2004-2005 cfa ® program 1 chartered financial analyst ® a symbol of integrity and professional...

2004-2005 CFA® Program 1

Chartered Financial Analyst®

A Symbol of Integrity and Professional Excellence

®



“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



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).



CFA charterholders or candidates in the CFA program are to be favored

Switzerland

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


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


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 • Lehman Brothers • Wellington Management


Global Passport: The CFA Charter

Members’ and Candidates’ Locations

81,464 Members and 116,598 Candidates Worldwide*

United States & CanadaMembers: 58,690Candidates: 52,040

EuropeMembers: 10,788Candidates: 17,462

Asia & Mainland ChinaMembers: 941Candidates: 13,663

Latin AmericaMembers: 859Candidates: 2,028

Pacific AsiaMembers: 8,569Candidates: 25,722

Africa & Middle EastMembers: 1,607Candidates: 5,668

* as of March 15, 2006


Registering for the CFA Program

Bachelor’s Degree Requirement

Bachelor’s

Master’s

Doctorate

Law

Candidates’ Highest Degree

66%

31%

1%2%


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 atevery level.


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 and Performance Presentation

Investment Tools

Asset Valuation


The CFA Examinations

2006 Exam Format

Multiple Choice

Item Set (Objective)

Constructed Response

(Essay)

Level I ●100%

Level II ●100%

Level III ●50%

●50%



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

*50% of your time must be spent in the investment decision-making

process (as defined by CFA Institute).


The CFA Examinations

Historic Pass Rates

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

I II III

Pass Rates: 2006 Pass Rates: 1963-2005

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

I II III

49% 52%

68%

40%

48%

76%



1st Year Program Costs – 2006

Approximate Costs for New Level I Candidates

Registration fee to enter CFA Program US $375Enrollment fee for Level I examination US $360Level I Materials (required readings) US $350

Approximate Total Costs for Level I US$1,085

*Registration & Enrollment by 1st fee 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$150

for enrollment



Important Deadlines

June 2007 Examinations (Levels I, II, & III)*

15 September 2006 – Early registration deadline15 February 2007 – Second deadline 15 March 2007 – Final deadline

December 2007 Examinations (Level I only)* March 2007 – Early registration deadline August 2007 – Second deadline September 2007 – Final deadline

* Check the CFA Institute website for the most

recently-announced dates.


For more information about the CFA Program and to register, visit:

www.cfainstitute.org/cfaprogram/

• Access to a CFA candidate self-assessment test

• Access to the current Body of Knowledge

• Information on how to purchase curriculum materials

• CFA exam FAQs

2004-2005 cfa ® program 1 chartered financial analyst ® a symbol of integrity and professional...

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