CFA Institute and ICFAI war on CFA

Tuesday, February 13, 2007, 14:39
MBA-School
7,401 views
54 comments

In the latest turn of events, it seems battle between CFA institute and ICFAI India is not going to stop. CFA institute which own the brand CFA and conducts prestigious CFA program worldwide had won the latest legal round where Delhi Highcourt has ruled in favor of CFA institute and ordered an interim injunction requiring ICFAI to stop using CFA name.

However in a curious turn of events , ICFAI offered new CFA from ICFAI Tripura which is a university under Tripura Govt where Tripura passed a legislation in 2004 making ICFAI as a university.

Earlier similar attempts were made by various private institutes to register their universities in Chattisgarh under private University act but Supreme Court ruling sealed their fate.

ICFAI which offers various MBA program in India in almost every subject and has study center in almost every city has been in controversies of the late.

CFA from CFA institute though not a degree has strong brand value and demand in overseas market and is considered alomost a must for anybody who wish to pursue finance career in US market.

The notice as given at CFA Institute website is as follows”

QUOTE

“A Word of Caution to the Indian Investment Community

There is confusion over the “CFA” name in India, and you deserve to know the facts. The Chartered Financial Analyst (CFA®) designation from CFA Institute is the only globally recognised CFA designation for financial professionals.

However, the Institute of Chartered Financial Analysts of India, (Icfai) offers an educational program specialising in finance, which they term the “CFA Program,” and awards a title called the “CFA.”

On 4 August 2006, the Delhi High Court recognised that CFA Institute owns the exclusive rights to the CFA trademarks and that continued use by Icfai causes irreparable harm. The court ordered an interim injunction requiring Icfai to stop using the “Chartered Financial Analyst” and “CFA” brands and to change its corporate and “CFA” title names. Unfortunately, Icfai has continued its unauthorised use of our trademarks by running advertisements from an Icfai-sponsored university.

Our CFA brand is global (PDF), protected by trademark registrations and applications in more than eighty countries, including India. CFA Institute has owned the exclusive rights to the CFA brand since 1963, and it is our duty to our members, candidates, and the worldwide investing public to protect the integrity of the CFA designation and prevent confusion.

Let us be clear: only our CFA Program — considered by many to be a “gold standard” — provides the most rigorous training in the areas of ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.

CFA Institute charterholders are, and will continue to be, recognised the world over for their knowledge and professional excellence. Holders of the “CFA” from Icfai, conversely, are forbidden by a US court order (PDF) from using that designation in the United States and Canada. (View full court findings (PDF) for details.)

Given these facts, the following should not surprise you: more than 6,600 total enrollments from India in our CFA Program in 2006, a growth of almost 500 percent since 2003; there are more than 76,000 CFA charterholders in 125 countries around the world; and the Indian Association of Investment Professionals (IAIP), the local CFA Institute member society, continues its rapid growth.

If you are planning to either hire an investment professional or obtain a designation, you need to make informed decisions that benefit your future. Visit www.cfainstitute.org/india for more information about enrolling in the CFA Program, scholarships, joining the IAIP, and the latest updates about our efforts to end this confusion and support the Indian investment community.

“ UNQUOTE

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54 Comments on “CFA Institute and ICFAI war on CFA”

Satyendra Jindal wrote on 14 February, 2007, 10:03
CFA Insttute of AIMR was part of ICFAI when they offered the CFA programmes initially in India. Why did not they object to to CFA title used by ICFAI then? It seems CFA Institute is only interested in encashing the commercial interest in India.

Its commercial interest not the committment towards education which is making american’s worried.

We all know the quality of ICFAI institute eductaion and its relevence to Indian Business scenario.

Let us support the indian venture for what they are doing and not get buyoed by Commercial interest of Americans.
aftermath wrote on 14 February, 2007, 11:47
Hi

ICFAI fleeces thousands of students every year and fill its coffers and now they are using brand value of CFA to sell their sub standard product. what MNC you are talking. it is ICFAI which shall not be allowed to go on.
amit wrote on 16 February, 2007, 11:47
Hi Mr. Aftermath,
I am a passout from ICFAI and have gone through what you are calling as “Substandard product”. I wonder if you had ever seen the ICFAI publications. Had you ever an opportunity, you would have never called it substandard.

