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Becoming A Chartered Market Technician


By Brian Twomey | Updated April 12, 2013 SHARE

Five Chart Patterns you need to know

The Market Technicians Association (MTA) is an organization that was incorporated in 1973
as a not-for-profit, with the intention to propagate the study of technical analysis for present
and future market professionals. During this time period, however, the study of technical
analysis wasn't the all-pervasive study that it is today, so its full acceptance took time as
market professionals moved from pencil and graph paper to computers. This may explain Puri Hotel Puri Puri Hotel Puri
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Confirmed Skills
When the MTA confers the honor of the chartered market technician (CMT) designation, it
certifies to the exchanges, the investment community and the public that candidates have the
full and comprehensive body of knowledge of technical skills from past and present to be
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able to conduct research, sign their names to a research report, recommend trades and
investment programs from a wide variety of financial instruments and markets, and even Enter e-mail address Sign Up
trade their own accounts with proficiency. With trillions of dollars flowing through the
Learn More
financial markets on any given day, as opposed to millions from days past, the importance of
the CMT designation bestows a greater consequence to those that are charged with the
management of that money. HOT DEFINITIONS

More than a Reading Godfather Offer


The CMT encompasses much more than the ability to read a chart. Candidates learn to read Inflation
and fully understand point and figure, line and candlestick charts from price perspectives Negative Interest Rate Policy (NIRP)
past, present and future. Candidates also learn the relationship between these prices and
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price patterns, as well as trends and what they mean, how to draw trend lines and how to
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determine if trends will continue or fade
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Candidates then advance their knowledge to indicators and how they work, how they are
calculated and the meaning and purpose behind those calculations. Candidates will learn
implied volatilities, put/call ratios and inferential statistics from correlation analysis to t-tests
to regression analysis. They learn volume, breadth
breadth,, short selling,
selling, sentiment gauges and
intermarket analysis. While these examples name only a small portion of the technical skills
learned from the three exams needed to become a CMT, the exams in themselves test a much
wider knowledge of technical skills and analysis.

Passing the Test


The Level I exam tests definitions and measures
basic concepts of terminology, charting methods
and ethics. The inclusion of ethics is not a recent
focus due to past scandals, but it has been given
greater weight to each exam. Failure to pass the Trading Center
ethics portions on the CMT Level III exam means Alternative
Certification
automatic failure of the entire exam. Ethics Accelerated Teaching
Program. Must Have
encompasses factors of public trust, inside Bachelor's. Learn More!

information and research reports, to name just a


small portion of the tested ethics for each exam;
it's comprehensive and shouldn't be treated lightly by candidates.

The cost for the CMT Level I exam is a total of $500: $250 covers the whole program fee that
allows a candidate five years to complete all three exams. The exam consists of 120 multiple
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choice questions and has a two-hour allotted time period for testing. Exams are offered in the
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The CMT Level II exam is a four-hour, 150-question ordeal that measures application of Exclusive: Learn the "House Odds" of Investing
technical analysis, ethics, Dow Theory and inter-market analysis, to name a few categories.
The cost is $450 and it is offered in the spring and fall.

The CMT Level III exam used to consist of an outside written research project that
demonstrated a high level of technical analysis skills, but was changed to strictly essay exam
questions that demonstrate well-thought-out research opinions, portfolio analysis and theory
and ability to integrate a high level of technical analysis skills. Candidates are allotted four
hours to complete this last and rigorous exam. The pass rate is generally around 70%,
historically. The cost is $450 and the exam is offered every spring and fall. The designation
will not be conferred until a candidate has achieved three years of work experience, joins the
MTA and maintains $300 a year in annual dues.

Study Time
All three exams require independent study. The MTA recommends 100 hours of study for
the first exam, 140 hours for the second and 160 hours for the third; however, they offer
forums, mentorships and webinars to help candidates further their comprehension and study.

Passage of exams one and two qualifies a candidate for a Series 86 exemption. The Series 86 is
a research analyst designation that addresses research reports and a candidate's ability to
conduct research, so candidates no longer need to take this exam. This is thanks to the
National Association of Securities Dealers (now known as the Financial Industry Regulatory
Authority (FINRA)) submittal of a rule that was accepted by the SEC and recognized by the
exchanges.

The Bottom Line


Many CMTs have moved forward with rich and rewarding careers. Some invented indicators
or a unique trading methodology; some became teachers, analysts, mentors and authors.
Some became independent traders, while many work for the exchanges, hedge funds, firms
and brokerages that cover many different markets. The opportunities are immense and the
rewards are great.

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