The only financial certification focused exclusively on the derivatives markets
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.
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 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.
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 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.
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
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.
