2006 CFA
®
PROGRAM
2
To lead the investment profession
globally by setting the highest
standards of ethics, education, and
professional excellence
.
Benefits of the CFA Program
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
Benefits of the CFA Program
Diverse Career Opportunities
Mutual Funds / Investment Companies 25% Brokerage / Investment Banks 19% Investment Management Counselors 14% Commercial Banks / Trust Companies 13%
Consulting Firms 6%
Insurance Companies 5%
6
Benefits of the CFA Program
Opportunity – Top 24 Employers
•
Bank of America
•
Mellon Financial Corporation
•
Barclays
•
Merrill Lynch & Co., Inc.
•
BMO Nesbitt Burns, Inc.
•
Morgan Stanley
•
CIBC World Markets
•
Northern Trust Corporation
•
Citigroup
•
PricewaterhouseCoopers
•
Credit Suisse Group
•
Prudential Financial
•
Deutsche Bank
•
Putnam Investments
•
Fidelity Investments
•
RBC Financial Group
•
Goldman Sachs
•
Scotia Capital
•
ING Groep N.V.
•
State Street
•
J.P. Morgan Chase & Co.
•
UBS AG
High Regard for the Charter:
8
Chartered Financial Analyst®
CFA charterholders or
candidates in the CFA
program are to be favored
Head of Analytical services
•
Remuneration:
£100000 - £150000 per annum + Excellent Package
•
Position Type:
Employee
•
Employment type:
Full time
– An excellent opportunity has come up for a “Head of Analytical services” person to join a top investment European bank. You will be responsible for gathering and processing of all the data used
in the fund business. Responsibilities will include designing and maintaining all data repositories, maintenance of the analytical and quantitative tools intended for mutual fund clients. A close cooperation with the Technology department would be required.
– At least five years experience in the financial industry in positions involving analytical work with a high quant content. Specific knowledge of the global fund industry is also required. Even if the position does not require software programming the candidate must have a sound technology
knowledge allowing him or her to maintain high level conversations with the technology area or even to prototype the proposed solutions or products. In depth derivatives knowledge and comprehension desirable. Experience in defining and implementing software will be taken into account.
– You must have a:University degree in economics, mathematics, physics, or a related discipline.
Master in Finance, master in quantitative finance, CFA, or similar level also required. Fluent English required, other European language desirable Project Partners is acting as an Employment Agency in relation to this vacancy.
Project Partners - Luxembourg
The Chartered Financial
Analyst (CFA) designation,
or similar level, is required.
10
City of New York
The Chartered
Financial Analyst
(CFA) designation is
strongly preferred
Analyste Financier / Gestion Alternative
Location:France-Paris
Remuneration:Non précisé
Position Type:Employee
*Société de gestion alternative couvrant une large gamme d'activités de gestion recherche un :
Au sein de l'équipe de gestion event driven, vous serez chargé de formaliser des analyses financières en support des gérants.
Vous participez à la mise en place et au développement des outils de la cellule d'analyse financière. Analyste financier buy side vous êtes chargé de l'analyse d'actions grandes valeurs multi sectorielles en fonction de l'actualité ou d'idées développées avec les équipes de gérants.
Vous rédigez des rapports de recherche sur les sociétés notées, d'études sectorielles et de commentaires sur des thèmes d'actualité.
Vous possédez une expérience de deux à trois années en analyse financière buy side. Vous êtes idéalement un généraliste et vous souhaitez vous investir dans une fonction élargie au sein d'une équipe de gestion alternative.
Vous êtes proactif, créatif, et avez envie de faire partie intégrante d'une équipe de gérants seniors, en apportant vos capacités analytiques sur des secteurs et des zones géographiques très diversifiées. Rigoureux, pragmatique, vous êtes à l'aise tant à l'écrit qu'à l'oral en français et en anglais.
Vous êtes issu d'une formation financière supérieure (Ecole de commerce, 3ème cycle), et avez l'ambition d'obtenir le diplôme de la SFA ou le CFA dans le futur si ce n'est déjà fait.
Robert Half France
Ambition to obtain the CFA
12 An excellent educational background including an M.B.A. and/or C.F.A. is required An excellent educational background including an M.B.A. and/or C.F.A. is required
Product specialist taux
• Remuneration: non précisé
• Position Type: Employee
• Employment type: Full time
*Un Asset Manager de renommée internationale, basé à Paris, recherche pour son département gestion obligataire, un : Product specialist taux Missions :
• 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.
• Profil :
• 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.
• 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.
Paris
The Chartered Financial
Analyst (CFA) designation
is preferred.
14
Benefits of the CFA Program
Earning Power – The CFA Premium
Non-Charterholders
CFA Charterholders
The CFA Premium: US$40,000
Median Total Compensation for CFA Institute
members with 10+ years experience
Source: 2003 Compensation Survey
$163,000
High Regard for the Charter:
16
“Becoming a CFA is now a passport for
excellence and international mobility.”
