cfa program candidate survey insights

CFA PROGRAM CANDIDATE

SURVEY REPORT

June 2015

CFA Institute 2June 2015 CFA Program Candidate Survey

CONTENTS

RESPONDENT PROFILE

EMPLOYMENT OPPORTUNITIES, EMPLOYER AWARENESS AND EXAM FEES

WHY DID YOU REGISTER FOR THE CFA PROGRAM?

WHAT ARE YOUR THOUGHTS ON THE CFA PROGRAM OVERALL?

WHAT DID YOU THINK OF THE JUNE 2015 EXAM?

WHAT IS YOUR OPINION OF THE CFA INSTITUTE CURRICULUM?

HOW DID YOU PREPARE FOR THE EXAM?

ABOUT THE SURVEY


ABOUT THE SURVEY

Two online surveys (pre- and post-exam) were sent to a random sample of half the June 2015 CFA exam candidates:

• As an organization promoting

customer-driven decisions, it is

critical that the candidates’ voice is

being heard and used in relevant

business decisions and strategy.

• The CFA Program candidate surveys

enable us to:

• identify areas of the program to

improve

• evaluate the program’s success

and product integrity

• ensure a positive candidate

experience

• share candidate sentiment with

other current and prospective

candidates

PRE-EXAM POST-EXAM

CANDIDATES

RESPONDING

16,468 24,751

RESPONSE

RATE

21% 31%

MARGIN OF

ERROR

±0.7% ±0.6%

SURVEY

DATES

12 – 26 May 9 –23 June

CFA Institute

HOW DID YOU PREPARE FOR THE

EXAM?


EXAM PREPARATION

Standard Deviations for Hours Preparing for the Exam, June 2015:

Global: 125 Level I: 131 Level II: 122 Level III: 118

295

281

306302

304

281

314317

297

274

305

318

307

285

315

325

307

283

313

324

308

287

315

327

TOTAL Level I Level II Level III

AVERAGE HOURS PREPARING FOR THE EXAM

2010 2011 2012 2013 2014 2015


EXAM PREPARATION

*Q. How well do you think the following prepared you for the June 2015 CFA exam?

Scale: Not well at all, Not very well, Well, Very well

Chart displaying % indicating the resource prepared them Well and Very well

81%

76%

76%

73%

89%

86%

89%

84%

81%

4%

5%

11%

16%

50%

51%

61%

72%

78%

Other

Local study group

CFA Institute Interactive Study Planner

CFA Program App

Topic-Based Practice Tests

CFA Program curriculum end-of-readingproblems

Non-CFA Institute preparatory materials

CFA Institute Mock Exam

Curriculum assigned readings (print and/or e-book)

What resources did you use to prepare for the exam and how well did they prepare you?

% Using Resource How well the resource prepared candidates*


NON-CFA INSTITUTE PREP MATERIALS

Only 14% of those using non-CFA Institute prep materials are aware of the

prep provider guidelines program (PPGP).

To learn more about the

Prep Provider Guidelines

Program (PPGP)

CLICK HERE.

Yes14%

No64%

Not sure22%

Are you aware of the Prep Provider Guidelines Program?

http://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Pages/cfa_exam_prep_providers.aspx

CFA Institute

WHAT IS YOUR OPINION OF THE CFA

INSTITUTE CURRICULUM?


Please indicate the degree to which you agree or disagree with

the following statements about the CFA Program curriculum:

Asked only of those using CFA Program curriculum

CURRICULUM FEEDBACK

Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)

Displaying % selecting agree or strongly agree


CLARITY OF CURRICULUM READINGS

Scale: Very often not clearly written, Often not clearly written, Often clearly written, Very often clearly written, No opinion

Displaying % often clearly written + % very often clearly written (excludes no opinion)

97% 97%93% 93%

90% 89% 88% 87% 86% 85%

CorporateFinance

EquityInvestments

PortfolioManagement

AlternativeInvestments

FinancialReporting and

Analysis

Ethical andProfessionalStandards

Fixed Income QuantitativeMethods

Derivatives Economics

Based on your preparation so far, please rate the clarity of the CFA Program curriculum assigned readings for each topic area.

