2004-2005 cfa ® program 1 2008 cfa ® program sponsored by:

2004-2005 CFA® Program 1

2008 CFA® PROGRAM

Sponsored by:


To lead the investment profession globally by setting the highest

standards of ethics, education, and professional excellence.

Mission Statement


Benefits of the CFA Program

Knowledge



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



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%



Opportunity – Top 24 Employers

•UBS•Citigroup•JP Morgan Chase & Co•Merrill Lynch•RBC•Bank of America•Credit Suisse•HSBC•Morgan Stanley•Goldman Sachs•Deutsche Bank

•TD Bank Financial Group•Wachovia•CIBC•Barclays•BMO Financial Group•Allianz AG•FMR Corporation•PricewaterhouseCoopers•Lehman Brothers•Mellon Financial•ABN AMRO Bank


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 http://www.bls.gov/oco/ocos259.htm (visited April 18, 2006).


High Regard for the Charter:

Job Postings


London, UK

The Chartered Financial Analyst (CFA) designation required


CFA certificate desirable.

United Nations


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

Abu Dhabi Investment Authority


Switzerland

CFA charterholders or candidates in the CFA

program are to be favored

Switzerland

http://www.ubs.com/e/index.html


City of New York

The Chartered Financial Analyst (CFA) designation is strongly preferred


High Regard for the Charter:

Media


“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

20 September 2004

http://www.lfpress.com/default.stm


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.”


3 February 2006L’Agefi (France)

CFA — The Global Passport

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.

http://www.agefi.com/index.php?PHPSESSID=ee699128966b685061b37aa769a44d55


22 May 2006 Financial Times

Rise Of The Grueling Professional ExamThe CFA for financial analysts is one of the fastest growing

qualifications and increasingly seen as a rival to the MBA, says Phil Davis.

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.


2 June 2006

Bloomberg

CFA Test-Takers Seek Wall Street Success, Global Acceptance

Excerpt: Investment banks increasingly require CFA credentials for employees and job candidates. Goldman Sachs Group Inc. and Merrill Lynch & Co. are among the largest employers of chartered analysts, along with Bank of America Corp., Fidelity Investments and Northern Trust Corp.


“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 EconomistFeb. 26-Mar 4, 2005


Global Passport: The CFA Charter

Members’ Locations

92,988 Members and 135 Societies Worldwide*

United States & CanadaMembers: 63,767

EuropeMembers: 13,103

Asia & Mainland ChinaMembers: 1,987

Latin AmericaMembers: 1,036

Pacific AsiaMembers: 10,970

Africa & Middle EastMembers: 2,112

* as of January 2, 2008


Candidate Enrollments(for June 2007 and December 2007 exams)

U.S.49,622

Europe23,606

Canada12,780

Singapore6,272

U.K.9,580

P.R. China12,926

Hong Kong10,867

Korea6,094

Taiwan3,414

Australia3,339

Latin America

2,587

Middle East & Africa

8,241


Candidate Makeup

• 68% US

• 78% Male

• Age 31

• 68% Non-US

• 74% Male

• Age 30

June 1993 June 2007


What is the CFA Program?

Rigorous Self-Study 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 atevery level.



Practical, Relevant Education

Practitioners at every step of the process

COEEAC



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


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


40%

40%

10%

10%

50%

40%

10%

50%

30%

15%

5%

The CFA Course of Study

Three Levels – Topic Areas

Approximate Percentage Breakdown

Level I Level II Level III

Investment ToolsAsset ValuationPortfolio ManagementEthics & Professional Standards

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.


Preparation for the CFA Exams

Valuable Learning Experience


The CFA Examinations

2007 Exam Format

Multiple Choice

Item Set (Objective)

Constructed Response

Level I ●100%

Level II ●100%

Level III ●50%

●50%


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


December 2006 Exam

Exam results: Level I

• Candidates Enrolled: 41,808

• 28,082 candidates from 146 countries sat

• 48 cities worldwide

• 33% no-show rate

• Pass rate of 39%


June 2007 Exam

Exam results• Over 70,000 candidates from 163 countries sat• Cities worldwide• 26% no-show rate (compared to a 10-year

average of 27%)• Pass rates –

– 40% at Level I– 40% at Level II– 50% at Level III


CFA ProgramHistorical Combined Pass Rates

Combined Pass Rates: 1963 - 2007

0.00

0.20

0.40

0.60

0.80

1.00

1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007

Year

Pe

rce

nt

Pa

ss


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



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



Connecting with a Local Society



1st Year Program Costs – June 2008

Approximate Costs for New Level I Candidates

Registration fee to enter CFA Program US $390Enrollment fee for Level I examination US $600

• Custom curriculum included!Approximate Total Costs for Level I US $990

*Registration & Enrollment by 1st fee deadline.

**



Important Deadlines

June 2008 Examinations (All Levels)

September 26, 2007 Early Registration

February 15, 2008 Second Deadline

March 17, 2008 Final 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

http://www.cfainstitute.org/university/overview.html* Registration fees waived – candidate pays US$220 in June 2008 (curriculum included beginning with June 2008 enrollment)


More Information About the CFA Program

www.cfainstitute.org

The AmericasP.O. Box 3668 Phone: 800-247-8132 or 434-951-5499560 Ray C. Hunt Drive Fax: 434-951-5262Charlottesville, VA 22903 E-mail: [email protected]

Asia-PacificSuite 3407 Phone: 852-2868-2700 or 852-8228-8820Two Exchange Square Fax: 852-2868-99128 Connaught Place E-mail: [email protected] Kong, SAR

Europe10th Floor Phone: 44-20-7531-0751 One Canada Square Fax: 44-20-7531-0767Canary Wharf E-mail: [email protected] E14 5DYUnited Kingdom


Chartered Financial Analyst®

A Symbol of Integrity and Professional Excellence

®

2004-2005 cfa ® program 1 2008 cfa ® program sponsored by:

Documents

cfa program opportunity

cfa program respect

cfa program knowledge

cfa certification

coveted cfa charter

switzerland cfa charterholders

cfa certificate desirable

switzerland slide