Chartered Financial Analyst Salary: What Do CFA® Charterholders Make?

Earning the CFA^® designation is a great way to advance your career as a finance professional, particularly in the wealth management sector. Some CFA’s work as financial analysts in a consulting firm and others work as an equity research analyst in an investment management firm. What your role is, where you work, and how many years of experience you have plays a major role in how much you earn as a CFA Charterholder.  According to CFA Institute, the average salary for a CFA Charterholder is $180,000.

Key Takeaways

1. Factors like your location, your employer and how many years of relevant experience you have will determine how much money you can make as a CFA Charterholder.

2. According to CFA Institute, the average salary for a CFA Charterholder is $180,000.

3. CFA salary amounts may not include cash bonuses, profit sharing benefits or other types of compensation.

Table of Contents

• CFA Charterholder Salary Ranges

• Types of Compensation for CFA Charterholders

• Common Roles for CFA Charterholders

• CFA vs. CPA Salary

• CFA vs. MBA Salary

CFA Charterholder Salary Ranges

Since there are so many different types of jobs CFA Charterholders can have, and the amount of experience each CFA has after earning the designation varies greatly so the salary range for CFA Charterholders is very large. According to a recent Pittsburgh CFA Society Compensation Study, the base salary range for a CFA is $128,000 to $196,000. But that doesn’t account for cash bonuses, incentives, or profit sharing benefits. 

When factoring in all of the other streams of pay CFA Charterholders can receive, their salary range increased to $151,000 to $304,000. This salary range is large and demonstrates just how different one CFA’s salary can vary from another based on their position, years of experience and more.  

In a recent Kaplan Schweser CFA Survey, one-third of our respondents claimed to have received a salary increase after passing their latest CFA exam or becoming a charterholder.

On average, our respondents who were working in a financial professional role both the year before and year after passing their most recent CFA exam or becoming a charterholder stated they experienced an increase in their earnings of 15%.^# Earnings increase varied somewhat by the most recent exam passed or becoming a charterholder.

Get More CFA Insights From Charterholders and Candidates

Types of Compensation In Addition to Base Salary for CFA Charterholders

As mentioned above there are various types of ways CFA Charterholders can earn additional money than their base salary. It’s common for a CFA to earn a cash bonus based on performance but there are also these other types of earnings including:

• Employer 401(k) contributions

• Profit sharing

• Restricted stock awards/phantom shares

• Deferred/multi-year earnings

• Commission/a sales bonus

• Stock options

According to a recent Los Angeles CFA Society compensation report, the top three most common types of compensation a CFA earned in addition to their base salary were:

1. Cash bonuses based on performance

2. Employer 401(k) contributions

3. Profit sharing

How Years of Experience Affects CFA Salary

How many years of experience and what your job title is will affect your salary as a CFA Charterholder. According to a recent Chicago CFA society compensation report, the reported median compensation for an equity research analyst with less than 5 years of experience was $93,500. Compare that to $196,250 for an equity research analyst with more than 5 years of experience but less than 10 years of experience. 

However, according to that same report, a Risk Manager earned $150,500 with less than 5 years of experience and $160,060 with more than 5 years of experience but less than 10 years of experience. 

Both of these examples demonstrate how years of experience and job title impact salary as a CFA Charterholder.   

What Kind of Job Can You Get After Passing the Level I CFA Exam? >>

Common Job Titles for CFA Charterholders

Almost half of portfolio managers in the world are CFA Charterholders according to CFA Institute, making portfolio manager the most common job title for a CFA. But there are many other job titles that a CFA can hold. 

According to a recent Los Angeles CFA Society compensation report, there were over 15 different roles represented by their survey respondents that earned the CFA designation. That’s a lot of different roles and includes job titles like Portfolio Manager, Consultant, Chief Financial Officer, Accountant/Auditor, and many more. 

So let’s look at what the average salary is for some of the most common job titles for CFA charterholders.

Portfolio Manager Salary—With the CFA Charter

According to CFA Institute, 22% of CFA charterholders are employed as portfolio managers. A recent CFA Institute Compensation Study reports that the median base annual salary for a portfolio manager is right around $160,000.

Everything To Know About Being A Portfolio Manager >>

Research Analyst Salary—With the CFA Charter

According to CFA Institute,15% of global CFA charterholders work as research analysts, responsible for analyzing mathematical processes and qualitative data to make future predictions. A recent CFA Institute Compensation Study reports that the median base annual salary for a research/investment/quantitative analyst is right around $140,000.

Everything To Know About Being A Research Analyst >>

Chief-Level Executive Salary—With the CFA Charter

CFA Institute says that approximately 7% of all CFA charterholders in the world have made it to the C-suite. The most common titles for executives with the CFA charter are chief investment officer or chief financial officer. A recent CFA Institute Compensation Study says chief investment officers with CFA charters have a median annual base salary of about $250.000.

Considering the CFA® charter? Download this free Before You Decide to Sit for the CFA Exam eBook.

Consultant Salary—With the CFA Charter

Companies hire consultants to bring an independent expert perspective to business valuation, provide economic forecasts and analysis, and identify opportunities to grow shareholder value. The median base annual salary of CFA charterholders who work as consultants is close to $150,000, according to a recent CFA Institute Compensation Study.

Risk Manager Salary—With the CFA Charter

Financial risk managers help identify and assess potential risks that a company faces or could face in the future. A recent CFA Institute Compensation Study reports that CFA charterholders who work as risk managers have a median yearly base salary around $150,000.

Relationship Manager Salary—With the CFA Charter

Some CFA charterholders work to help their company maintain business relationships with partners and clients to prevent churn. These relationship managers earn a median annual salary of around $150,000, and they number about 5% of all CFA charterholders according to a recent CFA Institute Compensation Study.

Financial Planner Salary—With the CFA Charter

A small percentage of CFA charterholders are financial advisors, helping clients make long-term financial plans. On average, they earn a median base salary of around $140,000 according to a recent CFA Institute Compensation Study.

CFA Charterholder vs. CPA Salary

Salaries can vary widely for both CFAs and CPAs based on location, experience level, and company size. That being said, according to CFA Institute, the average salary for a CFA is $180,000 and the average salary for a CPA is $70,000.

CFA Charterholder vs. CPA: What Is the Difference?

CFA Charterholders and CPAs both work with financial records, consult with clients, and assess the viability of different businesses and organizations. However, the outcome of these tasks is different depending on which credential you hold. CFA Charterholders focus on understanding market conditions, assessing businesses, and determining the best way for businesses or individual clients to invest their money. 

CFA Charterholders use investments to generate income for clients. Some charterholders buy or sell securities, funds, and more on behalf of their clients. CFA charterholders are likely to be investment analysts, financial advisors, and portfolio managers, Some even go on to become chief financial officers (CFOs).

By contrast, CPAs produce financial records. They may calculate taxes owed or assess business practices to identify ways to save money. They must also ensure that applicable financial regulations are followed. Some CPAs use their accounting skills to identify evidence of fraud or other crimes.

CFA Charterholder vs. MBA Salary

MBAs are in a much broader field of careers than CFA Charterholders but where they do overlap can be in the fields of finance and management. Regardless, according CFA Institute, the average salary for a CFA is $180,000 and the average salary for an MBA is $107,000.

CFA Charter vs MBA: Which Direction is Right for You? >>

Interested in Pursuing the CFA Charter?

Although earning the CFA designation does not guarantee you a job or a top position at a firm, it can make a difference when an employer is deciding between two otherwise equally qualified candidates. In that situation, the CFA charter could be your competitive advantage. Passing the CFA exam is your first step in earning the charter, and our CFA exam study materials can help.