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  1. 1. 2008 CFA ® PROGRAM Sponsored by:
  2. 2. To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence . Mission Statement
  3. 3. Benefits of the CFA Program Knowledge
  4. 4. Benefits of the CFA Program Respect and Credibility Most common occupations of CFA charterholders • CEO/Principal • Investment Counselor • Chief Investment Officer • Investment Firm Manager • Equity Analyst • Portfolio Manager • Fixed Income Analyst • Portfolio Strategist • Investment Banker • Sales/Marketing Professional
  5. 5. Benefits of the CFA Program Diverse Career Opportunities Mutual Funds / Investment Companies 26% Brokerage / Investment Banks 18% Investment Management Counselors 12% Commercial Banks / Trust Companies 15% Consulting Firms 7% Insurance Companies 5% Other 17%
  6. 6. Industry’s High Regard for the Charter: U.S.A. U.S. Department of Labor Occupational Outlook Handbook recommends CFA certification for those pursuing careers as Financial Analysts and Personal Financial Advisors. See Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2006-07 Edition , Financial Analysts and Personal Financial Advisors , on the Internet at (visited April 18, 2006 ).
  7. 7. High Regard for the Charter: Job Postings
  8. 8. London, UK The Chartered Financial Analyst (CFA) designation required
  9. 9. CFA certificate desirable. United Nations
  10. 10. Abu Dhabi Investment Authority
  11. 11. Switzerland CFA charterholders or candidates in the CFA program are to be favored Switzerland
  12. 12. City of New York The Chartered Financial Analyst (CFA) designation is strongly preferred
  13. 13. CFA is a plus The World Bank
  14. 14. 2004-2005 CFA ® Program Global Passport: The CFA Charter Members’ Locations 99,754 Members and 136 Societies Worldwide * United States & Canada Members: 67,337 Europe Members: 14,323 Asia & Mainland China Members: 2,454 Latin America Members: 1,121 Pacific Asia Members: 12,066 Africa & Middle East Members: 2,401 * As of 1 December 2008
  15. 15. Candidate Registrations (for June 2008 and December 2008 exams) U.S. 58,454 Europe 30,836 Canada 15,281 Singapore 8,043 U.K. 12,774 P.R. China 17,123 Hong Kong 12,115 Australia 4,776 Latin America 3,121 Middle East & Africa 11,149
  16. 16. Candidate Makeup <ul><li>68% US </li></ul><ul><li>78% Male </li></ul><ul><li>Age 31* </li></ul><ul><li>68% Non-US </li></ul><ul><li>73% Male </li></ul><ul><li>Age 30* </li></ul>June 1993 June 2008 *Self-reported data
  17. 17. What is the CFA Program? Rigorous Self-Study Program
  18. 18. What is the CFA Program? Three Levels and Three Exams Level I – Knowledge and comprehension of fundamental investment tools and concepts Level II – Application and analysis focused on asset valuation Level III – Synthesis and evaluation of client needs and portfolio management issues Ethical and professional standards are emphasized at every level.
