The CFA salary in India has climbed steadily over the past five years. CFA Institute’s member survey also revealed that Indian charterholders earned a median total compensation of $89,000 (approximately ₹74 lakhs). That places India in the top tier of Asian markets for finance compensation.
And, India’s mutual fund industry crossed ₹81.01 trillion (₹ 81.01 Lakh Crore) as on January 31, 2026, according to AMFI. Venture Intelligence reported that private equity investments reached $64 billion during 2024. These numbers are proof that financial services are booming, and qualified professionals are in short supply.
More interesting: 73% of survey respondents reported career advancement within three years of completing their charter.
So in this blog post, let’s dive in more and map out the 2026 salary trends for CFA candidates and CFA charterholders in India, across levels, roles, and experience.
Comprehensive Summary
- CFA meaning and structure: The CFA is a three-level global investment credential with a work experience requirement for the charter.
- CFA career options: Common tracks include equity research, portfolio management, investment banking, risk, private equity, and wealth advisory.
- CFA salary in India: The CFA average salary in India spans ₹4–6 LPA at the entry stage and ₹25–50 LPA in senior roles.
- CFA charterholder salary in India: A charterholder with mid-career experience averages about ₹28.6 LPA.
- CFA salary growth path: Pay rises with deal exposure, assets handled, and team revenue rather than exam completion alone.
- CFA vs other finance careers: CFA leads in market-linked roles, while MBA leads in corporate management paths.
Overview of CFA Salaries in India
Salary pages show different numbers because titles and samples differ, but they still help set anchor ranges for CFA salaries in India.
In 2026 planning, India’s wider salary cycle matters too. Aon’s India survey projected about 9% average salary increases in 2026, after 8.9% actual growth in 2025. That context helps when you compare offers made in late 2025, early 2026, and mid 2026.
Before the role-by-role tables, keep three quick truths in mind. They will keep your expectations realistic.
- CFA salary in India rises faster with job scope than with exam status.
- CFA salary in India rises faster in revenue-linked roles than in reporting-heavy roles.
- CFA salary in India varies most by city, firm type, and work experience.
A candidate can clear Level 2 and still sit in a low band if the job stays process-driven. Another candidate can clear only Level 1 and still earn more if the job is closer to investing decisions.
Why Is the CFA Considered a High-Paying Finance Qualification?
CFA stays linked with higher-paying finance tracks because it maps to the daily work in investing teams. The curriculum spends time on ethics, financial statement analysis, valuation, fixed income, derivatives, and portfolio management.
Employers also look at pass-rate trends. Recent CFA Institute releases show Level I and Level II pass rates in the low 40s for November 2025, and Level III at 50% for August 2025. Selectivity creates a steady filter effect in hiring.
Here is what ties the credential to pay in India.
- It matches core work in equity research, credit, and portfolio teams.
- It signals exam discipline through low-to-mid pass rates across levels.
- It supports global mobility for candidates who later work with global teams.
- It fits roles where output quality can be measured, like models, memos, and calls.
This still does not mean automatic high pay. It means higher odds of entry into better funnels, where performance lifts the pay.
What Is the Average Salary After CFA in India?
Salary after CFA depends on two layers: exam stage and job scope. Exam stage shifts to shortlisting. Job scope shifts compensation. So the clean way to read CFA salary in India is to pair level-wise ranges with the experience ranges later in this guide.
The salaries below work as a market map. They cover many common cases in India, across metro hiring hubs and large employers. Offers can be outside these packages also, especially in niche cases, but most candidates land inside.
Salary After CFA Level 1 in India
Level 1 signals entry readiness in finance basics. Many candidates use Level 1 to move from general commerce roles into finance roles that touch valuation, research, or credit.
Most Level 1 candidates still sit in entry roles, so the range stays tied to entry analyst salary.
- Typical range: ₹4–7 LPA
- Common titles: Financial Analyst, Research Associate, Junior Credit Analyst, Risk Analyst, Valuation Analyst
- Common employers: KPO/analytics firms, brokerages, rating-adjacent teams, NBFC analytics, bank support teams
Level 1 salary can rise within the same salary range when the candidate shows work samples. A one-page stock note, a basic DCF with clean assumptions, and a short risk summary can shift the hiring manager’s view from “learner” to “ready.”
