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The CFA Institute
is the global, not-for-profit association of investment
professionals that awards the CFA and CIPM
desig...
“Whereas there are tens of
thousands of finance degrees
available around the world,
ranging from the excellent to
the wort...
“Becoming a CFA is now a
passport for excellence and
international mobility.”

Financial Times, 2009
Charterholder positions
 Portfolio manager
 Buy- and sell-side research analyst
 Financial consultant
 Manager of Managers...
Firms Hiring Charterholders

                    Hedge Funds 4%
 Consulting Firms                    Other
 6%            ...
Increasing Relevance of CFA Charter
Rapidly changing industry demanding:
 –   Higher ethical standards
 –   Demonstrated u...
Charterholders put it this way
 Valuable with or without an MBA
 Key differentiator in the marketplace
 Respected by emplo...
Job Ads Around the World
                                                CFA is a plus




   London, UK

The Chartered
Fi...
Global Enrollment Growth
     CFA® candidate registrations have climbed
     steadily the past 20 years, from approximatel...
Candidate Enrollments
(for December 2007 and June 2008 exams)


Canada              U.K.                   Korea
14,576   ...
How Can I Become a CFA Candidate?
Basic requirements
1. Have a U.S. bachelor’s degree or equivalent
      or  be in final ...
Achieving Your Charter
1.   Enroll in the CFA Program
2.   Pass all three CFA exams
3.   Meet work experience requirements...
CFA Program Candidate Body of
         Knowledge™
CFA Exam Topics
Topic Area                         Level I   Level II   Level III
Ethical & Professional Standards     15 ...
CFA Level I and II Exams
            Level I                        Level II
Focus       Tools and inputs relating to   As...
CFA Level III Exam
                    Level III
Topic Focus         Portfolio Management process;
                    App...
CFA LOS Change Every Year
2009 CFAI Study                         New    Changed   Deleted
                       Subject
...
CFA Exam Grading and Scoring
 Score is percentage of correct answers
 Levels I and II all machine graded
 CFA Charterholde...
CFA Exam Pass Rates
What were the global pass rates for each exam
level in June 2009?

              Level I            Le...
The CFA Program is a
Rigorous Undertaking
Dayton CFA Society
         www.membersocieties.org/dayton
Michael Scott, CFA (President) : president@dayton.cfasociety.or...
More Details at cfainstitute.org
Chartered Financial Analyst®



    A Symbol of Integrity and Professional Excellence

                                   ...
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Dayton CFA Society CFA Program

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Transcript of "Dayton CFA Society CFA Program"

