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Canada CFA Information Kit


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Canada CFA Information Kit

  1. 1. 2007 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. Benefits of the CFA Program Opportunity – Top 26 Employers • ABN AMRO • J.P. Morgan Chase & Co. • Allianz AG • Lehman Brothers • Bank of America • Mellon Financial Corporation • Barclays • Merrill Lynch & Co., Inc. • BMO Nesbitt Burns, Inc. • Morgan Stanley • CIBC World Markets • PricewaterhouseCoopers • Citigroup • Credit Suisse Group • Prudential Financial • Putnam Investments • Deutsche Bank • RBC Financial Group • Goldman Sachs • Scotia Capital • FMR Corp • TD Financial • HSBC • UBS AG • ING Groep N.V. • Wachovia
  7. 7. High Regard for the Charter: Job Postings
  8. 8. <ul><li>Description </li></ul><ul><li>The Toronto-office of Standard & Poor’s Structured Finance Ratings Group is seeking an individual to provide analytic support to the group’s growing structured finance business. The position will focus on securitization, with a particular emphasis on the asset backed securities sector, including residential and commercial mortgage backed transactions. </li></ul><ul><li>Your responsibilities will include the analysis of the main elements of asset securitization transactions including collateral, structure through the review of transaction documents, and cash flow analysis. In addition, you will be responsible for preparing and presenting recommendations to rating committees in conjunction with such transaction and generally represent Standand & Poor’s to constituent groups including issuers, investors, and investment bankers. </li></ul><ul><li>Requirements </li></ul><ul><li>The successful candidate will have a suitable combination of experience in a relevant industry sector, established skills in qualitative and quantitative analysis, excellent verbal and written communication skills, and the ability to work independently and in teams. </li></ul><ul><li>Ideally, the candidate will hold an MBA, CFA or a graduate degree in a relevant field of study. </li></ul><ul><li>Please send your resume and cover letter with salary expectations to: </li></ul>MBA or CFA ideal Toronto
  9. 9. <ul><li>Description </li></ul><ul><li>One of Canada’s largest investment management organizations with more than $55 billion of assets under management, Alberta Investment Management (AIM) offers exciting career opportunities to contribute to new initiatives and invest on a significant scale. AIM is currently looking for savvy, high-potential professionals to join its team in the following positions: </li></ul><ul><li>Portfolio Manager, Infrastructure The Infrastructure Group is a growing private capital team building and managing an international portfolio of infrastructure assets, such as power generation and transmission, water and gas distribution, and transportation. The Portfolio Manager, Infrastructure will develop strategy and implement investment activities - sourcing, evaluating and executing transactions, monitoring and adding value to investments, and managing relationships. </li></ul><ul><li>Portfolio Manager, Timberlands The Timberlands Group is a growing private capital team building and adding value to an international portfolio of timberlands assets managed on a sustainable and responsible basis. The Portfolio Manager, Timberlands will develop strategy and implement investment activities - sourcing, evaluating and executing transactions, monitoring and adding value to investments, and managing relationships. </li></ul><ul><li>Requirements </li></ul><ul><li>Our ideal candidates for these positions have a broad investment, mergers and acquisitions or corporate development background, combined with strong technical, analytical and communications skills plus a business, engineering degree and/or a CFA or other professional designation. The Portfolio Manager, Infrastructure will ideally have a background in the regulated utility or power sectors, while the Portfolio Manager, Timberlands will ideally have an educational and/or transaction background in the forest products sector. </li></ul>CFA designation ideal Alberta
  10. 10. Paris <ul><li>Product specialist taux </li></ul><ul><li>Remuneration:  non précisé   </li></ul><ul><li>Position Type:  Employee   </li></ul><ul><li>Employment type:  Full time   </li></ul><ul><li>*Un Asset Manager de renommée internationale, basé à Paris, recherche pour son département gestion obligataire, un : Product specialist taux Missions : </li></ul><ul><li>Au sein de leur département Obligataire, vous serez responsable de la gamme de leurs produits et serez en étroite relation avec toutes les fonctions « support », en charge de les commercialiser. </li></ul><ul><li>Profil : </li></ul><ul><li>Vous justifiez d’une formation Bac+5, type grandes écoles et idéalement, vous êtes titulaire du CFA. Vous avez une excellente expertise des produits obligataires, maitrisez parfaitement les relations commerciales, avez une bonne capacité rédactionelle et parlez l’anglais couramment. </li></ul><ul><li>Vous avez une expérience minimum de 10 ans en tant que gérant obligataire. Vous êtes dynamique, aimez travailler en équipe, êtes rigoureux, organisé et disposez d’un excellent relationnel. </li></ul>The Chartered Financial Analyst (CFA) designation is preferred.
