The very notion of the value of a generalist degree in business is being questioned, giving way to replacements offering a concentrated curriculum and sharper focus.Recently, a Dean of a top business school, said “Ten years ago the M.B.A was the only option you had, but the market has shifted, and business schools, like any company, have to shift with it to meet the demand of our customers.”
Try this: Google “top professional finance designations” and see what comes up. For example, according to the Corporate Finance Institute, the leading six designations, in alphabetical order, are the Chartered Financial Analyst (CFA) designation, the Certified Public Accountant (CPA)designation (comparable to the Chartered Accountant of India designation), the Chartered Alternative Investment Analyst (CAIA) designation, the Certified Financial Planner (CFP) designation, the Financial Risk Manager (FRM) certification, and the Financial Modeling & Valuation Analyst (FMVA) certification.
- The CFA designation has achieved explosive popularity in India with a record of just short of 22,000 candidates have registered for exams in June of 2018.
- The ICAI is the most popular designation in India and has a membership of about 250,000, about evenly split between practising and non-practising CAs.
- The CFP designation requires all candidates to pass one exam that costs about $1,000, while also requiring a three-year work experience requirement in India. There are less than 100,000 CFPs globally, with estimates for India difficult to estimate.
- The Financial Risk Management designation is issued by the Global Association of Risk Professionals (GARP) the program follows the major strategic disciplines of risk management including quantitative analysis, models, and risk management in areas such as market,credit, operational, and measurement risk. At a cost of about $1,500, there are about 30,000 certified FRMs globally.
- The CAIA designation is relatively new – the Association began in 2003 — and in a relatively short amount of time has awarded over 10,000 charterholders globally. Given the continued growth in Indian capital markets, and the rapid introduction of alternative investment products introduced in the Indian landscape of investments, the relevance of the CAIA designation in India is moving quickly ahead.