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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
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