Secondly,CFA institute USA might have won the legal battle, but it is ICFAI which has created the brand name “CFA”in India. CFA institute is just trying to capitalize on ICFAI’s endeavors.ICFAI started offering CFA designations in India with an arrrangement with CFA institute US, and today when they are reaping the benefits of their hard work, CFA institute wants to take the pie.

Lastly, how does it matter even if ICFAI has filled its coffers? Majority of the MBA institutions are doing that.
So my friend please watch your words whenever you are in a public forum coz your words may hurt the sentiments of others.
Amar wrote on 9 April, 2007, 20:43
Hi,

CFA (USA) to be preferred becoz..it has international recognition and same lacks with ICFAI. And Mr.Amit in this current economy though ICFAI has created brand name that doesnt mean CFA (USA)has no rights to revoke the same. Look globally not just India. Hope u have seen the syllabus of CFA (ICFAI) and just compare it to CFA (USA). U cant just finish the course of ICFAI – CFA and think that u r a holder of CFA.

How come people accept or prefer which doesnt have neither international recognition nor International standards (Syllabus)? ICFAI shud follow the instructions of CFA (USA), becoz it has the sole ownership of the brand. Either ICFAI shud have obtained permission from CFA- USA to use the brand name as the brand name belongs to CFA – USA or follow the verdict.

Its like permission given for a while and taken after a period.

For a bright career accepting a course which is recognised, accepted globally and has International standards is never a mistake and if u dont accept then it will be a mistake.

So frnds think globally and act globally.
Sachin wrote on 23 May, 2007, 19:02
Look at this…

http://www.moneycontrol.com/india/news/business/cfa-course-ban-to-hit-students-hard/282619

While the ICFAI and the AICTE flex their muscles to the CFA institute, INDIAN students are suffering. Can these same students give the ICFAI exam instead of the CFA? Sure. Can they expect to have the same level of recognition globally after that? No. The ICFAI needs to realize that this stunt is not going to do anything for them in the Indian Investment community. It is only going to foster resentment toward them, even if the quality of their students is the same or even better than that of the US CFA.
Ashish wrote on 27 June, 2007, 12:47
Hi,
The war between ICFAI & CFA(USA)shud be stoped bcz it directly affects the Indian students who are students of ICFAI.

There must be some settlement between ICFAI & CFA-USA so that this course could run successfully and make the possibility of competing in International Mkt.
mayur wrote on 13 July, 2007, 23:52
absolutely true.. look joint ventures are goin around the world in the field of education.. when CFA institute offered its CFA through ICFAI it was still CFA charter from CFA institute and ICFAI simply provided the resources and acted as affiliate for CFA institute and so now ICFAI has no right to claim CFA charter or to claim that they created CFA brand in india.. even if some one has learned in ICFAI and completed so called CFA will he or she be able to get a job as a I banker in say bnp paribas or berklays?? surely no.. or may be it will be tougher than for some one having CFA from CFA institute.. so i believe there should be freedom for students to select what they want.. a regional recognition or global one.. and so really soon CFA institute should be allowed to practice in india as it used to be
Aman Rastogi wrote on 4 August, 2007, 15:23
Hi

We the poor students suffer from the politics of these hypocrites. the CFA is a registered trademark of AIMR. if ICFAI is so sure about the quality of its course, why dont they start with a different name, if their programme have quality and recognition around the industry, the students definitely pick them up. Its the free world today, the customer(students) decide which they want to go for.Why the high court and AICTE is restrict any programme without knowning the aftermath of their decision on students.AICTE should look first into institutes where no teachers or even the building is nowhere and even they r providing B.TECH and MBA degrees to students……..n we all know how gud or effective is AICTE and ICFAI are……..pls. let us free to decide what is better for us…….The education is the fundamental right of every indian…and by banning CFA in India, the high court break that right.
hari wrote on 23 August, 2007, 20:25
We need to have an unbiased look into the course content of ICFAI. Just because the course is conducted in India we cannot say that it is sub-standard. Let us remember that when we entered the IT sector we were not leaders but our education system had changed the way IT globally. Not that every engineer in India has studied abroad but every country today is outsourcing to India. Maybe an Indian CFA would do the turn around for the brand. It is more person driven not necessary that every IIM graduate gets to the top league and similarly we cannot assume that CFA India will not reach the top league
Rock wrote on 14 November, 2007, 12:32
ICFAI is Bull shit in CFA
Maddy wrote on 15 November, 2007, 21:33
Hi,
I was planning to do my CFA from ICFAI Tripura, Whats your opinion should I go for this or not, and I dont have any plan to try for any overseas Job, So is this Qualification recognized in India, and What are the growth prospect and What is salary range one can expect
avishek wrote on 22 November, 2007, 11:42
The war between two institutes is harming the prospects of the students. Instead of mudslinging and lawsuits, this can be settled amicably if AIMR and ICFAI enter into a deal – ICFAI pays upfront to AIMR for the number of CFA degrees it has awarded after de-affiliation and then applies for marketing rights in India. These charter holders can appear for a separate test to re-affirm whether their charter is as per global standards. For future students, ICFAI is best off being a franchisee of CFA institute. While the yeoman service that ICFAI did by bringing quality education to India cannot be ignored, lets face the truth that CFA degree is actually from AIMR’s stable and legalspeak cannot hide that fact.

