CFA Institute bets big on BPO/KPO firms

Their offering Claritas Investment Certificate has been adopted by Cognizant

CFA Institute, the global association of investment professionals that offers the Chartered Financial Analyst (CFA) programme among other professional credentials, is targeting BPOs and KPOs to offer its Claritas Investment Certificate programme.

Recently, Cognizant has become the first corporation in the global technology and business process services industry to adopt the Claritas Investment Certificate programme. Approximately 1,000 professionals of Cognizant will take the certification program over the next two years.

The Claritas Program will be supplemented by study tools provided by CFA Institute, the global association of investment professionals that sets the standard for professional excellence and credentials. The agreement is the largest business implementation contract for Claritas since its launch in 2013. Candidates will require around 100 hours of study time and will need to pass an examination in order to be awarded the certificate.

Paul Smith, CFA, Managing Director for Asia Pacific, CFA Institute said that already about 6000 people have got this certification. He added that the 1000 seats in Cognizant is a significant transaction for them. Smith added that in India, younger people in the age-group of 23-24 years who are just about to enter the job market or have just secured a job go for the CFA programme compared to 26-27 year-old individuals in the West.

CFA Institute is setting up an India centre which will be opened by the end of this calendar year. Vidhu Shekhar, CFA, Country Head, India said that this will help support the CFA community in India.

The Mumbai office is expected to be a fully functional office where the CFA Institute will have people engaged with regulators, industry and educational activities. Shekhar added that they also have Universities Recognition Programme and Universities Partnership Programme through which they collaborate and partner with institutes in different countries.

The Claritas Investment Certificate is the newest education program offered by CFA Institute. It was developed in response to the global financial crisis as a way to bridge knowledge gaps across the industry. Cognizant was among the program's 70 pilot partners in 2013.

The programme is for all professional disciplines in the financial services industry outside of investment roles-from client services to compliance; from human resources to IT and operations; from sales and marketing to legal and administrative services. Successful candidates are awarded the Claritas Investment Certificate by CFA Institute. The self-study, modular program requires approximately 100 hours of study time and covers the fundamentals of the investment industry across seven course modules.

"The Claritas Program will help our professionals expand their understanding and knowledge of industry functions, relationships and their professional roles, enabling them to make better decisions and provide superior counsel to our clients. This will further strengthen our ability to deliver value to our clients and help them become more competitive," said Sumithra Gomatam, President, Industry Solutions, Cognizant.

CFA Institute also has its 'Future of Finance' project. Initiatives under the project are divided into six areas - financial knowledge, putting investors first, regulation and enforcement, retirement security, safeguarding the system, transparency and fairness. Through this initiative, they also aim to interpret these topic areas for India and China among other markets to see their applicability in these regions.