2004-2005 CFA ® Program 1 Chartered Financial Analyst ® A Symbol of Integrity and Professional Excellence ®
Dec 29, 2015
2004-2005 CFA® Program 1
Chartered Financial Analyst®
A Symbol of Integrity and Professional Excellence
®
2004-2005 CFA® Program 2
Chartered Financial Analyst®
“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
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Chartered Financial Analyst®
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).
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Chartered Financial Analyst®
CFA charterholders or candidates in the CFA program are to be favored
Switzerland
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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
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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
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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
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Registering for the CFA Program
Bachelor’s Degree Requirement
Bachelor’s
Master’s
Doctorate
Law
Candidates’ Highest Degree
66%
31%
1%2%
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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.
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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
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The CFA Examinations
2006 Exam Format
Multiple Choice
Item Set (Objective)
Constructed Response
(Essay)
Level I ●100%
Level II ●100%
Level III ●50%
●50%
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Registering for the CFA Program
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).
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2004-2005 CFA® Program 14
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%
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Registering for the CFA Program
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.
**
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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
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Registering for the CFA Program
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.
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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