CFA Institute

WHAT DID YOU THINK OF THE JUNE

2015 EXAM?


CANDIDATES’

STATE OF MIND:

PRE AND POST

EXAM

Pre-Exam:Q. Which of the following best describe how you are feeling right now about the upcoming CFA exam?

Post-Exam:Q. Which of the following best describe how you are feeling after the completion of the CFA exam?


93% The exam questions were

based on Learning Outcome

Statements (LOS).

91% The exam fairly represented the

CFA Institute-assigned

curriculum.

89% The exam questions covered

subject matter of importance

to investment professionals

PLEASE INDICATE THE DEGREE TO

WHICH YOU AGREE OR DISAGREE

WITH THE FOLLOWING STATEMENTS:

EXAM FEEDBACK

Percentage of those who answered agree or strongly agree displayed

Scale: Strongly disagree, Disagree, Agree, Strongly agree and No opinion (excluded)

9%

63%

28%

Difficulty of Exam Questions

Less difficult thanexpected

As difficult as expected

More difficult thanexpected

17%

56%

25%

2%

Clarity of Exam Questions

Always clearly written

Mostly clearly written

Sometimes not clearlywritten

Often not clearly written


EXAM DIFFICULTY

Scale: Not at all difficult, Not very difficult, Difficult, Very difficult

Displayed: % Difficult + Very difficult

67%71%

69%65%

60%

65%

54%58%

54%

75%73%

63%65% 66%

65%

70%

58% 58%54%

73%70%

66%

60% 59% 58%

53% 52% 51%

Fixed Income Derivatives Ethical andProfessionalStandards

FinancialReporting and

Analysis

AlternativeInvestments

Economics PortfolioManagement

CorporateFinance

EquityInvestments

QuantitativeMethods

The exam consisted of the following topic areas. Please rate the degree of difficulty for each topic area.

2013 2014 2015


* Asked of Level III only

EXAM DIFFICULTY (ITEM-SET)

45%

38%

17%

35%

41%

24%

49%

36%

15%

Less difficult Equally as difficult More difficult

Did you think the item set questions on the exam you took were more difficult, equally as difficult, or less difficult when compared to the essay

questions?*

2013 2014 2015


MOCK EXAM

20%13%

34%

8%

47%50%

45%

47%

33% 37%

21%

46%

Global Level I Level II Level III

Did you think the actual exam was more difficult, equally as difficult, or less difficult when

compared to the CFA Institute mock exam?

Less difficult Equally as difficult More difficult

33% of candidates using

the mock exam thought

the actual exam was

more difficult than the

mock exam, with a

higher proportion at

Level III (46%) finding

the actual exam more

difficult compared to

those at Level I (37%)

and Level II (only 21%

found the actual exam

more difficult).


EXAM ADMINISTRATION

Overall candidates gave positive feedback regarding exam administration and the test centers.

Chart displays % who answered agree and strongly agree.

CFA Institute

WHAT ARE YOUR THOUGHTS ON THE

CFA PROGRAM OVERALL?


VALUE OF THE CFA PROGRAM

9.08.8 8.9 8.9 8.9

7.7 7.77.9 7.9 8.0

6.9 6.97.2 7.2 7.2

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2011 2012 2013 2014 2015

How would you rate the value of each of the following to you?Scale: 1 Very low level of value to 10 very high level of value

CFA Charter CFA Institute Membership Local Society Membership


19%

17%

16%

15%

6%

6%

5%

13%

2%

How did you first become aware of the CFA Program?*

A friend

A professor/teacher

A classmate

A colleague

A manager or supervisor

A family member

The CFA Institute website

Other

Don’t remember

HOW CANDIDATES BECAME AWARE OF

THE CFA PROGRAM

*Only New Level I candidates were asked this question.

82% of candidates first became aware of the CFA Program via word-of-mouth.