  1. 1. The CFA Institute is the global, not-for-profit association of investment professionals that awards the CFA and CIPM designations. We promote the highest ethical standards and offer a range of educational opportunities online and around the world. With our member societies, we offer a range of educational programs and services for our members, program candidates, investors, employers, institutions, and the press.
  2. 2. “Whereas there are tens of thousands of finance degrees available around the world, ranging from the excellent to the worthless, there is only one CFA explosive growth has made it, in effect, global currency.” The Economist, 2005
  3. 3. “Becoming a CFA is now a passport for excellence and international mobility.” Financial Times, 2009
  4. 4. Charterholder positions Portfolio manager Buy- and sell-side research analyst Financial consultant Manager of Managers Chief investment officer Investment banker Private banker Relationship Manager Risk manager Financial advisor/broker
  5. 5. Firms Hiring Charterholders Hedge Funds 4% Consulting Firms Other 6% 16% Insurance Companies 6% Banks and Investment Brokerage Firms Management Firms 28% 40%
  6. 6. Increasing Relevance of CFA Charter Rapidly changing industry demanding: – Higher ethical standards – Demonstrated understanding of investment & risk management principles and applications Growing benefits for CFA candidates and members: – Career services (Jobline, Career Center, Career Conferences) – Continuing education & professional development (Educational Conferences, publications, webcasts, podcasts,) – Keep abreast of industry developments (CFA Refresher readings, daily financial news-briefs, book summaries) – Networking and volunteer opportunities – Society programs (Social and topical) – Licensing and exam waivers – Member directory access
  7. 7. Charterholders put it this way Valuable with or without an MBA Key differentiator in the marketplace Respected by employers Better career opportunities Higher compensation
  8. 8. Job Ads Around the World CFA is a plus London, UK The Chartered Financial Analyst (CFA) designation required The Chartered Financial Analyst (CFA) designation strongly preferred
  9. 9. Global Enrollment Growth CFA® candidate registrations have climbed steadily the past 20 years, from approximately 10,000 candidates in 1990 to more than 200,000 in 2009
  10. 10. Candidate Enrollments (for December 2007 and June 2008 exams) Canada U.K. Korea 14,576 11,575 7,366 Europe Hong Kong U.S. 28,216 12,052 P.R. China 55,959 15,946 Taiwan Middle East 3,414 Latin Singapore & Africa America 7,767 10,025 Australia 2,916 4,123
  11. 11. How Can I Become a CFA Candidate? Basic requirements 1. Have a U.S. bachelor’s degree or equivalent or be in final year of your bachelor's degree program or four years qualified professional work experience or a combination of the above 2. Meet professional conduct admission criteria 3. Be prepared to take the exams in English 4. Register and pay fees 5. Must have a valid passport (*New*)
  12. 12. Achieving Your Charter 1. Enroll in the CFA Program 2. Pass all three CFA exams 3. Meet work experience requirements 4. Become a regular member of CFA Institute and apply for local society membership To maintain your status: Must comply with CFA Institute conditions, requirements, policies, Submit an annual Professional Conduct Statement Pay annual membership dues.
  13. 13. CFA Program Candidate Body of Knowledge™
  14. 14. CFA Exam Topics Topic Area Level I Level II Level III Ethical & Professional Standards 15 10 10 Quantitative Methods 12 5-10 0 Economics 10 5-10 0 Financial Reporting & Analysis 20 15-25 0 Corporate Finance 8 5-15 0 Investment Tools – Total 50 30-60 0 Equity Investments 10 20-30 5-15 Fixed Income 12 5-15 10-20 Derivative Investments 5 5-15 5-15 Alternative Investments 3 5-15 5-15 Asset Valuation – Total 30 35-75 35-45 Portfolio Management & Wealth 5 5-15 45-55 Planning Total 100 100 100
  15. 15. CFA Level I and II Exams Level I Level II Focus Tools and inputs relating to Asset Valuation; investment valuation and Application of Level I Concepts; portfolio management; Ethical Principles Ethical Principles Learning Knowledge and Analysis and Application Emphasis Comprehension Questions 240 Multiple Choice (3 120 Item sets (20 vignettes or answers) “mini-cases” with 6 questions per 90 seconds on avg. vignette). 18 minutes per mini- case on avg. Exam 6 hour exam, two 3-hour 6 hour exam, two 3-hour sessions sessions Grading Machine-graded Machine-graded
  16. 16. CFA Level III Exam Level III Topic Focus Portfolio Management process; Application of Level I and Level II concepts; Ethical Principles Learning Emphasis Synthesis and Integration Questions -(AM) Roughly 12-15 constructed response (“Essays”). These are 1-2 page vignettes that candidates answer in tables or templates. -(PM) 60 Item sets (10 vignettes with 6 questions per vignette). Exam 6 hour exam, two 3-hour sessions. Morning session essays; Afternoon session Item sets Grading Item sets graded by machine; Essays graded by CFA Charterholders
  17. 17. CFA LOS Change Every Year 2009 CFAI Study New Changed Deleted Subject Sessions LII LOSs LOSs LOSs 1 -2 Ethics 0 0 0 No change Quantitative 3 8 1 0 No change Methods New 8th Edition – 14 to 17 Exchange Rate and 4 Economics 3 20 3 Balance of Payments New 6th Edition - 18 & 19 Currency Exch. Rates SS05 – One New Reading; Deleted One Financial Statement SS06 – Two New Replacement Readings – concepts 5-7 16 6 32 Analysis are still the same SS07 – One New Reading 8-9 Corporate Finance 0 1 0 No Changes SS10 - New Edition Solnik Book Equity SS11 - New Edition Solnik & Porter Books 10 -13 41 20 26 Analysis SS12-3 Readings moving to/from SS11 SS13 - Four new readings Fixed Income SS14 - 1 New reading 14 -15 3 0 0 Analysis SS15 - No change SS 16 - No change 16 -17 Derivatives 0 0 0 SS 17 - No change Capital Market New Edition of Markowitz 18 Theory & Portfolio 10 9 0 New Solnik Book Management New Reading Taxes & PWM Total: 83 57 61 2009 Total LOS Count = 500
  18. 18. CFA Exam Grading and Scoring Score is percentage of correct answers Levels I and II all machine graded CFA Charterholders grade Level III essay questions Minimum passing score reset each year Scores above 70% have always passed
  19. 19. CFA Exam Pass Rates What were the global pass rates for each exam level in June 2009? Level I Level II Level III A. 50% 62% 70% B. 46% 41% 49% C. 40% 50% 50% D. 35% 32% 46% No-show rate? Approximately 25% every year.
  20. 20. The CFA Program is a Rigorous Undertaking
  21. 21. Dayton CFA Society www.membersocieties.org/dayton Michael Scott, CFA (President) : president@dayton.cfasociety.org Marlena Akhbari, PhD (Membership) : membership@dayton.cfasociety.org Burhan Kawosa, CFA (Education) : burhan.kawosa@wright.edu Student memberships are $15 per year. Must be a member to be eligible for discounts and scholarships. Student members can list Dayton CFA Society on their resume. Student members pay $15 per lunch.
  22. 22. More Details at cfainstitute.org
  23. 23. Chartered Financial Analyst® A Symbol of Integrity and Professional Excellence ®

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