The CFOA (Certified Futures and Options Analyst) is a professional credential issued by the International Council for Derivative Trading (ICFDT). It is designed to certify one’s knowledge of derivatives – mainly options and futures – and is recognized by funds, family offices, proprietary trading firms and investment companies operating in the global derivatives space.
TrendUp is currently the exclusive official ICFDT-authorized training provider. Participants can prepare for and earn the CFOA credential through two pathways:
Participants who complete Level 3 of the TrendUp L-Program become eligible to sit a sponsored, abridged version of the CFOA exam. This version is:
Free (we cover the $390 exam fee on your first attempt)
Abridged (60 questions instead of the full 100)
Based on the same curriculum taught across L2 and L3, with no need for additional study
This route is selective and requires formal admission into an L-program cohort.
Ideal for independent learners or working professionals, the CFOA Direct route allows you to:
Prepare entirely at your own pace
Skip the cohort and application process
Access all training materials immediately
Sit the full 100-question CFOA exam
The Certified Futures and Options Analyst (CFOA) designation provides formal recognition of advanced competence in derivatives markets, with a focus on options and futures trading, strategy, and risk management. Administered by the International Council for Derivative Trading (ICFDT), the CFOA serves as a standardized benchmark for individuals pursuing roles in trading, research, and portfolio construction where derivatives play a central role.
The certification is intentionally specialized. While many industry credentials take a broad view of finance -covering corporate finance, equity valuation, and portfolio theory- the CFOA concentrates on the practical application of derivatives in modern markets. This narrow focus allows candidates to demonstrate depth of expertise rather than generalist coverage, making it particularly valuable to hedge funds, proprietary trading firms, and asset managers that rely on derivatives-based strategies.
As a relatively new credential, the CFOA is building recognition but has already gained traction among derivatives-focused employers. For professionals seeking to differentiate themselves in competitive buy-side recruiting or for students aiming to validate their technical foundation early in their careers, the CFOA provides a credible, targeted alternative – or complement – to broader certifications like the CFA.
The Chartered Financial Analyst (CFA) program remains the most widely recognized credential for generalist financial analysts. It covers a broad range of topics, from equity research and corporate finance to portfolio management and ethics, but requires significant time and financial commitment. CFA candidates often spend several years and thousands of dollars completing all three levels.
By contrast, the CFOA focuses narrowly on derivatives. This specialization allows for:
Shorter completion time (exam can be prepared for in weeks or months, not years)
Lower overall cost (training + exam fees are a fraction of CFA costs)
Immediate relevance for roles in options and futures trading, quantitative research, and related strategies
For professionals seeking targeted expertise rather than generalist coverage, the CFOA offers a practical alternative or complement to broader certifications.
The full version of the exam has 4 main sections:
1. Financial Derivatives: Past, Present and Future (currently waived for TrendUp L-program candidates)
2. Options: Full content, but the amount of questions is lower than the full version, standing at currently about 35 questions for TrendUp L-program graduates.
3. Futures: Full content, but the amount of questions is lower than the full version, standing at currently about 25 questions for TrendUp L-program graduates.
4. Risk Profiles, Asset Allocation & Risk Management (currently waived for TrendUp L-program candidates)
Note that L-Program graduates sit an abridged version of the exam covering only Sections 2 and 3, while CFOA Direct candidates complete all four sections. The end certification is the same.
CFOA Exam Topics
I
Financial Derivatives: Past, Present, and Future
Options Contracts
Concept, Types, Chains, Pricing, Time, Volatility, Greeks, Intrinsic & Extrinsic Value
II
Options
Options Trading Strategy
Naked Strategies, Verticals, Strangles, Straddles, Multi-Legged Strategies, Breakevens
Options Trade Management
Probabilities, Standard Deviations, Entering and Exiting, Risk Management
Futures Contracts
Concept, Types, Markets, Cost to Carry, Contango & Backwardation, Basis
II
Futures
Futures Trading
Directional, Intermarket Spreads, Calendar Spreads, Limit Moves
Options on Futures
Concept, Settlement, Hedging, Speculation
IV
Risk Profiles, Asset Allocation & Risk Management
A 60% of correct answers is required in order to Pass the exam. There is a one-hour time limit.
