june 2013 cfa program candidate survey …the pre and post exam surveys were conducted among a...

JUNE 2013CFA® PROGRAM CANDIDATE SURVEY REPORT

VALUE

WHICH BEST DESCRIBES YOUR PRIMARY MOTIVATION FOR REGISTERING FOR THE JUNE 2013 CFA EXAM?

of candidates think CFA Institute is implementing its mission effectively

Candidates rate the value of earning the charter very highly, with an average value rating of 8.9 out of 10.

37%Career advancement/development opportunities

21%Attain a higher level of knowledge

11%Improved chances of obtaining a job

10%Credibility of the CFA designation

7%To challenge myself

6%

To join a community of globally respected financial professionals

PERCENT OF CANDIDATES THAT THINK IT IS IMPORTANT FOR CFA INSTITUTE TO FOCUS ON THE FOLLOWING:

94% 94% 93% 92% 91% 87% 83%

ABOUT THE SURVEY

97%

Promoting awareness of the CFA Charter

Being a respected source of knowledge in investment markets

Championing ethical behavior in investment markets

Shaping a more trustworthy financial industry

Building an investment industry that serves the interests of investors and society

Raising standards of professional excellence in the industry

Creating a strong community of investment professionals

9%Other

The pre and post exam surveys were conducted among a random sample of half of the June 2013 CFA Program candidates. The pre-exam survey was open from 15—31 May and the post-exam survey from 20 June—8 July. 19,065 candidates responded to the pre-exam survey (26% response rate with a margin of error of ±0.7%) and 23,335 candidates responded to the post-exam survey (33% response rate with a margin of error of ±0.6%)

©2013 CFA InstituteQuestions or feedback?

[email protected]

1

EXAM PREPARATION

72%

60%

55%

81%

50%

83%

88%

82%

81%

84%

97%

96%

96%

96%

93%

90%

87%

78%

AVERAGE HOURS SPENT STUDYING FOR THE EXAM:

PERCENT THAT AGREE WITH THE FOLLOWING STATEMENTS ABOUT THE CFA PROGRAM CURRICULUM:

PERCENT OF CANDIDATES USING THE FOLLOWING TO PREPARE FOR THE EXAM:

PERCENT OF CANDIDATES USING THE RESOURCE WHO SAID IT PREPARED THEM WELL OR VERY WELL FOR THE EXAM:

PLEASE INDICATE THE PERCENTAGE OF YOUR TOTAL PREPARATION TIME SPENT DOING EACH OF THE FOLLOWING:

CFA Institute free mock exam

Non-CFA Institute study notes or other prep materials

Non-CFA Institute practice exams

CFA Program curriculum assigned readings: print and/or e-book

CFA Program curriculum end-of-reading problems

35% 86%Non-CFA Institute review courses/programs

35% 82%CFA Institute sample exam(s)

9% 81%Local study group

3% 82%Other

307TOTAL

325LEVEL III

315LEVEL II

285LEVEL I

Practicing retention of learning through end-of-reading

problems, and/or mock, sample or other practice exams

27%Learning the content by reading the curriculum or other content

44%

Learning the content by reviewing studying materials and notes

29%

It improved my understanding of important topics

It focuses on concepts important to my profession

The end-of-reading problems help to explain the concepts taught

The in-text examples help to explain the concepts taught

It effectively teaches the Learning Outcome Statements (LOS)

It is appropriate for self-study

It is appropriate for a generalist program

The number of end-of-reading problems is sufficient

Questions or [email protected]

2©2013 CFA Institute

WHAT IS YOUR MAIN REASON FOR CHOOSING NOT TO TAKE THE FREE CFA INSTITUTE MOCK EXAM? Asked only of those not taking the mock exam

WHAT IS YOUR MAIN REASON FOR CHOOSING NOT TO TAKE ANY OF THE CFA INSTITUTE SAMPLE EXAMS? Asked only of those not taking the sample exams

I did not have time

I was taking other practice exams

I did not know the mock exam was available for free

I did not know the mock exam existed

I did not think it would help me

Other

EXAM PREPARATION

49%

13%

7%

7%

3%

21%

I did not want to pay for the sample exams

I did not have time

I was taking other practice exams

I did not know the sample exams existed

I did not think they would help me

Other

36%

20%

7%

5%

3%

30%

YES, but not in the next exam window

9%

JUNE 2013 EXAM

IF YOU DO NOT PASS THE EXAM, WILL YOU RE-TAKE IT?

YES, the next time the exam is offered

COMPARED TO THE ESSAY QUESTIONS, THE ITEM SET QUESTIONS WERE:Level III candidates only

agree the exam questions were based on Learning Outcome Statements (LOS)

agree the exam fairly represented the CFA Institute-assigned curriculum

agree the exam questions covered subject matter of importance to investment professionals

?

59%

UNDECIDED26%

NO6%

17%MORE DIFFICULT

45%LESS DIFFICULT

38%EQUALLY AS DIFFICULT

COMPARED TO YOUR EXPECTATIONS, DID YOU FIND THE EXAM QUESTIONS TO BE:

30%MORE DIFFICULT

8%LESS DIFFICULT

62%EQUALLY AS DIFFICULT

92%

91%

90%



DIFFICULTY OF EXAM TOPIC AREAS:

QUANTITATIVE METHODS-CORPORATE FINANCE-

EQUITY INVESTMENTS-

-ECONOMICS

-FIXED INCOME

-ETHICAL & PROFESSIONAL STANDARDS

PORTFOLIO MANAGEMENT-ALTERNATIVE INVESTMENTS-

FINANCIAL REPORTING & ANALYSIS-69%65%

58%

54%60%

67% -DERIVATIVES71%

100% of candidates

rated as difficult or very difficult

0% of candidates rated as difficult or very difficult

JUNE 2013 EXAM

EMPLOYER AWARENESS/SUPPORT

BRAND AWARENESS

TOTAL

AMER APAC EMEA

HOW DID YOU FIRST HEAR ABOUT THE CFA PROGRAM? Only New Level I candidates were asked to respond to this question

PERCENT OF CANDIDATES THAT ARE SATISFIED WITH THE LEVEL OF AWARENESS OF CFA INSTITUTE/PROGRAM IN THEIR LOCAL INVESTMENT MARKET:

20%A professor/teacher

18%A colleague

16%A classmate

19%A friend

6%A manager or

supervisor

5%A family member

15%Other 69%

75% 69% 63%



TOTAL

AMER APAC EMEA

IS YOUR EMPLOYER AWARE OF THE CFA PROGRAM?Percentage of candidates (with an employer) saying "yes"

HOW DOES YOUR EMPLOYER CURRENTLY SUPPORT YOUR PARTICIPATION IN THE CFA PROGRAM?Percentage of those with an employer

86%

92% 81% 87%

Pays/reimburses for enrollment and/or

registration fee

Offers paid study leave

Offers bonus payment if I pass exam

Offers bonus payment if I earn the CFA charter

5%5%25%33%

EMPLOYMENT OUTLOOK

IN THE COMING 12 MONTHS, DO YOU EXPECT EMPLOYMENT OPPORTUNITIES FOR INVESTMENT PROFESSIONALS IN YOUR LOCAL MARKET TO INCREASE, DECREASE, OR STAY ABOUT THE SAME?

40%Increase

48%Stay about

the same

13%Decrease

TOTAL

35%Increase

57%Stay about

the same

8%Decrease

AMER

49%Increase

38%Stay about

the same

14%Decrease

APAC

31%Increase

51%Stay about

the same

18%Decrease

EMEA



june 2013 cfa program candidate survey …the pre and post exam surveys were conducted among a...

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