Finally to all those bright students who have successfully completed CFA from ICFAI after de-affiliation – Congratulations mates, your course content and hard work may be at par with AIMR CFA but if you have global aspirations, then ICFAI CFA would not help you much to make the cut because its still considered to be some “Indian CFA” abroad – a cheap version of the original.
Rajiv wrote on 24 November, 2007, 20:38
I believe the war between CFA-US and ICFAI should stop.
Its the students whose carrers getting troubled because of this. ICFAI India is being recognized and sponsored by big Corporates like Infosys as a Distance Learning Course than how can its courses be termed as substandard and useless.
pooja wrote on 3 December, 2007, 18:49
i m planning to do cfa..which course should i go for..CFA -USA or CFA-ICFAI….. i hav no plans to do job oversees…
sourav bhaumik wrote on 14 December, 2007, 17:01
Hi,

can anyone say the difference in values between ICFAI CFA and CFA of American institute.
Vijay wrote on 1 February, 2008, 7:11
Hi,
CFA India is much more potent and rigourous. First two three batches of CFAs were given certificates signed by the President CFA USA. Indian financial sector is evolving itself and it is in the fitness of things for Indian students to remain with CFA India . However it is good if CFA Institute and ICFAI arrive at some arrangement so that lingering doubts are not there in the minds of students.
raju panigrahi wrote on 13 April, 2008, 9:47
Icfai should be withdrawn from charter degree and it should be used as a part or represented of CFA(AIMR),by which indian student will get maximum facilities.
HITESH wrote on 28 December, 2008, 11:30
I am doing MBA Finance and i am planning for CFA but i donot have Enough amount to do US cfa i dont have any plan to work overseas please help me and tell me about the value of Icfai cfa as per the Indian market
Raghu wrote on 30 December, 2008, 20:53
i need course details
Sandeep wrote on 6 January, 2009, 1:08
Hi,

I am sandeep. Can you please help me which is better institute for CFA, ICFAI or American institute.
bhuvnesh wrote on 13 January, 2009, 16:01
Good Evening ,
I have just completed my graduation but unfortunately i got less amrks in B.COM with
only 49%. I know it is not the required percentage to do this course. What would i like to know is?
AM I ELIGIBLE TO DO CFA COURSE
please do reply me, it may be help in near future
and you can also ring me at 09717856606
THANK YOU
Yours’ Sincerely,
Bhuvnesh
bhuvnesh wrote on 13 January, 2009, 16:05
Good Evening ,
I have just completed my graduation . Can you plzzz help me that what is the minimum percentage to do this CFA course
Harjeet wrote on 14 January, 2009, 8:46
hi,

why getting so much confused???? ICFAI has some value in Indian Market but has no value in international market…CFAI have Global recognition (UK, Europe, US, and other dev. markets)…Also please understand the basic difference…these markets are capitalist and run of market requirements not like India where we look for Govt. recongnition for everything……ICFAI is not really serious about dev. of CFA profession…they have now changed CFA desigantion as MS insomething something and also started offering other fiancial courses like a LALA KI DUKAN…if a custmer comes in he should at least buy something from their shop…CFAI is an old Insititute and have BIG reputation with all the BIG Fianancial Insititutions….agreed it is an private association but atleast they are concentraing only on one profession i.e.CFA……
Also, recently ICFAI submitted some CFA Bill to Govt. to bring a CFA Act something like CA/CS Act…..it is not possible to have a ligislation like that…No where in world the Fianance Advise Services are regulated by a an Act and done by a simple desigation… CA/CS/ICWA are altogether diferent desinations….they perform Audit/Sec/CostAudit work to which they are authorised to sign….where CFA will sign on the financial advice which may turn out to be wrong?????
MANISH wrote on 14 January, 2009, 18:33
GOOD EVE .

