The CFC (Chartered Financial Controller®) is the professional designation awarded by the Canadian Chartered Institute of Finance and Accountancy (CCIFA).
The CFC designation signifies that the person possesses knowledge and working experiences in strategic financial management. Strategic financial management is the portfolio constituent of the corporate strategic plan that embraces the optimum investment and financing decisions required to create shareholder value.
Holders of the CFC designation must pass the CFC Examination through a curriculum geared toward the Fellowship standard. Those who pass the CFC Examination with more than 10 years of working experience are eligible to apply for the Fellow Member of CCIFA, subject to the approval of the Board of Directors. A Fellow Member is entitled to use the designation “FCFA”.
Admission Requirements
- Bachelor’s degree or professional qualification
- An Associate Member of CCIFA (ACFA)
- 5 years of work experience
Recongnized Degree or Professional qualification + 5 years work experience
CFC Exam
Chartered Financial Controller
10 Years Work Experience
Fellow Membership (FCFA)
CFC Exam Content
Part 1 : Strategic Management
Situation Analysis
Strategic and Operating opportunities
Performance management
Strategic options and value creation
Part 2 : Strategic Analysis of Financial Performance
Financial statement analysis
Using financial statement for strategic analysis
Value relevance of the financial statement
The pitfalls of financial statement information
Part 3 : Strategic Financial Planning
Strategic planning and shareholder value
Financial projections and assumption
Pro-form financial statement
Financial decision making
Part 4 : Strategic Valuation
Evaluation of investment projects, marketing, and R&D expenditures
Risk assessment and management
Investment criteria and appraisal
Strategic value analysis of capital investment projects
Essential Reading
Corporate Financial Management 5th edition, Glen Arnold, Published by Person, Jan 2013, eTextbook, ISBN13: 9780273780625.
Corporate Finance and Investment: Decisions and Strategies, 7th Edition, R.Pike and B Neale & P Linsley, Published by Reason 2012 eTextbook, ISBN: 9780273763468
Fees
Examination Fee: USD 300.00
Workshop Fee: USD 4,000.00
CCIFA offers a range of examination preparation workshops for busy professionals. Applicants interested in joining the workshops should fill in the application form for workshop registration and submit to the Registrar. The Registrar will issue bulk emails to applicants from time to time announcing workshop details.
The Fee of the workshop is USD 4,000.00 ( 8 sessions, each session is 3 hours), which does not include the examination fee.
Work – based Assessment
The American Association of Higher Education (AAHE) assessment forum developed nine principles of good practice for accounting program assessment. Performances are measured throughout a program with in-class assignments, including an oral exams, presentations, projects, case studies and so forth.
Drawing from research in various professional fields, CCIFA outlines key issues within the mechanisms of learning, competence, and performance in work settings.
Working professionals who do not want to sit for the CFC examination can opt for the work-based assessment (WBA) . However, it should be noted that WBA requires the candidates to have at least 10 years work experience and evidence, and use it to assess against performance requirements.
The complete portfolio must take the form of writing that includes:
A title page
Table of contents
Letter of intent
Resume
Performance requirements
Supporting materials ( projects, records, documents, awards, letters of recommendation, etc)
Work-based assessment (WBA) refers to any assessment that draws on work activity . It can be carried out in the workplace ( e.g. through discussion, observation and examination of work products ), or away from the workplace. (e.g. through examining work products, recordings, reports, records, logs, written accounts).
The assessor is the person who carries out the assessment, whether by direct observation and questioning examination of works products or by examining written or recorded material produced by the candidate
Performance Requirements of CFC
Part 1 : Strategic Management
Understand how to conduct a situation analysis
Identify strategic and operating opportunities of the company
Develop the key performance indicators for the strategic plan
Select the most appropriate strategic options to take forward
Part 2 : Strategic Analysis of Financial Performance
Analyze a company’s operating, financing and investing performance
Evaluate the current performance, given the strategic focus and competitive conditions
Compute the return on invested capital (ROIC) based on operating profit and invested capital
Critique the pitfalls of using financial statements, information for strategic planning.
Part 3 : Strategic Financial Planning
Identify and discuss the value drivers of a strategic option ( e.g. Mergers and acquisitions)
Develop financial projections for two years, based on the sales growth ( e.g. 10% sales growth)
Develop the pro-forma income statement, balance sheet and cash-flow statement.
Critique theoretical issues and influence on practical financial decisions associated with strategic financial planning.
Part 4 : Strategic Valuation
Evaluate the investment projects , marketing and R&D Expenditures
Explain the nature and significance of financial risk and uncertainty , and demonstrate how financial instruments can be used to manage financial risks
Develop the investment criteria and select the appropriate investment appraisal techniques
Identify the strategic factors and conduct sensitivity analysis for determine the capital investment project
Assessment Fee : USD 5,000.00 (including the examination of reports, records, logs and work products )
This is no need to pay for the examination fee. Candidates who are less than 5 years of work experience should take the CFC examination. However , those who fail in the work-based assessment are required to pay USD 2,500.00 for the re-assessment.
