dice rolling!
CFA Salary in India: An Overview
So, let me talk about my own experience with CFA and its impact on my salary over the yars. When I completed my CFA level 1, the charter was relatively unknown. However, because of its relatively new status in India, getting interviews was not a problem. Over the years of course, my salary has increased many folds but below are the factors that decide the cfa salary in India
- What kind of Financial institutions do you work with?- Big names have a defined salary levels whereas boutiques don’t
- Does your role involve Business- If your role is directly affecting the business, then you get a premium.
- Your attitude & Aptitude: Generally the finance industry expects you to learn on your own and fast. Which also means that how much time do you spend on self learning.
CFA Salary by Level in India
It’s important to understand that how the industry perceives cfa value in India. So as per my experience this is how the industry looks at you when you have different levels of CFA.
- CFA starting salary in india: The industry perceives you equivalent to a CA inter, MBA Tier 2 level
- CFA level 2 With 1-2 Years Experience: You are considered as valuable as a fresh Chartered accountant from ICAI.
- CFA level 3 with > 4 Years experience: Equivalent quality of MBA tier 1 Fresher in terms of compensation.
This perception is my own observation over the years and not something that will hold true all the time.
CFA Level 1 Salary in India
So I have seen on an average, provided that you are a decent candidate, with a good hands on experience with financial modeling. Then you starting cfa fresher salary in india, should be around 4.5 to 5 LPA. However let me also give you the official stats from a salary survey.
According to the impact survey done by CFA institute, on chartered financial analyst salary.
- For entry level candidates CFA level 1 salary in India ranges between INR 6-9 LPA.
- The most popular job role for CFA level 1 fresher is financial analyst, followed by research analysts, and finally investment banking analyst.
As I said these numbers can significantly change if you already had 1-2 years of relevant experience.
Rohit Mehta: CFA level 1: Job market Had some surprises For me
I had the chance of speaking to some of the CFA level 1 passed candidates to understand their experiences. On of such experiences I have shared below.
I was optimistic about finding a career path in finance right after clearing Level 1, but the job opportunities had some surprises for me.
- There’s a high supply of candidates with a CFA Level 1 in India, which makes the competition really intense.
- Starting cfa package in india, we came across in the range of INR 5 to 8 LPA, sometimes even less if it’s an internship.
- A lot of the roles I’ve found so far are in support functions, like back-office jobs with MNC banks or startups.
- Many of my friends in finance suggest that working on skills like financial modeling, networking, and building practical knowledge. Is needed apart from just CFA.
CFA Level 2 Salary In India
Now when you clear CFA level 2 then you are considered relatively more serious candidate. After all there is big jump in the knowledge level compared to the previous level.
Now first let me share what the survey done by CFA institute has to say;
- As per the survey CFA level 2 candidates command a package upwards of 9 LPA
- With roles in equity research, investment banking etc.
However let me bring to your attention a serious issue, which is if you lack experience then you can expect slightly more than what a fresher CFA level 1 would get.
Aditya Rao, CFA level 2 :Job Market Is More complex than you think
After finishing Level 2, I was pretty hopeful that it would be the stepping stone to a more promising role in finance. However, the reality of the job market has been more complex.
- CFA level 2 improved my shortlisting rate.
- I’ve come across jobs which are offering salary packages between INR 8 to 10 LPA,
- I am mainly being considered as a junior analyst because of the lack of experience.
cfa certification has opened doors, but it’s not enough on its own to guarantee a high salary. Without connections and relevant work experience.
CFA Level 3 Salary in India
Now, after completion of CFA level 3, I kid you not but you have zero experience then you are in for a surprise. As a level 3 completed candidate, the industry expects that you are not a lazy bum waiting for a royal entry into the industry.
On the contrary if you have gained 2-3 years of relvenat experience by this time then. In my 15 years of watching candidates do the CFA exams. The CFA level 3 salary in India should be north of INR 14 LPA to say the least.
CFA Charterholder Salary
As a CFA charterholder, you have already qualified the experience requirement of 4 years. Hence the minimum CFA charterholder salary in India should be atleast 15-20 LPA to start with. If you have more experience then these numbers won’t matter and neither would CFA. Because the role and position itself would decide your salary.
