According to the Chartered Financial Analyst (CFA) Institute, only 1 in 5 candidates who start the CFA journey successfully complete all three levels. Yet, in Nigeria, the demand for CFA charter holders continues to rise, with major banks like First Bank, GTBank, and investment firms offering up to 40% higher salaries for certified professionals.
Agreed, the CFA certification may be challenging, but it's a proven way to accelerate your finance career in Nigeria.
This guide explains everything you need to know about becoming CFA certified in Nigeria, from registration and cost to exam preparation.
But first…
Is CFA Recognised in Nigeria?
In Nigeria, the CFA certification is highly recognised and respected. The Nigerian Stock Exchange (NGX), Securities and Exchange Commission (SEC), and Central Bank of Nigeria (CBN) all acknowledge the CFA charter as a prestigious qualification.
Major employers, including Commercial banks like Access Bank, Investment banks like Chapel Hill Denham, Asset management firms like Stanbic IBTC Asset Management, and Big consulting firms like PwC, actively seek CFA charterholders for senior roles in investment analysis, portfolio management, and risk assessment.
In addition, Nigeria has an active CFA Society based in Lagos, with over 300 members who benefit from networking events, job opportunities, and professional development programs. The society regularly partners with financial institutions and universities to promote ethical practices and investment knowledge in Nigeria's financial markets.
How Do I Become a CFA in Nigeria?
To become a CFA in Nigeria, you must complete the following steps:
1. Meet the basic requirements
-
Have a bachelor’s degree or be in your final year
-
Have an international passport for ID verification
-
Have four years of professional work experience
2. Pass three exam levels
-
Level I: tests your basic knowledge of financial concepts and tools. The exam is in multi-choice format and covers topics like ethics, economics, quantitative methods, and financial reporting.
-
Level II: focuses on applying financial tools to real-world situations. You’ll study equity valuation, fixed income, and portfolio management. The questions are based on item sets (mini case studies) requiring advanced analysis.
-
Level III: This level emphasises portfolio management and wealth planning. It tests your ability to apply the concepts learned across the first two levels. You’ll answer essay-type questions along with item sets, focusing on practical strategies and client scenarios.
Bear in mind that each exam level takes 6-8 months of preparation. You can use CFA study materials, online courses, or study groups to help yourself prepare.
3. Register with CFA Institute
-
Create an account on the CFA Institute website
-
Pay a one-time enrollment fee (more on this later)
-
Choose your exam window for Level I
4. Complete the ethics requirements
-
Sign the Professional Conduct Statement
-
Follow the CFA Institute Code of Ethics
-
Complete the Ethics Learning modules
5. Join CFA Society Nigeria
-
Apply for membership after passing Level III
-
Submit reference letters
-
Pay local membership dues
How Much Does CFA Cost in Nigeria?
You’ll pay a one-time enrollment fee of about $450 (around ₦788,431, depending on the exchange rate) the first time you register for the CFA Level I exam.
Additional expenses include study materials, which can cost between $300 and $1,500, and travel or accommodation if needed. After earning the charter, there’s an annual membership fee of $299 (₦527,000).
How to Pay CFA Fees Online in Nigeria
Once you’re ready to pay your CFA fees, go to your Play or App Store and download the Pay4Me App. Pay4Me is a cross-border payment app for international tuition and fee payments. Sign up using your correct personal details on the app.
Once verified, navigate to “Payments,” select CFA, and pay your fees. This process takes 5 minutes or less to complete. Pay4Me facilitates the payment and pays out to the Chartered Financial Analyst Institute. You’ll receive a confirmation email to that effect alongside your payment receipt.
Is 3 Months Enough for CFA Level 1?
Short answer: Yes.
While three months can be enough to prepare for CFA Level 1, it requires a structured study plan and commitment.
The CFA Institute recommends at least 300 hours of study time, which is about 25 hours per week over three months. This timeline works best if you study consistently, focus on key topics, and practice regularly with mock exams and practice questions.
Alternatively, if you have a strong background in finance, you can use the 3 months study timeline. Otherwise, it’s best to start earlier and give yourself at least six months to avoid cramming. Dedication and a disciplined approach are essential, as CFA Level I covers many topics.
How Do I Get My CFA Certificate?
To earn the CFA certificate, you must first pass all three exam levels. Once you've passed all exams and met the experience requirement, you’ll apply for membership in the CFA Institute. This process includes providing professional references and agreeing to the Institute’s Code of Ethics and Standards of Professional Conduct.
Once your membership is approved, you’ll officially receive the CFA charter certificate. This certificate grants you the CFA designation and recognition as a certified finance professional.
How Much Does a CFA Earn in Nigeria?
In Nigeria, a CFA charterholder's salary can vary based on experience, job role, and the organisation. On average, entry-level CFA holders earn between ₦900,00 to ₦11 million annually. For example, financial analysts earn an average of ₦1,950,000 million annually.
With a few years of experience, this figure can rise to ₦15 million or more. Senior professionals, such as portfolio managers or investment directors, earn upwards of ₦20 million annually.
Bear in mind that earning potential increases significantly as you gain experience and take on more responsibilities.
FAQ on How to Become CFA Certified in Nigeria
Q1. How much does it cost to write CFA in Nigeria?
The cost to write the CFA exams in Nigeria includes a one-time enrollment fee of about $450 (₦788,431, depending on the exchange rate). Each exam level registration fee ranges from $900 to $1,200, depending on how early you register.
Q2. How much is the CFA membership fee?
The CFA annual membership fee costs $299. This fee grants you access to CFA Institute resources, networking opportunities, and ongoing professional development.
