CMSA® | Program Updates
This article contains the historical updates and changes to CFI's Capital Markets & Securities Analyst (CMSA®) Certification program.
Update History:
Update History
| Announcement Date | Effective Date |
|---|---|
| June 15, 2024 | July 15, 2024 |
| June 7, 2024 | July 7, 2024 |
| July 5, 2021 | September 1, 2021 |
🗓️ Updates Effective July 15, 2024
Summary of Changes
- The Lifecycle of a Trade course changed from an elective to a core course.
- Core courses to complete will now be 9 instead of 8.
- Program duration has increased by 2.5 hours.
- The total course hours for the core courses will now be 26 hours instead of 23.5.
Why was this update implemented?
Understanding the lifecycle of a trade is integral to mastering capital markets. It encompasses a wide range of skills and knowledge areas necessary for various roles within the industry.
Benefits:
Adding this course as a core means that learners will develop foundational knowledge that will make them more rounded capital markets professionals. The comprehensive understanding of the trade lifecycle that they will develop makes them more versatile, capable, and valuable in various roles within the capital markets sector.
Impact on CMSA® Learners:
- Learners who earn/have earned their CMSA® certification before July 15, 2024, will not be required to complete Lifecycle of a Trade.
- Learners who have not earned a CMSA® certification before July 15, 2024, must complete Lifecycle of a Trade to earn their certificate.
🗓️ Updates Effective July 7, 2024
Summary of Changes
- The Equity Trade Fundamentals Course will no longer be offered as an elective after July 7, 2024.
Impact on CMSA® Learners:
- Learners who earn/have earned their CMSA® certification before July 7, 2024, will not be required to complete a new elective to replace Equity Trading Fundamentals.
- Learners who have already completed Equity Trading Fundamentals and have not earned a CMSA® certification before July 7, 2024, must complete a new elective to replace Equity Trading Fundamentals.
🗓️ Updates Effective September 1, 2021
Summary of Changes
- The CMSA® final exam has been introduced as a program requirement.
- The Introduction to Hedge Funds course moved from an elective to a core requirement for program completion.
Why was this update implemented?
To increase the value and credibility of the CMSA® certification worldwide, protect the integrity of our program and those who work hard to complete it, and help students assess their knowledge and identify opportunities for improvement.
Impact on CMSA® Learners:
- To earn a certification, learners who complete the CMSA® program requirements on or after September 1, 2021, must take and pass the final exam.
- Learners who earned their Certification before September 1, 2021, will not be impacted. The exam is available as optional, but will not be a requirement to retain the CMSA® certification.