HI
myself manish
now m doing b.com from udaipur. i wana become a cfa student.how can apply .and what is the percent to do this cfa program
raj wrote on 22 January, 2009, 18:26
hi,

If you want to work abroad go for CFA (US) , otherwise CFA from ICFAI would be good, course content is very good and if you see the MS Finance as it was named earlier which will lead to CFA charter (indian). CFA is a wide term which cannot be used by one institute, CFA of cfai (US) cannot be used in UK as chartered name can be awarded only by Queen of England there, hence American one is banned there. we have CA, CS etc in India under indian institutes and u cannot use that in UK, US etc. You have to get degree from there. As a matter of fact the new CFA course of ICFAI, according to me has degraded in its contents to be equivalent to that of the CFA of cfai US. The MS Finance course was really tough with 32 papers to clear, now you can get cfa by doing just 12 paper.
atul kansal wrote on 7 February, 2009, 10:54
please told me the value more is us cfa and icfai cfa in india.
atul kansal wrote on 7 February, 2009, 10:57
please told me that the value more is us cfa and cfa in india from icfai.
sameer wrote on 10 February, 2009, 15:04
Mayur, July 13 post “so called CFA will he or she be able to get a job as a I banker in say bnp paribas or berklays?? surely no.. ” Better learn how to spell first before pretending to be an expert in Finance. youv got your berkeleys and barclays mixed up. In any case, it is the knowledge you gain after a course thats more important than the title. It’s no big deal to get into any of these banks. Try getting into SBI first! thats tough
Debdatta wrote on 23 February, 2009, 10:50
Hi,
There is no comparision beteween ICFAI and CFA ( USA) so far international value, job prospect, merit of students undertaking the courses and the ICFAI course is much much inferior to the original CFA ( USA). The result of this battle is all the indian students have to undertake journey abroad to write the CFA exam. which is expensive and rigorous in so many aspects. This is funny that AICTE is supporting this battle.m This is an example of our deteriorated education standard. The indian courta should immediately check ICFAI to stop using the trademark and use some different.
vabhav wrote on 27 February, 2009, 14:56
CFA is used for an investment purpose,so its important to understand the logic behind the development of this course. Instead of arguing over which is better we should focus on our capacity to analyze the market situation.Warren buffette studies security valuation subject from columbia university and still he performs well.Besides it indian market is growing well and we dont need any work abroad.so chill yaar and starts working on ourselves.
aparajita wrote on 16 March, 2009, 16:58
i want to know the number of CFAs in India at present. Also,i’m preparing for Gr. E of CFA course.After completing the course what should i do for Govt, job in bank. What are the other scopes.
julio wrote on 18 March, 2009, 13:17
cant really understand the confusion,just want to know if icfai is a recogonised university,because it keeps us worried hopefully we donot end up getting degrees that are not ecountered,thx
Rolston wrote on 20 March, 2009, 9:03
ICFAI is poor cousin of the US Institute..Now-a-days job advertisements specifically mention CFA(AIMR) to apply.CFA(AIMR) has global recognition.

After having worked with a top notch Global Investment Bank for 4 years, I can courageously say that I have neither seen nor heard ICFAI CFA guys in demand.It is only the CFA(AIMR) who are in demand.

All the Best Guys and do what is the best
kiran wrote on 20 March, 2009, 12:41
guys ….
Latest hearing was yesterday ANY UPDATES ON IT.

by this year i got to enroll CFA as ICFAI’s last date is 30-03-2009 & CFA’s (US) first date of payment has over by 16-03-2009 & next on 16Aug,2009.