HOW CANDIDATES BECAME AWARE OF THE CFA

PROGRAM, BY MARKET


NET PROMOTER SCORE (NPS)

The CFA Program has a Net Promoter Score (NPS) of 37, up from

35 in 2014.

How likely is it that you would recommend the CFA Program to a friend or colleague?

Scale: Not at all likely 0, 5 neutral, 10 extremely likely

NPS

2014 14% 37% 49% 35

2015 14% 36% 51% 37

CFA Institute

WHY DID YOU REGISTER FOR THE CFA

PROGRAM?


MOTIVATIONS TO REGISTER

37%

18%

13%

11%

10%

4%2%

5%

Which best describes your primary motivation for registering for the June 2015 CFA exam?

Career advancement/development opportunities

Increased competency with advanced investmentanalysis and portfolio management skills

To gain professional status in a global communityof investment management professionals

Improved chances of obtaining a job

To challenge myself

Recognition from my employer/potentialemployers

To contribute to a culture of trust and credibility inthe profession

Other


BENEFITS OF THE CFA PROGRAM

4%

8%

10%

20%

25%

27%

28%

29%

38%

42%

44%

47%

56%

60%

61%

Other

Increased recognition from regulators

Improved client relationships

Increased recognition from clients

It will assist me in achieving my short term career goals.

Contributing to a culture of trust and credibility in the profession

Increased recognition from colleagues

Expectation of an eventual salary increase

Improved chances of obtaining a job

Increased recognition from my employer/potential employers

Gaining professional status in a global community of investment managementprofessionals

Personal pride

Increased competency with advanced investment analysis and portfolio managementskills

It will assist me in achieving my long term career goals.

Career advancement/development opportunities

What are the benefits of the CFA Program for you personally?

CFA Institute

EMPLOYMENT OPPORTUNITIES,

EMPLOYER AWARENESS AND EXAM

FEES


EMPLOYMENT OPPORTUNITIES

In the coming 12 months, do you expect

employment opportunities for investment

management professionals in your local market

to:*

*Excludes “Not sure” Displaying % indicating increase


APAC

83%

88%

86%

89%90%

92% 92%

94% 94%

83%

81%

83%

85%

89%

87%

90% 90%

2012 2013 2014 2015

% of Employed Candidates Whose Employer is Aware of the CFA Program

Total AMER APAC EMEA

74%

80%

82%

84%

84%

88%

88%

88%

88%

88%

93%

94%

94%

95%

96%

TAIWAN

CHINA

KOREA

HONG KONG

SINGAPORE

AUSTRALIA

FRANCE

GERMANY

INDIA

UNITED ARAB EMIRATES

SOUTH AFRICA

CANADA

SWITZERLAND

USA

UNITED KINGDOM

% of Employed Candidates Whose Employer is Aware of the CFA

Program

EMPLOYER AWARENESS


EXAM FEES

APAC

86%

69%71% 71%

69% 70%

57%59% 58%

56% 57%

86% 85%87% 86% 85%

62% 63% 63% 62%64%

2011 2012 2013 2014 2015

% of Candidates Paying Exam Fees Themselves

Total AMER APAC EMEA

45%

52%

53%

59%

61%

63%

73%

76%

77%

79%

84%

85%

88%

88%

89%

UNITED KINGDOM

SWITZERLAND

USA

SOUTH AFRICA

GERMANY

CANADA

FRANCE

AUSTRALIA

UNITED ARAB EMIRATES

KOREA

INDIA

SINGAPORE

HONG KONG

TAIWAN

CHINA

% of Candidates Paying Exam Fees Themselves


RESPONDENT PROFILE


RESPONSE BY TOP MARKET

31

Pre-Exam Survey(Responded)

Pre-Exam Survey(Response rate)

Post-Exam Survey(Responded)

Post-Exam Survey(Response rate)

