is the global, not-for-profit association of investment professionals that awards the CFA and CIPM designations. We promote the highest ethical standards and offer a range of educational opportunities online and around the world.

With our member societies, we offer a range of educational programs and services for our members, program candidates, investors, employers, institutions, and the press.

The CFA Institute

“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� explosive growth has

made it, in effect, global

currency.”

The Economist, 2005

“Becoming a CFA is now a

passport for excellence and

international mobility.”

Financial Times, 2009

Charterholder positions

� Portfolio manager

� Buy- and sell-side research analyst

� Financial consultant

� Manager of Managers

� Chief investment officer

� Investment banker

� Private banker

� Relationship Manager

� Risk manager

� Financial advisor/broker

Firms Hiring Charterholders

Banks and Brokerage Firms 28%

InvestmentManagement Firms40%

Other 16%

Hedge Funds 4%Consulting Firms6%

Insurance Companies6%

Increasing Relevance of CFA Charter

� Rapidly changing industry demanding:– Higher ethical standards– Demonstrated understanding of investment & risk management

principles and applications

� Growing benefits for CFA candidates and members:– Career services (Jobline, Career Center, Career Conferences)– Continuing education & professional development (Educational

Conferences, publications, webcasts, podcasts,) – Keep abreast of industry developments (CFA Refresher readings, daily

financial news-briefs, book summaries)– Networking and volunteer opportunities– Society programs (Social and topical)– Licensing and exam waivers– Member directory access

Charterholders put it this way

� Valuable with or without an MBA

� Key differentiator in the marketplace

� Respected by employers

� Better career opportunities

� Higher compensation

The Chartered

Financial Analyst

(CFA) designation

required

CFA is a plus

London, UK

The Chartered Financial Analyst

(CFA) designation strongly preferred

Job Ads Around the World

Global Enrollment Growth

CFA® candidate registrations have climbed steadily the past 20 years, from approximately 10,000 candidates in 1990 to more than 200,000 in 2009

Candidate Enrollments(for December 2007 and June 2008 exams)

U.S.

55,959

Europe

28,216

Canada

14,576

Singapore

7,767

U.K.

11,575

P.R. China

15,946

Hong Kong

12,052

Korea

7,366

Taiwan

3,414

Australia

4,123

Latin

America

2,916

Middle East

& Africa

10,025

How Can I Become a CFA Candidate?

Basic requirements

1. Have a U.S. bachelor’s degree or equivalent or be in final year of your bachelor's degree

program

or four years qualified professional work experience or a combination of the above

2. Meet professional conduct admission criteria

3. Be prepared to take the exams in English

4. Register and pay fees

5. Must have a valid passport (*New*)

Achieving Your Charter

1. Enroll in the CFA Program

2. Pass all three CFA exams

3. Meet work experience requirements

4. Become a regular member of CFA Institute and apply for local society membership

To maintain your status:

� Must comply with CFA Institute conditions, requirements, policies,

� Submit an annual Professional Conduct Statement

� Pay annual membership dues.

CFA Program Candidate Body of Knowledge™

CFA Exam TopicsTopic Area Level I Level II Level III

Ethical & Professional Standards 15 10 10

Quantitative Methods 12 5-10 0

Economics 10 5-10 0

Financial Reporting & Analysis 20 15-25 0

Corporate Finance 8 5-15 0

Investment Tools – Total 50 30-60 0

Equity Investments 10 20-30 5-15

Fixed Income 12 5-15 10-20

Derivative Investments 5 5-15 5-15

Alternative Investments 3 5-15 5-15

Asset Valuation – Total 30 35-75 35-45

Portfolio Management & Wealth

Planning 5 5-15 45-55

Total 100 100 100

CFA Level I and II ExamsLevel I Level II

Focus Tools and inputs relating to investment valuation and portfolio management;Ethical Principles

Asset Valuation; Application of Level I Concepts; Ethical Principles

Learning Emphasis

Knowledge and Comprehension

Analysis and Application

Questions 240 Multiple Choice (3 answers)90 seconds on avg.

120 Item sets (20 vignettes or “mini-cases” with 6 questions per vignette). 18 minutes per mini-case on avg.

Exam 6 hour exam, two 3-hour sessions

6 hour exam, two 3-hour sessions

Grading Machine-graded Machine-graded

CFA Level III Exam

Level III

Topic Focus Portfolio Management process;Application of Level I and Level II concepts;Ethical Principles

Learning Emphasis Synthesis and Integration

Questions -(AM) Roughly 12-15 constructed response (“Essays”). These are 1-2 page vignettes that candidates answer in tables or templates.-(PM) 60 Item sets (10 vignettes with 6 questions per vignette).