Financial Times
CFA Is Global Passport To Career: Advisor’s Designation Is
Respected Worldwide For Its Skills And Its High Ethical
Standards
National Post
13 June 2005
“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.”
18
“For an investment professional, procuring the coveted CFA
Charter is like winning the grand slam in golf. The
competition is fierce, the course is grueling, and the stress
is like nothing you have ever experienced.”
London (Ontario) Free Press Business Monthly
Nikkei Financial Daily
Chartered Financial Analyst Qualification Gaining
International Recognition – Emphasis on Ethics, Attention from
Financial Community Growing
Nikkei Financial Daily
20 July 2004
“The Chartered Financial Analyst (CFA) qualification is highly
rated in financial circles around the world. In many countries it
is essential for people working for financial institutions to obtain
the license.”
20
“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.”
The Economist
22
Global Passport: The CFA Charter
Growing Non-US Numbers
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1990 1993 1996 1997 1998 1999 2000 2001 2002 2003
Asia
Canada
Europe
Other
Global Passport: The CFA Charter
Members’ and Candidates’ Locations
81,659 Members and 93,769 Candidates Worldwide*
United States & CanadaMembers: 58,830 Candidates: 41,418
Europe
Members: 10,806 Candidates: 14,030
Asia & Mainland China
Members: 945 Candidates: 11,614 Latin America Members: 860 Candidates: 1,674 Pacific Asia Members: 8,598 Candidates: 20,477
Africa & Middle East
Members: 1,620 Candidates: 4,556
24
Global Passport: The CFA Charter
Global Passport: The CFA Charter
26
What is the CFA Program?
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.
28
What is the CFA Program?
Practical, Relevant Education
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
30
The CFA Course of Study
CFA Body of Knowledge
™
•
Ethical and Professional Standards
•
Quantitative Methods
•
Economics
•
Financial Statement Analysis
•
Corporate Finance
•
Analysis of Equity Investments
•
Analysis of Debt Investments
•
Analysis of Derivatives
•
Analysis of Alternative Investments
•
Portfolio Management
Investment Tools
40%
40%
10%
10%
50%
35%
5%
10%
50%
30%
15%
5%
The CFA Course of Study
Three Levels – Topic Areas
Approximate Percentage Breakdown
Level I
Level II
Level III
Investment Tools Asset Valuation
Portfolio Management
32
Preparation for the CFA Exams
The CFA Examinations
2005 Exam Format
*Beginning in 2005, Level II exams will be 100% item set.
Multiple
Choice
Item Set
(Objective)
Constructed
Response
Level I
●
100%Level II*
●
100%Level III
●
50%●
50%34
The CFA Examinations
Graded with Great Care
•
350+ CFA charterholders in 2005
•
Teams of practitioners
•
Rigorous and thorough process
June 2005 Exam
Exam results
• 58,908 candidates from 144 countries sat
• 184 cities worldwide
• 25% no-show rate (compared to a 10-year average of
27%
• Pass rates –
– 36% at Level I
– 56% at Level II
– 55% at Level III
36
Combined Pass Rates: 1963 - 2005
0.00
0.20
0.40
0.60
0.80
1.00
1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003
Year
Pe
rc
e
n
t Pa
s
s
CFA Program
Registering for the CFA Program
Bachelor’s Degree Requirement
Bachelor’s
Master’s
Doctorate
Law
Candidates’ Highest Degree
66%
31%
1%
2%
38
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
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
40
Registering for the CFA Program
Registering for the CFA Program
1st Year Program Costs – 2006
Approximate Costs for New Level I Candidates
Registration fee to enter CFA Program
US $375
Enrollment fee for Level I examination
US $360
Study materials for Level I:
• Study Guide
Free
• CFA Institute publications
US $268
• Primary textbooks
US $427
Approximate Total Costs for Level I
US$1,430
*
Registration & Enrollment by 1
st
fee deadline.
*
*
42
Registering for the CFA Program
Important Deadlines
June 2006 Examinations (Levels I, II, & III)
15 September 2006 – Early registration deadline
15 February 2006 – Second deadline
15 March 2006 – Final deadline
December 2006 Examinations (Level I only)
17 March 2006 – Early registration deadline
15 August 2006 – Second deadline
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
44
Scholarships for the CFA Program
Important Deadlines
•
Scholarship Application Deadlines
14 January 2006
– Faculty and society sponsors
submit final list of scholars to Scholarship Office
31 January 2006
– Final Deadline: all forms received
by CFA Institute
•
For more information on the scholarship programs, go to
http://www.cfainstitute.org/university/overview.html.
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 protected]
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 protected]
Central
Hong Kong, SAR
Europe
29th Floor
Phone:
44-20-7712-1719
One Canada Square
Fax:
44-20-7712-1601
Canary Wharf
E-mail:
[email protected]
London E14 5DY
46
