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New CONSAR Certification Requirements to Recognize CFA Institute Education Programs

11 January, 2016
New York City United States
CFA charter or Claritas Investment Certificate to permanently license all AFORES professionals

CFA Institute, the global association of investment management professionals, announces that La Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR), has granted recognition of two CFA Institute programs, the CFA Program and the Claritas Program, as part of new certification requirements for all investment management professionals working at Public Pension Funds, known as AFORES, in Mexico.

As part of the new requirements, those working in portfolio management, risk management, compliance and operations, must be certified by a recognized independent third party. Investment management professionals who have obtained the CFA charter will qualify for a permanent license. Those who have passed CFA Level I and Level II will hold a valid license for four years. This recognition of the CFA Program will apply to those working in general investments, derivatives and structured products. For investment professionals working in general investments and finance, passing the Claritas Program will allow permanent licensure for compliance officers and operations.

“Regulators must raise standards of entry into the profession to protect investors and keep up with the pace of new investment products and services. CONSAR’s approval to expand and enhance recognition of our programs shows that Mexico is taking important steps in this area,” said John Bowman, CFA, managing director, Americas, at CFA Institute. “CFA Institute is committed to working with global and national regulators to demonstrate what it means to be a profession by ensuring that investment practitioners are equipped with the necessary training and ethical foundation to serve client’s best interests.”

“This approval is a great opportunity for CFA charterholders and candidates in Mexico,” said Guillermina Pagaza, executive director, CFA Society Mexico. “It is a significant step in recognizing the global relevance of these CFA programs, and the expertise required to build a strong foundation for career advancement in the investment profession.”

To earn the CFA charter, candidates must sequentially pass three six-hour exams that are widely considered to be the most rigorous in the investment profession and accrue four years of relevant work experience. The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning. 

The Claritas Program covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry. This self-study program benefits anyone who works with or for financial and investment services organizations, in roles such as IT, sales and marketing, human resources, and customer service. Certificate holders can be found worldwide, from Australia, Singapore, and the UAE to the United Kingdom, Hong Kong, and South Africa.

The new rules take effect in January 2016 and affect all staff. CONSAR required certification in the past, however, some will see their license expire based on the new rules and will be required to recertify in one of the approved certifications within a set time period. 

CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow.