Aspring finance professionals in Russia and Ukraine are facing an uncertain future, as some of the world’s leading exam bodies pull the plug on the region.
From the CFA Institute to the Chartered Institute for Securities & Investment, traditional pathways into banking, asset and wealth management have been taken away from aspiring Russian financial services workers, as aggression against Ukraine leads to a boycott from qualification providers.
“The CFA Institute cancelled all May and August 2022 exam sittings in Moscow and St. Petersburg, in compliance with sanctions,” a CFA Institute spokesperson told Financial News. “Candidates in Russia received options to defer, subject to exam schedules.”
In Russia, some 395 CFA exams were due to take place in May, and a further 161 in August. Meanwhile, the Chartered Institute for Securities & Investment has also stopped its exams in Russia.
But as Russian access has been removed, Ukrainians have felt the impact too. The CFA cancelled exams in Ukraine and offered candidates options to defer or receive refunds. Some 64 candidates were lined up for May, and another 28 for August.
The International Capital Market Association, which offers qualifications in debt capital markets and other areas of the securities market, has not had anyone in Ukraine take its exams for the past four months, a spokesperson confirmed.
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Meanwhile, the Association of Chartered Certified Accountants confirmed it has also suspended centre-based exams in Ukraine because of the war.
There remain glimmers of hope for Ukrainians in search of financial expertise, however.
The ACCA waived 2022 subscription fees for all members, affiliates, and students in Ukraine, and is allowing online sittings. It reported 13 entries for its March exam session, and 156 for its June sitting. At the time of writing, 49 individuals were registered for its September exams who had Ukraine designated as their country of residence.
“Almost 30 people decided to start their ACCA journey with us since the invasion. ACCA also continuously supports the implementation of a local audit qualification project led by the Ukrainian Ministry of Finance started 2020,” an ACCA spokesperson said. “As additional support, we have encouraged employers to publish job offers for Ukrainians on ACCA Careers,” the spokesperson added.
Since the war began, the CISI has only had two Ukrainians sitting its exams. But one of those cancelled, meaning the remaining candidate was able to up their financial knowledge in the midst of the chaos.
“We expect to administer exams in Ukraine in November 2022,” a CFA spokesperson said. “A decision on the November 2022 exams in Russia has not yet been made.”
To contact the authors of this story with feedback or news, email Justin Cash, James Booth, Paul Clarke and David Ricketts