  11. 11. Chartered Financial Analyst® 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. Abu Dhabi Investment Authority
  14. 14. High Regard for the Charter: Media
  15. 15. <ul><li>“ Becoming a CFA is now a passport for excellence and international mobility.” </li></ul><ul><li>Financial Times </li></ul><ul><li>21 June 2004 </li></ul>
  16. 16. <ul><li>CFA Is Global Passport To Career: Advisor’s Designation Is Respected Worldwide For Its Skills And Its High Ethical Standards </li></ul><ul><li>National Post </li></ul><ul><li>13 June 2005 </li></ul><ul><li>“ When you are hiring investment professionals you automatically know anyone with a CFA has a high standard of education and professional ethics,” says Chris Guthrie, hedge fund manager and president of Hilldale Investment Management. “The CFA gives immediate material information about anyone who holds it. And it is very rare to see fraud at firms run by CFAs.” </li></ul>
  17. 17. <ul><li>3 February 2006 </li></ul><ul><li>L’Agefi (France) CFA — The Global Passport </li></ul><ul><li>Excerpt: [translation] The number of candidates prepared for the CFA exam is increasing in France. The designation is already well known in New York and London in the financial services sector. “Passing the CFA facilitated my ability to grow in my career in risk management, which was one of my objectives in preparing to receive the charter,” said Manual Arrive, who is responsible for structured finance analysis at Fitch Ratings in London. There are between 800 and 1000 candidates in France who will take the exam on June 3, 2006 – a dramatic change from the 1990s when the qualification was relatively unknown in France. Rapid growth in CFA candidates is likewise occurring worldwide. </li></ul>
  18. 18. <ul><li>22 May 2006 Financial Times Rise Of The Grueling Professional Exam </li></ul><ul><li>The CFA for financial analysts is one of the fastest growing qualifications and increasingly seen as a rival to the MBA, says Phil Davis. </li></ul><ul><li>Excerpt: As summer approaches in the northern hemisphere and thoughts turn to holidays and the World Cup, spare a thought for those sitting in exam rooms sweating over their future. Many are in full-time education but others are joining the growing band taking professional exams. One of the fastest-growing of these is the Chartered Financial Analyst (CFA) qualification that 84,000 people in 89 countries will be taking on June 3. </li></ul>
  19. 19. <ul><li>“ 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, managed and examined by an American association of financial professionals, the CFA Institute. It used to be just an American qualification. But explosive growth has made it, in effect, global currency.” </li></ul><ul><li>The Economist </li></ul><ul><li>Feb. 26-Mar 4, 2005 </li></ul>
  20. 21. Global Passport: The CFA Charter Members’ Locations 95,351 Members and 135 Societies Worldwide * United States & Canada Members: 65,285 Europe Members: 13,286 Asia & Mainland China Members: 2,008 Latin America Members: 1,051 Pacific Asia Members: 11,427 Africa & Middle East Members: 2,226 * as of September 1, 2007
  21. 22. Candidate Enrollments (for June 2007 and December 2007 exams) U.S. 48,792 Europe 23,063 Canada 12,605 Singapore 6,214 U.K. 9,362 P.R. China 12,809 Hong Kong 10,697 Korea 6,036 Taiwan 3,392 Australia 3,304 Latin America 2,563 Middle East & Africa 8,154
  22. 23. 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>74% Male </li></ul><ul><li>Age 30 </li></ul>June 1993 June 2007
  23. 24. What is the CFA Program? Rigorous Self-Study Program
  24. 25. 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.
