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									                                                                          CFA South Africa
                                                                          Monthly Newsletter for Chartered Financial Analysts
                                                                          Issue 5                                 August, 2010




  CFA South Africa: (From left) Marco Efstathiou, Ann Marie Wood, Elbie Louw, Arthur Thompson & Larry Raff
  at the Level III Exam Luncheon held in Sandton, Johannesburg in July, 2010.



          Annual Investment Conference to Seek Ways for
              Rebuilding Trust after Financial Crisis
Worldwide, trust in the investment profession deteriorated significantly because of the financial crisis, says not-for-profit
professional society Chartered Financial Analysts (CFA) South Africa President Arthur Thompson.
     Rebuilding this trust is the greatest challenge facing the industry today. “One of the best ways to do this is emphasising
the highest standards of ethics and best standards of practice,” he adds.
     To address these concerns, CFA South Africa, in cooperation with the Gordon Institute of Business Science (GIBS) will
be providing the local investment industry with the opportunity to learn from local and international practitioners at the fourth
annual CFA South Africa Investment conference.
     The conference, Recover, Rebuild, Refocus – Strategies for an Uncertain Future, will be held on 27 and 28 September
2010, at the GIBS campus in Johannesburg.
     The conference will deal with practical ideas that investment professionals can apply in their strategic investment
decision-making process.
      It will also provide a positive and practical learning experience for local investment professionals. Ethics and
Standards of Practice are at the core of the programme – addressing the critical industry need to restore the trust of clients.
Surrounding this central theme are presentations focused on the local investment environment, opportunities and
constraints as well as behavioural finance and black swans.
                                             OTHER CFA PUBLICATIONS




Topics covered include:                                       CFA LEVEL III LUNCHEON, JULY 2010

       Medium-term economic perspectives locally
        and globally: New rules, new paradigms, new
        imperatives;
       Driving foreign investment into South Africa
        and Africa;
       The past, present and future of emerging
        markets: Growth prospects, opportunities and
        constraints;
       Regulatory and ethical issues;
       Lessons and legacies of the financial crisis;
       Energy trends: Worldwide and locally;
       Behavioural finance: The nine faces of
        decision-making; and
       Black swans and market timing.

“We are currently entering the most important time for
the finance and investment industry to cooperate, find
and discuss solutions to create a sustainable financial
environment to rebuild the world’s economy,”
Thompson concludes.

TO ATTEND THE EVENT:

RESERVATIONS:
www.gibs.co.za/conferences/cfa2010

CONTACT:
Liezl Knoll, Conference Manager
Tel: +27 11 771 4000
Email: knolll@gibs.co.za
                                              CFA INSTITUTE EXAMS
                               139 900 Candidates Enroll For June 2010 CFA Institute Exams




  “To earn the CFA
Charter, candidates
 must sequentially
pass three six‐hour
     exams …”


 CFA Institute Announces June 2010 Worldwide CFA Exam Results
Forty‐two percent of 111,731 CFA candidates from 160 countries pass
CFA Institute has announced that 42 percent of 111 731            skills to succeed in today’s competitive world of
current and aspiring investment professionals worldwide           investing and finance,” said John Rogers, CFA,
passed the June 2010 CFA exams, bringing them one step            President and CEO of CFA Institute.
                                                                        “Employers, institutional and individual investors,
closer to earning the distinguished CFA Charter.
                                                                  and regulators alike see great value in the heart of the
      To earn the CFA Charter, candidates must                    CFA Programme – financial education and
sequentially pass three six‐hour exams that are widely            professional ethics training. Investors know that when
considered to be among the most rigorous in the                   working with a CFA Charterholder, they are working
investment profession. The 2010 exams were given at 255           with a serious investment professional who is also a
test centres in 185 cities worldwide. In the Europe, Middle       trusted advisor.”
East, and Africa region 42 percent of the 25 311 total exam             CFA Institute has administered more than one
                                                                  million exams since the inauguration of the CFA
candidates passed. A total of 1 533 candidates wrote the          Programme in 1963. “Candidates’ participation in the
exam in South Africa.                                             CFA Programme continues to be largely driven by
      "We would like to congratulate all the successful Level     word‐of‐mouth, which is a great testament to the value
III candidates in South Africa for exhibiting skill, knowledge    the investment industry places in the CFA credential,”
and tenacity with this achievement. As investment                 said Tom Robinson, CFA, managing director of
professionals and prospective CFA Charterholders, we              education for CFA Institute.
wish them well as they continue to contribute to the                    “This year’s exam results are similar in the
                                                                  aggregate to the recent ten‐year average. It is
investment profession in an ethical manner, maintaining
                                                                  important to keep in mind that exam pass rates are
the integrity of the profession and Charter alike. We are         based on a standard‐setting process that considers
looking forward to welcoming them as members of the local         what a qualified candidate needs to know to practice
society, CFA South Africa, as well as the global                  in the current environment, rather than a set passing
organization,” says Elbie Louw, CFA, incoming President           score or rate.
of CFA South Africa and Senior Lecturer in the Department               While pass rates in the last decade are lower
of Financial Management at the University of Pretoria.            than in the early decades of the programme, there is a
                                                                  much larger pool of candidates pursuing the
      She adds, "As the Level III Exam of the CFA
                                                                  designation and today’s capital markets are more
Programme is partly open-ended questions (whereas Level           complex. Investment professionals’ need a high level
I and II is only multiple choice and item set respectively),      of proficiency to practice in today’s environment and
Level III requires candidates to, not only be knowledgeable,      this is reflected in the rigorous standard‐setting
but to be articulate - all traits required by the industry. The   process.”
CFA Institute Standards of Practice, as in Level I and II,              Those who passed the Level III exam – 9,880
forms part of the Level III curriculum and is fundamentally       candidates − will begin receiving their CFA Charters in
                                                                  early October 2010. Just as earning the CFA Charter
important as candidate and member."
                                                                  shows that an investment professional is committed to
      “The CFA designation continues to attract individuals       a higher standard, hiring a CFA Charterholder
globally who want to enhance their knowledge and                  signifies that a firm is, too.
Employers and media around the world recognise the CFA Charter as the                                  exemption from the analysis portion
standard of professional excellence, and, with such widespread recognition,                            (Series 86) of the Research Analyst
CFA Charterholders earn a significant competitive advantage for international                          Qualification  Exam     for   certain
employment. CFA Charterholders are typically employed by investment                                    applicants who have passed Level II of
companies, mutual funds, broker‐dealers, investment banks, and as private                              the CFA exam.
wealth managers. Regulators around the world also recognise the value of the
CFA charter. Nearly all U.S. State securities commissions grant CFA                                    June 2010 Exam Results by Region
Charterholders an exemption to their licensing exams for investment advisers
                                                                                                       By region, the pass rates for the Level
and investment adviser representatives. The NYSE and FINRA provide an
                                                                                                       I, Level II, and Level III exams
                                                                                                       combined are:

