64thanc tech 12 (chartered financial analyst)
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Ch ar t e r ed Fin an cia l An a ly st
( CFA) Pr og r am
Ap r i l Tan , CFA
Pr es iden t , CFA Ph i l ip p i n es
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CFA Institute
The Chartered FinancialAnalyst Program
The gold standard among investmentanalysis designations
- Economist
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CFA Institute
The Chartered FinancialAnalyst Program
Passion Integrity
Competence
CFA
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CFA Institute
The Chartered FinancialAnalyst Program
CompetenceCFA exam covers 10 general topic areas essentialto the investment decision-making process
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CFA Institute
The CFA Course of Study
CFA Body of Knowledge
Ethical and Professional Standards
Quantitative Methods Economics
Financial Statement Analysis
Corporate Finance Equity Investments
Debt Investments
Derivatives Alternative Investments
Portfolio Management and Performance Presentation
Investment Tools
Asset Valuation
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The CFA Program
Practical, Relevant Education
Practitioners at every step of the process
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The Chartered FinancialAnalyst Program
Passion-Substantial commitment- Hours of study: 800-900 hours
- Cost: $2,200 to $3,300
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Fee Schedule
www.cfainstitute.org
June 2010 Examination
23 Sept 09 17 Feb 10 17 Mar 10
Registration
Fee (one-time)
US$390 US$390 US$465
Exam Fee: US$620 US$710 US$955
Total Cost: US$1,020 US$1,110 US$1,435
Total Cost is inclusive of study materials (6 Books)Level 1 Exams are also offered in December
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The Chartered FinancialAnalyst Program
Integrity-Focus on ethical and professional standards-CFA charter can be revoked due to unethical
behavior
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Benefits of the CFA Charter
Credibility
Competitiveadvantage
Connections
Life long learning
HigherEarning
Power
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Benefits of the CFA CharterEarning Power The CFA Premium
The CFA Premium: US$48,000
$248,000
Non-Charterholders
CFACharterholders
$200,000
Median Total Compensation for CFA Institutemembers with 10+ years experienceSource: 2005 Compensation Survey
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Benefits of the Charter
CFA vs. MBA*
$236,510 vs. $200,000 (18% premium)
$255,000 (combined CFA and MBA)
CFA vs. no CFA designation**$180,000 vs. $116,850 (54% premium)*2005 Compensation Survey median salary for those with 10 or more years of work experience**2005 Compensation Survey median salary regardless of levels of work experience
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Benefits of the Charter
Anecdotal evidence locallyPay increase for exam passers
Strong hiring interest
Companies encouraging employees to take theprogram
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CFA Pr og r am & t h e Local Soc iet y
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CFA Institute
CFA Pr og r am & t h e Loca lSocie ty
Increasing CFA Charterholders in the
Philippines
Creating awareness
Providing scholarshipsProviding review classes
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CFA Institute
Creating Awareness
Target Groups
Regulators
Companies
Universities
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CFA Institute
Scholarship Programs
Faculty Scholarships
Awarded to full-time faculty directly by CFA InstituteAvailable for any level
Student ScholarshipsAwarded by CFA charterholder full-time facultymembers5 students/faculty, max of 10/university
Available for new Level I only
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CFA Institute
Scholarship Programs
Society Scholarships
Awarded to qualified candidates by CFAPhilippines10 per fiscal year
Available for any level
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CFA Institute
Scholarship Amount (2009)
Approximate Costs for New Level I Candidates
Registration fee US $390
Exam fee & study materials US $600
Approximate Total Costs for Level I US $990
*Registration fees waived candidate pays only US$220
for the enrollment
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CFA Institute
Society Scholarship Criteria
Criteria
Ability to Pass
Financial Need
Strong Career Path
Willingness to Give Back
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CFA Institute
Society Scholarship Requirements
Requirements
Completed application form
Copy of official undergraduate transcript of grades
Income tax return (ITR)
Updated resumeCFA Exam Results (for Level 2 & 3 applicants)
Interview
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CFA Institute
CFA Review Class
Improving pass rate
Starting review class for Level 1
When: February 15- May 22
Mondays and Wednesdays6:00 9:00 PM
Where: Ateneo Professional Schools
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CFA Institute
For more information about the CFA Program:
CFA Philippines22/F Taipan Place Bldg.