  19. 19. What is the CFA Program? Practical, Relevant Education Practitioners at every step of the process COE EAC
  20. 20. Practice Analysis Process Learning Tied to Current Practice <ul><li>2006 and Prior </li></ul><ul><ul><li>Previously on approximately 5 year cycle </li></ul></ul><ul><ul><li>Regional expert and employer panels in 18 cities (with 2 additional cities participating virtually) </li></ul></ul><ul><ul><li>Broad survey followed regional expert panels </li></ul></ul><ul><ul><li>All charterholders invited to participate </li></ul></ul><ul><ul><li>Nearly 11,000 responses </li></ul></ul><ul><ul><li>Input used by Practice Analysis Task Force to set topic weights and specific knowledge areas </li></ul></ul><ul><li>New Process </li></ul><ul><ul><li>FY2008 have initiated a continuous practice analysis process </li></ul></ul><ul><ul><li>Global Body of Investment Knowledge will be updated on an annual basis using a collaborative website followed by regional panels and targeted surveys </li></ul></ul><ul><ul><li>Portions of the Candidate Body of Knowledge will be updated on an annual basis </li></ul></ul><ul><ul><li>Test specifications will continue to be updated on a multi-year cycle </li></ul></ul><ul><ul><li>Results of practice analysis will form the foundation of all educational programs at CFA Institute – including the CFA Program and post-CFA offerings </li></ul></ul>
  21. 21. Practice Analysis Process Learning Tied to Current Practice <ul><li>Phase 1 - Continuous development of the Global Body of Investment Knowledge (GBIK) implemented using a collaborative website at . </li></ul><ul><li>Phase 2 – Mini-surveys, panel discussions and conference calls with members and employers to vet GBIK changes and determine draft CBOK. </li></ul><ul><li>Phase 3 – Broad survey of members to vet GBIK and CBOK annually and determine test specifications periodically. </li></ul><ul><li>Phase 4 - Based upon the results of previous phases, on an annual basis, the EAB reviews and approves a new GBIK and CBOK. Periodically the EAB will convene a Test Specifications Task Force to rebalance topic weights. </li></ul>
  22. 22. The CFA Course of Study CFA Body of Knowledge ™ • Ethical and Professional Standards • Quantitative Methods • Economics • Financial Reporting and Analysis • Corporate Finance • Equity Investments • Fixed Income • Derivatives • Alternative Investments • Portfolio Management and Wealth Planning Investment Tools Asset Classes and Valuation
  23. 23. 40% 40% 10% 10% The CFA Course of Study Three Levels – Topic Areas Approximate Percentage Breakdown Level I Level II Level III Percentages are average approximations of the actual topic weights for exam purposes, which have a range of target weights. Actual content of future exams may vary. 50% 40% 10% 50% 30% 15% 5% Investment Tools Asset Valuation Portfolio Management Ethics & Professional Standards
  24. 24. Preparation for the CFA Exams Valuable Learning Experience
  25. 25. The CFA Examinations Graded with Great Care • 346 CFA charterholders from 31 countries in 2008 • Teams of practitioners • Rigorous and thorough process • Consistency and fairness across all papers
  26. 26. December 2007 Exam <ul><li>Exam results: Level I </li></ul><ul><li>37,573 candidates sat worldwide in 29 countries </li></ul><ul><li>Pass rate of 39% </li></ul>
  27. 27. June 2008 Exam <ul><li>Exam results </li></ul><ul><li>Over 92,000 candidates sat for the June 2008 exams </li></ul><ul><li>Pass rates – </li></ul><ul><ul><li>35% at Level I </li></ul></ul><ul><ul><li>46% at Level II </li></ul></ul><ul><ul><li>53% at Level III </li></ul></ul>
  28. 28. CFA Program Historical Combined Pass Rates
  29. 29. Registering for the CFA Program Three Ways to Register • Register online at: • Download forms from the CFA Institute website and register by mail • Contact CFA Institute for a paper CFA exam registration and enrollment package
  30. 30. Registering for the CFA Program CFA Charter Requirements • Sequentially pass Level I, II, and III exams • Have four years of acceptable work experience • Provide professional references (Level III) • Join CFA Institute as a member and apply for membership in a local CFA Institute society • Submit professional conduct statement
  31. 31. More Information About the CFA Program The Americas P.O. Box 3668 Phone: 800-247-8132 or 434-951-5499 560 Ray C. Hunt Drive Fax: 434-951-5262 Charlottesville, VA 22903 E-mail: [email_address] USA Asia-Pacific Suite 3407 Phone: 852-2868-2700 or 852-8228-8820 Two Exchange Square Fax: 852-2868-9912 8 Connaught Place E-mail: [email_address] Central Hong Kong, SAR Europe 10th Floor Phone: 44-20-7531-0751 One Canada Square Fax: 44-20-7531-0767 Canary Wharf E-mail: [email_address] London E14 5AB United Kingdom
  32. 32. Chartered Financial Analyst ® A Symbol of Integrity and Professional Excellence ®