I think that there are other ways that you can be licensed as a PM. To manage money on a discretionary basis they could have the CIM designation or CFA. There is a process though for people to work as an assistant PM for a period of time and then eventually be licensed as a full PM, but truthfully I'm not all that familiar. My opinion is that the CFA is globally recognized as the gold standard, so I just knew for myself that was the route I would pursue.
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