Our 100% English Master of Science International Financial Analyst offers dual expertise in Corporate Finance and Market Finance. It operates in a global environment known as CFA Track and offers preparation for this certification throughout the course.
Foued AYARI, Academic Director of the Finance and Real Estate programmes in Paris, tells us more about the special features of this MSc and in particular about the CFA (Chartered Financial Analyst) certification, the most widely recognised American certification in the world in the fields of financial analysis, buy-side and sell-side research and asset management.
Can you tell us about the MSc International Financial Analyst?
“Our MSc International Financial Analyst is a 100% English-language programme that provides expertise in corporate and market finance, as well as programming and data skills. It leads to a level 7 RNCP qualification inFinancial Analysis.
All our teachers are still working professionals, some of whom work directly in the United States, in particular at Camp Fire, Naxxum, etc. The programme emphasises the international dimension of finance, with courses such as IFRS (International Financial Reporting Standards), M&A, Private Equity, financial and extra-financial analysis (ESG), VBA, Data Analytics, Bloomberg, Managerial Accounting, Investments, Financial Markets, Risk Management, Corporate Finance, Corporate Social Responsibility, etc.”.
What is special about this MSc?
“The other special feature of our MSc International Financial Analyst is that it also uses the CFA Institute curriculum for the prestigious CHARTERED FINANCIAL ANALYST (CFA) certification. This is the most widely recognised certification in financial analysis in the world. So, if they wish, our students can register with the CFA Institute to take levels 1 and 2 of the CFA throughout our Master of Science, and even after the end of the course for our alumni.
The CFA, Chartered Financial Analyst, is an internationally recognised American certification in the fields of financial analysis, buy-side and sell-side research and asset management, among others. It has been in existence for over 60 years and today represents the Gold Standard for certification in Finance.
Our Master of Science prepares you for CFA Level 1 and CFA Level 2, but to complete the CFA you also have to pass the third level, which covers financial analysis, portfolio management, alternative management, ethics, financial mathematics and statistics, economics, financial institutions, valuation of simple assets (equities and fixed income products) and derivatives.
Can you tell us more about the CFA levels 1 and 2 exam?
“The 3 levels of the CFA are divided into 2 sessions of 2 hours 15 minutes each, and are taken solely on computer in supervised rooms. For the first level, each session consists of 90 questions with 3 multiple choices each, giving a total of 180 questions. The second level differs from the first in that candidates are given multiple-choice questions combined with case studies. It is considered particularly difficult because of the strong focus on techniques for valuing different financial assets and derivatives. The CFA level 2 exam consists of two sets of 11 case studies for each session, each comprising 44 multiple-choice questions, giving a total of 88 questions and an average of almost 4 questions per item-set.
The third level also includes 2 sessions which, this time, alternate MCQs and ‘Essays’, a format requiring candidates to write a concise and rigorous response to questions relating to practical cases. A large part of the exam is devoted to portfolio management. This time, candidates are expected to be able to use their knowledge to make concrete and relevant proposals for asset allocation or risk hedging, in the context of real-life situations.
Will the exam change in the next few years?
“Yes, absolutely! A number of changes are coming to the exam from 2024 for candidates. But these changes are exceptional opportunities to boost the employability of our students:
- Extended eligibility for level 1 candidates
Students with two years of undergraduate study left (23 months before graduation) can now sit Level 1 of the CFA exam. This change improves career prospects and the chances of obtaining an internship, sandwich course or first job.
- Practical skill modules (PSMs) have been added to improve the transposition of knowledge into candidates’ day-to-day professional lives.
These practical skills modules consist of a combination of videos, multiple-choice questions and case studies enabling candidates to develop the skills expected by the profession on a specific subject. Candidates must take at least one module at each level. The subject may be chosen after registration for the examination, and the module must be completed before the results are published. Each module takes between 10 and 15 hours to complete.
These modules will be included in the Level 1 syllabus in February 2024, in the Level 2 syllabus in May 2024 and in the Level 3 syllabus in 2025. The subjects covered by these modules for levels 1 and 2 are as follows:
> For level 1: financial modelling using an Excel spreadsheet for company valuation purposes and basic programming in Python applied to finance.
> For level 2: basic programming in Python applied to finance (if this course was not taken in level 1), skills in financial analysis and credit analysis and use of Python to introduce candidates to machine learning, artificial intelligence and data science in order to improve the quality of analysis and understanding of financial statements.
These changes will of course be taken into account in the annual reshaping of the courses offered in our MSc International Financial Analysis to prepare our students.
- Level 3 candidates will be offered specialised courses in 2025
For the Level 3 exams in 2025, specialist pathways will be introduced in private banking and private markets.
There will be a ‘core curriculum’, complemented by specialist content for each pathway, which candidates can choose according to their interests and aspirations.
- Digital badges for each level achieved
Digital badges will be awarded to candidates who successfully complete each level of the CFA. This will give them greater recognition with employers without having to prove 4,000 hours of professional experience in the financial field, which is normally a prerequisite for taking this certification, which is reserved exclusively for working finance professionals. This is a real boon for our students, who will leave with an advantage on the job market at the end of their course!
Passing the CFA certification with INSEEC: the advantages
- The CFA is synonymous with excellence in finance
- An average of 50% higher pay, whatever the level completed (the boost also exists for those who have only completed CFA Level 1)
- A competitive advantage, a CV boost and prestigious career opportunities in the fields of asset management, research and financial analysis, among others.
- A guarantee of skills and practical knowledge of finance
- International recognition, being part of an elite and a global network
- A guarantee of credibility and integrity
- The CFA Institute fee, which is compulsory to pass the CFA, is paid by the school and not by the student.
- Students can take the certification without having to fulfil the prerequisite of 4,000 hours of professional experience in the financial sector.