Search
Close this search box.

The Certified Futures and Options Analyst (CFOA) Program

The only financial certification focused exclusively on the derivatives marke5

Certified Futures and Options Analyst – CFOA®

The Certified Futures and Options Analyst (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.

Requirements

Candidates must pass the CFOA® exam and 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

I

Financial Derivatives: Past, Present, and Future

Options Contracts

Concept, Types, Chains, Pricing, Time, Volatility, Greeks, Intrinsic & Extrinsic Value

II

Options

Options Trading Strategy

Naked Strategies, Verticals, Strangles, Straddles, Multi-Legged Strategies, Breakevens

Options Trade Management

Probabilities, Standard Deviations, Entering and Exiting, Risk Management

Futures Contracts

Concept, Types, Markets, Cost to Carry, Contango & Backwardation, Basis

III

Futures

Futures Trading

Directional, Intermarket Spreads, Calendar Spreads, Limit Moves

Options on Futures

Concept, Settlement, Hedging, Speculation

IV

Risk Profiles, Asset Allocation & Risk Management

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

Part I

Financial Derivatives: Past, Present, and Future

Part II

Options

Options Contracts

Concept, Types, Chains, Pricing, Time, Volatility, Greeks, Intrinsic & Extrinsic Value​

Options Trading Strategy

Naked Strategies, Verticals, Strangles, Straddles, Multi-Legged Strategies, Breakevens

Options Trade Management

Probabilities, Standard Deviations, Entering and Exiting, Risk Management

Part III

Futures

Futures Contracts

Concept, Types, Markets, Cost to Carry, Contango & Backwardation, Basis​

Futures Trading

Directional, Intermarket Spreads, Calendar Spreads, Limit Moves

Options on Futures

Concept, Settlement, Hedging, Speculation​

Part IV

Risk Profiles, Asset Allocation & Risk Management

Registration

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.

• Self-Study: Candidates who choose to self-study for the exam, can register as an independent candidate. Our Resources page contains links to books and other material that can be useful in test preparing for the test.

The current exam fee is $390.