(Bloomberg) — It takes at least 900 hours of study to pass the Chartered Financial Analyst exam and put the letters “CFA” on your resume. respected.300 to 400 hours of reading is suggestion The CPA exam is typically taken by prospective CPAs who have completed an undergraduate degree in the subject.
However, to be “Certified Cryptocurrency Expert,” or CCE, all you need is $229 and time for an 11-hour online course from the Blockchain Council. If you invest too much time, you may receive “Cryptocurrency and Blockchain Certificates” Elsewhere, just complete four hours of coursework, pass a 20-question test, and spend $795.
The cryptocurrency industry’s lack of widely recognized professional certifications has left a vacuum that many organizations are trying to fill, and Bitcoin’s record rally this year has fueled interest in them. However, as with many topics involving cryptocurrencies, there are questions about exactly what (if anything) is worth investing in.
Campbell Harvey, a finance professor at Duke University, said the surge in online cryptocurrency certification programs is due to the fact that many universities are behind the curve in offering enough courses in the subject.
“Many people have seen this gap and are offering ‘certifications,’” Harvey, who studies digital asset markets, said in an email. “However, students need to realize that some of these certifications are just money-making gimmicks. . Buyer beware.”
An email sent to the Blockchain Council seeking comment went unanswered, and repeated calls to a phone number on its website went unanswered. ACAMS, which offers cryptocurrency and blockchain certificates for $795, did not respond to an email seeking comment.
In at least one case, a crypto education program was directly linked to an alleged scam.The U.S. Securities and Exchange Commission announced last month precipitation Regulators said the course defrauded 15 students of more than $1 million by convincing them to invest in fake hedge funds. Sewell did not respond to a request seeking comment.
As Bitcoin prices soar to record levels this year, what follows jump of interest According to reports, retail and institutional investors are also paying more attention to cryptocurrencies, and there has been a corresponding surge in online searches for “cryptocurrency certification.” Google Trends.
When asked about the various certifications available, a representative from cryptocurrency association Coin Center responded that they were not familiar with any of them and “probably tells you everything you need to know.”
Some major employers in the industry also place little emphasis on certification.
“We look for significant experience and achievement in the crypto space, not certifications,” a spokesperson for Coinbase Global Inc., the largest U.S. cryptocurrency exchange, said. “We also value crypto passion and curiosity and have developed in-house education to Develop people further.”
Still, some employers find value in certain certifications. Matthew Hougan, Chief Investment Officer of Bitwise, said that since 2021, more than 20 employees of Bitwise Asset Management have obtained the Financial Professionals Digital Asset Council certification, which is “a great way to ensure that they have a solid foundation from cryptocurrency knowledge.” The company is among the companies launching a new spot Bitcoin ETF.
Edelman founder Ric Edelman said that as the first ETFs for direct investment in Bitcoin were approved in the United States, inquiries for Digital Asset Council certification courses for financial professionals have increased by 30% since the beginning of this year. Financial Engine.
“Now that these ETFs are here and there’s such strong consumer demand for them, we’re seeing a significant increase in inquiries,” Edelman said.
Thousands of people have taken the course so far, Edelman said. He said DACFP differs from other certification courses in that it not only discusses blockchain and cryptocurrencies, but also understands the financial planning, tax and estate planning aspects of cryptocurrencies.
For the new wave of consumers entering the cryptocurrency space, the challenge will be to separate the chaff from the wheat.
