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. 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. 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
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
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
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24. What is the CFA Program? Rigorous Self-Study Program
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.
26. What is the CFA Program? Practical, Relevant Education Practitioners at every step of the process EAC COE
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
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
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
31. The CFA Examinations 2007 Exam Format ● 50% ● 50% Level III ● 100% Level II ● 100% Level I Constructed Response Item Set (Objective) Multiple Choice
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
36. Registering for the CFA Program Three Ways to Register • Register online at: www.cfainstitute.org • Download forms from the CFA Institute website and register by mail • Contact CFA Institute for a paper CFA exam registration and enrollment package
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
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. * *
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. * *
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
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 http://www.cfainstitute.org/university/overview.html * Registration fees waived – candidate pays US$150 for enrollment in December 2007 and $220 in June 2008 (curriculum included beginning with June 2008 enrollment)
43. More Information About the CFA Program www.cfainstitute.org 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
Revised: 28 August 2006 What is CFA Institute? Global nonprofit association with more than 150,000 investment-professional constituents from 135 nations around the world. Headquartered in Charlottesville, VA, USA – CFA Institute also maintains regional offices in London & Hong Kong. CFA Institute sets industry standards for knowledge, professionalism, & integrity through the (Chartered Financial Analyst ® ) CFA ® Program CFA Institute and 131 local CFA Institute societies provide ongoing career development for members through continuing education, advocacy, and professional conduct programs. Ethical and professional standards – the CFA Institute Code of Ethics and Standards of Professional Conduct, and GIPS ® (Global Investment Performance Standards) – foster high levels of integrity and transparency within the investment management process.