Salary After CFA Level 2 in India
Level 2 signals stronger valuation depth and better asset-class comfort. Many employers in India see Level 2 as the stage where a candidate can contribute to real research work with less handholding.
Level 2 candidates also compete for roles where writing and modelling output get client or internal visibility.
- Typical range: ₹6–12 LPA
- Common titles: Equity Research Analyst (junior), Senior Research Associate, Credit Analyst, Investment Analyst (junior), Risk Analyst (specialist)
- Common employers: Sell-side research teams, research support teams at global banks, credit teams at banks and NBFCs, valuation teams
The range moves up when the role shifts from “support” to “coverage ownership.” Even partial ownership, such as one sector slice or one portfolio segment, changes how the CFA salary in India scales.
Salary After CFA Level 3 in India
Level 3 signals portfolio thinking. It also signals readiness for client-linked work in wealth and for process-linked work in buy-side teams.
Level 3 still does not hand out portfolio manager titles by itself. Firms still look for judgment history, risk discipline, and communication skills.
- Typical range: ₹8–15 LPA
- Common titles: Portfolio Analyst, Investment Analyst, Product Specialist (Investments), Senior Research roles
- Common employers: AMCs, PMS firms, wealth firms, global research hubs, multi-asset teams
Level 3 salary moves up when the candidate can translate research into portfolio actions. Hiring teams care about decision framing: “What do we buy, at what price, with what risk, and what breaks the call?”
Salary of a CFA Charterholder in India
The charter adds a credibility layer because it combines exam completion with professional standing. Employers still price the role, not the badge, but charter status can help candidates reach higher-trust roles faster.
The best way to read the charterholder package is to treat it as “mid to senior roles with investing scope.”
- Typical range: ₹12–35 LPA
- Senior leadership roles: ₹40 LPA+ in many firms, with variable pay driving the top end
- Highest salary of a CFA in India: ₹1 crore+ becomes possible in senior buy-side, private markets, senior banking, and senior wealth roles, depending on bonus cycles.
CFA Institute also publishes pass-rate and exam results data that shows why the market keeps treating the charter as selective.
At a glance
These ranges help you compare level-to-level movement while keeping role scope in view.
CFA stage | Where many candidates land | Typical pay |
Level 1 | entry analyst and associate roles | ₹4–7 LPA |
Level 2 | core analysis roles | ₹6–12 LPA |
Level 3 | portfolio-track analysis roles | ₹8–15 LPA |
Charterholder | mid to senior investing roles | ₹12–35 LPA |
CFA Salary in India Based on Work Experience
Level-wise ranges stay useful, but experience-wise ranges help you plan your career. India’s 2026 pay environment is within a broader salary hike cycle. Aon projected around 9% average increases in India in 2026. That creates a moving base for offers and increments.
Read the ranges below as role-aligned ranges. A candidate in a high-scope role can sit at the top of the pay scale even with fewer years. A candidate in a low-scope role can sit at the bottom of the pay scale, even with more years.
Entry-Level Salary (0–2 Years of Experience)
At the entry level, most hiring managers value execution speed and clean thinking. They want a person who can do the basics, take feedback, and ship accurate work.
CFA salary in India in this pack depends on whether the job touches decision work or stays in reporting work.
- Typical range: ₹4–7 LPA
- Strong cases: ₹7–10 LPA when the role is in sell-side research, high-quality valuation teams, or strong credit teams
- Most common entry roles: Financial Analyst, Research Associate, Credit Analyst (junior), Risk Analyst (junior), Valuation Analyst (junior)
Entry-level pay rises when you show these in interviews.
- A sample model with assumptions that connect to business drivers
- A short note that states thesis, risks, and valuation on one page
- A clean story of what you learned in an internship and what you shipped
Mid-Level Salary (3–7 Years of Experience)
Mid level is where many careers split. Some people stay in support tracks. Some people move into ownership tracks. Ownership tracks push CFA salary in India upward because they sit closer to revenue, AUM, or client outcomes.
