According to Bloomberg, obtaining the prestigious “CFA” letters on your resume requires a recommended 900 hours of studying for the chartered financial analyst exams. For those pursuing the certified public accountant exam, a more manageable 300-400 hours of studying is advised after completing an undergraduate degree in the subject.
While these traditional finance certifications require significant time and effort, becoming a “Certified Cryptocurrency Expert” or CCE only requires 11 hours of online coursework and a fee of $229 from the Blockchain Council. Other programs, such as a “Cryptocurrency and Blockchain Certificate,” can be obtained with just 4 hours of coursework, a 20-question test, and a fee of $795.
The lack of a widely recognized professional accreditation in the cryptocurrency industry has led to a proliferation of online certification programs. This is due in part to the limited offerings of universities when it comes to courses on the subject. However, as Duke University finance professor Campbell Harvey warns, some of these programs may be “money grabbing gimmicks” and students should be cautious.
Some of these programs have even been linked to scams, such as the American Bitcoin Academy which allegedly scammed students out of over $1 million. As interest in cryptocurrency continues to rise, so does the demand for these certifications. However, major employers in the industry, like Coinbase, place more value on real-world experience and passion for the industry rather than certifications.
Despite this, some employers, like Bitwise Asset Management, have found value in certain certifications. The Digital Assets Council of Financial Professionals, which covers not only blockchain and crypto but also financial planning, taxation, and estate planning, has seen a 30% increase in inquiries since the approval of the first Bitcoin ETF in the US.
However, with the surge of interest in cryptocurrency, it can be challenging for consumers to differentiate between legitimate certifications and money-grabbing schemes. For those entering the world of crypto, it will be important to do thorough research and choose reputable programs.