GUYS…… PLEASE KEEP UPDATED US.
Rajesh wrote on 30 March, 2009, 23:51
I am working for a BPO industry in Finance & Accounts sector. Now I am planning to take up CFA Course. Can some one please guide me how does it really help for my career growth and also please advise does CFA is recognised professionally with in INDIA.
deep wrote on 16 April, 2009, 12:01
as per the information i know ICFAI is recognised by UGC act.
So, nothing to worry right ? why we people should worry so much about our degree courses we opt. for, after all its the matter of our own ability to show or showcase our talent in what ever course one opt.
If that’s so serious case with ICFAI courses then i think ICFAI is trying its best for recognisation from AICTE.
As the CFA PROGRAM from ICFAI is concern. public should re-think and should do a research globally for its demand.
thank you,,.
Arunava Mondal wrote on 17 April, 2009, 19:34
Well guys, ma only question is whether Indian corporates value d international one our d indian one, which one dey prefer??
Arunava Mondal wrote on 17 April, 2009, 19:40
Also can anybody tell me wat are d prospects for a CA cum ICFA in India?
Himanshu.K.Mehta wrote on 30 April, 2009, 18:28
Is there anyone who is opting for CFA exams in Oct 2009 please mail me i need someone’s help desparately plz… plz…. plz……
my mail ID is
himanshu.mehta@hotmail.com
suprabha wrote on 9 May, 2009, 12:27
cfa is registered and it is a good course. come on stop blaming it………………… hum kise se kam nai….. what ever the degree is….. no matter…. it all depends upon our ability
suprabha wrote on 9 May, 2009, 20:24
hi guys whats the scope of this course and what is the starting salary
Ajit Singh wrote on 15 May, 2009, 19:42
i know ICFAI & its CFA syllabus.ICFAI has no reputaion CFA charter worldlly.But We proof our ability.
saloni agarwal wrote on 18 May, 2009, 15:39
is there any centre for cfa(us) in india???
mkdas wrote on 16 June, 2009, 14:47
ICFAI is no.1 MBA college in INDIA.
kuldeep wrote on 25 August, 2009, 23:37
i am pursuing CFA. what is the future of this chater?
Manoj wrote on 4 September, 2009, 15:04
I want to pursue CFA will it boost my career
Mamatha wrote on 11 September, 2009, 15:39
Hi,

Am a MBA Graduate,i have a plan of doing CFA From ICFAI,but while going through these above comments/queries,am confused weather to do or no?,so please suggest me about this
mohsin tamboli wrote on 11 October, 2009, 23:07
what is the result of supreme court of India regarding the war between CFA and ICFAI? can ICFAI use CFA in their name?
Aditya Narula wrote on 10 November, 2009, 10:08
ICFAI Vs CFAI
apoorv wrote on 10 January, 2010, 21:29
!!!! listen friends i !m getting a serious confusion,that why the cfa(us) do not have any branch or not even a single test centre in india !!!what al dis indicates,,,,,,,,!!!!zero recognition!!!!!!!!!at last its ur knowledge wins and ur expierence,,,,,,not ur degree
apoorv wrote on 10 January, 2010, 21:57
plz listen my friends ICFAI has some value in Indian Market but has no value in international market… CFA(US)( have Global recognition (UK, Europe, US, and other dev. markets)…Also please understand the basic difference…these markets are capitalist ,THERE requirements are not like India ,where we look for Govt. recongnition for everything…Also, recently ICFAI submitted some CFA Bill to Govt. to bring a CFA Act something like CA/CS Act…..it is not possible to have a ligislation like that…No where in world the Fianance Advisory Services are regulated by an Act and done by a simple desigatio.CA/CS/ICWA are altogether diferent designations….they perform Audit/Sec/CostAudit work to which they are authorised to sign,where CFA holder signs the report !!!!!!!which is not an obligatory or mandatory or compulsory for legal compliance,,,,,,,,
manoj wrote on 12 January, 2010, 16:51
ICFAI need to create Brad value in India market as well International market. basic difference between Indian & international CFA in lack of tranperancy in cours structure & focus on core finance. ICFAI must job assurance after CFA complited it create strong relationship with brokers houses & investment banking at least for as a management trenee job .
sandeep wrote on 12 January, 2010, 17:25
See, guys and gals. a lot has been heard about this cfa(us) and icfai -cfa battle.but Guys one thing all must understand is when i saw the cfa(us) syllabus ,it was same as the icfai -cfa .And i myself is pursuing icfai-cfa and ididnot found any problem with it.see i can give u an example.Take our bollwood for example. See if amitabh and sharukh are good actors that doesnt
means that other actors are bad .they are also getting name and fame na. see we all know that us had also gone through many problems in terms of job placements in time of recession and it was india which was not affected that much.So, be positive guys.
Mayank wrote on 19 January, 2010, 13:20
Dear All,

I am CFA from ICFAI MBA from ICFAI n CS i would like to say that ICFAI has got govt. recognition in india and abroad for its CFA program but not in US n Canada.
In india Govt. Banks And other govt. organisation demanding CFA from ICFAI only not from CFA institiute america. This war is not going to stop but i will like to suggest go for CFA from ICFAI it will give you global recognition

Regards