The Certified Futures and Options Analyst (CFOA) Program

The only financial certification focused exclusively on the derivatives markets

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.

UPDATE: In response to industry participants asking for a way to also certify talent from different backgrounds, as of September 2024, the ICFDT has removed the above requirements for certification. This means that candidates who may not necessarily have a Finance background or proven +2 years of trading experience can still register for the examination and become fully CFOA certified if successful on the examination. This is intended to promote inclusivity and recognize diverse talents within the industry.

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. When following the Register for the CFOA link below, you can purchase self-study material, such as as a study guide and a question bank.

The current exam fee is $390. There are no further fees or yearly dues, and upon successful performance in the examination, you retain your CFOA status for life.