Global 16,468 21% 24,751 31%

AMER 5,753 21% 9,053 33%

EMEA 6,285 18% 9,165 27%

APAC 4,430 26% 6,533 38%

AUSTRALIA 253 16% 367 23%

CANADA 1,403 21% 2,192 33%

CHINA 2,009 14% 2,944 20%

FRANCE 290 26% 442 39%

GERMANY 245 25% 365 38%

HONG KONG 467 15% 780 25%

INDIA 1,767 28% 2,419 38%

KOREA 307 16% 467 24%

SINGAPORE 348 18% 541 28%

SOUTH AFRICA 294 30% 455 46%

SWITZERLAND 245 29% 351 42%

TAIWAN 131 20% 188 29%

UAE 180 22% 264 32%

UNITED KINGDOM 890 18% 1,473 30%

USA 3,709 19% 6,011 31%


EXAM LEVEL

39%38%

23%

36%

39%

24%

Level I Level II Level III

Percent of Respondents by Exam Level

Pre-Exam Post-Exam


EMPLOYMENT STATUS AND ASSET BASE*

76%

15%

6%2%

1%

Employed, full time or part time

Student

Unemployed, but looking for work

Self-employed, full time or part time

Unemployed and not looking for work

27%

20%

2%

51%

Institutional clients Private or retail clients

Other Not applicable

Note: Data based on pre-exam survey questions *Only asked of candidates who are employed


EMPLOYER TYPE & JOB FUNCTION

15%

13%

10%

7%

5%

5%

4%

4%

3%

3%

3%

3%

2%

2%

2%

2%

1%

1%

1%

1%

1%

10%

Commercial Bank

Investment Firm/Company

Investment Bank

Consulting Firm

Accounting Firm

Brokerage Company

Private Wealth Management…

Insurance Company

Manufacturing Company

Government/Regulator

Information Technology Firm

Energy or Utilities Company

Registered Investment Advisor

Hedge Fund

Private Equity Firm

Real Estate Firm

Pension Fund

Non-bank Financial Institution

Data Vendor

University/Academic Institution

Credit Rating Agency

Other

CURRENT EMPLOYER TYPE

8%7%7%7%

6%6%

4%4%4%4%

3%3%3%3%3%

2%2%2%2%2%

1%1%1%1%1%1%1%

10%

Portfolio/fund management

Research & analysis, buy-side

Risk management

Consulting services

Corporate finance

Accounting

Client services

Wealth management

Sales

Financial planning

Investment banking

Auditing

Research & analysis, sell-side

Treasury

Information technology

Alternative investments

Financial transaction processing

Private equity

Performance measurement

Product development

Structured finance

Compliance

Executive management

Marketing

Academia

Investor relations

Development finance

Other

CURRENT JOB FUNCTION

Note: Data based on pre-exam survey questions and candidates who are employed


JOB CHANGES

66%

61%

74%

65%63%

67%

76%74%

60%

71%75%74%73%

68%

52%

68%72%

57%59%

% of candidates looking to change some aspect of their career

48%

33%

21%

6%

Job function

Employer

Industry

Other

% of candidates looking to change the following aspects of their career

Note: Data based on pre-exam survey questions and candidates who are employed


DESIRED JOBS OVER THE NEXT 5 YEARS

45%39%

33%32%

31%26%

21%21%

20%19%19%

11%10%9%

7%7%

6%5%5%5%5%5%

4%3%3%

2%2%

1%4%

Portfolio/fund managementInvestment banking

Private equityResearch & analysis, buy-side

Corporate FinanceWealth management

Alternative InvestmentsRisk managementFinancial planning

Consulting servicesResearch & analysis, sell-side

Structured financeTreasury

Executive managementDevelopment finance

Performance measurementInvestor relations

AcademiaAccounting

SalesProduct development

Financial transaction processingClient services

Information technologyAuditing

MarketingCompliance

Legal servicesOther

JOB FUNCTIONS CANDIDATES ARE MOST INTERESTED IN PURSUING OVER THE NEXT 5 YEARS

Note: Data based on pre-exam survey questions


DESIRED JOBS OVER THE NEXT 5 YEARS

Current

Desired

CFA Institute

Contact Market Intelligence

QUESTIONS?

mailto:[email protected]?subject=CFA Program Candidate Survey 2013

cfa program candidate survey insights

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