Indian CFA charterholders are lowering their expectations for salary increases over the next year even after strong pay growth in recent years, according to Arati Porwal, Senior Country Head at CFA Institute India.
Among respondents who received annual salary hikes of more than 20% in 2025, only 37% expect a similar increase over the next 12 months, Porwal said in an interview. She added that the softer outlook coincides with growing interest among professionals in overseas opportunities, with 66% planning to relocate to Singapore, the US or Europe.
The findings come as India's financial services industry continues to expand while employers place greater emphasis on practical skills, ethics and technology capabilities, according to Porwal. She said the CFA charter continues to remain relevant despite the growing adoption of artificial intelligence across financial markets.
Salary growth remains strong despite softer outlook
Porwal said the CFA Institute's 2026 CFA Program Impact Study, based on responses from 2,770 CFA candidates and charterholders in India, showed continued growth in compensation.
"Nearly 60% to 70% of CFA charterholders with more than eight years of experience earn annual salaries of Rs 40 lakh to Rs 50 lakh," she said.
According to the study, average annual income rises from Rs 9.8 lakh for new Level I candidates to Rs 44 lakh for new CFA charterholders.
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CFA Institute works with SEBI on market awareness
Porwal said the CFA Institute works with the Securities and Exchange Board of India on investor awareness, capital markets policy, responsible investment and ethical conduct.
"Our approach is to contribute insights and bring awareness on emerging risks around retail participation, finfluencers and complex products such as derivatives, while supporting policy thinking and market integrity," she said.
The engagement includes sharing research, organising industry roundtables and providing inputs to improve disclosure standards and strengthen investor awareness, she said.
"We recognise SEBI's proactive stance in managing the rapid growth in retail participation and believe continued collaboration is important. We actively engage with them on policy measures, research, ESG, technology and the state of capital markets in India and globally," Porwal said.
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Retail behaviour and disclosures remain areas of focus
Porwal said India's financial markets have become more robust and better regulated, but challenges remain.
She identified unregulated financial advice on digital platforms as an area of concern.
"Our research on finfluencers highlights the growing role of unregulated advice. This creates risks for retail investors and underscores the need for stronger guardrails around digital financial content, alongside continued regulatory vigilance," she said.
She also called for improvements in corporate disclosures.
"While India has made significant progress with frameworks such as BRSR, the next phase should focus on improving financial materiality and introducing more forward-looking, decision-useful data, especially on climate-related risks," Porwal said.
AI will complement, not replace, analysts
Porwal said artificial intelligence is changing the investment profession but will not replace human judgement.
"The future is AI plus human intelligence," she said.
"Tasks such as data processing or screening can increasingly be automated, but interpreting results, managing risk and making investment decisions remain human responsibilities."
She said employers continue to seek professionals with technical expertise, digital skills, communication abilities and ethical judgement.
"Human skills are becoming even more valuable as AI adoption grows. Through AI-focused practical skills modules, we are equipping candidates to use these tools effectively, not to replace their judgement but to strengthen it," Porwal said.
CFA charter complements other qualifications
Porwal said employers increasingly view the CFA charter as a complement to qualifications such as chartered accountancy and management degrees.
"Our India Talent Landscape study shows employers value candidates who combine technical expertise, practical skills and strong ethical grounding," she said.
"In some cases, the CFA charter has become a baseline requirement for entry-level investment management roles because it signals job-ready capability and global relevance."
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India remains the largest CFA market
Porwal said India continues to be the largest market globally for CFA Program candidates.
She said concerns about professionals leaving India should be viewed in the context of growing global exposure.
"Our 2026 survey shows that while 70% of Indian graduates are considering or planning to study abroad, most still intend to return to India for employment," she said.
The CFA Institute is expanding its India Career Accelerator Program to improve job readiness through practical skills, communication training and closer engagement with employers, she added.
Ethics remain central to the profession
Responding to concerns over conflicts of interest in the investment industry, Porwal said the CFA Institute's Code of Ethics remains central to professional practice.
"It goes beyond theory. It embeds integrity, objectivity and accountability into everyday decision-making," she said.
"While no system can completely prevent misconduct, having a globally recognised standard helps create consistency, accountability and trust."
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