- Typical range: ₹10–25 LPA
- Common titles: Equity Research Analyst, Senior Credit Analyst, Risk Manager (mid), Investment Analyst, Associate (IB), Wealth Manager (mid)
- What drives the top end: coverage ownership, client impact, reduced review cycles, and clear decision framing
At this stage, lateral moves create the largest salary resets. A candidate who moves from reporting to analysis can shift pay scales faster than a candidate who waits for annual increments.
Senior-Level Salary (7+ Years of Experience)
Senior roles price judgement, leadership, and responsibility. These roles also carry more variable pay in many firms, so total compensation can move in wide ranges.
CFA salary in India at this stage depends on how much the role touches these levers: AUM, revenue, client retention, and team leadership.
- Typical range: ₹25–50 LPA
- Senior roles with strong upside: ₹50 LPA+, with variable pay pushing the total higher
- Common titles: Portfolio Manager, Head of Research, Senior Risk Manager, Investment Director, Director/VP (Banking), Fund Manager
Senior roles also get shaped by cycles. Deal-heavy cycles lift investment banking pay. Strong market cycles lift incentive pools in wealth and buy-side roles.
CFA Salary in India by Job Profile
Job titles can hide big differences in scope. The cleanest way to use a job table is to treat it as a starting map, then read the role notes below. The table below mixes market ranges and salary-platform snapshots where they fit-
Job profile | Typical Pay Scale in India (2026) | Notes |
Investment Banker | ₹10–30 LPA | Deal flow drives bonus; role scope matters |
Equity Research Analyst | ₹6–16 LPA | Coverage ownership lifts pay |
Portfolio Manager | ₹12–35 LPA | Incentive depends on AUM and performance |
Financial Analyst | ₹5–10 LPA | Title varies by scope |
Risk Manager | ₹10–25 LPA | Senior risk roles push higher |
Credit Analyst | ₹6–14 LPA | Sector and product type matter |
Credit Risk Analyst | ₹7–17 LPA | Bank/NBFC risk teams pay more in senior seats |
Valuation Analyst (Deals/Advisory) | ₹6–18 LPA | Top firms pay more for transaction work |
Wealth Manager | ₹6–20 LPA | Variable pay depends on book size |
Treasury Analyst / Dealer | ₹6–18 LPA | Risk controls and market exposure decide your pay |
Investment Product Specialist | ₹8–22 LPA | Client-facing skill lifts pay |
Investment Banker Salary in India
Investment banking pay in India runs on fixed pay plus bonus, with bonus tied to deal volume and team performance. Job scope changes the pay scale fast, even inside the same title.
CFA salary in India inside investment banking roles rises when the person owns models, handles diligence questions, and ships client-ready decks without rework.
- Typical range: ₹10–30 LPA
- What lifts pay: sector expertise, clean valuation work, client handling, speed under deadlines
- What lowers pay: limited deal exposure, heavy formatting work, and limited ownership
Equity Research Analyst Salary in India
Equity research rewards clear thinking and clear writing. It also rewards consistency. Many candidates start as associates and move into analyst seats once they own coverage.
CFA salary in India in research roles rises when the person can connect numbers to a thesis and can state risks without hiding them.
- Typical range: ₹6–16 LPA
- What lifts pay: coverage ownership, client impact, strong earnings work, clean initiation notes
- What lowers pay: no ownership, weak writing, slow model work
Portfolio Manager Salary in India
Portfolio roles pay for decision quality, risk control, and process discipline. The title “portfolio manager” also varies. In some firms, it means full decision authority. In some firms, it means partial decision support.
CFA salary in India in portfolio tracks rises when you handle a portfolio slice, defend decisions in review meetings, and stick to risk limits across cycles.
- Typical range: ₹12–35 LPA
- What lifts pay: AUM responsibility, stable process, strong drawdown control, client communication
- What lowers pay: limited authority, unclear process, weak risk framing
Financial Analyst Salary in India
“Financial analyst” can mean FP&A, reporting, investment analytics, or valuation support. That is why pay varies. CFA salary in India rises faster when the financial analyst role includes business cases, valuation, or investment screening, since those tasks link to decisions.
