FSA Track Changes and Transition Rules for 2023 – Quantitative Finance & Investment (QFI)
Transition Rules
The changes and hour reductions are provided below. Candidates will complete the track by successfully passing all six elements required from either the current or the new requirements columns. For example, a candidate may complete the first three rows of the current requirements and the remaining rows from the new requirements. All combinations are acceptable as long as one requirement in each row is accomplished.
There is a one-to-one transition of exam/module credits. If a candidate has credit for items in the current requirements column, that candidate has transition credit for the items in the same row of the new requirements column.
The QFI track will reduce from 12 hours to 10 hours by removing material from the Portfolio Management and Quantitative Finance exams. Material will be added to the Investment Risk Management exam. There are no changes to the modules in the QFI track.
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Summary of syllabus changes:
The QFI track includes three Fellowship exams: Portfolio Management (PM), Quantitative Finance (QF), and Investment Risk Management (IRM).
Portfolio Management (PM) Exam - 5 hours to 3.5 hours
The number of topics has remained unchanged at seven, but the learning outcome statements have been reorganized. Coverage of credit risk and liquidity risk have moved to IRM. Non-core readings have been dropped. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Quantitative Finance (QF) Exam - 5 hours to 3.5 hours
The number of topics has been decreased from five to four by dropping the topic of fixed income markets and merging its coverage into IRM and PM. Non-core readings have been dropped. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Investment Risk Management (IRM) Exam - 2 hours to 3 hours
The number of topics has been increased from three to five. A new topic of risk mitigation was added. The existing learning outcomes were remapped to the remaining four topics where new coverage of behavioral risk was added, and credit risk and liquidity risk were moved in from PM. Some readings have been updated with more recent materials. The number of pages in the readings has been increased in proportion to the increase in exam hours.