                                                                                                       • The Americas: 43 percent of the
                                                                                                       40 830 total exam candidates

                                                                                                       • Europe, Middle East, and Africa: 42
                                                                                                       percent of the 25 311 total exam
                                                                                                       candidates

                                                                                                       • Asia and Pacific Asia: 40 percent of
                                                                                                       the 45 590 total exam candidates

                                                                                                       Examples of countries and territories
                                                                                                       with the largest number of candidates
                                                                                                       that took a CFA exam are United
                                                                                                       States (29 873), Mainland China
                                                                                                       (12 674), India (9 871), Canada
                                                                                                       (8 991), United Kingdom (7 373),
                                                                                                       Hong     Kong     (6 190),   Singapore
                                                                                                       (3 598), Germany (1,771), Switzerland
                                                                                                       (1 570), and South Africa (1 533).




   CFA SOUTH AFRICA
   Ann Marie Wood                                             ABOUT CFA INSTITUTE
   Phone: +27 11 791 0105                                     CFA Institute is the global association for investment professionals. It administers the
   Fax: +27 11 791 0107                                       CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts
   Email: info@cfa.ac.za                                      professional development programs; and sets voluntary, ethics-based professional and
   Website: www.cfa.ac.za                                     performance-reporting standards for the investment industry. CFA Institute has nearly
                                                              100,000 members, who include the world’s 87,500 CFA Charterholders, as well as 137
                                                              affiliated professional societies in 58 countries and territories. More information may be
   ADDRESS                                                    found at www.cfainstitute.org
   Executive Office: Unit 2, West Square
   407 West Avenue
   Ferndale
                                                              ABOUT CFA SOUTH AFRICA
   Johannesburg
                                                              CFA South Africa, an affiliate of CFA Institute, serves the investment community of
                                                              Southern Africa by promoting the highest standards of professional excellence and
   Communications:
                                                              integrity. In our mission to promote global-best-practice, CFA South Africa supports the
   Leandi Cameron
                                                              CFA Code of Conduct & Standards of Practice and the Chartered Financial Analyst (CFA)
   Cell: +27 71 606 5553
                                                              Program. CFA South Africa members are principally investment and financial service
   Email: leandi@moonwritecreations.com
                                                              professionals, academics, and regulators. CFA South Africa is a non-profit organisation
   Website: www.moonwritecreations.com                        that seeks to be financially sustainable.




                                CFA South Africa is a society formed under the auspices of the CFA Institute, Charlottesville,
                                Virginia, USA. CFA and Chartered Financial Analyst are registered trademarks

      Directors of CFA South Africa: TB Berry, CFA AC Canter, CFA, PJ Knibbs, CFA, E Louw, CFA, L Raff, CFA AD Thompson, CFA,
                     NL Waisberg, CFA, M Efstathiou,CFA, NJ Suliaman, CFA, Executive Officer: Ann Marie Wood, CFA.

								
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