Comprehensive CFA Salary Table in India
| Location | Company Size | Years of Experience | Role | Average Salary (INR LPA) |
|---|---|---|---|---|
| Mumbai | Large | 0-2 | Financial Analyst | 8 – 10 |
| Mumbai | Large | 3-5 | Senior Financial Analyst | 12 – 15 |
| Mumbai | Large | 6-9 | Portfolio Manager | 20 – 25 |
| Mumbai | Large | 10+ | Chief Investment Officer | 40 – 50 |
| Bengaluru | Medium | 0-2 | Equity Research Associate | 6 – 8 |
| Bengaluru | Medium | 3-5 | Investment Analyst | 10 – 12 |
| Bengaluru | Medium | 6-9 | Senior Investment Analyst | 15 – 18 |
| Bengaluru | Medium | 10+ | Head of Research | 30 – 35 |
| Delhi | Small | 0-2 | Risk Analyst | 5 – 7 |
| Delhi | Small | 3-5 | Risk Manager | 8 – 10 |
| Delhi | Small | 6-9 | Senior Risk Manager | 12 – 15 |
| Delhi | Small | 10+ | Chief Risk Officer | 25 – 30 |
| Chennai | Large | 0-2 | Financial Consultant | 7 – 9 |
| Chennai | Large | 3-5 | Senior Financial Consultant | 11 – 13 |
| Chennai | Large | 6-9 | Investment Manager | 18 – 22 |
| Chennai | Large | 10+ | Director of Investments | 35 – 45 |
| Hyderabad | Medium | 0-2 | Credit Analyst | 6 – 8 |
| Hyderabad | Medium | 3-5 | Senior Credit Analyst | 9 – 11 |
| Hyderabad | Medium | 6-9 | Credit Manager | 14 – 17 |
| Hyderabad | Medium | 10+ | Head of Credit | 28 – 32 |
- Location: Salaries vary across cities due to the concentration of financial institutions and cost of living.
- Company Size: Large companies typically offer higher salaries compared to medium and small-sized firms.
- Years of Experience: Experience significantly impacts earning potential, with senior roles commanding higher salaries.
- Role: Specific roles within the finance sector have varying salary ranges based on responsibilities and required expertise.
These figures are approximate and can vary based on individual qualifications, company policies, and market conditions.
MBA CFA salary in india
Whenever you feel you have the mindset to do it. If you have the mindset and commitment before MBA, Go for it. If you feel your MBA program can be managed along with the great commitment required for the CFA program, go ahead too. So this part is really about when you feel right.
The Opportunity Perspective:
If you are trying to aim for a premier( Ivy league) MBA program, you are going to come face to face with a lot of smart ones. Go and beat this before sitting for the MBA interview!
How will this help?
Well, it will let you prove to the interview panel that you are a serious candidate for MBA in Finance.
How does it help the MBA college?
Placing you, the investment banks might give a second look at your profile while skimming through many others.
I will just add a caveat here though! The CFA program or designation is not a sure ticket to high packages or selection. There are a lot of other factors that a company considers before hiring you. So pursue this program in the right spirit, which is to gain a deep understanding of investments.
CharterFinancial Analyst CFA Salary Survey
Now we looked at various first hand accounts of salary expectations and the reality of the job market. But its time to crunch some data and see some more insights on the salary .
Concluding Thoughts
Well, a short article but I guess I said what I wanted to say! It’s not flashy, it might not sound like a magic wand! But I am just sharing my experience with the qualification and also the experience I had using it in my own career.
FAQ’s
What is the average chartered financial analyst salary per month?
The average cfa salary in india per month would be as follows
- Fresher chartered financial analyst salary in india per month between INR 35000- 50000
- For Experience with 1-2 years experience & CFA level 2 salary between INR 60000-70000 Per month
What is highest salary of cfa in india?
Chief Investment Officer or Head of Research, compensation can exceed ₹50 lakhs per annum, with some reports suggesting figures approaching ₹1 crore annually, depending on the organization and individual expertise.
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