A professional designation that may be obtained by analysts or portfolio managers working for asset managers or pension funds. The designation takes at least three years to obtain and involves passing three tests that are considered very difficult. The CFA designation has grown in popularity since 1999 as many people have been laid off and are looking for ways to increase their qualifications. Also, the criticism leveled at brokerage firmsÂ’ research analysts for their conflict of interests has encouraged some people to obtain this qualification.