(Bloomberg) — To pass the CFA exams and put the letters “CFA” on your resume, at least 900 hours of study are is recommended. Hitting the books for 300 to 400 hours is Suggested for the certified public accountant exam, which is usually taken by prospective CPAs who have completed an undergraduate degree in the subject.
However, to become a “Certified Cryptocurrency Expert,” or CCE, all you need is $229 and time for 11 hours of online courses offered by the Blockchain Council. If this is too much of a time commitment, you can get a “Cryptocurrency Certificate and BlockchainElsewhere taking only four hours of course, passing a 20-question test and paying $795.
The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum that a number of organizations are trying to fill, and Bitcoin's record growth this year is sparking interest in them. However, as with many topics involving crypto, there are questions about what exactly – if anything – is worth the investment.
According to Duke University finance professor Campbell Harvey, contributing to the proliferation of online crypto-certification programs is the fact that many universities are behind the curve when it comes to offering enough courses in the subject.
“Many have seen this gap and are offering 'certifications,'” Harvey, who studies digital asset markets, said in an email. “However, students should be aware that some of these certificates are just money-making tricks. Buyer beware.”
Emails to the Blockchain Council seeking comment were not returned, and repeated calls to the phone number on its website went unanswered. ACAMS, which offers $795 Cryptocurrency and Blockchain Certificate, did not return emails seeking comment.
In at least one case, a crypto-education program has been directly linked to an alleged scam. The US Securities and Exchange Commission last month announced a solution with Brian Sewell, the founder of an online trading course called American Bitcoin Academy, who the regulator said defrauded 15 students out of more than $1 million by convincing them to invest in a fake hedge fund. Sewell did not return requests seeking comment.
As the price of Bitcoin rose again to record highs this year, it had a companion jump in interest into crypto by retail and institutional investors alike – and with it a corresponding increase in web searches for “crypto certification,” according to Google Trends.
Asked about the various certificates available, a representative of the crypto association Coin Center replied that they were not familiar with any of them and that it “can tell you everything you need to know.”
Some large employers in the industry don't pay much attention to certifications either.
“We look for experience and demonstrable accomplishments in the crypto space over certifications,” said a spokesperson for Coinbase Global Inc., the largest U.S. crypto exchange. “We also value crypto passion and curiosity and have developed internal education to further develop people.”
However, some employers are finding value in some certifications. Bitwise Asset Management has had more than 20 employees receive the Digital Asset Council of Financial Professionals certification as of 2021, as “a great way to ensure they start with a strong foundation of crypto knowledge,” said Matthew Hougan, chief investment officer at Bitwise. which was one of the companies that launched a new spot Bitcoin ETF.
Inquiries about the Digital Asset Council of Financial Professionals' certification courses are up 30% since the start of the year, after the first batch of ETFs that invest directly in Bitcoin were approved in the US, founder Ric Edelman said. which started Edelman. Financial engines.
“Now that these ETFs are here, and there's so much consumer demand for them, we're seeing a significant increase in inquiries,” Edelman said.
Thousands have taken the course so far, Edelman said. He said DACFP differentiates itself from other certification courses by not only talking about blockchain and crypto, but also understanding the financial planning, tax and estate planning aspects of crypto.
For this new wave of consumers entering crypto, the challenge will be separating the chaff from the wheat.