The exam is graded as follows:
The grade will appear on your certificate.
Currently, 89% of all our eligible participants (those who successfully complete L3) pass the exam on their first attempt. 100% of them are certified by their second attempt.
There is little need for extra study as the CFOA content overlaps very well with the L2 & L3 material.
Note: Attempting the CFOA exam is optional for all L3 participants. L3 graduates (with a satisfactory score on the L3 final assessment) will be able to take the CFOA exam for free.
Have a friend who can benefit from the CFOA?
TrendUp Finance currently has an exclusive agreement with the International Council for Derivative Trading (ICFDT) whereby all our participants who successfully complete the L3 program are eligible to sit the Certified Futures and Options Analyst (CFOA) with the following advantages:
The CFOA stands for Certified Futures and Options Analyst. It is a relatively new professional credential designed to certify one’s knowledge of derivatives, mainly options and futures. It is administered by the International Council for Derivative Trading (ICFDT), a Chicago-based institution. Their goal is to advance the financial derivative market on a global scale, by both helping the industry develop through sensible regulation and increased visibility, and by offering official derivative-centered certifications for professionals and independent investors.
There are many financial certifications available. Unlike in other countries, in the United States, all of them are issued by private bodies with no official government affiliation. As such, the main aspects that differentiate them are the areas covered and their level of recognition.
The CFA program (Chartered Financial Analyst) is issued by the the CFA Institute, a private organization that seeks to measure and certify the competence and integrity of financial analysts. It is often regarded as the top certification for financial analysts. However, it is both time consuming and expensive. According to the CFA institute, on average, candidates spend 4 years trying to get certified. The fees are also high, ranging between $2500 and $5000, only in exam fees. This number is usually higher because it does not take into account the cost of resources, classes, traveling expenses etc.
On the other hand, the CFOA (Certified Futures and Options Analyst) is focused only on options and futures, so it is not as exhaustive as the CFA. It is also a much newer certification, which makes it less known. However, its recognition is continuously rising, and some of our partner funds, especially those focused on derivatives, regard it as a valuable asset for any candidate. Since our candidates are eligible to obtain the examination at no cost to them, we believe it is an excellent opportunity to get certified. Even if you may not end up working in the derivative space, most employers will see financial certifications as an asset, if only because it shows that you have the knowledge and self-disciple to meet formal qualifying requirements.
The full version of the exam has 4 main sections:
1. Financial Derivatives: Past, Present and Future (currently waived for TrendUp L3 candidates)
2. Options: Full content, but the amount of questions is lower than the full version, standing at currently about 35 questions for TrendUp candidates.
3. Futures: Full content, but the amount of questions is lower than the full version, standing at currently about 25 questions for TrendUp candidates.
4. Risk Profiles, Asset Allocation & Risk Management (currently waived for TrendUp L3 candidates)
CFOA Exam Topics
I
Financial Derivatives: Past, Present, and Future
II
Options
Options Contracts
Concept, Types, Chains, Pricing, Time, Volatility, Greeks, Intrinsic & Extrinsic Value
Options Trading Strategy
Naked Strategies, Verticals, Strangles, Straddles, Multi-Legged Strategies, Breakevens
Options Trade Management
Probabilities, Standard Deviations, Entering and Exiting, Risk Management
III
Futures
Futures Contracts
Concept, Types, Markets, Cost to Carry, Contango & Backwardation, Basis
Futures Trading
Directional, Intermarket Spreads, Calendar Spreads, Limit Moves
Options on Futures
Concept, Settlement, Hedging, Speculation
IV
Risk Profiles, Asset Allocation & Risk Management
A 60% of correct answers is required in order to Pass the exam. There is a one-hour time limit.
The exam is graded as follows:
The grade will appear on your certificate.
Currently, 85% of all our eligible participants (those who successfully complete L3) pass the exam on their first attempt. 100% of them are certified by their second attempt.
There is little need for extra study as the CFOA content overlaps very well with the L2 & L3 material.
Have a friend who can benefit from the CFOA?
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