The candidate will also need to purchase one of the permitted calculators.

The candidate will also need to purchase one of the permitted calculators.


Correct answers to the test tasks on the right of external independent evaluation for the master’s degree in 2017

Tasks and answers to the EIT test for the right to a master’s degree in 2017

Correct answers to test tasks (used in the testing point). Correct answers to test tasks (used in the school). EIT test tasks by right (used in the testing point). Tasks of the test ZNO by law (used in an educational institution). ZNO online 2017 by right (used in the testing point). ZNO online 2017 by law (used in the school).


Correct answers to the tasks of the external independent assessment test for the master’s degree in French in 2019

Tasks and answers to the EIT test for the master’s degree in French in 2019

Official answers to the tasks of the unified entrance exam for the 2019 master’s degree.

The main session

Correct answers to test tasks. External test tasks in French. ZNO online 2019 in French.

Additional session

Correct answers to test tasks (additional session). External test tasks in French (additional session). ZNO online 2019 in French (additional session).

Special session

Correct answers to test tasks (special session). External test tasks in French (special session). ZNO online 2019 in French (special session).


Correct answers to the tasks of the TZNPK test of external independent evaluation for the 2018 master’s program

Tasks and answers to the test ZNO TZNPK for a master’s degree in 2018

Correct answers to test tasks (used in the testing point) Correct answers to test tasks (used in the school). Tasks of the test ZNO TZNPK (used in the testing point). Tasks of the test ZNO TZNPK (used in educational institution). ZNO online 2018 TZNPK (the task is used in the testing point). ZNO online 2018 TZNPK (task used in educational institution).


The acronym “CFA” is just three letters, but they mean a lot to 100,000 certified financial analysts and CFA candidates around the world.

CFA gold standard

CFA stands for Chartered Financial Analyst and is one of the world’s most renowned certification programs for financial professionals. It is no coincidence that the Financial Times and The Economist called the CFA program the “gold standard.”

However, strangely enough, many financial market participants (especially outside the US and Western Europe) still do not have a clear idea of ​​what it is – the CFA program, for whom participation in it is most useful, what exams to take and what you can get from participating in this program.

A little history

The CFA Institute was established in 1947 from several professional associations formed in the United States after the Great Depression. Their activities were aimed at solving the main task – to create a system of testing financial professionals, which would separate people with the necessary experience and certain ethical standards, from those who do not.

To date, two interrelated areas of CFA activity have been identified: societies representing and defending the interests of CFA certificate holders, and the CFA Institute itself, which conducts research and takes certification exams. Initially, experienced teachers who clearly understood how the educational process should be built were involved in the development of teaching methods and programs.

Over time, the CFA program spread beyond the United States, and the CFA Institute began to partner with the world’s leading business schools and universities.

Three levels and an emphasis on self-study

The CFA program is designed for professionals in the field of investment and financial markets, as well as for those who are going to become them. This is not a basic educational course, the program is aimed at those who already have a certain level of knowledge in the financial field.

In order to become a certified financial analyst, you must pass three qualifying exams, have a university degree and work experience in the specialty, and register as a member of the CFA Institute in a regional association.

Each exam is two three-hour sessions with a break of one hour and will surely be one of the most difficult exams you have ever taken.

The first level (Level I) covers a huge number of topics: from stock valuation methods and economic analysis to statistics, accounting and business ethics. So, by overcoming this barrier, the candidate will gain a clear understanding of all the basic themes of the CFA program.

The second level also covers key topics, but lab report writing in united states focuses on the analysis of financial statements and the valuation of stocks, bonds and alternative investments. To pass the last level, the candidate needs to study in detail the aspects of portfolio asset management.

Despite the financial focus of the exams, each level includes many questions related to moral and ethical norms and principles of doing business, as ethics is the cornerstone of the CFA and CFA Institute programs.

Due to the fact that the CFA program is remote, many candidates prepare for exams on their own, studying topics and solving problems in their free time. Upon registration for each level, the candidate receives all the necessary materials to pass the exam. The candidate will also need to purchase one of the permitted calculators.

In addition to home training, it is possible to attend training courses conducted by organizations that are not affiliated with the CFA Institute (if certain requirements are met, the CFA issues a certificate of conformity to such a company). However, most candidates prefer to study on their own, and the most purposeful use additional literature in addition to the training materials provided by the CFA Institute.

Preparation for one exam takes about 250 hours. If it is not possible to take a vacation, you will have to spend at least two hours a day after work or dedicate a day off to study. Candidates of all three levels take exams once a year, one day – in June. The exception is the first level, which can be passed in December. It will take a minimum of one and a half years to pass the exams of all three levels, not counting the time to prepare for the first level. In fact, most candidates receive a certificate in two to four years.

Today, there are two options for preparing for the CFA exams.

The first is to enroll in a master’s program that has become a CFA partner. The second option is to use a special program aimed solely at preparing for the CFA exams. But you need to understand that in this case, the listener will need a fairly large amount of independent work.

To participate in the program, you must have a university degree and at the same time have at least four years of experience, know English and meet high ethical standards. However, a fourth-year student can also enter the program, but he will receive a certificate only when he has worked in the specialty for at least four years.

As for international airline pilots

Knowledge of English is a mandatory requirement, as both exams are taken only in English, and educational literature is in English. And this is not a whim of the CFA Institute. Just in the financial sphere, English is a working language, and without his knowledge it is simply impossible to communicate with colleagues from other countries.

In this sense, financial analysts are similar to international airline pilots, who are also required to know English. By the way, in China, where there are thousands, if not tens of thousands of candidates for the CFA certificate, the vast majority of financiers surveyed insisted that the program be in English, because already knowing it says a lot about the level of professionalism of the candidate.

At once we will tell also about other condition of successful passing of the program. Candidates must have serious mathematical training, because modern financial and investment analysis, including risks, requires a solid mathematical background and knowledge of methods of meta-analysis in economics and finance.

Why is this necessary?

The interest in the program is mainly investment bankers, asset managers, and capital market professionals. But in reality, the program is designed for everyone involved in finance: from analysts and accountants to professors and government officials.

If we talk about the domestic real sector, then here, as a rule, have a bad idea of ​​what we are talking about and why it is needed. But gradually the country is joining the global division of labor, and Western companies are emerging, where there is an understanding that people involved in financial analysis must have a high culture, ethics and knowledge.

And in the largest domestic banks now when hiring look at whether a person has a CFA certificate or not, and all other things being equal, its presence becomes a solid advantage.

Only time will tell the return on investment in education in each case. But, based on research by the CFA Institute and Russell Reynolds Associates, it can be stated that the salaries of employees with a CFA certificate are on average one and a half times higher than those of the same employees without a certificate.

A specialist with a CFA degree is certainly well acquainted with his or her ethical responsibilities and unconditionally adheres to the highest norms of the code of ethics and standards of professional conduct. He understands the logic of GIPS standards, recognizes his duty to act ethically and to promote such behavior in others, works honestly, competently, diligently, respecting the client. The degree of CFA means that its holder is determined to always put the interests of the investor in the first place in his professional activity.

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