- Typical range: ₹5–10 LPA
- What lifts pay: business case ownership, valuation work, decision support
- What lowers pay: only reporting, low-stakes dashboards.
Risk Manager Salary in India
Risk roles pay well when the person blends quant work with practical action. A risk manager who only reports metrics stays in a lower band. A risk manager who links metrics to business actions earns more trust.
CFA salary in India for risk roles rises when the person runs stress tests, explains trade-offs to business leaders, and builds controls that hold in audits.
- Typical range: ₹10–25 LPA
- What lifts pay: product expertise, stress testing, early warning signals, stakeholder trust
- What lowers pay: report-only work, weak product knowledge
Other CFA roles for 2026
Below are more roles that frequently list CFA as preferred in India hiring funnels. Each role has a short band and the main pay levers.
Credit Analyst (Bank/NBFC/Rating-adjacent teams)
Credit roles price downside thinking. Employers value covenant reading, cash flow discipline, and sector sense.
- Typical range: ₹6–14 LPA
- Pay levers: sector expertise, portfolio monitoring, default and recovery work.
Credit Risk Analyst (Portfolio risk, underwriting support)
These roles blend policy, metrics, and judgment.
- Typical range: ₹7–17 LPA
- Pay levers: risk models, policy work, stress tests, portfolio review, ownership.
Valuation Analyst (Transactions, advisory, due diligence support)
Valuation teams pay more when the work goes client-facing and time-bound.
- Typical range: ₹6–18 LPA
- Pay levers: deal exposure, clean assumptions, audit-ready workpapers
Wealth Manager (HNI/UHNI, investment advisory)
Wealth roles can start modestly, then rise based on the client’s book and trust.
- Typical range: ₹6–20 LPA
- Pay levers: book size, retention, product mix, advisory quality.
Treasury Analyst / Dealer (Rates, FX, liquidity)
Treasury roles price market discipline and control discipline.
- Typical range: ₹6–18 LPA
- Pay levers: desk responsibility, risk controls, hedge logic.
Investment Product Specialist (AMC/wealth, client-facing)
This role is between investment teams and sales teams. Pay rises with communication skills and product depth.
- Typical range: ₹8–22 LPA
- Pay levers: client communication, product depth, and performance attribution skill.
Key Factors That Influence CFA Salaries in India
Many candidates ask for “the average CFA salary” and stop there. That approach misses the levers that really move offers. The factors below show why two candidates with the same level can earn very different packages.
CFA salary in India responds to these factors in a clear pattern. You will see the same levers repeated across roles, so use them as a checklist.
Level of Experience
Experience changes how much a manager expects. Less review means higher trust. Higher trust means higher pay.
- Entry years, price execution and learning speed.
- Mid-year price ownership and consistency.
- Senior years price judgement, leadership, and responsibility.
If you want the CFA salary in India to rise faster, chase ownership earlier. Ownership can mean one sector, one portfolio segment, one risk book, or one client set.
Technical Skills and Specialization
Technical skills lift pay when they cut rework and raise output quality. Specialization lifts pay when it reduces errors and improves decisions.
- Valuation: DCF, comps, sensitivity tables, scenario work
- Accounting: cash flow discipline, working capital logic, clean adjustments
- Fixed income: curve logic, duration, spread framing
- Data: Excel speed, SQL/Python for screening or risk
- Writing: one-page memo skill, earnings note skill, clean charts and tables
A candidate can clear exams and still lose offers if writing stays weak. Many roles in research and investment teams require short memos that a senior can forward without edits.
Industry and Company Type
Company type affects pay scales in India because revenue models differ.
- Global investment banks and large financial institutions pay more in many mid and senior roles.
- Brokerages and research houses vary by franchise strength and client base.
- AMCs, PMS firms, and wealth firms pay more when the role links to AUM and retention.
- Analytics and support centers pay less when the role stays process-driven.
So the salary of a CFA in India rises with the employer type when your role scope matches the employer’s core revenue engine.
Job Location
Location affects pay because employer clusters differ.
- Mumbai hosts many buy-side and sell-side seats and many deal teams.