  25. 26. What is the CFA Program? Practical, Relevant Education Practitioners at every step of the process EAC COE
  26. 27. What is the CFA Program? Learning Tied to Current Practice • Practice Analysis determines topics taught in the CFA Program • Conducted every five years: currently in 2005-2006 • Involves investment practitioners worldwide: Regional Expert Panels and member surveys • “ What knowledge and skills are needed by an investment professional?” • CBOK, curriculum, LOS and exams all based on what practitioners need to know
  27. 28. 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
  28. 29. 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
  29. 30. Preparation for the CFA Exams Valuable Learning Experience
  30. 31. The CFA Examinations 2007 Exam Format ● 50% ● 50% Level III ● 100% Level II ● 100% Level I Constructed Response Item Set (Objective) Multiple Choice
  31. 32. The CFA Examinations Graded with Great Care • 291 CFA charterholders from 37 countries in 2007 • Teams of practitioners • Rigorous and thorough process • Consistency and fairness across all papers
  32. 33. December 2006 Exam <ul><li>Exam results: Level I </li></ul><ul><li>Candidates Enrolled: 41,808 </li></ul><ul><li>28,082 candidates from 146 countries sat </li></ul><ul><li>48 cities worldwide </li></ul><ul><li>33% no-show rate </li></ul><ul><li>Pass rate of 39% </li></ul>
  33. 34. June 2007 Exam <ul><li>Exam results </li></ul><ul><li>Over 70,000 candidates from 163 countries sat </li></ul><ul><li>26% no-show rate (compared to a 10-year average of 27%) </li></ul><ul><li>Pass rates – </li></ul><ul><ul><li>40% at Level I </li></ul></ul><ul><ul><li>40% at Level II </li></ul></ul><ul><ul><li>50% at Level III </li></ul></ul>
  34. 35. CFA Program Historical Combined Pass Rates
  35. 36. 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
  36. 37. 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
  37. 38. Registering for the CFA Program Connecting with a Local Society
  38. 39. Registering for the CFA Program 1st Year Program Costs – December 2007 Approximate Costs for New Level I Candidates Registration fee to enter CFA Program US $390 Enrollment fee for Level I examination US $370 Study materials for Level I: • Custom curriculum US $395 Approximate Total Costs for Level I US$1155 * Registration & Enrollment by 1 st fee deadline. * *
  39. 40. Registering for the CFA Program 1st Year Program Costs – June 2008 Approximate Costs for New Level I Candidates Registration fee to enter CFA Program US $390 Enrollment fee for Level I examination US $600 • Custom curriculum included! Approximate Total Costs for Level I US$990 * Registration & Enrollment by 1 st fee deadline. * *
  40. 41. Registering for the CFA Program Important Deadlines December 2007 Examinations (Level I only) March 15, 2007 Early Registration August 15, 2007 Second Deadline September 17, 2007 Final Deadline June 2008 Examinations (All Levels) September 26, 2007 Early Registration February 15, 2008 Second Deadline March 17, 2008 Final Deadline
  41. 42. Scholarships for the CFA Program Three Scholarship Programs Student Scholarships – For New Level I Only * Awarded by qualified CFA charterholder full-time faculty members Faculty Scholarships – Available for Any Level * Awarded to qualified full-time faculty directly by CFA Institute Society Scholarships – Available for Any Level * Awarded to qualified candidates by local CFA Institute society * Registration fees waived – candidate pays US$150 for enrollment in December 2007 and $220 in June 2008 (curriculum included beginning with June 2008 enrollment)
  42. 43. 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 5DY United Kingdom
  43. 44. Chartered Financial Analyst ® A Symbol of Integrity and Professional Excellence ®