F. Ortigas, Jr. Road (Formerly Emerald Ave.)Ortigas Center, Pasig CityPhilippines 1605
T: +63 (2) 3971010F: +63 (2) 3971011
www.cfaphilippines.orgwww.cfainstitute.org
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CFA Institute
Career Opportunities (Local)
1. Investment/Brokerage Houses
2. Trust & Mutual Fund Industry
3. Bank Treasury
4. Regulatory Institutions
5. Financial Advisory Groups Risk ManagementDepartments of Publicly Listed or MultinationalFirms
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CFA Institute
Investment/Brokerage Houses
WHAT THEY DO
Perform Valuation (e.g. IPO, M&A)
Perform Investment Analysis (Research Reports)
EXAMPLES
Spencer Yap, CFA President, BPI Securities April Lee-Tan Head of Research, Citiseconline
Gio de la Rosa, CFA Analyst, Deutsche Regis
Denis Du, CFA Associate Director, ATRKimEng Jun Villaluz, CFA BPI Capital
Sheryll Verano, CFA AO Capital
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CFA Institute
Trust & Mutual Fund Industry
WHAT THEY DO
Manage Pension Funds for Institutional Investors
Manage UITF & Mutual Funds for Retail Investors
EXAMPLES
Mike Garcia, CFA Head of Trust, Unionbank- Offers additional ~PHP100K/annum compensation for
every level you pass
Trust/UITF ING, MIB, MBTC, BPI, BDO Mutual Fund SunLife, Philam Asset
Management
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CFA Institute
Bank Treasury
WHAT THEY DO
Manage FX/Bond Transactions
Develop & Manage Derivative (e.g. Futures,Swaps, Options) Products
EXAMPLES
Toto Tansingco, CFA Treasurer, Metrobank- Sponsors Employees on a Case-to-case Basis
Lester Castolo, CFA Treasurer, MIB- Strong Supporter of CFA Program, Sponsors
employees for the CFA Program
Corrie Purisima, CFA VP, HSBC
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CFA Institute
Regulatory Bodies
WHAT THEY DO
Opportunity to influence policy & mandate best
practices among banking institutions Audit Derivative & Fixed Income activities of
Banking Institutions
Manage the Treasury Position of the Central Bank EXAMPLES
Mary Jane Chiong, CFA Head, Capital Market
Specialist Group, BSP
Alphew Cheng, CFA OIC, Treasury Head, BSP- Sponsors all employees who want to take it, will have
5 CFA Charterholders by late 2007.
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CFA Institute
Other Employers
Asian Development Bank*
BPI Securities
Citibank
HSBC
LandBank* Standard Chartered
ING*
*Known to sponsor employees
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CFA Institute
Regional Opportunities
Hong Kong - The CFA designation is recognized bythe HK Securities and Futures Commission as
fulfillment of education requirements for investmentadvisors.
Thailand - The passage of the CFA Level I exam is asufficient requirement for a fund manager license.
Australia - The CFA program is recognized on the listof approved courses to fulfill the educationrequirements for licensing as investment advisors.
Sri Lanka - The CFA designation is recognized by theSecurities and Exchange Commission of Sri Lanka asan accepted educational qualification for fundmanager license.
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CFA Institute
Global Opportunities
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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CFA Institute
Global Pass Rates
Level 1 Level 2 Level 3
2000 52% 54% 65%2001 49% 46% 82%
2002 44% 47% 58%
2003 42% 47% 68%
2004 34% 32% 64%
2005 36% 56% 55%2006 40% 48% 76%
2007 40% 40% 50%
Registering for the CFA Program
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CFA Institute
Registering for the CFA Program
Entrance Requirements
Have a bachelors degree, or
Be in the final year of your bachelors degree program, or Have 4 years of qualified, professional work experience, or
Have a combination of work and college experience that
totals at least 4 years.
Registering for the CFA Program
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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 membershipin a local CFA Institute society
Submit professional conduct statement