- Bengaluru and Gurgaon host global centres, analytics teams, risk teams, and fintech roles.
- Pune, Hyderabad, Chennai, and Kolkata have strong roles too, but the mix differs.
Location also affects switching options. More employers in one city give you more bargaining power over time, which supports a higher CFA salary in India across a career.
Internships and Professional Networking
Internships reduce hiring risk. Networking reduces search friction. Both can lift the first offer and can lift later switches.
A strong internship proof set looks like this-
- One model you built or updated, with assumptions you can defend
- One memo you wrote, with a clear thesis and risk list
- One example of feedback you received and how you shipped a better draft
Networking also works best when it stays work-based, not request-based. A short message with one stock note or one model summary gets better responses than a generic ask.
CFA vs Other Finance Courses & Careers – Salary & Growth Comparison
Candidates in India often compare CFA with MBA (Finance), CA, and FRM. The right choice depends on the work you want, not on a single salary number.
India’s 2026 salary climate also matters. Average hikes near 9% in 2026 create a moving base, but role changes still beat annual hikes for income growth.
Here is a practical comparison you can use-
- CFA fits investing, valuation, research, and portfolio tracking.
- MBA fits management roles, leadership rotations, and broader corporate leadership tracks.
- CA fits accounting-led finance leadership, controllership, tax, and audit-linked paths.
- FRM fits risk paths in banks and can pair well with CFA for risk roles.
Salary and growth comparison
These pay scales overlap because job scope overlaps. Still, the table helps in planning.
Path | Early career pay pattern | Mid-career growth pattern | Where it leads |
CFA | entry analyst | faster growth in investing roles | research, buy-side, wealth, risk |
MBA (Finance) | campus-driven pay in top schools | management scope | leadership, banking, corporate finance |
CA | steady and early | scope and responsibility | controllership, CFO track, corporate finance |
FRM | risk analyst | risk leadership | market/credit risk leadership |
If your target is equity research, portfolio work, or investment analysis, the CFA path matches daily work tasks more directly. If your target is management leadership across functions, an MBA gives more structured paths. If your target is accounting-led finance leadership, CA gives the strongest base.
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Final Thoughts
CFA salary in India becomes predictable once you stop chasing a single “average number” and start mapping roles. A Level 2 candidate in a core research seat can out-earn a charterholder in a process-heavy role. Role scope, output quality, and ownership decide the long-term pay scale. Use level-wise ranges for entry planning, then shift your planning to get a higher salary and role families.
A clear decision rule helps. Choose CFA if you want investing, valuation, and portfolio work as a career lane. Choose your target role by Level 2, then build work samples while you study. That approach raises your odds of landing roles where the CFA salary in India rises fast and stays resilient across cycles.
FAQs about CFA Salary in India
What is the starting salary of a CFA in India after clearing all levels?
The starting package after completing all three levels usually falls between ₹8–15 LPA, depending on the job profile and city.
Can an experienced CFA really earn ₹1 crore or more per year?
Yes, senior professionals in portfolio management, private equity, and investment banking can cross ₹1 crore through a mix of fixed pay and performance bonus.
Who earns more in India – a CFA charterholder or an MBA in Finance?
Pay depends on the career track, as the CFA charterholder salary in India leads in investment roles, while MBA graduates lead in management and corporate leadership positions.
What is the average CFA exam pass rate?
Recent CFA Institute data shows pass rates near the low-to-mid 40% range for Level 1 and Level 2, and around 50% for Level 3.
How challenging is the CFA Level 1 exam?
Level 1 is considered demanding because it covers a wide syllabus with time-pressured questions across ethics, accounting, and quantitative methods.
Does CFA Level 2 increase salary in India?
Level 2 helps candidates shift into core analytical roles, which raises the CFA Level 2 salary in India compared with entry-level positions.
Which CFA level has the highest salary impact?
CFA level 3 salary in India has the most impact as it improves short-term prospects, but charterholder roles create the strongest compensation growth.
Which cities offer the highest CFA salary in India?
Mumbai leads due to the concentration of AMCs, brokerages, and investment banks, followed by Bengaluru and Gurgaon for global capability centres.
