The Chartered Financial Analyst (CFA) qualification is notoriously difficult to get and costs upwards of £2,000. So is it worth bothering with if you want to work in Scottish finance?

Last week, the CFA Institute revealed the proportion of people passing its Level I exam globally. It was low, at only 38%.

CFA exams are clearly not easy to pass, so should you even bother trying? Probably yes, if you want to get into Scottish fund management, equity research, or even areas like M&A.

At Aberdeen Asset Managers, senior investment manager Susan Anderson says: 'The CFA is the best recognised qualification in investment management internationally. We require our new investors to complete the CFA level 1 and encourage and support them to complete the full CFA to level 3.'

Mike Leeman of recruiter Bright Purple in Edinburgh says: 'CFA is almost a prerequisite for analysts wanting to move up.'

Mark Beacom of Michael Page Scotland agrees: 'The majority of people in fund management or investments have the CFA. It gives you a better chance of promotion, or may differentiate you from other candidates.'

Often employers will support your studies. Cindy Mahoney, head of talent management, EMEA at of BlackRock says: 'We encourage our graduates to take a further qualification. Those in portfolio management roles often opt for the CFA as it is transportable and industry-recognised.

'It won’t influence your prospects of promotion, but your attitude towards self-development will.'

The FSA's Retail Distribution Review (RDR) is set to make CFA even more important. Executive search specialist Graeme Knox of The Knox Consultancy says: 'Currently the CFA is rarely essential for experienced funds managers but RDR may change that as increasing numbers of trainee funds managers go the CFA route.'

The FSA has approved the CFA qualification plus the Unit 1 of the Investment Management Certificate (IMC), as RDR-compliant for those advising and dealing in securities and derivatives.

The CFA Society of the UK has 532 members in Scotland and Aberdeen's Anderson heads its Scottish committee, which puts on regular events.  Board members include Scotland-based Richard Dunbar, investment director at Scottish Widows Investment Partnership.

The only training provider in Scotland approved by the Society is BPP in Edinburgh, but there are online study options.

However, the CFA is not a golden ticket. 'If you are in settlements a CFA won't take you into investment management overnight,' says Leeman. His colleague Daniel Campbell adds: 'Don't mention it if it is not relevant to the role, or employers may think your ultimate ambitions lie somewhere else.'