Exam 6 hour exam, two 3-hour sessions. Morning session essays; Afternoon session Item sets

Grading Item sets graded by machine; Essays graded by CFA Charterholders

CFA LOS Change Every Year

2009 CFAI Study

Sessions LIISubject

New

LOSs

Changed

LOSs

Deleted

LOSs

1 -2 Ethics 0 0 0 No change

3Quantitative

Methods8 1 0 No change

4 Economics 3 20 3New 8th Edition – 14 to 17 Exchange Rate and Balance of PaymentsNew 6th Edition - 18 & 19 Currency Exch. Rates

5-7Financial Statement

Analysis16 6 32

SS05 – One New Reading; Deleted One SS06 – Two New Replacement Readings – concepts are still the sameSS07 – One New Reading

8-9 Corporate Finance 0 1 0 No Changes

10 -13Equity

Analysis41 20 26

SS10 - New Edition Solnik BookSS11 - New Edition Solnik & Porter BooksSS12-3 Readings moving to/from SS11SS13 - Four new readings

14 -15Fixed Income

Analysis3 0 0

SS14 - 1 New readingSS15 - No change

16 -17 Derivatives 0 0 0SS 16 - No changeSS 17 - No change

18Capital Market

Theory & Portfolio

Management

10 9 0New Edition of MarkowitzNew Solnik BookNew Reading Taxes & PWM

Total: 83 57 61 2009 Total LOS Count = 500

Devote Enough Time – Stay on Track

CFA Exam Grading and Scoring

� Score is percentage of correct answers

� Levels I and II all machine graded

� CFA Charterholders grade Level III essay questions

� Minimum passing score reset each year

� Scores above 70% have always passed

CFA Exam Pass Rates

What were the global pass rates for each exam

level in June 2009?

A.A.

B.B.

C.C.

D.D.

No-show rate? Approximately 25% every year.No-show rate? Approximately 25% every year.

50%50%

Level I

46%46%

40%40%

35%35%

62%62%

Level II

41%41%

50%50%

32%32%

70%70%

Level III

49%49%

50%50%

46%46%

The CFA Program is a Rigorous Undertaking

Fees and DeadlinesJune 2012 CFA Exam, Level 1 CFA Institute Fees

RegistrationDate

Sep 21, 2011

Feb 15, 2012

Mar 14, 2012

CFA ProgramEnrollment

$420

$420

$505

ExamRegistration

$650

$745

$1,005

Total Fees $1,030$1,070

$1,125$1,165

$1,470$1,510

CurriculumOptions

eBook onlyprint only

eBook onlyprint only

eBook onlyprint only

More Details at cfainstitute.org

Dayton CFA Society

www.cfasociety.org/dayton

Michael Scott, CFA (President) : president@dayton.cfasociety.org

Robert Timpone, CFA (Membership) : membership@dayton.cfasociety.org

Marlena Akhbari, PhD (Education) : marlena.akhbari@wright.edu

� Student memberships are $15 per year.

� Must be a member to be eligible for discounts and scholarships.

� Student members can list Dayton CFA Society on their resume.

� Student members pay $15 per lunch.

Dayton CFA Society : Events

� Wednesday, November 2*: Mr. George Mokrzan, PhD of Huntington Private Financial and Capital Markets Group, “2012 Outlook” and “CFA Charter Ceremony”

� Wednesday, November 9: Junior Portfolio Manager Game at Englewood Hills Elementary School (1:00pm to 3:20pm)

� Wednesday, November 9: CFA Kickoff at the Fox and Hounds in Beavercreek (starting at 6:30pm)

� Wednesday, December 7, 2011*: Mr. Travis Upton of The Joseph Group Capital Management, “Alternative Investments: How Do I Get These Things In My 60/40 Portfolio?”

* Lunches begin at noon at the Schuster Center.RSVP by Friday before the meeting to:

secretary@dayton.cfasociety.org

Dayton CFA Society : Events

� Wednesday, January 4, 2012*: Mr. Jason Apollo Voss of the CFA Institute, “The Intuitive Investor”

� Wednesday, February 1, 2012*: “Investment Roundtable”Featuring:

– Mr. Jim Johnson, CFA of Parker Carlson & Johnson

– Mr. Jan Terbrueggen, CFA of Apex Capital Management

– Mr. James Tillar, CFA of Tillar-Wenstrup Advisors

– Mr. Thomas Mangan of James Investment Research

* Lunches begin at noon at the Schuster Center.RSVP by Friday before the meeting to:

secretary@dayton.cfasociety.org

The CFA Institute Mobile AppThe CFA Institute Mobile App is a free and

effective way to stay up to date with key trends and the latest research on finance and investing — and is tailored exclusively to the needs of busy investment practitioners.

Our editors monitor more than 70 academic and professional journals, trade periodicals, magazines, and newspapers to help keep you abreast of the ideas that are shaping professional finance. Written by CFA charterholders, CFA Digest distills current industry research into short summaries that can be easily read while you’re on the go.

Available in video or audio format, our “Take 15”series of brief interviews with leading investment practitioners explores timely topics of relevance to the investment profession.

Now available in the Apple iTunes Store

and Android Marketplace

www.cfasociety.org/dayton