Certified Futures and Options Analyst – CFOA®  

The CFOA certification was born to offer a specialized credential for professionals or independent investors in the options and futures markets. It is currently the only certification focused exclusively on financial derivatives.


  • Candidates must pass the CFOA® exam
  • Additionally, candidates must have at least one of the following:
    • A university degree in Finance, Business or a related field.
    • At least 2 years of proven experience in options and/or futures trading, either as a professional or as an independent investor.
    • A certificate of completion from an ICFDT authorized course provider.

The CFOA® Exam

The exam is an 80-minute long multiple-choice test, made up of 100 questions, distributed in the following way:

  • Section I: 10%
  • Section II: 50%
  • Section II: 30%
  • Section IV: 10%

The exam can be taken in a test center, or remotely through an online proctoring system, anywhere in the world.

Topics Covered



Candidates have two registration routes to choose from:

    • Sponsored by an authorized course provider: An ICFDT authorized course provider can handle your CFOA® exam registration for you if you have successfully completed their course.


The current exam fee for 2017 is $90.